SMAY vs. CSHP

Last updated Jun 23, 2026

SMAY (FT Vest U.S. Small Cap Moderate Buffer ETF - May) and CSHP (iShares Enhanced Short-Term Bond Active ETF) are both exchange-traded funds - SMAY is a Defined Outcome 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, SMAY returned 20.13% vs 3.96% for CSHP. At a 0.04 correlation, their price movements are largely independent. SMAY charges 0.90%/yr vs 0.20%/yr for CSHP.

Performance

SMAY vs. CSHP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in FT Vest U.S. Small Cap Moderate Buffer ETF - May (SMAY) 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, SMAY achieves a 8.76% return, which is significantly higher than CSHP's 1.86% return.

SMAY

• 1D: 0.43%
• 1M: 2.40%
• YTD: 8.76%
• 6M: 8.27%
• 1Y: 20.13%
• 3Y*: 11.38%
• 5Y*: —
• 10Y*: —

CSHP

• 1D: -0.01%
• 1M: 0.30%
• YTD: 1.86%
• 6M: 1.93%
• 1Y: 3.96%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SMAY vs. CSHP - Yearly Performance Comparison

	2026 (YTD)	2025	2024
SMAY FT Vest U.S. Small Cap Moderate Buffer ETF - May	8.76%	4.75%	1.87%
CSHP iShares Enhanced Short-Term Bond Active ETF	1.86%	4.10%	2.24%

Correlation

The correlation between SMAY and CSHP is -0.12, 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	-0.12
Correlation (All Time) Calculated using the full available price history since Jul 18, 2024	0.04

The correlation between SMAY and CSHP shifts across timeframes, from -0.12 (1 year) to 0.04 (all time), reflecting how their relationship changes across market environments.

Return for Risk

SMAY vs. CSHP — Risk / Return Rank

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

SMAY

SMAY Risk / Return Rank: 90
SMAY Sharpe Ratio Rank: 86
SMAY Sortino Ratio Rank: 90
SMAY Omega Ratio Rank: 88
SMAY Calmar Ratio Rank: 94
SMAY Martin Ratio Rank: 94

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.

SMAY vs. CSHP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for FT Vest U.S. Small Cap Moderate Buffer ETF - May (SMAY) 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.

	SMAY	CSHP	Difference
Sharpe ratio: Return per unit of total volatility	2.66	11.22	-8.56
Sortino ratio: Return per unit of downside risk	3.98	28.31	-24.33
Omega ratio: Gain probability vs. loss probability	1.52	6.67	-5.15
Calmar ratio: Return relative to maximum drawdown	6.73	65.84	-59.11
Martin ratio: Return relative to average drawdown	26.93	395.75	-368.82

SMAY vs. CSHP - Sharpe Ratio Comparison

The current SMAY Sharpe Ratio is 2.66, which is lower than the CSHP Sharpe Ratio of 11.22. The chart below compares the historical Sharpe Ratios of SMAY 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

SMAY vs. CSHP - Drawdown Comparison

The maximum SMAY drawdown since its inception was -14.44%, which is greater than CSHP's maximum drawdown of -0.08%. Use the drawdown chart below to compare losses from any high point for SMAY and CSHP.

Drawdown Indicators

	SMAY	CSHP	Difference
Max Drawdown Largest peak-to-trough decline	-14.44%	-0.08%	-14.36%
Max Drawdown (1Y) Largest decline over 1 year	-3.00%	-0.06%	-2.94%
Max Drawdown (3Y) Largest decline over 3 years	-14.44%	—	—
Current Drawdown Current decline from peak	0.00%	-0.01%	+0.01%
Average Drawdown Average peak-to-trough decline	-2.52%	-0.00%	-2.52%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.75%	0.01%	+0.74%

Volatility

SMAY vs. CSHP - Volatility Comparison

FT Vest U.S. Small Cap Moderate Buffer ETF - May (SMAY) has a higher volatility of 3.33% compared to iShares Enhanced Short-Term Bond Active ETF (CSHP) at 0.15%. This indicates that SMAY'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

	SMAY	CSHP	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.33%	0.15%	+3.18%
Volatility (6M) Calculated over the trailing 6-month period	5.23%	0.27%	+4.96%
Volatility (1Y) Calculated over the trailing 1-year period	7.61%	0.36%	+7.25%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.23%	0.41%	+9.82%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.23%	0.41%	+9.82%

SMAY vs. CSHP - Expense Ratio Comparison

SMAY has a 0.90% expense ratio, which is higher than CSHP's 0.20% expense ratio.

Dividends

SMAY vs. CSHP - Dividend Comparison

SMAY 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%
SMAY FT Vest U.S. Small Cap Moderate Buffer ETF - May	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both SMAY and CSHP in my portfolio?

SMAY and CSHP have a correlation of -0.12, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SMAY or CSHP?

SMAY has higher volatility (3.33%) compared to CSHP (0.15%). In terms of maximum drawdown, SMAY dropped -14.44% vs CSHP's -0.08%.

Which ETF is better, SMAY or CSHP?

On 1-year performance, SMAY leads with 20.13% 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 0.15%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SMAY or CSHP?

Over the 1-year period, SMAY has performed better with a 20.13% return vs 3.96%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SMAY or CSHP?

CSHP is cheaper with a 0.20% expense ratio, compared with 0.90% for SMAY.

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

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

What is the main difference between SMAY and CSHP?

SMAY is categorized as Defined Outcome, while CSHP is Ultrashort Bond. They also come from different issuers: First Trust and iShares. Their fees differ too: 0.90% for SMAY and 0.20% for CSHP.

Which has better risk-adjusted returns?

CSHP currently has the higher Sharpe Ratio (11.22 vs 2.66), 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.