NVBU vs. CSHP

Last updated Jun 24, 2026

NVBU (AllianzIM U.S. Equity Buffer15 Uncapped Nov ETF) and CSHP (iShares Enhanced Short-Term Bond Active ETF) are both exchange-traded funds - NVBU is a Defined Outcome fund actively managed by AllianzIM, while CSHP is a Ultrashort Bond fund actively managed by iShares. Both are actively managed. Over the past year, NVBU returned 17.57% vs 3.94% for CSHP. At a correlation of -0.02, they often move in opposite directions. NVBU charges 0.74%/yr vs 0.20%/yr for CSHP.

Performance

NVBU vs. CSHP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in AllianzIM U.S. Equity Buffer15 Uncapped Nov ETF (NVBU) 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, NVBU achieves a 5.46% return, which is significantly higher than CSHP's 1.83% return.

NVBU

• 1D: -0.83%
• 1M: -0.94%
• YTD: 5.46%
• 6M: 4.97%
• 1Y: 17.57%
• 3Y*: —
• 5Y*: —
• 10Y*: —

CSHP

• 1D: -0.03%
• 1M: 0.27%
• YTD: 1.83%
• 6M: 1.92%
• 1Y: 3.94%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

NVBU vs. CSHP - Yearly Performance Comparison

	2026 (YTD)	2025	2024
NVBU AllianzIM U.S. Equity Buffer15 Uncapped Nov ETF	5.46%	13.27%	1.42%
CSHP iShares Enhanced Short-Term Bond Active ETF	1.83%	4.10%	0.75%

Correlation

The correlation between NVBU 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 Nov 1, 2024	-0.02

Return for Risk

NVBU vs. CSHP — Risk / Return Rank

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

NVBU

NVBU Risk / Return Rank: 65
NVBU Sharpe Ratio Rank: 61
NVBU Sortino Ratio Rank: 60
NVBU Omega Ratio Rank: 59
NVBU Calmar Ratio Rank: 71
NVBU Martin Ratio Rank: 73

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: 100
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.

NVBU vs. CSHP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for AllianzIM U.S. Equity Buffer15 Uncapped Nov ETF (NVBU) 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.

	NVBU	CSHP	Difference
Sharpe ratio: Return per unit of total volatility	1.84	11.09	-9.25
Sortino ratio: Return per unit of downside risk	2.57	27.60	-25.03
Omega ratio: Gain probability vs. loss probability	1.33	6.46	-5.12
Calmar ratio: Return relative to maximum drawdown	3.28	65.45	-62.17
Martin ratio: Return relative to average drawdown	12.39	381.67	-369.29

NVBU vs. CSHP - Sharpe Ratio Comparison

The current NVBU Sharpe Ratio is 1.84, which is lower than the CSHP Sharpe Ratio of 11.09. The chart below compares the historical Sharpe Ratios of NVBU 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

NVBU vs. CSHP - Drawdown Comparison

The maximum NVBU drawdown since its inception was -11.97%, which is greater than CSHP's maximum drawdown of -0.08%. Use the drawdown chart below to compare losses from any high point for NVBU and CSHP.

Drawdown Indicators

	NVBU	CSHP	Difference
Max Drawdown Largest peak-to-trough decline	-11.97%	-0.08%	-11.89%
Max Drawdown (1Y) Largest decline over 1 year	-5.38%	-0.06%	-5.32%
Current Drawdown Current decline from peak	-2.52%	-0.04%	-2.48%
Average Drawdown Average peak-to-trough decline	-1.79%	-0.00%	-1.79%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.42%	0.01%	+1.41%

Volatility

NVBU vs. CSHP - Volatility Comparison

AllianzIM U.S. Equity Buffer15 Uncapped Nov ETF (NVBU) has a higher volatility of 3.70% compared to iShares Enhanced Short-Term Bond Active ETF (CSHP) at 0.16%. This indicates that NVBU'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

	NVBU	CSHP	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.70%	0.16%	+3.54%
Volatility (6M) Calculated over the trailing 6-month period	6.79%	0.27%	+6.52%
Volatility (1Y) Calculated over the trailing 1-year period	9.60%	0.36%	+9.24%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.20%	0.41%	+10.79%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.20%	0.41%	+10.79%

NVBU vs. CSHP - Expense Ratio Comparison

NVBU has a 0.74% expense ratio, which is higher than CSHP's 0.20% expense ratio.

Dividends

NVBU vs. CSHP - Dividend Comparison

NVBU 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%
NVBU AllianzIM U.S. Equity Buffer15 Uncapped Nov ETF	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both NVBU and CSHP in my portfolio?

NVBU 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, NVBU or CSHP?

NVBU has higher volatility (3.70%) compared to CSHP (0.16%). In terms of maximum drawdown, NVBU dropped -11.97% vs CSHP's -0.08%.

Which ETF is better, NVBU or CSHP?

On 1-year performance, NVBU leads with 17.57% vs 3.94% 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, NVBU or CSHP?

Over the 1-year period, NVBU has performed better with a 17.57% return vs 3.94%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, NVBU or CSHP?

CSHP is cheaper with a 0.20% expense ratio, compared with 0.74% for NVBU.

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

CSHP has the higher dividend yield at 3.91%, compared with 0.00% for NVBU.

What is the main difference between NVBU and CSHP?

NVBU is categorized as Defined Outcome, while CSHP is Ultrashort Bond. They also come from different issuers: AllianzIM and iShares. Their fees differ too: 0.74% for NVBU and 0.20% for CSHP.

Which has better risk-adjusted returns?

CSHP currently has the higher Sharpe Ratio (11.09 vs 1.84), 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.