RAA vs. CSHP

Last updated Jun 4, 2026

RAA (SMI 3Fourteen REAL Asset Allocation ETF) and CSHP (iShares Enhanced Short-Term Bond Active ETF) are both exchange-traded funds - RAA is a Diversified Portfolio fund actively managed by SMI Advisory Services, while CSHP is a Ultrashort Bond fund actively managed by iShares. Both are actively managed. Over the past year, RAA returned 24.53% vs 3.96% for CSHP. At a correlation of -0.07, they often move in opposite directions. RAA charges 0.85%/yr vs 0.20%/yr for CSHP.

Performance

RAA vs. CSHP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SMI 3Fourteen REAL Asset Allocation ETF (RAA) 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, RAA achieves a 11.05% return, which is significantly higher than CSHP's 1.63% return.

RAA

• 1D: -0.40%
• 1M: 3.67%
• YTD: 11.05%
• 6M: 11.04%
• 1Y: 24.53%
• 3Y*: —
• 5Y*: —
• 10Y*: —

CSHP

• 1D: 0.02%
• 1M: 0.27%
• YTD: 1.63%
• 6M: 1.93%
• 1Y: 3.96%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

RAA vs. CSHP - Yearly Performance Comparison

	2026 (YTD)	2025
RAA SMI 3Fourteen REAL Asset Allocation ETF	11.05%	12.12%
CSHP iShares Enhanced Short-Term Bond Active ETF	1.63%	3.46%

Correlation

The correlation between RAA 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 Feb 27, 2025	-0.07

Return for Risk

RAA vs. CSHP — Risk / Return Rank

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

RAA

RAA Risk / Return Rank: 81
RAA Sharpe Ratio Rank: 80
RAA Sortino Ratio Rank: 80
RAA Omega Ratio Rank: 80
RAA Calmar Ratio Rank: 80
RAA Martin Ratio Rank: 83

CSHP

CSHP Risk / Return Rank: 100
CSHP Sharpe Ratio Rank: 100
CSHP Sortino Ratio Rank: 100
CSHP Omega Ratio Rank: 100
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.

RAA vs. CSHP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SMI 3Fourteen REAL Asset Allocation ETF (RAA) 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.

	RAA	CSHP	Difference
Sharpe ratio: Return per unit of total volatility	2.60	11.91	-9.31
Sortino ratio: Return per unit of downside risk	3.57	31.26	-27.69
Omega ratio: Gain probability vs. loss probability	1.48	7.44	-5.96
Calmar ratio: Return relative to maximum drawdown	4.17	65.71	-61.54
Martin ratio: Return relative to average drawdown	16.80	432.16	-415.36
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

RAA vs. CSHP - Sharpe Ratio Comparison

The current RAA Sharpe Ratio is 2.60, which is lower than the CSHP Sharpe Ratio of 11.91. The chart below compares the historical Sharpe Ratios of RAA 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.

Sharpe Ratios by Period

	RAA	CSHP	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.60	11.91	-9.31
Sharpe Ratio (All Time) Calculated using the full available price history	1.49	10.75	-9.26

Drawdowns

RAA vs. CSHP - Drawdown Comparison

The maximum RAA drawdown since its inception was -11.80%, which is greater than CSHP's maximum drawdown of -0.08%. Use the drawdown chart below to compare losses from any high point for RAA and CSHP.

Drawdown Indicators

	RAA	CSHP	Difference
Max Drawdown Largest peak-to-trough decline	-11.80%	-0.08%	-11.72%
Max Drawdown (1Y) Largest decline over 1 year	-5.91%	-0.06%	-5.85%
Current Drawdown Current decline from peak	-0.40%	0.00%	-0.40%
Average Drawdown Average peak-to-trough decline	-1.41%	-0.00%	-1.41%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.46%	0.01%	+1.45%

Volatility

RAA vs. CSHP - Volatility Comparison

SMI 3Fourteen REAL Asset Allocation ETF (RAA) has a higher volatility of 2.92% compared to iShares Enhanced Short-Term Bond Active ETF (CSHP) at 0.07%. This indicates that RAA'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

	RAA	CSHP	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.92%	0.07%	+2.85%
Volatility (6M) Calculated over the trailing 6-month period	7.44%	0.24%	+7.20%
Volatility (1Y) Calculated over the trailing 1-year period	9.49%	0.33%	+9.16%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.71%	0.40%	+12.31%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.71%	0.40%	+12.31%

RAA vs. CSHP - Expense Ratio Comparison

RAA has a 0.85% expense ratio, which is higher than CSHP's 0.20% expense ratio.

Dividends

RAA vs. CSHP - Dividend Comparison

RAA's dividend yield for the trailing twelve months is around 2.10%, less than CSHP's 3.92% yield.

Position	TTM	2025	2024
CSHP iShares Enhanced Short-Term Bond Active ETF	3.92%	5.39%	1.96%
RAA SMI 3Fourteen REAL Asset Allocation ETF	2.10%	2.14%	0.00%

Frequently Asked Questions

Can I hold both RAA and CSHP in my portfolio?

RAA 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.

Which is riskier, RAA or CSHP?

RAA has higher volatility (2.92%) compared to CSHP (0.07%). In terms of maximum drawdown, RAA dropped -11.80% vs CSHP's -0.08%.

Which ETF is better, RAA or CSHP?

On 1-year performance, RAA leads with 24.53% vs 3.96% for CSHP. On fees, CSHP is cheaper at 0.20% per year. On volatility, CSHP has been the lower-risk option at 0.07%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, RAA or CSHP?

Over the 1-year period, RAA has performed better with a 24.53% return vs 3.96%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, RAA or CSHP?

CSHP is cheaper with a 0.20% expense ratio, compared with 0.85% for RAA.

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

CSHP has the higher dividend yield at 3.92%, compared with 2.10% for RAA.

What is the main difference between RAA and CSHP?

RAA is categorized as Diversified Portfolio, while CSHP is Ultrashort Bond. They also come from different issuers: SMI Advisory Services and iShares. Their fees differ too: 0.85% for RAA and 0.20% for CSHP.

Which has better risk-adjusted returns?

CSHP currently has the higher Sharpe Ratio (11.91 vs 2.60), 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.