JAPN vs. CSHP
JAPN (Horizon Kinetics Japan Owner Operator ETF) and CSHP (iShares Enhanced Short-Term Bond Active ETF) are both exchange-traded funds - JAPN is a Japan Equities fund actively managed by Horizon, while CSHP is a Ultrashort Bond fund actively managed by iShares. Both are actively managed. Over the past year, JAPN returned -19.28% vs 3.89% for CSHP. At a correlation of -0.10, they often move in opposite directions. JAPN charges 0.85%/yr vs 0.20%/yr for CSHP.
Performance
JAPN vs. CSHP - Performance Comparison
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Returns By Period
In the year-to-date period, JAPN achieves a -14.01% return, which is significantly lower than CSHP's 1.79% return.
JAPN
- 1D
- -1.93%
- 1M
- -2.75%
- YTD
- -14.01%
- 6M
- -14.07%
- 1Y
- -19.28%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
CSHP
- 1D
- -0.04%
- 1M
- 0.23%
- YTD
- 1.79%
- 6M
- 1.85%
- 1Y
- 3.89%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
JAPN vs. CSHP - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
JAPN Horizon Kinetics Japan Owner Operator ETF | -14.01% | 3.10% |
CSHP iShares Enhanced Short-Term Bond Active ETF | 1.79% | 2.55% |
Correlation
The correlation between JAPN and CSHP is -0.08, 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 | -0.08 |
Correlation (All Time) Calculated using the full available price history since May 13, 2025 | -0.10 |
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Return for Risk
JAPN vs. CSHP — Risk / Return Rank
JAPN
CSHP
JAPN vs. CSHP - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Horizon Kinetics Japan Owner Operator ETF (JAPN) 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.
| JAPN | CSHP | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -11.80 | ||
| Sortino ratioReturn per unit of downside risk | -27.52 | ||
| Omega ratioGain probability vs. loss probability | 0.84 | 6.09 | -5.25 |
| Calmar ratioReturn relative to maximum drawdown | -0.81 | 48.60 | -49.41 |
| Martin ratioReturn relative to average drawdown | -1.43 | 338.28 | -339.71 |
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Drawdowns
JAPN vs. CSHP - Drawdown Comparison
The maximum JAPN drawdown since its inception was -23.94%, which is greater than CSHP's maximum drawdown of -0.08%. Use the drawdown chart below to compare losses from any high point for JAPN and CSHP.
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Drawdown Indicators
| JAPN | CSHP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -23.94% | -0.08% | -23.86% |
Max Drawdown (1Y)Largest decline over 1 year | -23.94% | -0.08% | -23.86% |
Current DrawdownCurrent decline from peak | -23.51% | -0.08% | -23.43% |
Average DrawdownAverage peak-to-trough decline | -10.03% | -0.00% | -10.03% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 13.52% | 0.01% | +13.51% |
Volatility
JAPN vs. CSHP - Volatility Comparison
Horizon Kinetics Japan Owner Operator ETF (JAPN) has a higher volatility of 6.67% compared to iShares Enhanced Short-Term Bond Active ETF (CSHP) at 0.16%. This indicates that JAPN'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
| JAPN | CSHP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.67% | 0.16% | +6.51% |
Volatility (6M)Calculated over the trailing 6-month period | 16.17% | 0.27% | +15.90% |
Volatility (1Y)Calculated over the trailing 1-year period | 19.48% | 0.36% | +19.12% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.56% | 0.41% | +19.15% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 19.56% | 0.41% | +19.15% |
JAPN vs. CSHP - Expense Ratio Comparison
JAPN has a 0.85% expense ratio, which is higher than CSHP's 0.20% expense ratio.
Dividends
JAPN vs. CSHP - Dividend Comparison
JAPN's dividend yield for the trailing twelve months is around 0.28%, less than CSHP's 3.92% yield.
| Position | TTM | 2025 | 2024 |
|---|---|---|---|
CSHP iShares Enhanced Short-Term Bond Active ETF | 3.92% | 5.39% | 1.96% |
JAPN Horizon Kinetics Japan Owner Operator ETF | 0.28% | 0.24% | 0.00% |
Frequently Asked Questions
JAPN and CSHP have a correlation of -0.08, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
JAPN has higher volatility (6.67%) compared to CSHP (0.16%). In terms of maximum drawdown, JAPN dropped -23.94% vs CSHP's -0.08%.
On 1-year performance, CSHP leads with 3.89% vs -19.28% for JAPN. 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 3.89% return vs -19.28%. 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 0.85% for JAPN.
CSHP has the higher dividend yield at 3.92%, compared with 0.28% for JAPN.
JAPN is categorized as Japan Equities, while CSHP is Ultrashort Bond. They also come from different issuers: Horizon and iShares. Their fees differ too: 0.85% for JAPN and 0.20% for CSHP.
CSHP currently has the higher Sharpe Ratio (10.81 vs -0.99), 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.
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