JMHI vs. CSHP
JMHI (JPMorgan High Yield Municipal ETF) and CSHP (iShares Enhanced Short-Term Bond Active ETF) are both exchange-traded funds - JMHI is a High Yield Muni fund actively managed by JPMorgan, while CSHP is a Ultrashort Bond fund actively managed by iShares. Both are actively managed. Over the past year, JMHI returned 6.56% vs 3.89% for CSHP. At a correlation of -0.22, they often move in opposite directions. JMHI charges 0.35%/yr vs 0.20%/yr for CSHP.
Performance
JMHI vs. CSHP - Performance Comparison
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Returns By Period
In the year-to-date period, JMHI achieves a 2.29% return, which is significantly higher than CSHP's 1.79% return.
JMHI
- 1D
- 0.29%
- 1M
- 1.69%
- YTD
- 2.29%
- 6M
- 2.46%
- 1Y
- 6.56%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
CSHP
- 1D
- -0.04%
- 1M
- 0.23%
- YTD
- 1.79%
- 6M
- 1.85%
- 1Y
- 3.89%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
JMHI vs. CSHP - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
JMHI JPMorgan High Yield Municipal ETF | 2.29% | 4.60% | 2.04% |
CSHP iShares Enhanced Short-Term Bond Active ETF | 1.79% | 4.10% | 2.24% |
Correlation
The correlation between JMHI and CSHP is -0.29, 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 | -0.29 |
Correlation (All Time) Calculated using the full available price history since Jul 18, 2024 | -0.22 |
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Return for Risk
JMHI vs. CSHP — Risk / Return Rank
JMHI
CSHP
JMHI vs. CSHP - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for JPMorgan High Yield Municipal ETF (JMHI) 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.
| JMHI | CSHP | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -8.73 | ||
| Sortino ratioReturn per unit of downside risk | -23.16 | ||
| Omega ratioGain probability vs. loss probability | 1.42 | 6.09 | -4.67 |
| Calmar ratioReturn relative to maximum drawdown | 2.24 | 48.60 | -46.35 |
| Martin ratioReturn relative to average drawdown | 7.81 | 338.28 | -330.47 |
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Drawdowns
JMHI vs. CSHP - Drawdown Comparison
The maximum JMHI drawdown since its inception was -7.11%, which is greater than CSHP's maximum drawdown of -0.08%. Use the drawdown chart below to compare losses from any high point for JMHI and CSHP.
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Drawdown Indicators
| JMHI | CSHP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -7.11% | -0.08% | -7.03% |
Max Drawdown (1Y)Largest decline over 1 year | -2.93% | -0.08% | -2.85% |
Current DrawdownCurrent decline from peak | 0.00% | -0.08% | +0.08% |
Average DrawdownAverage peak-to-trough decline | -1.27% | -0.00% | -1.27% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.84% | 0.01% | +0.83% |
Volatility
JMHI vs. CSHP - Volatility Comparison
JPMorgan High Yield Municipal ETF (JMHI) has a higher volatility of 0.80% compared to iShares Enhanced Short-Term Bond Active ETF (CSHP) at 0.16%. This indicates that JMHI'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
| JMHI | CSHP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.80% | 0.16% | +0.64% |
Volatility (6M)Calculated over the trailing 6-month period | 2.37% | 0.27% | +2.10% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.17% | 0.36% | +2.81% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.46% | 0.41% | +4.05% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.46% | 0.41% | +4.05% |
JMHI vs. CSHP - Expense Ratio Comparison
JMHI has a 0.35% expense ratio, which is higher than CSHP's 0.20% expense ratio.
Dividends
JMHI vs. CSHP - Dividend Comparison
JMHI's dividend yield for the trailing twelve months is around 4.51%, more than CSHP's 3.92% yield.
| Position | TTM | 2025 | 2024 | 2023 |
|---|---|---|---|---|
CSHP iShares Enhanced Short-Term Bond Active ETF | 3.92% | 5.39% | 1.96% | 0.00% |
JMHI JPMorgan High Yield Municipal ETF | 4.51% | 4.42% | 4.49% | 2.48% |
Frequently Asked Questions
JMHI and CSHP have a correlation of -0.29, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
JMHI has higher volatility (0.80%) compared to CSHP (0.16%). In terms of maximum drawdown, JMHI dropped -7.11% vs CSHP's -0.08%.
On 1-year performance, JMHI leads with 6.56% vs 3.89% for CSHP. 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, JMHI has performed better with a 6.56% return vs 3.89%. 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 0.35% for JMHI.
JMHI has the higher dividend yield at 4.51%, compared with 3.92% for CSHP.
JMHI is categorized as High Yield Muni, while CSHP is Ultrashort Bond. They also come from different issuers: JPMorgan and iShares. Their fees differ too: 0.35% for JMHI and 0.20% for CSHP.
CSHP currently has the higher Sharpe Ratio (10.81 vs 2.07), 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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