HODL vs. CSHP
HODL (VanEck Bitcoin Trust) and CSHP (iShares Enhanced Short-Term Bond Active ETF) are both exchange-traded funds - HODL is a Cryptocurrency fund tracking the CME CF Bitcoin Reference Rate - New York Variant, while CSHP is a Ultrashort Bond fund actively managed by iShares. HODL is passively managed, while CSHP is actively managed. Over the past year, HODL returned -39.68% vs 3.94% for CSHP. At a 0.07 correlation, their price movements are largely independent. HODL charges 0.25%/yr vs 0.20%/yr for CSHP.
Performance
HODL vs. CSHP - Performance Comparison
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Returns By Period
In the year-to-date period, HODL achieves a -28.75% return, which is significantly lower than CSHP's 1.83% return.
HODL
- 1D
- -3.24%
- 1M
- -17.82%
- YTD
- -28.75%
- 6M
- -28.92%
- 1Y
- -39.68%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
CSHP
- 1D
- -0.03%
- 1M
- 0.27%
- YTD
- 1.83%
- 6M
- 1.92%
- 1Y
- 3.94%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
HODL vs. CSHP - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
HODL VanEck Bitcoin Trust | -28.75% | -6.42% | 44.53% |
CSHP iShares Enhanced Short-Term Bond Active ETF | 1.83% | 4.10% | 2.24% |
Correlation
The correlation between HODL 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 | 0.07 |
The correlation between HODL and CSHP shifts across timeframes, from -0.09 (1 year) to 0.07 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
HODL vs. CSHP — Risk / Return Rank
HODL
CSHP
HODL vs. CSHP - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for VanEck Bitcoin Trust (HODL) 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.
| HODL | CSHP | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -11.99 | ||
| Sortino ratioReturn per unit of downside risk | -28.85 | ||
| Omega ratioGain probability vs. loss probability | 0.86 | 6.46 | -5.60 |
| Calmar ratioReturn relative to maximum drawdown | -0.77 | 65.45 | -66.21 |
| Martin ratioReturn relative to average drawdown | -1.30 | 381.67 | -382.97 |
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Drawdowns
HODL vs. CSHP - Drawdown Comparison
The maximum HODL drawdown since its inception was -51.96%, which is greater than CSHP's maximum drawdown of -0.08%. Use the drawdown chart below to compare losses from any high point for HODL and CSHP.
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Drawdown Indicators
| HODL | CSHP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -51.96% | -0.08% | -51.88% |
Max Drawdown (1Y)Largest decline over 1 year | -51.96% | -0.06% | -51.90% |
Current DrawdownCurrent decline from peak | -50.35% | -0.04% | -50.31% |
Average DrawdownAverage peak-to-trough decline | -16.78% | -0.00% | -16.78% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 30.49% | 0.01% | +30.48% |
Volatility
HODL vs. CSHP - Volatility Comparison
VanEck Bitcoin Trust (HODL) has a higher volatility of 13.07% compared to iShares Enhanced Short-Term Bond Active ETF (CSHP) at 0.16%. This indicates that HODL'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
| HODL | CSHP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 13.07% | 0.16% | +12.91% |
Volatility (6M)Calculated over the trailing 6-month period | 34.59% | 0.27% | +34.32% |
Volatility (1Y)Calculated over the trailing 1-year period | 44.11% | 0.36% | +43.75% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 49.89% | 0.41% | +49.48% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 49.89% | 0.41% | +49.48% |
HODL vs. CSHP - Expense Ratio Comparison
HODL has a 0.25% expense ratio, which is higher than CSHP's 0.20% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
HODL vs. CSHP - Dividend Comparison
HODL has not paid dividends to shareholders, while CSHP's dividend yield for the trailing twelve months is around 3.91%.
| Position | TTM | 2025 | 2024 |
|---|---|---|---|
CSHP iShares Enhanced Short-Term Bond Active ETF | 3.91% | 5.39% | 1.96% |
HODL VanEck Bitcoin Trust | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
HODL 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.
HODL has higher volatility (13.07%) compared to CSHP (0.16%). In terms of maximum drawdown, HODL dropped -51.96% vs CSHP's -0.08%.
On 1-year performance, CSHP leads with 3.94% vs -39.68% for HODL. On fees, CSHP is cheaper at 0.20% per year. On volatility, CSHP has been the lower-risk option at 0.16%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, CSHP has performed better with a 3.94% return vs -39.68%. 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 0.25% for HODL.
CSHP has the higher dividend yield at 3.91%, compared with 0.00% for HODL.
HODL is categorized as Cryptocurrency, while CSHP is Ultrashort Bond. They also come from different issuers: VanEck and iShares. Their fees differ too: 0.25% for HODL and 0.20% for CSHP.
CSHP currently has the higher Sharpe Ratio (11.09 vs -0.90), 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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