PRFD vs. CSHP
PRFD (PIMCO Preferred And Capital Securities Active Exchange-Traded Fund) and CSHP (iShares Enhanced Short-Term Bond Active ETF) are both exchange-traded funds - PRFD is a Preferred Stock/Convertible Bonds fund actively managed by PIMCO, while CSHP is a Ultrashort Bond fund actively managed by iShares. Both are actively managed. Over the past year, PRFD returned 7.06% vs 3.94% for CSHP. At a correlation of -0.17, they often move in opposite directions. PRFD charges 0.74%/yr vs 0.20%/yr for CSHP.
Performance
PRFD vs. CSHP - Performance Comparison
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Returns By Period
The year-to-date returns for both investments are quite close, with PRFD having a 1.77% return and CSHP slightly higher at 1.83%.
PRFD
- 1D
- 0.04%
- 1M
- 0.83%
- YTD
- 1.77%
- 6M
- 1.91%
- 1Y
- 7.06%
- 3Y*
- 9.34%
- 5Y*
- —
- 10Y*
- —
CSHP
- 1D
- -0.03%
- 1M
- 0.27%
- YTD
- 1.83%
- 6M
- 1.92%
- 1Y
- 3.94%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
PRFD vs. CSHP - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
PRFD PIMCO Preferred And Capital Securities Active Exchange-Traded Fund | 1.77% | 8.45% | 3.26% |
CSHP iShares Enhanced Short-Term Bond Active ETF | 1.83% | 4.10% | 2.24% |
Correlation
The correlation between PRFD and CSHP is -0.18, 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 | -0.18 |
Correlation (All Time) Calculated using the full available price history since Jul 18, 2024 | -0.17 |
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Return for Risk
PRFD vs. CSHP — Risk / Return Rank
PRFD
CSHP
PRFD vs. CSHP - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for PIMCO Preferred And Capital Securities Active Exchange-Traded Fund (PRFD) 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.
| PRFD | CSHP | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -8.85 | ||
| Sortino ratioReturn per unit of downside risk | -24.48 | ||
| Omega ratioGain probability vs. loss probability | 1.45 | 6.46 | -5.01 |
| Calmar ratioReturn relative to maximum drawdown | 2.16 | 65.45 | -63.29 |
| Martin ratioReturn relative to average drawdown | 8.82 | 381.67 | -372.85 |
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Drawdowns
PRFD vs. CSHP - Drawdown Comparison
The maximum PRFD drawdown since its inception was -11.93%, which is greater than CSHP's maximum drawdown of -0.08%. Use the drawdown chart below to compare losses from any high point for PRFD and CSHP.
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Drawdown Indicators
| PRFD | CSHP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -11.93% | -0.08% | -11.85% |
Max Drawdown (1Y)Largest decline over 1 year | -3.28% | -0.06% | -3.22% |
Max Drawdown (3Y)Largest decline over 3 years | -6.28% | — | — |
Current DrawdownCurrent decline from peak | -0.25% | -0.04% | -0.21% |
Average DrawdownAverage peak-to-trough decline | -2.20% | -0.00% | -2.20% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.80% | 0.01% | +0.79% |
Volatility
PRFD vs. CSHP - Volatility Comparison
PIMCO Preferred And Capital Securities Active Exchange-Traded Fund (PRFD) has a higher volatility of 0.73% compared to iShares Enhanced Short-Term Bond Active ETF (CSHP) at 0.16%. This indicates that PRFD'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
| PRFD | CSHP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.73% | 0.16% | +0.57% |
Volatility (6M)Calculated over the trailing 6-month period | 2.67% | 0.27% | +2.40% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.18% | 0.36% | +2.82% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.85% | 0.41% | +4.44% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.85% | 0.41% | +4.44% |
PRFD vs. CSHP - Expense Ratio Comparison
PRFD has a 0.74% expense ratio, which is higher than CSHP's 0.20% expense ratio.
Dividends
PRFD vs. CSHP - Dividend Comparison
PRFD's dividend yield for the trailing twelve months is around 5.75%, more than CSHP's 3.91% yield.
| Position | TTM | 2025 | 2024 | 2023 |
|---|---|---|---|---|
CSHP iShares Enhanced Short-Term Bond Active ETF | 3.91% | 5.39% | 1.96% | 0.00% |
PRFD PIMCO Preferred And Capital Securities Active Exchange-Traded Fund | 5.75% | 5.63% | 5.53% | 5.04% |
Frequently Asked Questions
PRFD and CSHP have a correlation of -0.18, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PRFD has higher volatility (0.73%) compared to CSHP (0.16%). In terms of maximum drawdown, PRFD dropped -11.93% vs CSHP's -0.08%.
On 1-year performance, PRFD leads with 7.06% 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, PRFD has performed better with a 7.06% 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 0.74% for PRFD.
PRFD has the higher dividend yield at 5.75%, compared with 3.91% for CSHP.
PRFD is categorized as Preferred Stock/Convertible Bonds, while CSHP is Ultrashort Bond. They also come from different issuers: PIMCO and iShares. Their fees differ too: 0.74% for PRFD and 0.20% for CSHP.
CSHP currently has the higher Sharpe Ratio (11.09 vs 2.24), 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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