HBND.TO vs. CSHI

Last updated Jun 4, 2026

HBND.TO ( Hamilton U.S. Bond YIELD MAXIMIZER ETF (CAD Hedged)) and CSHI (Neos Enhanced Income Cash Alternative ETF) are both exchange-traded funds - HBND.TO is a Government Bonds fund actively managed by Hamilton Capital, while CSHI is a Ultrashort Bond fund tracking the NONE. HBND.TO is actively managed, while CSHI is passively managed. Over the past year, HBND.TO returned 4.89% vs 7.08% for CSHI. At a correlation of -0.16, they often move in opposite directions. HBND.TO charges 0.45%/yr vs 0.38%/yr for CSHI.

Performance

HBND.TO vs. CSHI - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Hamilton U.S. Bond YIELD MAXIMIZER ETF (CAD Hedged) (HBND.TO) and Neos Enhanced Income Cash Alternative ETF (CSHI). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

HBND.TO is traded in CAD, while CSHI is traded in USD. To make them comparable, the CSHI values have been converted to CAD using the latest available exchange rates.

Returns By Period

In the year-to-date period, HBND.TO achieves a -0.30% return, which is significantly lower than CSHI's 3.71% return.

HBND.TO

• 1D: -0.45%
• 1M: 0.70%
• YTD: -0.30%
• 6M: -1.71%
• 1Y: 4.89%
• 3Y*: —
• 5Y*: —
• 10Y*: —

CSHI

• 1D: 0.14%
• 1M: 2.53%
• YTD: 3.71%
• 6M: 2.30%
• 1Y: 7.08%
• 3Y*: 6.66%
• 5Y*: —
• 10Y*: —

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

HBND.TO vs. CSHI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
HBND.TO Hamilton U.S. Bond YIELD MAXIMIZER ETF (CAD Hedged)	-0.30%	4.05%	-7.02%	4.80%
CSHI Neos Enhanced Income Cash Alternative ETF	3.71%	0.23%	14.74%	-0.43%

Correlation

The correlation between HBND.TO and CSHI is -0.11, 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	-0.11
Correlation (All Time) Calculated using the full available price history since Sep 18, 2023	-0.16

Return for Risk

HBND.TO vs. CSHI — Risk / Return Rank

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

HBND.TO

HBND.TO Risk / Return Rank: 18
HBND.TO Sharpe Ratio Rank: 18
HBND.TO Sortino Ratio Rank: 17
HBND.TO Omega Ratio Rank: 17
HBND.TO Calmar Ratio Rank: 18
HBND.TO Martin Ratio Rank: 18

CSHI

CSHI Risk / Return Rank: 99
CSHI Sharpe Ratio Rank: 98
CSHI Sortino Ratio Rank: 99
CSHI Omega Ratio Rank: 99
CSHI Calmar Ratio Rank: 99
CSHI Martin Ratio Rank: 99

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.

HBND.TO vs. CSHI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Hamilton U.S. Bond YIELD MAXIMIZER ETF (CAD Hedged) (HBND.TO) and Neos Enhanced Income Cash Alternative ETF (CSHI). 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.

	HBND.TO	CSHI	Difference
Sharpe ratio: Return per unit of total volatility	0.56	1.50	-0.93
Sortino ratio: Return per unit of downside risk	0.86	2.06	-1.21
Omega ratio: Gain probability vs. loss probability	1.10	1.28	-0.18
Calmar ratio: Return relative to maximum drawdown	0.73	1.97	-1.25
Martin ratio: Return relative to average drawdown	1.89	5.78	-3.88
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

HBND.TO vs. CSHI - Sharpe Ratio Comparison

The current HBND.TO Sharpe Ratio is 0.56, which is lower than the CSHI Sharpe Ratio of 1.50. The chart below compares the historical Sharpe Ratios of HBND.TO and CSHI, 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

	HBND.TO	CSHI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.56	1.50	-0.93
Sharpe Ratio (All Time) Calculated using the full available price history	0.04	1.23	-1.20

Drawdowns

HBND.TO vs. CSHI - Drawdown Comparison

The maximum HBND.TO drawdown since its inception was -13.65%, which is greater than CSHI's maximum drawdown of -4.85%. Use the drawdown chart below to compare losses from any high point for HBND.TO and CSHI.

Drawdown Indicators

	HBND.TO	CSHI	Difference
Max Drawdown Largest peak-to-trough decline	-13.65%	-4.85%	-8.80%
Max Drawdown (1Y) Largest decline over 1 year	-6.76%	-3.60%	-3.16%
Max Drawdown (3Y) Largest decline over 3 years	—	-4.85%	—
Current Drawdown Current decline from peak	-8.01%	0.00%	-8.01%
Average Drawdown Average peak-to-trough decline	-6.50%	-1.34%	-5.16%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.59%	1.23%	+1.36%

Volatility

HBND.TO vs. CSHI - Volatility Comparison

Hamilton U.S. Bond YIELD MAXIMIZER ETF (CAD Hedged) (HBND.TO) has a higher volatility of 2.74% compared to Neos Enhanced Income Cash Alternative ETF (CSHI) at 0.80%. This indicates that HBND.TO's price experiences larger fluctuations and is considered to be riskier than CSHI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HBND.TO	CSHI	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.74%	0.80%	+1.94%
Volatility (6M) Calculated over the trailing 6-month period	5.72%	3.55%	+2.17%
Volatility (1Y) Calculated over the trailing 1-year period	8.70%	4.75%	+3.95%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.34%	5.89%	+5.45%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.34%	5.89%	+5.45%

HBND.TO vs. CSHI - Expense Ratio Comparison

HBND.TO has a 0.45% expense ratio, which is higher than CSHI's 0.38% expense ratio.

Dividends

HBND.TO vs. CSHI - Dividend Comparison

HBND.TO's dividend yield for the trailing twelve months is around 11.34%, more than CSHI's 4.90% yield.

Position	TTM	2025	2024	2023	2022
CSHI Neos Enhanced Income Cash Alternative ETF	4.90%	5.11%	5.72%	6.15%	1.52%
HBND.TO Hamilton U.S. Bond YIELD MAXIMIZER ETF (CAD Hedged)	11.34%	11.84%	11.51%	2.41%	0.00%

Frequently Asked Questions

Can I hold both HBND.TO and CSHI in my portfolio?

HBND.TO and CSHI have a correlation of -0.11, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, HBND.TO or CSHI?

On fees, CSHI is cheaper at 0.38% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, HBND.TO or CSHI?

CSHI is cheaper with a 0.38% expense ratio, compared with 0.45% for HBND.TO.

What is the main difference between HBND.TO and CSHI?

HBND.TO is categorized as Government Bonds, while CSHI is Ultrashort Bond. They also come from different issuers: Hamilton Capital and Neos. Their fees differ too: 0.45% for HBND.TO and 0.38% for CSHI.