SPIP vs. CSHP
SPIP (SPDR Portfolio TIPS ETF) and CSHP (iShares Enhanced Short-Term Bond Active ETF) are both exchange-traded funds - SPIP is a Inflation-Protected Bonds fund tracking the Bloomberg Barclays US Government Inflation-linked Bond Index, while CSHP is a Ultrashort Bond fund actively managed by iShares. SPIP is passively managed, while CSHP is actively managed. Over the past year, SPIP returned 3.45% vs 3.94% for CSHP. At a correlation of -0.16, they often move in opposite directions. SPIP charges 0.12%/yr vs 0.20%/yr for CSHP.
Performance
SPIP vs. CSHP - Performance Comparison
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Returns By Period
In the year-to-date period, SPIP achieves a 0.72% return, which is significantly lower than CSHP's 1.83% return.
SPIP
- 1D
- -0.06%
- 1M
- -0.09%
- YTD
- 0.72%
- 6M
- 0.80%
- 1Y
- 3.45%
- 3Y*
- 3.46%
- 5Y*
- 0.72%
- 10Y*
- 2.49%
CSHP
- 1D
- -0.03%
- 1M
- 0.27%
- YTD
- 1.83%
- 6M
- 1.92%
- 1Y
- 3.94%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
SPIP vs. CSHP - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
SPIP SPDR Portfolio TIPS ETF | 0.72% | 6.78% | -0.50% |
CSHP iShares Enhanced Short-Term Bond Active ETF | 1.83% | 4.10% | 2.24% |
Correlation
The correlation between SPIP and CSHP is -0.20, 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 | -0.20 |
Correlation (All Time) Calculated using the full available price history since Jul 18, 2024 | -0.16 |
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Return for Risk
SPIP vs. CSHP — Risk / Return Rank
SPIP
CSHP
SPIP vs. CSHP - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR Portfolio TIPS ETF (SPIP) 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.
| SPIP | CSHP | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -10.13 | ||
| Sortino ratioReturn per unit of downside risk | -26.21 | ||
| Omega ratioGain probability vs. loss probability | 1.17 | 6.46 | -5.29 |
| Calmar ratioReturn relative to maximum drawdown | 1.70 | 65.45 | -63.75 |
| Martin ratioReturn relative to average drawdown | 4.87 | 381.67 | -376.80 |
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Drawdowns
SPIP vs. CSHP - Drawdown Comparison
The maximum SPIP drawdown since its inception was -15.39%, which is greater than CSHP's maximum drawdown of -0.08%. Use the drawdown chart below to compare losses from any high point for SPIP and CSHP.
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Drawdown Indicators
| SPIP | CSHP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -15.39% | -0.08% | -15.31% |
Max Drawdown (1Y)Largest decline over 1 year | -2.04% | -0.06% | -1.98% |
Max Drawdown (3Y)Largest decline over 3 years | -4.76% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -15.39% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -15.39% | — | — |
Current DrawdownCurrent decline from peak | -1.77% | -0.04% | -1.73% |
Average DrawdownAverage peak-to-trough decline | -4.09% | -0.00% | -4.09% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.71% | 0.01% | +0.70% |
Volatility
SPIP vs. CSHP - Volatility Comparison
SPDR Portfolio TIPS ETF (SPIP) has a higher volatility of 1.19% compared to iShares Enhanced Short-Term Bond Active ETF (CSHP) at 0.16%. This indicates that SPIP'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
| SPIP | CSHP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.19% | 0.16% | +1.03% |
Volatility (6M)Calculated over the trailing 6-month period | 2.70% | 0.27% | +2.43% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.61% | 0.36% | +3.25% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.56% | 0.41% | +6.15% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.01% | 0.41% | +5.60% |
SPIP vs. CSHP - Expense Ratio Comparison
SPIP has a 0.12% expense ratio, which is lower than CSHP's 0.20% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
SPIP vs. CSHP - Dividend Comparison
SPIP's dividend yield for the trailing twelve months is around 4.79%, more than CSHP's 3.91% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CSHP iShares Enhanced Short-Term Bond Active ETF | 3.91% | 5.39% | 1.96% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
SPIP SPDR Portfolio TIPS ETF | 4.79% | 4.09% | 3.36% | 3.70% | 7.05% | 4.53% | 1.97% | 2.91% | 2.80% | 3.02% | 1.88% | 0.14% |
Frequently Asked Questions
SPIP and CSHP have a correlation of -0.20, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SPIP has higher volatility (1.19%) compared to CSHP (0.16%). In terms of maximum drawdown, SPIP dropped -15.39% vs CSHP's -0.08%.
On 1-year performance, CSHP leads with 3.94% vs 3.45% for SPIP. On fees, SPIP is cheaper at 0.12% 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.
Over the 1-year period, CSHP has performed better with a 3.94% return vs 3.45%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPIP is cheaper with a 0.12% expense ratio, compared with 0.20% for CSHP.
SPIP has the higher dividend yield at 4.79%, compared with 3.91% for CSHP.
SPIP is categorized as Inflation-Protected Bonds, while CSHP is Ultrashort Bond. They also come from different issuers: State Street and iShares. Their fees differ too: 0.12% for SPIP and 0.20% for CSHP.
CSHP currently has the higher Sharpe Ratio (11.09 vs 0.96), 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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