RFEU vs. CSHP

Last updated Jun 4, 2026

RFEU (First Trust RiverFront Dynamic Europe ETF) and CSHP (iShares Enhanced Short-Term Bond Active ETF) are both exchange-traded funds - RFEU is a Europe Equities fund actively managed by First Trust, while CSHP is a Ultrashort Bond fund actively managed by iShares. Both are actively managed. Over the past year, RFEU returned 13.97% vs 3.96% for CSHP. At a 0.03 correlation, their price movements are largely independent. RFEU charges 0.83%/yr vs 0.20%/yr for CSHP.

Performance

RFEU vs. CSHP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust RiverFront Dynamic Europe ETF (RFEU) 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, RFEU achieves a 1.50% return, which is significantly lower than CSHP's 1.63% return.

RFEU

• 1D: 0.00%
• 1M: 0.00%
• YTD: 1.50%
• 6M: 4.04%
• 1Y: 13.97%
• 3Y*: 12.44%
• 5Y*: 3.74%
• 10Y*: 7.29%

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)

RFEU vs. CSHP - Yearly Performance Comparison

	2026 (YTD)	2025	2024
RFEU First Trust RiverFront Dynamic Europe ETF	1.50%	30.78%	-6.91%
CSHP iShares Enhanced Short-Term Bond Active ETF	1.63%	4.10%	2.24%

Correlation

The correlation between RFEU and CSHP is -0.09, 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	-0.09
Correlation (All Time) Calculated using the full available price history since Jul 19, 2024	0.03

The correlation between RFEU and CSHP shifts across timeframes, from -0.09 (1 year) to 0.03 (all time), reflecting how their relationship changes across market environments.

RFEU vs. CSHP - Sectors Allocation Comparison

Sectors	RFEU	CSHP
Financial Services	18.9%	0.1%
Industrials	15.4%	-
Healthcare	13.3%	-
Technology	12.5%	-
Consumer Cyclical	10.6%	-
Consumer Defensive	9.3%	-
Energy	8.7%	-
Utilities	6.4%	-
Communication Services	3.8%	-
Basic Materials	1.2%	-
Real Estate	-	-

Return for Risk

RFEU vs. CSHP — Risk / Return Rank

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

RFEU

RFEU Risk / Return Rank: 59
RFEU Sharpe Ratio Rank: 52
RFEU Sortino Ratio Rank: 54
RFEU Omega Ratio Rank: 65
RFEU Calmar Ratio Rank: 61
RFEU Martin Ratio Rank: 61

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.

RFEU vs. CSHP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust RiverFront Dynamic Europe ETF (RFEU) 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.

	RFEU	CSHP	Difference
Sharpe ratio: Return per unit of total volatility	1.77	11.91	-10.13
Sortino ratio: Return per unit of downside risk	2.57	31.26	-28.69
Omega ratio: Gain probability vs. loss probability	1.39	7.44	-6.05
Calmar ratio: Return relative to maximum drawdown	2.99	65.71	-62.72
Martin ratio: Return relative to average drawdown	10.93	432.16	-421.23
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

RFEU vs. CSHP - Sharpe Ratio Comparison

The current RFEU Sharpe Ratio is 1.77, which is lower than the CSHP Sharpe Ratio of 11.91. The chart below compares the historical Sharpe Ratios of RFEU 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

	RFEU	CSHP	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.77	11.91	-10.13
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.23	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.41	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.41	10.75	-10.34

Drawdowns

RFEU vs. CSHP - Drawdown Comparison

The maximum RFEU drawdown since its inception was -39.74%, which is greater than CSHP's maximum drawdown of -0.08%. Use the drawdown chart below to compare losses from any high point for RFEU and CSHP.

Drawdown Indicators

	RFEU	CSHP	Difference
Max Drawdown Largest peak-to-trough decline	-39.74%	-0.08%	-39.66%
Max Drawdown (1Y) Largest decline over 1 year	-5.15%	-0.06%	-5.09%
Max Drawdown (3Y) Largest decline over 3 years	-13.48%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-35.92%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-39.74%	—	—
Current Drawdown Current decline from peak	-0.11%	0.00%	-0.11%
Average Drawdown Average peak-to-trough decline	-9.62%	-0.00%	-9.62%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.35%	0.01%	+1.34%

Volatility

RFEU vs. CSHP - Volatility Comparison

The current volatility for First Trust RiverFront Dynamic Europe ETF (RFEU) is 0.00%, while iShares Enhanced Short-Term Bond Active ETF (CSHP) has a volatility of 0.07%. This indicates that RFEU 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

	RFEU	CSHP	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.00%	0.07%	-0.07%
Volatility (6M) Calculated over the trailing 6-month period	4.43%	0.24%	+4.19%
Volatility (1Y) Calculated over the trailing 1-year period	8.73%	0.33%	+8.40%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.77%	0.40%	+16.37%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.86%	0.40%	+17.46%

RFEU vs. CSHP - Expense Ratio Comparison

RFEU has a 0.83% expense ratio, which is higher than CSHP's 0.20% expense ratio.

Dividends

RFEU vs. CSHP - Dividend Comparison

RFEU's dividend yield for the trailing twelve months is around 2.83%, less than CSHP's 3.92% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
CSHP iShares Enhanced Short-Term Bond Active ETF	3.92%	5.39%	1.96%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
RFEU First Trust RiverFront Dynamic Europe ETF	2.83%	2.87%	5.45%	3.37%	4.98%	1.82%	2.32%	3.08%	2.84%	1.35%	3.16%

Frequently Asked Questions

Can I hold both RFEU and CSHP in my portfolio?

RFEU and CSHP have a correlation of -0.09, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, RFEU or CSHP?

CSHP has higher volatility (0.07%) compared to RFEU (0.00%). In terms of maximum drawdown, RFEU dropped -39.74% vs CSHP's -0.08%.

Which ETF is better, RFEU or CSHP?

On 1-year performance, RFEU leads with 13.97% vs 3.96% for CSHP. On fees, CSHP is cheaper at 0.20% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, RFEU or CSHP?

Over the 1-year period, RFEU has performed better with a 13.97% return vs 3.96%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, RFEU or CSHP?

CSHP is cheaper with a 0.20% expense ratio, compared with 0.83% for RFEU.

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

CSHP has the higher dividend yield at 3.92%, compared with 2.83% for RFEU.

What is the main difference between RFEU and CSHP?

RFEU is categorized as Europe Equities, while CSHP is Ultrashort Bond. They also come from different issuers: First Trust and iShares. Their fees differ too: 0.83% for RFEU and 0.20% for CSHP.

Which has better risk-adjusted returns?

CSHP currently has the higher Sharpe Ratio (11.91 vs 1.77), 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.