SMLL vs. CSHP
SMLL (Harbor Active Small Cap ETF) and CSHP (iShares Enhanced Short-Term Bond Active ETF) are both exchange-traded funds - SMLL is a Small Cap Blend Equities fund actively managed by Harbor, while CSHP is a Ultrashort Bond fund actively managed by iShares. Both are actively managed. Over the past year, SMLL returned 5.80% vs 4.04% for CSHP. Their 0.01 correlation means their historical movements had little consistent relationship. SMLL charges 0.80%/yr vs 0.20%/yr for CSHP.
Performance
SMLL vs. CSHP - Performance Comparison
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Returns By Period
In the year-to-date period, SMLL achieves a 7.95% return, which is significantly higher than CSHP's 2.38% return.
SMLL
- 1D
- 0.06%
- 1M
- 0.10%
- 6M
- 5.67%
- YTD
- 7.95%
- 1Y
- 5.80%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 6.30%
CSHP
- 1D
- -0.27%
- 1M
- 0.35%
- 6M
- 2.06%
- YTD
- 2.38%
- 1Y
- 4.04%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 4.31%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $14.53M | $7.29M | $2.60M | |
| $12.67K | $15.57K | $37.20K |
SMLL vs. CSHP - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
SMLL Harbor Active Small Cap ETF | 7.95% | -6.31% | 11.18% |
CSHP iShares Enhanced Short-Term Bond Active ETF | 2.38% | 4.10% | 1.65% |
Correlation
The correlation between SMLL and CSHP is -0.10, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.10 |
Correlation (All Time) Calculated using the full available price history since Aug 29, 2024 | 0.01 |
The correlation between SMLL and CSHP shifts across timeframes, from -0.10 (1 year) to 0.01 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
SMLL vs. CSHP — Risk / Return Rank
SMLL
CSHP
SMLL vs. CSHP - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Harbor Active Small Cap ETF (SMLL) 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.
| SMLL | CSHP | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.33 | ||
| Sortino ratioReturn per unit of downside risk | -5.93 | ||
| Omega ratioGain probability vs. loss probability | 1.05 | 2.68 | -1.64 |
| Calmar ratioReturn relative to maximum drawdown | 0.22 | 10.40 | -10.18 |
| Martin ratioReturn relative to average drawdown | 0.44 | 65.72 | -65.28 |
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Drawdowns
SMLL vs. CSHP - Drawdown Comparison
The maximum SMLL drawdown since its inception was -23.56%, which is greater than CSHP's maximum drawdown of -0.39%. Use the drawdown chart below to compare losses from any high point for SMLL and CSHP.
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Drawdown Indicators
| SMLL | CSHP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -23.56% | -0.39% | -23.17% |
Max Drawdown (1Y)Largest decline over 1 year | -15.53% | -0.39% | -15.14% |
Current DrawdownCurrent decline from peak | -6.17% | -0.27% | -5.90% |
Average DrawdownAverage peak-to-trough decline | -8.64% | -0.01% | -8.63% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.74% | 0.06% | +7.68% |
Volatility
SMLL vs. CSHP - Volatility Comparison
Harbor Active Small Cap ETF (SMLL) has a higher volatility of 5.20% compared to iShares Enhanced Short-Term Bond Active ETF (CSHP) at 1.10%. This indicates that SMLL'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.
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Volatility by Period
| SMLL | CSHP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.20% | 1.10% | +4.10% |
Volatility (6M)Calculated over the trailing 6-month period | 12.09% | 1.12% | +10.97% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.56% | 1.14% | +16.42% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 20.09% | 0.86% | +19.23% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.09% | 0.86% | +19.23% |
SMLL vs. CSHP - Expense Ratio Comparison
SMLL has a 0.80% expense ratio, which is higher than CSHP's 0.20% expense ratio.
Dividends
SMLL vs. CSHP - Dividend Comparison
SMLL's dividend yield for the trailing twelve months is around 2.19%, less than CSHP's 4.00% yield.
| Position | TTM | 2025 | 2024 |
|---|---|---|---|
CSHP iShares Enhanced Short-Term Bond Active ETF | 3.89% | 5.39% | 1.96% |
SMLL Harbor Active Small Cap ETF | 2.19% | 2.37% | 0.52% |
Frequently Asked Questions
SMLL and CSHP have a correlation of -0.10, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SMLL has higher volatility (5.20%) compared to CSHP (1.10%). In terms of maximum drawdown, SMLL dropped -23.56% vs CSHP's -0.39%.
On 1-year performance, SMLL leads with 5.80% vs 4.04% for CSHP. On fees, CSHP is cheaper at 0.20% per year. On volatility, CSHP has been the lower-risk option at 1.10%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, SMLL has performed better with a 5.80% return vs 4.04%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
CSHP is cheaper with a 0.20% expense ratio, compared with 0.80% for SMLL.
CSHP has the higher dividend yield at 3.89%, compared with 2.19% for SMLL.
SMLL is categorized as Small Cap Blend Equities, while CSHP is Ultrashort Bond. They also come from different issuers: Harbor and iShares. Their fees differ too: 0.80% for SMLL and 0.20% for CSHP.
CSHP currently has the higher Sharpe Ratio (3.53 vs 0.19), 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.
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