PRVS vs. CSHP

Last updated Jun 24, 2026

PRVS (Parnassus Value Select ETF) and CSHP (iShares Enhanced Short-Term Bond Active ETF) are both exchange-traded funds - PRVS is a Large Cap Value Equities fund actively managed by Parnassus, while CSHP is a Ultrashort Bond fund actively managed by iShares. Both are actively managed. Over the past year, PRVS returned 31.80% vs 3.94% for CSHP. At a correlation of -0.05, they often move in opposite directions. PRVS charges 0.59%/yr vs 0.20%/yr for CSHP.

Performance

PRVS vs. CSHP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Parnassus Value Select ETF (PRVS) 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, PRVS achieves a 13.38% return, which is significantly higher than CSHP's 1.83% return.

PRVS

• 1D: -1.37%
• 1M: 4.19%
• YTD: 13.38%
• 6M: 13.21%
• 1Y: 31.80%
• 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)

PRVS vs. CSHP - Yearly Performance Comparison

	2026 (YTD)	2025	2024
PRVS Parnassus Value Select ETF	13.38%	18.07%	-4.65%
CSHP iShares Enhanced Short-Term Bond Active ETF	1.83%	4.10%	0.22%

Correlation

The correlation between PRVS and CSHP is -0.14, 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	-0.14
Correlation (All Time) Calculated using the full available price history since Dec 12, 2024	-0.05

Return for Risk

PRVS vs. CSHP — Risk / Return Rank

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

PRVS

PRVS Risk / Return Rank: 82
PRVS Sharpe Ratio Rank: 84
PRVS Sortino Ratio Rank: 85
PRVS Omega Ratio Rank: 82
PRVS Calmar Ratio Rank: 74
PRVS Martin Ratio Rank: 86

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.

PRVS vs. CSHP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Parnassus Value Select ETF (PRVS) 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.

	PRVS	CSHP	Difference
Sharpe ratio: Return per unit of total volatility	2.44	11.09	-8.64
Sortino ratio: Return per unit of downside risk	3.39	27.60	-24.21
Omega ratio: Gain probability vs. loss probability	1.44	6.46	-5.02
Calmar ratio: Return relative to maximum drawdown	3.43	65.45	-62.02
Martin ratio: Return relative to average drawdown	16.23	381.67	-365.44

PRVS vs. CSHP - Sharpe Ratio Comparison

The current PRVS Sharpe Ratio is 2.44, which is lower than the CSHP Sharpe Ratio of 11.09. The chart below compares the historical Sharpe Ratios of PRVS 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

PRVS vs. CSHP - Drawdown Comparison

The maximum PRVS drawdown since its inception was -17.64%, which is greater than CSHP's maximum drawdown of -0.08%. Use the drawdown chart below to compare losses from any high point for PRVS and CSHP.

Drawdown Indicators

	PRVS	CSHP	Difference
Max Drawdown Largest peak-to-trough decline	-17.64%	-0.08%	-17.56%
Max Drawdown (1Y) Largest decline over 1 year	-9.32%	-0.06%	-9.26%
Current Drawdown Current decline from peak	-1.37%	-0.04%	-1.33%
Average Drawdown Average peak-to-trough decline	-2.61%	-0.00%	-2.61%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.96%	0.01%	+1.95%

Volatility

PRVS vs. CSHP - Volatility Comparison

Parnassus Value Select ETF (PRVS) has a higher volatility of 4.07% compared to iShares Enhanced Short-Term Bond Active ETF (CSHP) at 0.16%. This indicates that PRVS'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

	PRVS	CSHP	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.07%	0.16%	+3.91%
Volatility (6M) Calculated over the trailing 6-month period	10.53%	0.27%	+10.26%
Volatility (1Y) Calculated over the trailing 1-year period	13.10%	0.36%	+12.74%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.77%	0.41%	+16.36%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.77%	0.41%	+16.36%

PRVS vs. CSHP - Expense Ratio Comparison

PRVS has a 0.59% expense ratio, which is higher than CSHP's 0.20% expense ratio.

Dividends

PRVS vs. CSHP - Dividend Comparison

PRVS's dividend yield for the trailing twelve months is around 0.53%, less than CSHP's 3.91% yield.

Position	TTM	2025	2024
CSHP iShares Enhanced Short-Term Bond Active ETF	3.91%	5.39%	1.96%
PRVS Parnassus Value Select ETF	0.53%	0.60%	0.00%

Frequently Asked Questions

Can I hold both PRVS and CSHP in my portfolio?

PRVS and CSHP have a correlation of -0.14, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PRVS or CSHP?

PRVS has higher volatility (4.07%) compared to CSHP (0.16%). In terms of maximum drawdown, PRVS dropped -17.64% vs CSHP's -0.08%.

Which ETF is better, PRVS or CSHP?

On 1-year performance, PRVS leads with 31.80% 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, PRVS or CSHP?

Over the 1-year period, PRVS has performed better with a 31.80% return vs 3.94%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PRVS or CSHP?

CSHP is cheaper with a 0.20% expense ratio, compared with 0.59% for PRVS.

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

CSHP has the higher dividend yield at 3.91%, compared with 0.53% for PRVS.

What is the main difference between PRVS and CSHP?

PRVS is categorized as Large Cap Value Equities, while CSHP is Ultrashort Bond. They also come from different issuers: Parnassus and iShares. Their fees differ too: 0.59% for PRVS and 0.20% for CSHP.

Which has better risk-adjusted returns?

CSHP currently has the higher Sharpe Ratio (11.09 vs 2.44), 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.