HIPS vs. CSHP
HIPS (GraniteShares HIPS US High Income ETF) and CSHP (iShares Enhanced Short-Term Bond Active ETF) are both exchange-traded funds - HIPS is a Diversified Portfolio fund tracking the TFMS HIPS Index, while CSHP is a Ultrashort Bond fund actively managed by iShares. HIPS is passively managed, while CSHP is actively managed. Over the past year, HIPS returned 4.20% vs 4.00% for CSHP. At a 0.01 correlation, their price movements are largely independent. HIPS charges 3.19%/yr vs 0.20%/yr for CSHP.
Performance
HIPS vs. CSHP - Performance Comparison
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Returns By Period
The year-to-date returns for both investments are quite close, with HIPS having a 1.81% return and CSHP slightly higher at 1.87%.
HIPS
- 1D
- 0.00%
- 1M
- -1.89%
- YTD
- 1.81%
- 6M
- 1.19%
- 1Y
- 4.20%
- 3Y*
- 9.32%
- 5Y*
- 3.99%
- 10Y*
- 5.30%
CSHP
- 1D
- 0.06%
- 1M
- 0.33%
- YTD
- 1.87%
- 6M
- 1.95%
- 1Y
- 4.00%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
HIPS vs. CSHP - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
HIPS GraniteShares HIPS US High Income ETF | 1.81% | 1.00% | 2.87% |
CSHP iShares Enhanced Short-Term Bond Active ETF | 1.87% | 4.10% | 2.24% |
Correlation
The correlation between HIPS and CSHP is -0.09, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.09 |
Correlation (All Time) Calculated using the full available price history since Jul 18, 2024 | 0.01 |
The correlation between HIPS and CSHP shifts across timeframes, from -0.09 (1 year) to 0.01 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
HIPS vs. CSHP — Risk / Return Rank
HIPS
CSHP
HIPS vs. CSHP - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for GraniteShares HIPS US High Income ETF (HIPS) 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.
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.
| HIPS | CSHP | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -10.92 | ||
| Sortino ratioReturn per unit of downside risk | -28.01 | ||
| Omega ratioGain probability vs. loss probability | 1.08 | 6.83 | -5.75 |
| Calmar ratioReturn relative to maximum drawdown | 0.69 | 66.48 | -65.80 |
| Martin ratioReturn relative to average drawdown | 1.71 | 400.50 | -398.79 |
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Drawdowns
HIPS vs. CSHP - Drawdown Comparison
The maximum HIPS drawdown since its inception was -53.14%, which is greater than CSHP's maximum drawdown of -0.08%. Use the drawdown chart below to compare losses from any high point for HIPS and CSHP.
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Drawdown Indicators
| HIPS | CSHP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -53.14% | -0.08% | -53.06% |
Max Drawdown (1Y)Largest decline over 1 year | -6.15% | -0.06% | -6.09% |
Max Drawdown (3Y)Largest decline over 3 years | -15.41% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -21.28% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -53.14% | — | — |
Current DrawdownCurrent decline from peak | -5.59% | 0.00% | -5.59% |
Average DrawdownAverage peak-to-trough decline | -7.38% | -0.00% | -7.38% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.47% | 0.01% | +2.46% |
Volatility
HIPS vs. CSHP - Volatility Comparison
GraniteShares HIPS US High Income ETF (HIPS) has a higher volatility of 2.77% compared to iShares Enhanced Short-Term Bond Active ETF (CSHP) at 0.15%. This indicates that HIPS'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.
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Volatility by Period
| HIPS | CSHP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.77% | 0.15% | +2.62% |
Volatility (6M)Calculated over the trailing 6-month period | 7.34% | 0.27% | +7.07% |
Volatility (1Y)Calculated over the trailing 1-year period | 9.69% | 0.35% | +9.34% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.27% | 0.41% | +12.86% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.04% | 0.41% | +17.63% |
HIPS vs. CSHP - Expense Ratio Comparison
HIPS has a 3.19% expense ratio, which is higher than CSHP's 0.20% expense ratio.
Dividends
HIPS vs. CSHP - Dividend Comparison
HIPS's dividend yield for the trailing twelve months is around 11.35%, more than CSHP's 3.91% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CSHP iShares Enhanced Short-Term Bond Active ETF | 3.91% | 5.39% | 1.96% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
HIPS GraniteShares HIPS US High Income ETF | 11.35% | 11.04% | 10.04% | 10.32% | 10.76% | 8.43% | 9.50% | 6.93% | 8.66% | 7.28% | 7.20% | 8.17% |
Frequently Asked Questions
HIPS and CSHP have a correlation of -0.09, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
HIPS has higher volatility (2.77%) compared to CSHP (0.15%). In terms of maximum drawdown, HIPS dropped -53.14% vs CSHP's -0.08%.
On 1-year performance, HIPS leads with 4.20% vs 4.00% for CSHP. On fees, CSHP is cheaper at 0.20% per year. On volatility, CSHP has been the lower-risk option at 0.15%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, HIPS has performed better with a 4.20% return vs 4.00%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
CSHP is cheaper with a 0.20% expense ratio, compared with 3.19% for HIPS.
HIPS has the higher dividend yield at 11.35%, compared with 3.91% for CSHP.
HIPS is categorized as Diversified Portfolio, while CSHP is Ultrashort Bond. They also come from different issuers: GraniteShares and iShares. Their fees differ too: 3.19% for HIPS and 0.20% for CSHP.
CSHP currently has the higher Sharpe Ratio (11.36 vs 0.44), 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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