GLDY vs. CSHP

Last updated Jun 4, 2026

GLDY (Defiance Gold Enhanced Options Income ETF) and CSHP (iShares Enhanced Short-Term Bond Active ETF) are both exchange-traded funds - GLDY is a Derivative Income fund actively managed by Defiance, while CSHP is a Ultrashort Bond fund actively managed by iShares. Both are actively managed. Over the past year, GLDY returned 13.84% vs 3.96% for CSHP. At a correlation of -0.06, they often move in opposite directions. GLDY charges 0.99%/yr vs 0.20%/yr for CSHP.

Performance

GLDY vs. CSHP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Defiance Gold Enhanced Options Income ETF (GLDY) and iShares Enhanced Short-Term Bond Active ETF (CSHP). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GLDY achieves a -2.30% return, which is significantly lower than CSHP's 1.63% return.

GLDY

• 1D: -0.58%
• 1M: -1.38%
• YTD: -2.30%
• 6M: -0.58%
• 1Y: 13.84%
• 3Y*: —
• 5Y*: —
• 10Y*: —

CSHP

• 1D: 0.02%
• 1M: 0.27%
• YTD: 1.63%
• 6M: 1.93%
• 1Y: 3.96%
• 3Y*: —
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

GLDY vs. CSHP - Yearly Performance Comparison

	2026 (YTD)	2025
GLDY Defiance Gold Enhanced Options Income ETF	-2.30%	15.40%
CSHP iShares Enhanced Short-Term Bond Active ETF	1.63%	3.04%

Correlation

The correlation between GLDY and CSHP is -0.10, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.10
Correlation (All Time) Calculated using the full available price history since Apr 3, 2025	-0.06

Return for Risk

GLDY vs. CSHP — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

GLDY

GLDY Risk / Return Rank: 21
GLDY Sharpe Ratio Rank: 20
GLDY Sortino Ratio Rank: 18
GLDY Omega Ratio Rank: 23
GLDY Calmar Ratio Rank: 23
GLDY Martin Ratio Rank: 21

CSHP

CSHP Risk / Return Rank: 100
CSHP Sharpe Ratio Rank: 100
CSHP Sortino Ratio Rank: 100
CSHP Omega Ratio Rank: 100
CSHP Calmar Ratio Rank: 100
CSHP Martin Ratio Rank: 100

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

GLDY vs. CSHP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Defiance Gold Enhanced Options Income ETF (GLDY) and iShares Enhanced Short-Term Bond Active ETF (CSHP). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

	GLDY	CSHP	Difference
Sharpe ratio: Return per unit of total volatility	0.70	11.91	-11.21
Sortino ratio: Return per unit of downside risk	0.92	31.26	-30.34
Omega ratio: Gain probability vs. loss probability	1.16	7.44	-6.28
Calmar ratio: Return relative to maximum drawdown	1.03	65.71	-64.67
Martin ratio: Return relative to average drawdown	2.47	432.16	-429.69
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

GLDY vs. CSHP - Sharpe Ratio Comparison

The current GLDY Sharpe Ratio is 0.70, which is lower than the CSHP Sharpe Ratio of 11.91. The chart below compares the historical Sharpe Ratios of GLDY and CSHP, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	GLDY	CSHP	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.70	11.91	-11.21
Sharpe Ratio (All Time) Calculated using the full available price history	0.56	10.75	-10.20

Drawdowns

GLDY vs. CSHP - Drawdown Comparison

The maximum GLDY drawdown since its inception was -13.43%, which is greater than CSHP's maximum drawdown of -0.08%. Use the drawdown chart below to compare losses from any high point for GLDY and CSHP.

Drawdown Indicators

	GLDY	CSHP	Difference
Max Drawdown Largest peak-to-trough decline	-13.43%	-0.08%	-13.35%
Max Drawdown (1Y) Largest decline over 1 year	-13.43%	-0.06%	-13.37%
Current Drawdown Current decline from peak	-13.12%	0.00%	-13.12%
Average Drawdown Average peak-to-trough decline	-3.91%	-0.00%	-3.91%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.61%	0.01%	+5.60%

Volatility

GLDY vs. CSHP - Volatility Comparison

Defiance Gold Enhanced Options Income ETF (GLDY) has a higher volatility of 4.56% compared to iShares Enhanced Short-Term Bond Active ETF (CSHP) at 0.07%. This indicates that GLDY's price experiences larger fluctuations and is considered to be riskier than CSHP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GLDY	CSHP	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.56%	0.07%	+4.49%
Volatility (6M) Calculated over the trailing 6-month period	18.27%	0.24%	+18.03%
Volatility (1Y) Calculated over the trailing 1-year period	19.87%	0.33%	+19.54%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.58%	0.40%	+19.18%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.58%	0.40%	+19.18%

GLDY vs. CSHP - Expense Ratio Comparison

GLDY has a 0.99% expense ratio, which is higher than CSHP's 0.20% expense ratio.

Dividends

GLDY vs. CSHP - Dividend Comparison

GLDY's dividend yield for the trailing twelve months is around 46.42%, more than CSHP's 3.92% yield.

Position	TTM	2025	2024
CSHP iShares Enhanced Short-Term Bond Active ETF	3.92%	5.39%	1.96%
GLDY Defiance Gold Enhanced Options Income ETF	46.42%	37.38%	0.00%

Frequently Asked Questions

Can I hold both GLDY and CSHP in my portfolio?

GLDY and CSHP have a correlation of -0.10, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GLDY or CSHP?

GLDY has higher volatility (4.56%) compared to CSHP (0.07%). In terms of maximum drawdown, GLDY dropped -13.43% vs CSHP's -0.08%.

Which ETF is better, GLDY or CSHP?

On 1-year performance, GLDY leads with 13.84% vs 3.96% for CSHP. On fees, CSHP is cheaper at 0.20% per year. On volatility, CSHP has been the lower-risk option at 0.07%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GLDY or CSHP?

Over the 1-year period, GLDY has performed better with a 13.84% return vs 3.96%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GLDY or CSHP?

CSHP is cheaper with a 0.20% expense ratio, compared with 0.99% for GLDY.

Which ETF pays a higher dividend yield, GLDY or CSHP?

GLDY has the higher dividend yield at 46.42%, compared with 3.92% for CSHP.

What is the main difference between GLDY and CSHP?

GLDY is categorized as Derivative Income, while CSHP is Ultrashort Bond. They also come from different issuers: Defiance and iShares. Their fees differ too: 0.99% for GLDY and 0.20% for CSHP.

Which has better risk-adjusted returns?

CSHP currently has the higher Sharpe Ratio (11.91 vs 0.70), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.