QHDG vs. CSHP

Last updated Jul 14, 2026

QHDG (Innovator Hedged Nasdaq-100 ETF) and CSHP (iShares Enhanced Short-Term Bond Active ETF) are both exchange-traded funds - QHDG is a Equity Hedged fund actively managed by Innovator, while CSHP is a Ultrashort Bond fund actively managed by iShares. Both are actively managed. Over the past year, QHDG returned 10.28% vs 3.72% for CSHP. At a 0.06 correlation, their price movements are largely independent. QHDG charges 0.79%/yr vs 0.20%/yr for CSHP.

Performance

QHDG vs. CSHP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator Hedged Nasdaq-100 ETF (QHDG) 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, QHDG achieves a 1.37% return, which is significantly lower than CSHP's 1.87% return.

QHDG

• 1D: 0.00%
• 1M: 0.15%
• 6M: 0.02%
• YTD: 1.37%
• 1Y: 10.28%
• 3Y*: —
• 5Y*: —
• 10Y*: —

CSHP

• 1D: -0.21%
• 1M: 0.17%
• 6M: 1.77%
• YTD: 1.87%
• 1Y: 3.72%
• 3Y*: —
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

QHDG vs. CSHP - Yearly Performance Comparison

	2026 (YTD)	2025	2024
QHDG Innovator Hedged Nasdaq-100 ETF	1.37%	12.13%	6.11%
CSHP iShares Enhanced Short-Term Bond Active ETF	1.87%	4.10%	1.73%

Correlation

The correlation between QHDG and CSHP is -0.08, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.08
Correlation (All Time) Calculated using the full available price history since Aug 20, 2024	0.06

The correlation between QHDG and CSHP shifts across timeframes, from -0.08 (1 year) to 0.06 (all time), reflecting how their relationship changes across market environments.

Return for Risk

QHDG vs. CSHP — Risk / Return Rank

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

QHDG

QHDG Risk / Return Rank: 40
QHDG Sharpe Ratio Rank: 42
QHDG Sortino Ratio Rank: 38
QHDG Omega Ratio Rank: 45
QHDG Calmar Ratio Rank: 36
QHDG Martin Ratio Rank: 40

CSHP

CSHP Risk / Return Rank: 99
CSHP Sharpe Ratio Rank: 99
CSHP Sortino Ratio Rank: 99
CSHP Omega Ratio Rank: 99
CSHP Calmar Ratio Rank: 99
CSHP Martin Ratio Rank: 99

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.

QHDG vs. CSHP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator Hedged Nasdaq-100 ETF (QHDG) 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.

	QHDG	CSHP	Difference
Sharpe ratio: Return per unit of total volatility	1.18	7.00	-5.81
Sortino ratio: Return per unit of downside risk	1.62	11.01	-9.39
Omega ratio: Gain probability vs. loss probability	1.24	4.03	-2.79
Calmar ratio: Return relative to maximum drawdown	1.48	16.12	-14.65
Martin ratio: Return relative to average drawdown	5.00	162.20	-157.20

QHDG vs. CSHP - Sharpe Ratio Comparison

The current QHDG Sharpe Ratio is 1.18, which is lower than the CSHP Sharpe Ratio of 7.00. The chart below compares the historical Sharpe Ratios of QHDG 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

QHDG vs. CSHP - Drawdown Comparison

The maximum QHDG drawdown since its inception was -15.29%, which is greater than CSHP's maximum drawdown of -0.23%. Use the drawdown chart below to compare losses from any high point for QHDG and CSHP.

Drawdown Indicators

	QHDG	CSHP	Difference
Max Drawdown Largest peak-to-trough decline	-15.29%	-0.23%	-15.06%
Max Drawdown (1Y) Largest decline over 1 year	-7.00%	-0.23%	-6.77%
Current Drawdown Current decline from peak	-0.67%	-0.23%	-0.44%
Average Drawdown Average peak-to-trough decline	-2.07%	-0.01%	-2.06%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.06%	0.02%	+2.04%

Volatility

QHDG vs. CSHP - Volatility Comparison

The current volatility for Innovator Hedged Nasdaq-100 ETF (QHDG) is 0.24%, while iShares Enhanced Short-Term Bond Active ETF (CSHP) has a volatility of 0.43%. This indicates that QHDG experiences smaller price fluctuations and is considered to be less risky than CSHP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	QHDG	CSHP	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.24%	0.43%	-0.19%
Volatility (6M) Calculated over the trailing 6-month period	5.61%	0.48%	+5.13%
Volatility (1Y) Calculated over the trailing 1-year period	8.74%	0.53%	+8.21%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.09%	0.50%	+11.59%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.09%	0.50%	+11.59%

QHDG vs. CSHP - Expense Ratio Comparison

QHDG has a 0.79% expense ratio, which is higher than CSHP's 0.20% expense ratio.

Dividends

QHDG vs. CSHP - Dividend Comparison

QHDG has not paid dividends to shareholders, while CSHP's dividend yield for the trailing twelve months is around 4.02%.

Position	TTM	2025	2024
CSHP iShares Enhanced Short-Term Bond Active ETF	4.02%	5.39%	1.96%
QHDG Innovator Hedged Nasdaq-100 ETF	0.00%	0.00%	0.02%

Frequently Asked Questions

Can I hold both QHDG and CSHP in my portfolio?

QHDG and CSHP have a correlation of -0.08, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, QHDG or CSHP?

CSHP has higher volatility (0.43%) compared to QHDG (0.24%). In terms of maximum drawdown, QHDG dropped -15.29% vs CSHP's -0.23%.

Which ETF is better, QHDG or CSHP?

On 1-year performance, QHDG leads with 10.28% vs 3.72% for CSHP. On fees, CSHP is cheaper at 0.20% per year. On volatility, QHDG has been the lower-risk option at 0.24%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, QHDG or CSHP?

Over the 1-year period, QHDG has performed better with a 10.28% return vs 3.72%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, QHDG or CSHP?

CSHP is cheaper with a 0.20% expense ratio, compared with 0.79% for QHDG.

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

CSHP has the higher dividend yield at 4.02%, compared with 0.00% for QHDG.

What is the main difference between QHDG and CSHP?

QHDG is categorized as Equity Hedged, while CSHP is Ultrashort Bond. They also come from different issuers: Innovator and iShares. Their fees differ too: 0.79% for QHDG and 0.20% for CSHP.

Which has better risk-adjusted returns?

CSHP currently has the higher Sharpe Ratio (7.00 vs 1.18), 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.