SPTU vs. CSHI

Last updated Apr 12, 2026

SPTU (State Street SPDR Portfolio Ultra Short T-Bill ETF) and CSHI (Neos Enhanced Income Cash Alternative ETF) are both Ultrashort Bond funds — SPTU tracks the ICE BofA US Treasury Bill Index while CSHI tracks the NONE. Both are passively managed. At -0.04, they often move in opposite directions. SPTU charges 0.05%/yr vs 0.38%/yr for CSHI.

Performance

SPTU vs. CSHI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in State Street SPDR Portfolio Ultra Short T-Bill ETF (SPTU) and Neos Enhanced Income Cash Alternative ETF (CSHI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SPTU achieves a 0.97% return, which is significantly lower than CSHI's 1.53% return.

SPTU

• 1D: 0.02%
• 1M: 0.31%
• YTD: 0.97%
• 6M: 1.86%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

CSHI

• 1D: 0.06%
• 1M: 0.65%
• YTD: 1.53%
• 6M: 2.78%
• 1Y: 6.07%
• 3Y*: 5.51%
• 5Y*: —
• 10Y*: —

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

SPTU vs. CSHI - Yearly Performance Comparison

	2026 (YTD)	2025
SPTU State Street SPDR Portfolio Ultra Short T-Bill ETF	0.97%	0.92%
CSHI Neos Enhanced Income Cash Alternative ETF	1.53%	1.14%

Correlation

The correlation between SPTU and CSHI is -0.04, 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 (All Time) Calculated using the full available price history since Oct 9, 2025	-0.04

Return for Risk

SPTU vs. CSHI — Risk / Return Rank

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

CSHI

CSHI Risk / Return Rank: 99
CSHI Sharpe Ratio Rank: 99
CSHI Sortino Ratio Rank: 99
CSHI Omega Ratio Rank: 99
CSHI Calmar Ratio Rank: 99
CSHI Martin Ratio Rank: 99

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.

SPTU vs. CSHI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for State Street SPDR Portfolio Ultra Short T-Bill ETF (SPTU) and Neos Enhanced Income Cash Alternative ETF (CSHI). 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	SPTU	CSHI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	6.26	—
Sharpe Ratio (All Time) Calculated using the full available price history	12.12	4.12	+8.00

Drawdowns

SPTU vs. CSHI - Drawdown Comparison

The maximum SPTU drawdown since its inception was -0.04%, smaller than the maximum CSHI drawdown of -1.69%. Use the drawdown chart below to compare losses from any high point for SPTU and CSHI.

Drawdown Indicators

	SPTU	CSHI	Difference
Max Drawdown Largest peak-to-trough decline	-0.04%	-1.69%	+1.65%
Max Drawdown (1Y) Largest decline over 1 year	—	-0.20%	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	0.00%	-0.03%	+0.03%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.04%	—

Volatility

Volatility by Period

	SPTU	CSHI	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	0.38%	—
Volatility (6M) Calculated over the trailing 6-month period	—	0.68%	—
Volatility (1Y) Calculated over the trailing 1-year period	0.32%	1.03%	-0.71%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.32%	1.35%	-1.03%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.32%	1.35%	-1.03%

SPTU vs. CSHI - Expense Ratio Comparison

SPTU has a 0.05% expense ratio, which is lower than CSHI's 0.38% expense ratio.

Dividends

SPTU vs. CSHI - Dividend Comparison

SPTU's dividend yield for the trailing twelve months is around 1.76%, less than CSHI's 4.97% yield.

	TTM	2025	2024	2023	2022
SPTU State Street SPDR Portfolio Ultra Short T-Bill ETF	1.76%	0.89%	0.00%	0.00%	0.00%
CSHI Neos Enhanced Income Cash Alternative ETF	4.97%	5.11%	5.72%	6.15%	1.52%