PKW vs. CSHP
PKW (Invesco BuyBack Achievers™ ETF) and CSHP (iShares Enhanced Short-Term Bond Active ETF) are both exchange-traded funds - PKW is a Mid Cap Value Equities fund tracking the NASDAQ US BuyBack Achievers Index, while CSHP is a Ultrashort Bond fund actively managed by iShares. PKW is passively managed, while CSHP is actively managed. Over the past year, PKW returned 16.22% vs 3.94% for CSHP. At a 0.01 correlation, their price movements are largely independent. PKW charges 0.62%/yr vs 0.20%/yr for CSHP.
Performance
PKW vs. CSHP - Performance Comparison
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Returns By Period
In the year-to-date period, PKW achieves a 3.81% return, which is significantly higher than CSHP's 1.83% return.
PKW
- 1D
- 0.23%
- 1M
- 2.07%
- YTD
- 3.81%
- 6M
- 2.73%
- 1Y
- 16.22%
- 3Y*
- 18.43%
- 5Y*
- 10.28%
- 10Y*
- 13.54%
CSHP
- 1D
- -0.03%
- 1M
- 0.27%
- YTD
- 1.83%
- 6M
- 1.92%
- 1Y
- 3.94%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
PKW vs. CSHP - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
PKW Invesco BuyBack Achievers™ ETF | 3.81% | 17.92% | 7.25% |
CSHP iShares Enhanced Short-Term Bond Active ETF | 1.83% | 4.10% | 2.24% |
Correlation
The correlation between PKW and CSHP is -0.13, 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 | -0.13 |
Correlation (All Time) Calculated using the full available price history since Jul 18, 2024 | 0.01 |
The correlation between PKW and CSHP shifts across timeframes, from -0.13 (1 year) to 0.01 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
PKW vs. CSHP — Risk / Return Rank
PKW
CSHP
PKW vs. CSHP - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco BuyBack Achievers™ ETF (PKW) 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.
| PKW | CSHP | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -9.86 | ||
| Sortino ratioReturn per unit of downside risk | -25.77 | ||
| Omega ratioGain probability vs. loss probability | 1.21 | 6.46 | -5.24 |
| Calmar ratioReturn relative to maximum drawdown | 2.07 | 65.45 | -63.38 |
| Martin ratioReturn relative to average drawdown | 6.50 | 381.67 | -375.17 |
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Drawdowns
PKW vs. CSHP - Drawdown Comparison
The maximum PKW drawdown since its inception was -54.59%, which is greater than CSHP's maximum drawdown of -0.08%. Use the drawdown chart below to compare losses from any high point for PKW and CSHP.
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Drawdown Indicators
| PKW | CSHP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -54.59% | -0.08% | -54.51% |
Max Drawdown (1Y)Largest decline over 1 year | -7.86% | -0.06% | -7.80% |
Max Drawdown (3Y)Largest decline over 3 years | -20.91% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -23.51% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -40.93% | — | — |
Current DrawdownCurrent decline from peak | -0.87% | -0.04% | -0.83% |
Average DrawdownAverage peak-to-trough decline | -7.94% | -0.00% | -7.94% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.50% | 0.01% | +2.49% |
Volatility
PKW vs. CSHP - Volatility Comparison
Invesco BuyBack Achievers™ ETF (PKW) has a higher volatility of 3.39% compared to iShares Enhanced Short-Term Bond Active ETF (CSHP) at 0.16%. This indicates that PKW'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
| PKW | CSHP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.39% | 0.16% | +3.23% |
Volatility (6M)Calculated over the trailing 6-month period | 9.69% | 0.27% | +9.42% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.29% | 0.36% | +12.93% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.43% | 0.41% | +17.02% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 19.75% | 0.41% | +19.34% |
PKW vs. CSHP - Expense Ratio Comparison
PKW has a 0.62% expense ratio, which is higher than CSHP's 0.20% expense ratio.
Dividends
PKW vs. CSHP - Dividend Comparison
PKW's dividend yield for the trailing twelve months is around 0.81%, less than CSHP's 3.91% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% | 0.00% | 0.00% |
PKW Invesco BuyBack Achievers™ ETF | 0.81% | 0.99% | 0.86% | 1.17% | 1.22% | 0.72% | 1.48% | 1.30% | 1.30% | 0.65% | 1.59% | 1.14% |
Frequently Asked Questions
PKW 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.
PKW has higher volatility (3.39%) compared to CSHP (0.16%). In terms of maximum drawdown, PKW dropped -54.59% vs CSHP's -0.08%.
On 1-year performance, PKW leads with 16.22% 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, PKW has performed better with a 16.22% 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 0.62% for PKW.
CSHP has the higher dividend yield at 3.91%, compared with 0.81% for PKW.
PKW is categorized as Mid Cap Value Equities, while CSHP is Ultrashort Bond. They also come from different issuers: Invesco and iShares. Their fees differ too: 0.62% for PKW and 0.20% for CSHP.
CSHP currently has the higher Sharpe Ratio (11.09 vs 1.23), 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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