SAWS vs. CSHP

Last updated Jun 5, 2026

SAWS (AAM Sawgrass U.S. Small Cap Quality Growth ETF) and CSHP (iShares Enhanced Short-Term Bond Active ETF) are both exchange-traded funds - SAWS is a Small Cap Growth Equities fund actively managed by AAM, while CSHP is a Ultrashort Bond fund actively managed by iShares. Both are actively managed. Over the past year, SAWS returned 21.25% vs 3.94% for CSHP. At a 0.04 correlation, their price movements are largely independent. SAWS charges 0.55%/yr vs 0.20%/yr for CSHP.

Performance

SAWS vs. CSHP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in AAM Sawgrass U.S. Small Cap Quality Growth ETF (SAWS) 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, SAWS achieves a 12.75% return, which is significantly higher than CSHP's 1.62% return.

SAWS

• 1D: 1.17%
• 1M: -1.38%
• YTD: 12.75%
• 6M: 13.25%
• 1Y: 21.25%
• 3Y*: —
• 5Y*: —
• 10Y*: —

CSHP

• 1D: -0.02%
• 1M: 0.24%
• YTD: 1.62%
• 6M: 1.86%
• 1Y: 3.94%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SAWS vs. CSHP - Yearly Performance Comparison

	2026 (YTD)	2025	2024
SAWS AAM Sawgrass U.S. Small Cap Quality Growth ETF	12.75%	7.26%	3.52%
CSHP iShares Enhanced Short-Term Bond Active ETF	1.62%	4.10%	2.03%

Correlation

The correlation between SAWS 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 Aug 1, 2024	0.04

The correlation between SAWS and CSHP shifts across timeframes, from -0.14 (1 year) to 0.04 (all time), reflecting how their relationship changes across market environments.

SAWS vs. CSHP - Sectors Allocation Comparison

Sectors	SAWS	CSHP
Industrials	27.7%	-
Healthcare	18.3%	-
Technology	15.1%	-
Financial Services	14.2%	0.1%
Consumer Cyclical	9.1%	-
Consumer Defensive	7.5%	-
Energy	4.6%	-
Basic Materials	3.6%	-
Communication Services	-	-
Real Estate	-	-
Utilities	-	-

Return for Risk

SAWS vs. CSHP — Risk / Return Rank

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

SAWS

SAWS Risk / Return Rank: 37
SAWS Sharpe Ratio Rank: 33
SAWS Sortino Ratio Rank: 35
SAWS Omega Ratio Rank: 31
SAWS Calmar Ratio Rank: 43
SAWS Martin Ratio Rank: 43

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.

SAWS vs. CSHP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for AAM Sawgrass U.S. Small Cap Quality Growth ETF (SAWS) 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.

	SAWS	CSHP	Difference
Sharpe ratio: Return per unit of total volatility	1.18	11.82	-10.65
Sortino ratio: Return per unit of downside risk	1.82	30.91	-29.09
Omega ratio: Gain probability vs. loss probability	1.21	7.26	-6.05
Calmar ratio: Return relative to maximum drawdown	2.09	65.45	-63.36
Martin ratio: Return relative to average drawdown	6.76	428.15	-421.39
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SAWS vs. CSHP - Sharpe Ratio Comparison

The current SAWS Sharpe Ratio is 1.18, which is lower than the CSHP Sharpe Ratio of 11.82. The chart below compares the historical Sharpe Ratios of SAWS 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

	SAWS	CSHP	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.18	11.82	-10.65
Sharpe Ratio (All Time) Calculated using the full available price history	0.62	10.70	-10.08

Drawdowns

SAWS vs. CSHP - Drawdown Comparison

The maximum SAWS drawdown since its inception was -22.04%, which is greater than CSHP's maximum drawdown of -0.08%. Use the drawdown chart below to compare losses from any high point for SAWS and CSHP.

Drawdown Indicators

	SAWS	CSHP	Difference
Max Drawdown Largest peak-to-trough decline	-22.04%	-0.08%	-21.96%
Max Drawdown (1Y) Largest decline over 1 year	-10.23%	-0.06%	-10.17%
Current Drawdown Current decline from peak	-1.38%	-0.02%	-1.36%
Average Drawdown Average peak-to-trough decline	-5.61%	-0.00%	-5.61%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.15%	0.01%	+3.14%

Volatility

SAWS vs. CSHP - Volatility Comparison

AAM Sawgrass U.S. Small Cap Quality Growth ETF (SAWS) has a higher volatility of 4.57% compared to iShares Enhanced Short-Term Bond Active ETF (CSHP) at 0.08%. This indicates that SAWS'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

	SAWS	CSHP	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.57%	0.08%	+4.49%
Volatility (6M) Calculated over the trailing 6-month period	13.74%	0.24%	+13.50%
Volatility (1Y) Calculated over the trailing 1-year period	18.14%	0.33%	+17.81%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.03%	0.40%	+20.63%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.03%	0.40%	+20.63%

SAWS vs. CSHP - Expense Ratio Comparison

SAWS has a 0.55% expense ratio, which is higher than CSHP's 0.20% expense ratio.

Dividends

SAWS vs. CSHP - Dividend Comparison

SAWS's dividend yield for the trailing twelve months is around 0.02%, 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%
SAWS AAM Sawgrass U.S. Small Cap Quality Growth ETF	0.02%	0.02%	0.03%

Frequently Asked Questions

Can I hold both SAWS and CSHP in my portfolio?

SAWS 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, SAWS or CSHP?

SAWS has higher volatility (4.57%) compared to CSHP (0.08%). In terms of maximum drawdown, SAWS dropped -22.04% vs CSHP's -0.08%.

Which ETF is better, SAWS or CSHP?

On 1-year performance, SAWS leads with 21.25% 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 0.08%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SAWS or CSHP?

Over the 1-year period, SAWS has performed better with a 21.25% return vs 3.94%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SAWS or CSHP?

CSHP is cheaper with a 0.20% expense ratio, compared with 0.55% for SAWS.

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

CSHP has the higher dividend yield at 3.92%, compared with 0.02% for SAWS.

What is the main difference between SAWS and CSHP?

SAWS is categorized as Small Cap Growth Equities, while CSHP is Ultrashort Bond. They also come from different issuers: AAM and iShares. Their fees differ too: 0.55% for SAWS and 0.20% for CSHP.

Which has better risk-adjusted returns?

CSHP currently has the higher Sharpe Ratio (11.82 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.