HIGH vs. CSHI

Last updated Aug 2, 2026

HIGH (Simplify Enhanced Income ETF) and CSHI (NEOS Enhanced Income 1-3 Month T-Bill ETF) are both exchange-traded funds - HIGH is a Derivative Income fund actively managed by Simplify, while CSHI is a Ultrashort Bond fund actively managed by Neos. Both are actively managed. Over the past 3 years, HIGH returned 2.43%/yr vs 5.40%/yr for CSHI. Their 0.18 correlation means their historical movements had little consistent relationship. HIGH charges 0.50%/yr vs 0.38%/yr for CSHI.

Performance

HIGH vs. CSHI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Simplify Enhanced Income ETF (HIGH) and NEOS Enhanced Income 1-3 Month T-Bill ETF (CSHI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HIGH achieves a -1.00% return, which is significantly lower than CSHI's 2.96% return.

HIGH

• 1D: 0.30%
• 1M: -0.44%
• 6M: -0.14%
• YTD: -1.00%
• 1Y: -1.25%
• 3Y*: 2.43%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 3.43%

CSHI

• 1D: 0.02%
• 1M: 0.35%
• 6M: 2.63%
• YTD: 2.96%
• 1Y: 5.17%
• 3Y*: 5.40%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 5.44%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
CSHI NEOS Enhanced Income 1-3 Month T-Bill ETF	$23.44M	$27.08M	$29.26M
HIGH Simplify Enhanced Income ETF	$264.89K	$245.02K	$537.34K

HIGH vs. CSHI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
HIGH Simplify Enhanced Income ETF	-1.00%	4.35%	1.52%	7.70%	0.47%
CSHI NEOS Enhanced Income 1-3 Month T-Bill ETF	2.96%	5.05%	5.66%	6.21%	0.74%

Correlation

The correlation between HIGH and CSHI is 0.20, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.20
Correlation (3Y) Balances recent behavior with more history.	0.18
Correlation (All Time) Calculated using the full available price history since Oct 28, 2022	0.18

Return for Risk

HIGH vs. CSHI — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

HIGH

HIGH Risk / Return Rank: 8
HIGH Sharpe Ratio Rank: 8
HIGH Sortino Ratio Rank: 7
HIGH Omega Ratio Rank: 7
HIGH Calmar Ratio Rank: 8
HIGH Martin Ratio Rank: 8

CSHI

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

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

HIGH vs. CSHI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Simplify Enhanced Income ETF (HIGH) and NEOS Enhanced Income 1-3 Month T-Bill 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	HIGH	CSHI	Difference
Sharpe ratio: Return per unit of total volatility	-0.21	5.98	-6.19
Sortino ratio: Return per unit of downside risk	-0.26	10.90	-11.16
Omega ratio: Gain probability vs. loss probability	0.97	2.76	-1.79
Calmar ratio: Return relative to maximum drawdown	-0.21	23.98	-24.19
Martin ratio: Return relative to average drawdown	-0.34	141.06	-141.40

HIGH vs. CSHI - Sharpe Ratio Comparison

The current HIGH Sharpe Ratio is -0.21, which is lower than the CSHI Sharpe Ratio of 5.98. The chart below compares the historical Sharpe Ratios of HIGH 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.

Drawdowns

HIGH vs. CSHI - Drawdown Comparison

The maximum HIGH drawdown since its inception was -9.50%, which is greater than CSHI's maximum drawdown of -1.69%. Use the drawdown chart below to compare losses from any high point for HIGH and CSHI.

Drawdown Indicators

	HIGH	CSHI	Difference
Max Drawdown Largest peak-to-trough decline	-9.50%	-1.69%	-7.81%
Max Drawdown (1Y) Largest decline over 1 year	-7.08%	-0.21%	-6.87%
Max Drawdown (3Y) Largest decline over 3 years	-9.50%	-1.69%	-7.81%
Current Drawdown Current decline from peak	-7.69%	0.00%	-7.69%
Average Drawdown Average peak-to-trough decline	-2.59%	-0.03%	-2.56%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.46%	0.04%	+4.42%

Volatility

HIGH vs. CSHI - Volatility Comparison

Simplify Enhanced Income ETF (HIGH) has a higher volatility of 2.16% compared to NEOS Enhanced Income 1-3 Month T-Bill ETF (CSHI) at 0.11%. This indicates that HIGH'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

	HIGH	CSHI	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.16%	0.11%	+2.05%
Volatility (6M) Calculated over the trailing 6-month period	3.90%	0.57%	+3.33%
Volatility (1Y) Calculated over the trailing 1-year period	7.23%	0.85%	+6.38%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.46%	1.31%	+8.15%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.46%	1.31%	+8.15%

HIGH vs. CSHI - Expense Ratio Comparison

HIGH has a 0.50% expense ratio, which is higher than CSHI's 0.38% expense ratio.

Dividends

HIGH vs. CSHI - Dividend Comparison

HIGH's dividend yield for the trailing twelve months is around 6.88%, more than CSHI's 4.83% yield.

Position	TTM	2025	2024	2023	2022
CSHI NEOS Enhanced Income 1-3 Month T-Bill ETF	4.83%	5.11%	5.72%	6.15%	1.52%
HIGH Simplify Enhanced Income ETF	6.88%	7.71%	8.34%	9.40%	0.62%

Frequently Asked Questions

Can I hold both HIGH and CSHI in my portfolio?

HIGH and CSHI have a correlation of 0.20, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, HIGH or CSHI?

HIGH has higher volatility (2.16%) compared to CSHI (0.11%). In terms of maximum drawdown, HIGH dropped -9.50% vs CSHI's -1.69%.

Which ETF is better, HIGH or CSHI?

On 3-year performance, CSHI leads with 5.40% vs 2.43% for HIGH. On fees, CSHI is cheaper at 0.38% per year. On volatility, CSHI has been the lower-risk option at 0.11%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, HIGH or CSHI?

Over the 3-year period, CSHI has performed better with a 5.40% return vs 2.43%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, HIGH or CSHI?

CSHI is cheaper with a 0.38% expense ratio, compared with 0.50% for HIGH.

Which ETF pays a higher dividend yield, HIGH or CSHI?

HIGH has the higher dividend yield at 6.88%, compared with 4.83% for CSHI.

What is the main difference between HIGH and CSHI?

HIGH is categorized as Derivative Income, while CSHI is Ultrashort Bond. They also come from different issuers: Simplify and Neos. Their fees differ too: 0.50% for HIGH and 0.38% for CSHI.

Which has better risk-adjusted returns?

CSHI currently has the higher Sharpe Ratio (5.98 vs -0.21), 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.