SHNY vs. CSHP

Last updated Jun 24, 2026

SHNY (MicroSectors Gold 3X Leveraged ETN) and CSHP (iShares Enhanced Short-Term Bond Active ETF) are both exchange-traded funds - SHNY is a Leveraged Commodities fund managed by BMO, while CSHP is a Ultrashort Bond fund actively managed by iShares. Over the past year, SHNY returned 14.03% vs 3.94% for CSHP. At a correlation of -0.00, they often move in opposite directions. SHNY charges 0.95%/yr vs 0.20%/yr for CSHP.

Performance

SHNY vs. CSHP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in MicroSectors Gold 3X Leveraged ETN (SHNY) 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, SHNY achieves a -34.20% return, which is significantly lower than CSHP's 1.83% return.

SHNY

• 1D: -5.70%
• 1M: -27.06%
• YTD: -34.20%
• 6M: -42.91%
• 1Y: 14.03%
• 3Y*: 49.33%
• 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)

SHNY vs. CSHP - Yearly Performance Comparison

	2026 (YTD)	2025	2024
SHNY MicroSectors Gold 3X Leveraged ETN	-34.20%	214.54%	5.47%
CSHP iShares Enhanced Short-Term Bond Active ETF	1.83%	4.10%	2.24%

Correlation

The correlation between SHNY 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 18, 2024	-0.00

Return for Risk

SHNY vs. CSHP — Risk / Return Rank

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

SHNY

SHNY Risk / Return Rank: 13
SHNY Sharpe Ratio Rank: 11
SHNY Sortino Ratio Rank: 15
SHNY Omega Ratio Rank: 17
SHNY Calmar Ratio Rank: 11
SHNY Martin Ratio Rank: 11

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.

SHNY vs. CSHP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for MicroSectors Gold 3X Leveraged ETN (SHNY) 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.

	SHNY	CSHP	Difference
Sharpe ratio: Return per unit of total volatility	0.17	11.09	-10.92
Sortino ratio: Return per unit of downside risk	0.78	27.60	-26.82
Omega ratio: Gain probability vs. loss probability	1.11	6.46	-5.34
Calmar ratio: Return relative to maximum drawdown	0.22	65.45	-65.23
Martin ratio: Return relative to average drawdown	0.49	381.67	-381.19

SHNY vs. CSHP - Sharpe Ratio Comparison

The current SHNY Sharpe Ratio is 0.17, which is lower than the CSHP Sharpe Ratio of 11.09. The chart below compares the historical Sharpe Ratios of SHNY 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

SHNY vs. CSHP - Drawdown Comparison

The maximum SHNY drawdown since its inception was -65.54%, which is greater than CSHP's maximum drawdown of -0.08%. Use the drawdown chart below to compare losses from any high point for SHNY and CSHP.

Drawdown Indicators

	SHNY	CSHP	Difference
Max Drawdown Largest peak-to-trough decline	-65.54%	-0.08%	-65.46%
Max Drawdown (1Y) Largest decline over 1 year	-65.54%	-0.06%	-65.48%
Max Drawdown (3Y) Largest decline over 3 years	-65.54%	—	—
Current Drawdown Current decline from peak	-65.38%	-0.04%	-65.34%
Average Drawdown Average peak-to-trough decline	-15.65%	-0.00%	-15.65%
Ulcer Index Depth and duration of drawdowns from previous peaks	28.98%	0.01%	+28.97%

Volatility

SHNY vs. CSHP - Volatility Comparison

MicroSectors Gold 3X Leveraged ETN (SHNY) has a higher volatility of 24.50% compared to iShares Enhanced Short-Term Bond Active ETF (CSHP) at 0.16%. This indicates that SHNY'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

	SHNY	CSHP	Difference
Volatility (1M) Calculated over the trailing 1-month period	24.50%	0.16%	+24.34%
Volatility (6M) Calculated over the trailing 6-month period	74.44%	0.27%	+74.17%
Volatility (1Y) Calculated over the trailing 1-year period	81.62%	0.36%	+81.26%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	59.25%	0.41%	+58.84%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	59.25%	0.41%	+58.84%

SHNY vs. CSHP - Expense Ratio Comparison

SHNY has a 0.95% expense ratio, which is higher than CSHP's 0.20% expense ratio.

Dividends

SHNY vs. CSHP - Dividend Comparison

SHNY has not paid dividends to shareholders, while CSHP's dividend yield for the trailing twelve months is around 3.91%.

Position	TTM	2025	2024
CSHP iShares Enhanced Short-Term Bond Active ETF	3.91%	5.39%	1.96%
SHNY MicroSectors Gold 3X Leveraged ETN	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both SHNY and CSHP in my portfolio?

SHNY 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, SHNY or CSHP?

SHNY has higher volatility (24.50%) compared to CSHP (0.16%). In terms of maximum drawdown, SHNY dropped -65.54% vs CSHP's -0.08%.

Which ETF is better, SHNY or CSHP?

On 1-year performance, SHNY leads with 14.03% 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, SHNY or CSHP?

Over the 1-year period, SHNY has performed better with a 14.03% return vs 3.94%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SHNY or CSHP?

CSHP is cheaper with a 0.20% expense ratio, compared with 0.95% for SHNY.

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

CSHP has the higher dividend yield at 3.91%, compared with 0.00% for SHNY.

What is the main difference between SHNY and CSHP?

SHNY is categorized as Leveraged Commodities, while CSHP is Ultrashort Bond. They also come from different issuers: BMO and iShares. Their fees differ too: 0.95% for SHNY and 0.20% for CSHP.

Which has better risk-adjusted returns?

CSHP currently has the higher Sharpe Ratio (11.09 vs 0.17), 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.