OVLH vs. CSHP

Last updated Jun 24, 2026

OVLH (Overlay Shares Hedged Large Cap Equity ETF) and CSHP (iShares Enhanced Short-Term Bond Active ETF) are both exchange-traded funds - OVLH is a Equity Hedged fund actively managed by Liquid Strategies, while CSHP is a Ultrashort Bond fund actively managed by iShares. Both are actively managed. Over the past year, OVLH returned 15.28% vs 3.94% for CSHP. At a 0.02 correlation, their price movements are largely independent. OVLH charges 0.80%/yr vs 0.20%/yr for CSHP.

Performance

OVLH vs. CSHP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Overlay Shares Hedged Large Cap Equity ETF (OVLH) 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, OVLH achieves a 4.90% return, which is significantly higher than CSHP's 1.83% return.

OVLH

• 1D: -0.97%
• 1M: -1.38%
• YTD: 4.90%
• 6M: 4.28%
• 1Y: 15.28%
• 3Y*: 15.44%
• 5Y*: 9.11%
• 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)

OVLH vs. CSHP - Yearly Performance Comparison

	2026 (YTD)	2025	2024
OVLH Overlay Shares Hedged Large Cap Equity ETF	4.90%	15.77%	4.35%
CSHP iShares Enhanced Short-Term Bond Active ETF	1.83%	4.10%	2.24%

Correlation

The correlation between OVLH and CSHP is -0.11, 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	-0.11
Correlation (All Time) Calculated using the full available price history since Jul 18, 2024	0.02

The correlation between OVLH and CSHP shifts across timeframes, from -0.11 (1 year) to 0.02 (all time), reflecting how their relationship changes across market environments.

Return for Risk

OVLH vs. CSHP — Risk / Return Rank

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

OVLH

OVLH Risk / Return Rank: 53
OVLH Sharpe Ratio Rank: 53
OVLH Sortino Ratio Rank: 54
OVLH Omega Ratio Rank: 51
OVLH Calmar Ratio Rank: 52
OVLH Martin Ratio Rank: 57

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.

OVLH vs. CSHP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Overlay Shares Hedged Large Cap Equity ETF (OVLH) 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.

	OVLH	CSHP	Difference
Sharpe ratio: Return per unit of total volatility	1.72	11.09	-9.37
Sortino ratio: Return per unit of downside risk	2.44	27.60	-25.16
Omega ratio: Gain probability vs. loss probability	1.31	6.46	-5.15
Calmar ratio: Return relative to maximum drawdown	2.41	65.45	-63.04
Martin ratio: Return relative to average drawdown	9.50	381.67	-372.17

OVLH vs. CSHP - Sharpe Ratio Comparison

The current OVLH Sharpe Ratio is 1.72, which is lower than the CSHP Sharpe Ratio of 11.09. The chart below compares the historical Sharpe Ratios of OVLH 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

OVLH vs. CSHP - Drawdown Comparison

The maximum OVLH drawdown since its inception was -20.69%, which is greater than CSHP's maximum drawdown of -0.08%. Use the drawdown chart below to compare losses from any high point for OVLH and CSHP.

Drawdown Indicators

	OVLH	CSHP	Difference
Max Drawdown Largest peak-to-trough decline	-20.69%	-0.08%	-20.61%
Max Drawdown (1Y) Largest decline over 1 year	-6.36%	-0.06%	-6.30%
Max Drawdown (3Y) Largest decline over 3 years	-9.57%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-20.69%	—	—
Current Drawdown Current decline from peak	-2.75%	-0.04%	-2.71%
Average Drawdown Average peak-to-trough decline	-4.99%	-0.00%	-4.99%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.61%	0.01%	+1.60%

Volatility

OVLH vs. CSHP - Volatility Comparison

Overlay Shares Hedged Large Cap Equity ETF (OVLH) has a higher volatility of 3.54% compared to iShares Enhanced Short-Term Bond Active ETF (CSHP) at 0.16%. This indicates that OVLH'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

	OVLH	CSHP	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.54%	0.16%	+3.38%
Volatility (6M) Calculated over the trailing 6-month period	6.89%	0.27%	+6.62%
Volatility (1Y) Calculated over the trailing 1-year period	8.96%	0.36%	+8.60%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.78%	0.41%	+11.37%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.83%	0.41%	+11.42%

OVLH vs. CSHP - Expense Ratio Comparison

OVLH has a 0.80% expense ratio, which is higher than CSHP's 0.20% expense ratio.

Dividends

OVLH vs. CSHP - Dividend Comparison

OVLH's dividend yield for the trailing twelve months is around 0.29%, less than CSHP's 3.91% yield.

Position	TTM	2025	2024	2023	2022	2021
CSHP iShares Enhanced Short-Term Bond Active ETF	3.91%	5.39%	1.96%	0.00%	0.00%	0.00%
OVLH Overlay Shares Hedged Large Cap Equity ETF	0.29%	0.30%	0.32%	0.83%	0.79%	0.40%

Frequently Asked Questions

Can I hold both OVLH and CSHP in my portfolio?

OVLH and CSHP have a correlation of -0.11, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, OVLH or CSHP?

OVLH has higher volatility (3.54%) compared to CSHP (0.16%). In terms of maximum drawdown, OVLH dropped -20.69% vs CSHP's -0.08%.

Which ETF is better, OVLH or CSHP?

On 1-year performance, OVLH leads with 15.28% 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, OVLH or CSHP?

Over the 1-year period, OVLH has performed better with a 15.28% return vs 3.94%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, OVLH or CSHP?

CSHP is cheaper with a 0.20% expense ratio, compared with 0.80% for OVLH.

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

CSHP has the higher dividend yield at 3.91%, compared with 0.29% for OVLH.

What is the main difference between OVLH and CSHP?

OVLH is categorized as Equity Hedged, while CSHP is Ultrashort Bond. They also come from different issuers: Liquid Strategies and iShares. Their fees differ too: 0.80% for OVLH and 0.20% for CSHP.

Which has better risk-adjusted returns?

CSHP currently has the higher Sharpe Ratio (11.09 vs 1.72), 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.