PILL vs. CSHP
PILL (Direxion Daily Pharmaceutical & Medical Bull 3X Shares) and CSHP (iShares Enhanced Short-Term Bond Active ETF) are both exchange-traded funds - PILL is a Leveraged Equities fund tracking the Dynamic Pharmaceuticals Intellidex Index, while CSHP is a Ultrashort Bond fund actively managed by iShares. PILL is passively managed, while CSHP is actively managed. Over the past year, PILL returned 194.90% vs 3.94% for CSHP. At a correlation of -0.01, they often move in opposite directions. PILL charges 0.98%/yr vs 0.20%/yr for CSHP.
Performance
PILL vs. CSHP - Performance Comparison
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Returns By Period
In the year-to-date period, PILL achieves a 26.72% return, which is significantly higher than CSHP's 1.83% return.
PILL
- 1D
- 5.13%
- 1M
- 27.73%
- YTD
- 26.72%
- 6M
- 23.80%
- 1Y
- 194.90%
- 3Y*
- 24.44%
- 5Y*
- -7.89%
- 10Y*
- —
CSHP
- 1D
- -0.03%
- 1M
- 0.27%
- YTD
- 1.83%
- 6M
- 1.92%
- 1Y
- 3.94%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
PILL vs. CSHP - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
PILL Direxion Daily Pharmaceutical & Medical Bull 3X Shares | 26.72% | 75.14% | -1.40% |
CSHP iShares Enhanced Short-Term Bond Active ETF | 1.83% | 4.10% | 2.24% |
Correlation
The correlation between PILL and CSHP is -0.15, 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 | -0.15 |
Correlation (All Time) Calculated using the full available price history since Jul 18, 2024 | -0.01 |
The correlation between PILL and CSHP shifts across timeframes, from -0.15 (1 year) to -0.01 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
PILL vs. CSHP — Risk / Return Rank
PILL
CSHP
PILL vs. CSHP - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily Pharmaceutical & Medical Bull 3X Shares (PILL) 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.
| PILL | CSHP | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -7.95 | ||
| Sortino ratioReturn per unit of downside risk | -24.33 | ||
| Omega ratioGain probability vs. loss probability | 1.40 | 6.46 | -5.06 |
| Calmar ratioReturn relative to maximum drawdown | 5.91 | 65.45 | -59.54 |
| Martin ratioReturn relative to average drawdown | 19.45 | 381.67 | -362.22 |
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Drawdowns
PILL vs. CSHP - Drawdown Comparison
The maximum PILL drawdown since its inception was -88.76%, which is greater than CSHP's maximum drawdown of -0.08%. Use the drawdown chart below to compare losses from any high point for PILL and CSHP.
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Drawdown Indicators
| PILL | CSHP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -88.76% | -0.08% | -88.68% |
Max Drawdown (1Y)Largest decline over 1 year | -33.21% | -0.06% | -33.15% |
Max Drawdown (3Y)Largest decline over 3 years | -60.43% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -83.26% | — | — |
Current DrawdownCurrent decline from peak | -56.58% | -0.04% | -56.54% |
Average DrawdownAverage peak-to-trough decline | -58.54% | -0.00% | -58.54% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 10.07% | 0.01% | +10.06% |
Volatility
PILL vs. CSHP - Volatility Comparison
Direxion Daily Pharmaceutical & Medical Bull 3X Shares (PILL) has a higher volatility of 18.07% compared to iShares Enhanced Short-Term Bond Active ETF (CSHP) at 0.16%. This indicates that PILL'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.
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Volatility by Period
| PILL | CSHP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 18.07% | 0.16% | +17.91% |
Volatility (6M)Calculated over the trailing 6-month period | 48.23% | 0.27% | +47.96% |
Volatility (1Y)Calculated over the trailing 1-year period | 62.55% | 0.36% | +62.19% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 60.62% | 0.41% | +60.21% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 63.79% | 0.41% | +63.38% |
PILL vs. CSHP - Expense Ratio Comparison
PILL has a 0.98% expense ratio, which is higher than CSHP's 0.20% expense ratio.
Dividends
PILL vs. CSHP - Dividend Comparison
PILL's dividend yield for the trailing twelve months is around 0.49%, less than CSHP's 3.91% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
CSHP iShares Enhanced Short-Term Bond Active ETF | 3.91% | 5.39% | 1.96% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
PILL Direxion Daily Pharmaceutical & Medical Bull 3X Shares | 0.49% | 0.69% | 1.28% | 1.83% | 0.67% | 0.00% | 0.00% | 0.38% | 0.91% | 0.10% |
Frequently Asked Questions
PILL and CSHP have a correlation of -0.15, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PILL has higher volatility (18.07%) compared to CSHP (0.16%). In terms of maximum drawdown, PILL dropped -88.76% vs CSHP's -0.08%.
On 1-year performance, PILL leads with 194.90% 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.
Over the 1-year period, PILL has performed better with a 194.90% return vs 3.94%. 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 0.98% for PILL.
CSHP has the higher dividend yield at 3.91%, compared with 0.49% for PILL.
PILL is categorized as Leveraged Equities, while CSHP is Ultrashort Bond. They also come from different issuers: Direxion and iShares. Their fees differ too: 0.98% for PILL and 0.20% for CSHP.
CSHP currently has the higher Sharpe Ratio (11.09 vs 3.14), 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.
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