SPYH vs. CSHI

Last updated Aug 2, 2026

SPYH (NEOS S&P 500 Hedged Equity Income ETF) and CSHI (NEOS Enhanced Income 1-3 Month T-Bill ETF) are both exchange-traded funds - SPYH is a Derivative Income fund actively managed by Neos, while CSHI is a Ultrashort Bond fund actively managed by Neos. Both are actively managed. Over the past year, SPYH returned 14.86% vs 5.17% for CSHI. Their 0.42 correlation means their historical movements had little consistent relationship. SPYH charges 0.68%/yr vs 0.38%/yr for CSHI.

Performance

SPYH vs. CSHI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in NEOS S&P 500 Hedged Equity Income ETF (SPYH) and NEOS Enhanced Income 1-3 Month T-Bill ETF (CSHI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SPYH achieves a 5.96% return, which is significantly higher than CSHI's 2.96% return.

SPYH

• 1D: 0.69%
• 1M: 0.68%
• 6M: 4.69%
• YTD: 5.96%
• 1Y: 14.86%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 19.88%

CSHI

• 1D: 0.02%
• 1M: 0.35%
• 6M: 2.63%
• YTD: 2.96%
• 1Y: 5.17%
• 3Y*: 5.40%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 5.44%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
CSHI NEOS Enhanced Income 1-3 Month T-Bill ETF	$23.44M	$27.08M	$29.26M
SPYH NEOS S&P 500 Hedged Equity Income ETF	$472.46K	$589.47K	$594.95K

SPYH vs. CSHI - Yearly Performance Comparison

	2026 (YTD)	2025
SPYH NEOS S&P 500 Hedged Equity Income ETF	5.96%	20.01%
CSHI NEOS Enhanced Income 1-3 Month T-Bill ETF	2.96%	3.91%

Correlation

The correlation between SPYH and CSHI is 0.43, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.43
Correlation (All Time) Calculated using the full available price history since Apr 3, 2025	0.42

Return for Risk

SPYH vs. CSHI — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

SPYH

SPYH Risk / Return Rank: 70
SPYH Sharpe Ratio Rank: 70
SPYH Sortino Ratio Rank: 67
SPYH Omega Ratio Rank: 70
SPYH Calmar Ratio Rank: 65
SPYH Martin Ratio Rank: 79

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) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

SPYH vs. CSHI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for NEOS S&P 500 Hedged Equity Income ETF (SPYH) and NEOS Enhanced Income 1-3 Month T-Bill 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.

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.

	SPYH	CSHI	Difference
Sharpe ratio: Return per unit of total volatility	1.60	5.98	-4.38
Sortino ratio: Return per unit of downside risk	2.20	10.90	-8.70
Omega ratio: Gain probability vs. loss probability	1.29	2.76	-1.46
Calmar ratio: Return relative to maximum drawdown	2.28	23.98	-21.70
Martin ratio: Return relative to average drawdown	10.14	141.06	-130.93

SPYH vs. CSHI - Sharpe Ratio Comparison

The current SPYH Sharpe Ratio is 1.60, which is lower than the CSHI Sharpe Ratio of 5.98. The chart below compares the historical Sharpe Ratios of SPYH and CSHI, 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

SPYH vs. CSHI - Drawdown Comparison

The maximum SPYH drawdown since its inception was -7.22%, which is greater than CSHI's maximum drawdown of -1.69%. Use the drawdown chart below to compare losses from any high point for SPYH and CSHI.

Drawdown Indicators

	SPYH	CSHI	Difference
Max Drawdown Largest peak-to-trough decline	-7.22%	-1.69%	-5.53%
Max Drawdown (1Y) Largest decline over 1 year	-6.02%	-0.21%	-5.81%
Max Drawdown (3Y) Largest decline over 3 years	—	-1.69%	—
Current Drawdown Current decline from peak	-0.37%	0.00%	-0.37%
Average Drawdown Average peak-to-trough decline	-0.77%	-0.03%	-0.74%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.35%	0.04%	+1.31%

Volatility

SPYH vs. CSHI - Volatility Comparison

NEOS S&P 500 Hedged Equity Income ETF (SPYH) has a higher volatility of 2.67% compared to NEOS Enhanced Income 1-3 Month T-Bill ETF (CSHI) at 0.11%. This indicates that SPYH's price experiences larger fluctuations and is considered to be riskier than CSHI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPYH	CSHI	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.67%	0.11%	+2.56%
Volatility (6M) Calculated over the trailing 6-month period	6.61%	0.57%	+6.04%
Volatility (1Y) Calculated over the trailing 1-year period	8.61%	0.85%	+7.76%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.17%	1.31%	+10.86%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.17%	1.31%	+10.86%

SPYH vs. CSHI - Expense Ratio Comparison

SPYH has a 0.68% expense ratio, which is higher than CSHI's 0.38% expense ratio.

Dividends

SPYH vs. CSHI - Dividend Comparison

SPYH's dividend yield for the trailing twelve months is around 7.71%, more than CSHI's 4.83% yield.

Position	TTM	2025	2024	2023	2022
CSHI NEOS Enhanced Income 1-3 Month T-Bill ETF	4.83%	5.11%	5.72%	6.15%	1.52%
SPYH NEOS S&P 500 Hedged Equity Income ETF	7.71%	5.54%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both SPYH and CSHI in my portfolio?

SPYH and CSHI have a correlation of 0.43, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SPYH or CSHI?

SPYH has higher volatility (2.67%) compared to CSHI (0.11%). In terms of maximum drawdown, SPYH dropped -7.22% vs CSHI's -1.69%.

Which ETF is better, SPYH or CSHI?

On 1-year performance, SPYH leads with 14.86% vs 5.17% for CSHI. On fees, CSHI is cheaper at 0.38% per year. On volatility, CSHI has been the lower-risk option at 0.11%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPYH or CSHI?

Over the 1-year period, SPYH has performed better with a 14.86% return vs 5.17%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPYH or CSHI?

CSHI is cheaper with a 0.38% expense ratio, compared with 0.68% for SPYH.

Which ETF pays a higher dividend yield, SPYH or CSHI?

SPYH has the higher dividend yield at 7.71%, compared with 4.83% for CSHI.

What is the main difference between SPYH and CSHI?

SPYH is categorized as Derivative Income, while CSHI is Ultrashort Bond. Their fees differ too: 0.68% for SPYH and 0.38% for CSHI.

Which has better risk-adjusted returns?

CSHI currently has the higher Sharpe Ratio (5.98 vs 1.60), 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.