MAKX vs. CSHP

Last updated Jun 25, 2026

MAKX (ProShares S&P Kensho Smart Factories ETF) and CSHP (iShares Enhanced Short-Term Bond Active ETF) are both exchange-traded funds - MAKX is a Technology Equities fund tracking the S&P Kensho Smart Factories Index, while CSHP is a Ultrashort Bond fund actively managed by iShares. MAKX is passively managed, while CSHP is actively managed. Over the past year, MAKX returned 54.03% vs 3.89% for CSHP. At a 0.03 correlation, their price movements are largely independent. MAKX charges 0.58%/yr vs 0.20%/yr for CSHP.

Performance

MAKX vs. CSHP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares S&P Kensho Smart Factories ETF (MAKX) 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, MAKX achieves a 37.19% return, which is significantly higher than CSHP's 1.79% return.

MAKX

• 1D: -1.84%
• 1M: -0.71%
• YTD: 37.19%
• 6M: 34.30%
• 1Y: 54.03%
• 3Y*: 25.56%
• 5Y*: —
• 10Y*: —

CSHP

• 1D: -0.04%
• 1M: 0.23%
• YTD: 1.79%
• 6M: 1.85%
• 1Y: 3.89%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

MAKX vs. CSHP - Yearly Performance Comparison

	2026 (YTD)	2025	2024
MAKX ProShares S&P Kensho Smart Factories ETF	37.19%	21.63%	1.47%
CSHP iShares Enhanced Short-Term Bond Active ETF	1.79%	4.10%	2.24%

Correlation

The correlation between MAKX 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 Jul 18, 2024	0.03

The correlation between MAKX and CSHP shifts across timeframes, from -0.08 (1 year) to 0.03 (all time), reflecting how their relationship changes across market environments.

Return for Risk

MAKX vs. CSHP — Risk / Return Rank

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

MAKX

MAKX Risk / Return Rank: 62
MAKX Sharpe Ratio Rank: 61
MAKX Sortino Ratio Rank: 56
MAKX Omega Ratio Rank: 53
MAKX Calmar Ratio Rank: 75
MAKX Martin Ratio Rank: 62

CSHP

CSHP Risk / Return Rank: 99
CSHP Sharpe Ratio Rank: 100
CSHP Sortino Ratio Rank: 99
CSHP Omega Ratio Rank: 99
CSHP Calmar Ratio Rank: 99
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.

MAKX vs. CSHP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares S&P Kensho Smart Factories ETF (MAKX) 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.

	MAKX	CSHP	Difference
Sharpe ratio: Return per unit of total volatility	1.78	10.81	-9.03
Sortino ratio: Return per unit of downside risk	2.37	26.16	-23.80
Omega ratio: Gain probability vs. loss probability	1.29	6.09	-4.80
Calmar ratio: Return relative to maximum drawdown	3.38	48.60	-45.21
Martin ratio: Return relative to average drawdown	9.85	338.28	-328.43

MAKX vs. CSHP - Sharpe Ratio Comparison

The current MAKX Sharpe Ratio is 1.78, which is lower than the CSHP Sharpe Ratio of 10.81. The chart below compares the historical Sharpe Ratios of MAKX 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.

Drawdowns

MAKX vs. CSHP - Drawdown Comparison

The maximum MAKX drawdown since its inception was -40.27%, which is greater than CSHP's maximum drawdown of -0.08%. Use the drawdown chart below to compare losses from any high point for MAKX and CSHP.

Drawdown Indicators

	MAKX	CSHP	Difference
Max Drawdown Largest peak-to-trough decline	-40.27%	-0.08%	-40.19%
Max Drawdown (1Y) Largest decline over 1 year	-16.05%	-0.08%	-15.97%
Max Drawdown (3Y) Largest decline over 3 years	-29.76%	—	—
Current Drawdown Current decline from peak	-8.35%	-0.08%	-8.27%
Average Drawdown Average peak-to-trough decline	-16.47%	-0.00%	-16.47%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.50%	0.01%	+5.49%

Volatility

MAKX vs. CSHP - Volatility Comparison

ProShares S&P Kensho Smart Factories ETF (MAKX) has a higher volatility of 13.80% compared to iShares Enhanced Short-Term Bond Active ETF (CSHP) at 0.16%. This indicates that MAKX'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

	MAKX	CSHP	Difference
Volatility (1M) Calculated over the trailing 1-month period	13.80%	0.16%	+13.64%
Volatility (6M) Calculated over the trailing 6-month period	22.74%	0.27%	+22.47%
Volatility (1Y) Calculated over the trailing 1-year period	30.61%	0.36%	+30.25%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	28.52%	0.41%	+28.11%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	28.52%	0.41%	+28.11%

MAKX vs. CSHP - Expense Ratio Comparison

MAKX has a 0.58% expense ratio, which is higher than CSHP's 0.20% expense ratio.

Dividends

MAKX vs. CSHP - Dividend Comparison

MAKX's dividend yield for the trailing twelve months is around 0.11%, less than CSHP's 3.92% yield.

Position	TTM	2025	2024	2023	2022
CSHP iShares Enhanced Short-Term Bond Active ETF	3.92%	5.39%	1.96%	0.00%	0.00%
MAKX ProShares S&P Kensho Smart Factories ETF	0.11%	0.15%	0.24%	0.52%	0.31%

Frequently Asked Questions

Can I hold both MAKX and CSHP in my portfolio?

MAKX 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.

Which is riskier, MAKX or CSHP?

MAKX has higher volatility (13.80%) compared to CSHP (0.16%). In terms of maximum drawdown, MAKX dropped -40.27% vs CSHP's -0.08%.

Which ETF is better, MAKX or CSHP?

On 1-year performance, MAKX leads with 54.03% 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.

Which ETF has performed better, MAKX or CSHP?

Over the 1-year period, MAKX has performed better with a 54.03% return vs 3.89%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MAKX or CSHP?

CSHP is cheaper with a 0.20% expense ratio, compared with 0.58% for MAKX.

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

CSHP has the higher dividend yield at 3.92%, compared with 0.11% for MAKX.

What is the main difference between MAKX and CSHP?

MAKX is categorized as Technology Equities, while CSHP is Ultrashort Bond. They also come from different issuers: ProShares and iShares. Their fees differ too: 0.58% for MAKX and 0.20% for CSHP.

Which has better risk-adjusted returns?

CSHP currently has the higher Sharpe Ratio (10.81 vs 1.78), 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.