HTAX vs. CSHP

Last updated Jun 4, 2026

HTAX (Nomura National High-Yield Municipal Bond ETF) and CSHP (iShares Enhanced Short-Term Bond Active ETF) are both exchange-traded funds - HTAX is a High Yield Muni fund actively managed by Nomura, while CSHP is a Ultrashort Bond fund actively managed by iShares. Both are actively managed. Over the past year, HTAX returned 9.34% vs 3.96% for CSHP. At a correlation of -0.27, they often move in opposite directions. HTAX charges 0.49%/yr vs 0.20%/yr for CSHP.

Performance

HTAX vs. CSHP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Nomura National High-Yield Municipal Bond ETF (HTAX) and iShares Enhanced Short-Term Bond Active ETF (CSHP). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HTAX achieves a 3.60% return, which is significantly higher than CSHP's 1.63% return.

HTAX

• 1D: 0.06%
• 1M: 1.34%
• YTD: 3.60%
• 6M: 3.91%
• 1Y: 9.34%
• 3Y*: —
• 5Y*: —
• 10Y*: —

CSHP

• 1D: 0.02%
• 1M: 0.27%
• YTD: 1.63%
• 6M: 1.93%
• 1Y: 3.96%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

HTAX vs. CSHP - Yearly Performance Comparison

	2026 (YTD)	2025
HTAX Nomura National High-Yield Municipal Bond ETF	3.60%	1.45%
CSHP iShares Enhanced Short-Term Bond Active ETF	1.63%	3.39%

Correlation

The correlation between HTAX and CSHP is -0.25, 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	-0.25
Correlation (All Time) Calculated using the full available price history since Mar 7, 2025	-0.27

Return for Risk

HTAX vs. CSHP — Risk / Return Rank

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

HTAX

HTAX Risk / Return Rank: 61
HTAX Sharpe Ratio Rank: 60
HTAX Sortino Ratio Rank: 64
HTAX Omega Ratio Rank: 67
HTAX Calmar Ratio Rank: 61
HTAX Martin Ratio Rank: 54

CSHP

CSHP Risk / Return Rank: 100
CSHP Sharpe Ratio Rank: 100
CSHP Sortino Ratio Rank: 100
CSHP Omega Ratio Rank: 100
CSHP Calmar Ratio Rank: 100
CSHP Martin Ratio Rank: 100

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.

HTAX vs. CSHP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Nomura National High-Yield Municipal Bond ETF (HTAX) 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.

	HTAX	CSHP	Difference
Sharpe ratio: Return per unit of total volatility	1.99	11.91	-9.91
Sortino ratio: Return per unit of downside risk	2.95	31.26	-28.30
Omega ratio: Gain probability vs. loss probability	1.40	7.44	-6.04
Calmar ratio: Return relative to maximum drawdown	2.99	65.71	-62.72
Martin ratio: Return relative to average drawdown	9.11	432.16	-423.05
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

HTAX vs. CSHP - Sharpe Ratio Comparison

The current HTAX Sharpe Ratio is 1.99, which is lower than the CSHP Sharpe Ratio of 11.91. The chart below compares the historical Sharpe Ratios of HTAX and CSHP, 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

	HTAX	CSHP	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.99	11.91	-9.91
Sharpe Ratio (All Time) Calculated using the full available price history	0.63	10.75	-10.12

Drawdowns

HTAX vs. CSHP - Drawdown Comparison

The maximum HTAX drawdown since its inception was -6.10%, which is greater than CSHP's maximum drawdown of -0.08%. Use the drawdown chart below to compare losses from any high point for HTAX and CSHP.

Drawdown Indicators

	HTAX	CSHP	Difference
Max Drawdown Largest peak-to-trough decline	-6.10%	-0.08%	-6.02%
Max Drawdown (1Y) Largest decline over 1 year	-3.14%	-0.06%	-3.08%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-1.77%	-0.00%	-1.77%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.03%	0.01%	+1.02%

Volatility

HTAX vs. CSHP - Volatility Comparison

Nomura National High-Yield Municipal Bond ETF (HTAX) has a higher volatility of 1.41% compared to iShares Enhanced Short-Term Bond Active ETF (CSHP) at 0.07%. This indicates that HTAX'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.

Volatility by Period

	HTAX	CSHP	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.41%	0.07%	+1.34%
Volatility (6M) Calculated over the trailing 6-month period	3.41%	0.24%	+3.17%
Volatility (1Y) Calculated over the trailing 1-year period	4.70%	0.33%	+4.37%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.47%	0.40%	+6.07%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.47%	0.40%	+6.07%

HTAX vs. CSHP - Expense Ratio Comparison

HTAX has a 0.49% expense ratio, which is higher than CSHP's 0.20% expense ratio.

Dividends

HTAX vs. CSHP - Dividend Comparison

HTAX's dividend yield for the trailing twelve months is around 4.47%, more than CSHP's 3.92% yield.

Position	TTM	2025	2024
CSHP iShares Enhanced Short-Term Bond Active ETF	3.92%	5.39%	1.96%
HTAX Nomura National High-Yield Municipal Bond ETF	4.47%	3.67%	0.00%

Frequently Asked Questions

Can I hold both HTAX and CSHP in my portfolio?

HTAX and CSHP have a correlation of -0.25, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, HTAX or CSHP?

HTAX has higher volatility (1.41%) compared to CSHP (0.07%). In terms of maximum drawdown, HTAX dropped -6.10% vs CSHP's -0.08%.

Which ETF is better, HTAX or CSHP?

On 1-year performance, HTAX leads with 9.34% vs 3.96% for CSHP. On fees, CSHP is cheaper at 0.20% per year. On volatility, CSHP has been the lower-risk option at 0.07%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, HTAX or CSHP?

Over the 1-year period, HTAX has performed better with a 9.34% return vs 3.96%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, HTAX or CSHP?

CSHP is cheaper with a 0.20% expense ratio, compared with 0.49% for HTAX.

Which ETF pays a higher dividend yield, HTAX or CSHP?

HTAX has the higher dividend yield at 4.47%, compared with 3.92% for CSHP.

What is the main difference between HTAX and CSHP?

HTAX is categorized as High Yield Muni, while CSHP is Ultrashort Bond. They also come from different issuers: Nomura and iShares. Their fees differ too: 0.49% for HTAX and 0.20% for CSHP.

Which has better risk-adjusted returns?

CSHP currently has the higher Sharpe Ratio (11.91 vs 1.99), 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.