ICSH vs. CSHI

Last updated Jun 4, 2026

ICSH (iShares Ultra Short Duration Bond Active ETF) and CSHI (Neos Enhanced Income Cash Alternative ETF) are both Ultrashort Bond funds - ICSH tracks the ICE BofA US 6-Month Treasury Bill Index (USD) while CSHI tracks the NONE. Both are passively managed. Over the past 3 years, ICSH returned 5.20%/yr vs 5.45%/yr for CSHI. At a 0.03 correlation, their price movements are largely independent. ICSH charges 0.08%/yr vs 0.38%/yr for CSHI.

Performance

ICSH vs. CSHI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Ultra Short Duration Bond Active ETF (ICSH) and Neos Enhanced Income Cash Alternative ETF (CSHI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ICSH achieves a 1.45% return, which is significantly lower than CSHI's 2.26% return.

ICSH

• 1D: 0.00%
• 1M: 0.34%
• YTD: 1.45%
• 6M: 1.79%
• 1Y: 4.36%
• 3Y*: 5.20%
• 5Y*: 3.67%
• 10Y*: 2.76%

CSHI

• 1D: 0.02%
• 1M: 0.37%
• YTD: 2.26%
• 6M: 2.59%
• 1Y: 5.25%
• 3Y*: 5.45%
• 5Y*: —
• 10Y*: —

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

ICSH vs. CSHI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
ICSH iShares Ultra Short Duration Bond Active ETF	1.45%	4.96%	5.52%	5.58%	1.05%
CSHI Neos Enhanced Income Cash Alternative ETF	2.26%	5.05%	5.66%	6.21%	1.46%

Correlation

The correlation between ICSH and CSHI is 0.01, 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	0.01
Correlation (3Y) Calculated over the trailing 3-year period	-0.03
Correlation (All Time) Calculated using the full available price history since Aug 31, 2022	0.03

ICSH vs. CSHI - Sectors Allocation Comparison

Sectors	ICSH	CSHI
Utilities	100.0%	2.3%
Basic Materials	-	1.8%
Communication Services	-	11.2%
Consumer Cyclical	-	10.1%
Consumer Defensive	-	4.9%
Energy	-	3.5%
Financial Services	-	11.8%
Healthcare	-	8.5%
Industrials	-	8.3%
Real Estate	-	1.9%
Technology	-	35.6%

Return for Risk

ICSH vs. CSHI — Risk / Return Rank

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

ICSH

ICSH Risk / Return Rank: 99
ICSH Sharpe Ratio Rank: 99
ICSH Sortino Ratio Rank: 100
ICSH Omega Ratio Rank: 100
ICSH Calmar Ratio Rank: 99
ICSH Martin Ratio Rank: 99

CSHI

CSHI Risk / Return Rank: 99
CSHI Sharpe Ratio Rank: 98
CSHI Sortino Ratio Rank: 99
CSHI Omega Ratio Rank: 99
CSHI Calmar Ratio Rank: 99
CSHI Martin Ratio Rank: 99

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.

ICSH vs. CSHI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Ultra Short Duration Bond Active ETF (ICSH) and Neos Enhanced Income Cash Alternative 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.

	ICSH	CSHI	Difference
Sharpe ratio: Return per unit of total volatility	11.22	6.16	+5.07
Sortino ratio: Return per unit of downside risk	28.46	11.83	+16.63
Omega ratio: Gain probability vs. loss probability	6.79	2.75	+4.04
Calmar ratio: Return relative to maximum drawdown	44.30	29.16	+15.14
Martin ratio: Return relative to average drawdown	297.17	154.18	+142.99
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ICSH vs. CSHI - Sharpe Ratio Comparison

The current ICSH Sharpe Ratio is 11.22, which is higher than the CSHI Sharpe Ratio of 6.16. The chart below compares the historical Sharpe Ratios of ICSH 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.

Sharpe Ratios by Period

	ICSH	CSHI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	11.22	6.16	+5.07
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	7.64	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	2.62	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.93	4.18	-2.25

Drawdowns

ICSH vs. CSHI - Drawdown Comparison

The maximum ICSH drawdown since its inception was -3.94%, which is greater than CSHI's maximum drawdown of -1.69%. Use the drawdown chart below to compare losses from any high point for ICSH and CSHI.

Drawdown Indicators

	ICSH	CSHI	Difference
Max Drawdown Largest peak-to-trough decline	-3.94%	-1.69%	-2.25%
Max Drawdown (1Y) Largest decline over 1 year	-0.10%	-0.18%	+0.08%
Max Drawdown (3Y) Largest decline over 3 years	-0.10%	-1.69%	+1.59%
Max Drawdown (5Y) Largest decline over 5 years	-0.73%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-3.94%	—	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-0.08%	-0.03%	-0.05%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.01%	0.03%	-0.02%

Volatility

ICSH vs. CSHI - Volatility Comparison

iShares Ultra Short Duration Bond Active ETF (ICSH) has a higher volatility of 0.15% compared to Neos Enhanced Income Cash Alternative ETF (CSHI) at 0.11%. This indicates that ICSH'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

	ICSH	CSHI	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.15%	0.11%	+0.04%
Volatility (6M) Calculated over the trailing 6-month period	0.30%	0.52%	-0.22%
Volatility (1Y) Calculated over the trailing 1-year period	0.39%	0.86%	-0.47%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.48%	1.32%	-0.84%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.06%	1.32%	-0.26%

ICSH vs. CSHI - Expense Ratio Comparison

ICSH has a 0.08% expense ratio, which is lower than CSHI's 0.38% expense ratio.

Dividends

ICSH vs. CSHI - Dividend Comparison

ICSH's dividend yield for the trailing twelve months is around 4.34%, less than CSHI's 4.90% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CSHI Neos Enhanced Income Cash Alternative ETF	4.90%	5.11%	5.72%	6.15%	1.52%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
ICSH iShares Ultra Short Duration Bond Active ETF	4.34%	4.55%	5.24%	4.78%	1.66%	0.42%	1.21%	2.61%	2.20%	1.36%	0.88%	0.54%

Frequently Asked Questions

Can I hold both ICSH and CSHI in my portfolio?

ICSH and CSHI have a correlation of 0.01, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ICSH or CSHI?

ICSH has higher volatility (0.15%) compared to CSHI (0.11%). In terms of maximum drawdown, ICSH dropped -3.94% vs CSHI's -1.69%.

Which ETF is better, ICSH or CSHI?

On 3-year performance, CSHI leads with 5.45% vs 5.20% for ICSH. On fees, ICSH is cheaper at 0.08% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ICSH or CSHI?

Over the 3-year period, CSHI has performed better with a 5.45% return vs 5.20%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ICSH or CSHI?

ICSH is cheaper with a 0.08% expense ratio, compared with 0.38% for CSHI.

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

CSHI has the higher dividend yield at 4.90%, compared with 4.34% for ICSH.

What is the main difference between ICSH and CSHI?

ICSH tracks ICE BofA US 6-Month Treasury Bill Index (USD), while CSHI tracks NONE. They also come from different issuers: iShares and Neos. Their fees differ too: 0.08% for ICSH and 0.38% for CSHI.

Which has better risk-adjusted returns?

ICSH currently has the higher Sharpe Ratio (11.22 vs 6.16), 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.