HIGH vs. CSHI
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 2.82%/yr vs 5.39%/yr for CSHI. At a 0.17 correlation, their price movements are largely independent. HIGH charges 0.50%/yr vs 0.38%/yr for CSHI.
Performance
HIGH vs. CSHI - Performance Comparison
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Returns By Period
In the year-to-date period, HIGH achieves a -0.37% return, which is significantly lower than CSHI's 2.66% return.
HIGH
- 1D
- -0.28%
- 1M
- 0.07%
- 6M
- -0.75%
- YTD
- -0.37%
- 1Y
- -3.09%
- 3Y*
- 2.82%
- 5Y*
- —
- 10Y*
- —
CSHI
- 1D
- -0.02%
- 1M
- 0.34%
- 6M
- 2.58%
- YTD
- 2.66%
- 1Y
- 5.09%
- 3Y*
- 5.39%
- 5Y*
- —
- 10Y*
- —
HIGH vs. CSHI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
HIGH Simplify Enhanced Income ETF | -0.37% | 4.35% | 1.52% | 7.70% | 0.47% |
CSHI NEOS Enhanced Income 1-3 Month T-Bill ETF | 2.66% | 5.05% | 5.66% | 6.21% | 0.74% |
Correlation
The correlation between HIGH and CSHI is 0.16, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.16 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.17 |
Correlation (All Time) Calculated using the full available price history since Oct 28, 2022 | 0.17 |
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Return for Risk
HIGH vs. CSHI — Risk / Return Rank
HIGH
CSHI
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 ratioReturn per unit of total volatility | -6.39 | ||
| Sortino ratioReturn per unit of downside risk | -11.46 | ||
| Omega ratioGain probability vs. loss probability | 0.93 | 2.75 | -1.82 |
| Calmar ratioReturn relative to maximum drawdown | -0.44 | 24.12 | -24.56 |
| Martin ratioReturn relative to average drawdown | -0.72 | 138.63 | -139.35 |
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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.
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Drawdown Indicators
| HIGH | CSHI | Difference | |
|---|---|---|---|
Max DrawdownLargest 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 DrawdownCurrent decline from peak | -7.11% | -0.02% | -7.09% |
Average DrawdownAverage peak-to-trough decline | -2.51% | -0.03% | -2.48% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.32% | 0.04% | +4.28% |
Volatility
HIGH vs. CSHI - Volatility Comparison
Simplify Enhanced Income ETF (HIGH) has a higher volatility of 2.10% compared to NEOS Enhanced Income 1-3 Month T-Bill ETF (CSHI) at 0.18%. 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.
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Volatility by Period
| HIGH | CSHI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.10% | 0.18% | +1.92% |
Volatility (6M)Calculated over the trailing 6-month period | 3.72% | 0.59% | +3.13% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.30% | 0.86% | +6.44% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 9.49% | 1.32% | +8.17% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.49% | 1.32% | +8.17% |
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 7.09%, more than CSHI's 4.86% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
CSHI NEOS Enhanced Income 1-3 Month T-Bill ETF | 4.86% | 5.11% | 5.72% | 6.15% | 1.52% |
HIGH Simplify Enhanced Income ETF | 7.09% | 7.71% | 8.34% | 9.40% | 0.62% |
Frequently Asked Questions
HIGH and CSHI have a correlation of 0.16, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
HIGH has higher volatility (2.10%) compared to CSHI (0.18%). In terms of maximum drawdown, HIGH dropped -9.50% vs CSHI's -1.69%.
On 3-year performance, CSHI leads with 5.39% vs 2.82% for HIGH. On fees, CSHI is cheaper at 0.38% per year. On volatility, CSHI has been the lower-risk option at 0.18%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, CSHI has performed better with a 5.39% return vs 2.82%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
CSHI is cheaper with a 0.38% expense ratio, compared with 0.50% for HIGH.
HIGH has the higher dividend yield at 7.09%, compared with 4.86% for 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.
CSHI currently has the higher Sharpe Ratio (5.97 vs -0.43), 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.
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