MBND vs. CSHP

Last updated Aug 2, 2026

MBND (SPDR Nuveen Municipal Bond ETF) and CSHP (iShares Enhanced Short-Term Bond Active ETF) are both exchange-traded funds - MBND is a Municipal Bonds fund actively managed by State Street, while CSHP is a Ultrashort Bond fund actively managed by iShares. Both are actively managed. Over the past year, MBND returned 3.35% vs 4.04% for CSHP. Their -0.15 correlation means they have often moved in opposite directions in the past. MBND charges 0.40%/yr vs 0.20%/yr for CSHP.

Performance

MBND vs. CSHP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR Nuveen Municipal Bond ETF (MBND) 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, MBND achieves a -0.25% return, which is significantly lower than CSHP's 2.38% return.

MBND

• 1D: -0.16%
• 1M: -1.70%
• 6M: -1.05%
• YTD: -0.25%
• 1Y: 3.35%
• 3Y*: 3.02%
• 5Y*: 0.18%
• 10Y*: —
• ALL TIME*: 0.42%

CSHP

• 1D: -0.27%
• 1M: 0.35%
• 6M: 2.06%
• YTD: 2.38%
• 1Y: 4.04%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 4.31%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
CSHP iShares Enhanced Short-Term Bond Active ETF	$14.53M	$7.29M	$2.60M
MBND SPDR Nuveen Municipal Bond ETF	$354.99K	$234.86K	$188.93K

MBND vs. CSHP - Yearly Performance Comparison

	2026 (YTD)	2025	2024
MBND SPDR Nuveen Municipal Bond ETF	-0.25%	2.90%	1.13%
CSHP iShares Enhanced Short-Term Bond Active ETF	2.38%	4.10%	2.24%

Correlation

The correlation between MBND and CSHP is -0.13, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	-0.13
Correlation (All Time) Calculated using the full available price history since Jul 18, 2024	-0.15

Return for Risk

MBND vs. CSHP — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

MBND

MBND Risk / Return Rank: 49
MBND Sharpe Ratio Rank: 52
MBND Sortino Ratio Rank: 50
MBND Omega Ratio Rank: 61
MBND Calmar Ratio Rank: 41
MBND Martin Ratio Rank: 40

CSHP

CSHP Risk / Return Rank: 98
CSHP Sharpe Ratio Rank: 97
CSHP Sortino Ratio Rank: 98
CSHP Omega Ratio Rank: 99
CSHP Calmar Ratio Rank: 98
CSHP Martin Ratio Rank: 99

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

MBND vs. CSHP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR Nuveen Municipal Bond ETF (MBND) 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.

	MBND	CSHP	Difference
Sharpe ratio: Return per unit of total volatility	1.27	3.53	-2.26
Sortino ratio: Return per unit of downside risk	1.81	6.34	-4.53
Omega ratio: Gain probability vs. loss probability	1.26	2.68	-1.42
Calmar ratio: Return relative to maximum drawdown	1.44	10.40	-8.96
Martin ratio: Return relative to average drawdown	4.37	65.72	-61.35

MBND vs. CSHP - Sharpe Ratio Comparison

The current MBND Sharpe Ratio is 1.27, which is lower than the CSHP Sharpe Ratio of 3.53. The chart below compares the historical Sharpe Ratios of MBND 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

MBND vs. CSHP - Drawdown Comparison

The maximum MBND drawdown since its inception was -13.18%, which is greater than CSHP's maximum drawdown of -0.39%. Use the drawdown chart below to compare losses from any high point for MBND and CSHP.

Drawdown Indicators

	MBND	CSHP	Difference
Max Drawdown Largest peak-to-trough decline	-13.18%	-0.39%	-12.79%
Max Drawdown (1Y) Largest decline over 1 year	-2.44%	-0.39%	-2.05%
Max Drawdown (3Y) Largest decline over 3 years	-4.57%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-13.18%	—	—
Current Drawdown Current decline from peak	-1.97%	-0.27%	-1.70%
Average Drawdown Average peak-to-trough decline	-4.09%	-0.01%	-4.08%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.80%	0.06%	+0.74%

Volatility

MBND vs. CSHP - Volatility Comparison

The current volatility for SPDR Nuveen Municipal Bond ETF (MBND) is 0.92%, while iShares Enhanced Short-Term Bond Active ETF (CSHP) has a volatility of 1.10%. This indicates that MBND experiences smaller price fluctuations and is considered to be less risky than CSHP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MBND	CSHP	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.92%	1.10%	-0.18%
Volatility (6M) Calculated over the trailing 6-month period	2.29%	1.12%	+1.17%
Volatility (1Y) Calculated over the trailing 1-year period	2.78%	1.14%	+1.64%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.53%	0.86%	+2.67%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.42%	0.86%	+2.56%

MBND vs. CSHP - Expense Ratio Comparison

MBND has a 0.40% expense ratio, which is higher than CSHP's 0.20% expense ratio.

Dividends

MBND vs. CSHP - Dividend Comparison

MBND's dividend yield for the trailing twelve months is around 3.52%, less than CSHP's 4.00% yield.

Position	TTM	2025	2024	2023	2022	2021
CSHP iShares Enhanced Short-Term Bond Active ETF	3.89%	5.39%	1.96%	0.00%	0.00%	0.00%
MBND SPDR Nuveen Municipal Bond ETF	3.22%	3.43%	2.72%	2.53%	1.61%	1.62%

Frequently Asked Questions

Can I hold both MBND and CSHP in my portfolio?

MBND and CSHP have a correlation of -0.13, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MBND or CSHP?

CSHP has higher volatility (1.10%) compared to MBND (0.92%). In terms of maximum drawdown, MBND dropped -13.18% vs CSHP's -0.39%.

Which ETF is better, MBND or CSHP?

On 1-year performance, CSHP leads with 4.04% vs 3.35% for MBND. On fees, CSHP is cheaper at 0.20% per year. On volatility, MBND has been the lower-risk option at 0.92%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MBND or CSHP?

Over the 1-year period, CSHP has performed better with a 4.04% return vs 3.35%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MBND or CSHP?

CSHP is cheaper with a 0.20% expense ratio, compared with 0.40% for MBND.

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

CSHP has the higher dividend yield at 3.89%, compared with 3.22% for MBND.

What is the main difference between MBND and CSHP?

MBND is categorized as Municipal Bonds, while CSHP is Ultrashort Bond. They also come from different issuers: State Street and iShares. Their fees differ too: 0.40% for MBND and 0.20% for CSHP.

Which has better risk-adjusted returns?

CSHP currently has the higher Sharpe Ratio (3.53 vs 1.27), 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.