MDEV vs. CSHP
MDEV (First Trust Indxx Medical Devices ETF) and CSHP (iShares Enhanced Short-Term Bond Active ETF) are both exchange-traded funds - MDEV is a Health & Biotech Equities fund tracking the Indxx Global Medical Equipment Index, while CSHP is a Ultrashort Bond fund actively managed by iShares. MDEV is passively managed, while CSHP is actively managed. Over the past year, MDEV returned -7.87% vs 3.94% for CSHP. At a 0.03 correlation, their price movements are largely independent. MDEV charges 0.70%/yr vs 0.20%/yr for CSHP.
Performance
MDEV vs. CSHP - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, MDEV achieves a -11.56% return, which is significantly lower than CSHP's 1.83% return.
MDEV
- 1D
- 0.35%
- 1M
- -1.40%
- YTD
- -11.56%
- 6M
- -12.11%
- 1Y
- -7.87%
- 3Y*
- -3.34%
- 5Y*
- -6.04%
- 10Y*
- —
CSHP
- 1D
- -0.03%
- 1M
- 0.27%
- YTD
- 1.83%
- 6M
- 1.92%
- 1Y
- 3.94%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
MDEV vs. CSHP - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
MDEV First Trust Indxx Medical Devices ETF | -11.56% | 2.00% | 0.64% |
CSHP iShares Enhanced Short-Term Bond Active ETF | 1.83% | 4.10% | 2.24% |
Correlation
The correlation between MDEV and CSHP is -0.12, 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 | -0.12 |
Correlation (All Time) Calculated using the full available price history since Jul 18, 2024 | 0.03 |
The correlation between MDEV and CSHP shifts across timeframes, from -0.12 (1 year) to 0.03 (all time), reflecting how their relationship changes across market environments.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
MDEV vs. CSHP — Risk / Return Rank
MDEV
CSHP
MDEV vs. CSHP - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for First Trust Indxx Medical Devices ETF (MDEV) 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.
| MDEV | CSHP | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -11.58 | ||
| Sortino ratioReturn per unit of downside risk | -28.20 | ||
| Omega ratioGain probability vs. loss probability | 0.93 | 6.46 | -5.52 |
| Calmar ratioReturn relative to maximum drawdown | -0.44 | 65.45 | -65.88 |
| Martin ratioReturn relative to average drawdown | -1.00 | 381.67 | -382.67 |
Loading charts...
Drawdowns
MDEV vs. CSHP - Drawdown Comparison
The maximum MDEV drawdown since its inception was -42.34%, which is greater than CSHP's maximum drawdown of -0.08%. Use the drawdown chart below to compare losses from any high point for MDEV and CSHP.
Loading charts...
Drawdown Indicators
| MDEV | CSHP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -42.34% | -0.08% | -42.26% |
Max Drawdown (1Y)Largest decline over 1 year | -18.13% | -0.06% | -18.07% |
Max Drawdown (3Y)Largest decline over 3 years | -22.50% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -42.34% | — | — |
Current DrawdownCurrent decline from peak | -33.81% | -0.04% | -33.77% |
Average DrawdownAverage peak-to-trough decline | -25.71% | -0.00% | -25.71% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.87% | 0.01% | +7.86% |
Volatility
MDEV vs. CSHP - Volatility Comparison
First Trust Indxx Medical Devices ETF (MDEV) has a higher volatility of 4.27% compared to iShares Enhanced Short-Term Bond Active ETF (CSHP) at 0.16%. This indicates that MDEV'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.
Loading charts...
Volatility by Period
| MDEV | CSHP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.27% | 0.16% | +4.11% |
Volatility (6M)Calculated over the trailing 6-month period | 11.81% | 0.27% | +11.54% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.17% | 0.36% | +15.81% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.96% | 0.41% | +18.55% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.95% | 0.41% | +18.54% |
MDEV vs. CSHP - Expense Ratio Comparison
MDEV has a 0.70% expense ratio, which is higher than CSHP's 0.20% expense ratio.
Dividends
MDEV vs. CSHP - Dividend Comparison
MDEV has not paid dividends to shareholders, while CSHP's dividend yield for the trailing twelve months is around 3.91%.
| Position | TTM | 2025 | 2024 |
|---|---|---|---|
CSHP iShares Enhanced Short-Term Bond Active ETF | 3.91% | 5.39% | 1.96% |
MDEV First Trust Indxx Medical Devices ETF | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
MDEV and CSHP have a correlation of -0.12, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
MDEV has higher volatility (4.27%) compared to CSHP (0.16%). In terms of maximum drawdown, MDEV dropped -42.34% vs CSHP's -0.08%.
On 1-year performance, CSHP leads with 3.94% vs -7.87% for MDEV. 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 3.94% return vs -7.87%. 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 0.70% for MDEV.
CSHP has the higher dividend yield at 3.91%, compared with 0.00% for MDEV.
MDEV is categorized as Health & Biotech Equities, while CSHP is Ultrashort Bond. They also come from different issuers: First Trust and iShares. Their fees differ too: 0.70% for MDEV and 0.20% for CSHP.
CSHP currently has the higher Sharpe Ratio (11.09 vs -0.49), 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.
Find the right allocation for MDEV and CSHP
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer