TAGG vs. CSHP
TAGG (T. Rowe Price QM U.S. Bond ETF) and CSHP (iShares Enhanced Short-Term Bond Active ETF) are both exchange-traded funds - TAGG is a Intermediate Core Bond fund actively managed by T. Rowe Price, while CSHP is a Ultrashort Bond fund actively managed by iShares. Both are actively managed. Over the past year, TAGG returned 4.60% vs 3.94% for CSHP. At a correlation of -0.18, they often move in opposite directions. TAGG charges 0.08%/yr vs 0.20%/yr for CSHP.
Performance
TAGG vs. CSHP - Performance Comparison
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Returns By Period
In the year-to-date period, TAGG achieves a 0.44% return, which is significantly lower than CSHP's 1.83% return.
TAGG
- 1D
- 0.02%
- 1M
- 0.74%
- YTD
- 0.44%
- 6M
- 0.67%
- 1Y
- 4.60%
- 3Y*
- 4.00%
- 5Y*
- —
- 10Y*
- —
CSHP
- 1D
- -0.03%
- 1M
- 0.27%
- YTD
- 1.83%
- 6M
- 1.92%
- 1Y
- 3.94%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
TAGG vs. CSHP - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
TAGG T. Rowe Price QM U.S. Bond ETF | 0.44% | 7.40% | 0.32% |
CSHP iShares Enhanced Short-Term Bond Active ETF | 1.83% | 4.10% | 2.24% |
Correlation
The correlation between TAGG and CSHP is -0.24, 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 | -0.24 |
Correlation (All Time) Calculated using the full available price history since Jul 18, 2024 | -0.18 |
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Return for Risk
TAGG vs. CSHP — Risk / Return Rank
TAGG
CSHP
TAGG vs. CSHP - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price QM U.S. Bond ETF (TAGG) 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.
| TAGG | CSHP | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -9.84 | ||
| Sortino ratioReturn per unit of downside risk | -25.74 | ||
| Omega ratioGain probability vs. loss probability | 1.23 | 6.46 | -5.23 |
| Calmar ratioReturn relative to maximum drawdown | 1.45 | 65.45 | -64.00 |
| Martin ratioReturn relative to average drawdown | 3.99 | 381.67 | -377.68 |
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Drawdowns
TAGG vs. CSHP - Drawdown Comparison
The maximum TAGG drawdown since its inception was -17.26%, which is greater than CSHP's maximum drawdown of -0.08%. Use the drawdown chart below to compare losses from any high point for TAGG and CSHP.
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Drawdown Indicators
| TAGG | CSHP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -17.26% | -0.08% | -17.18% |
Max Drawdown (1Y)Largest decline over 1 year | -3.19% | -0.06% | -3.13% |
Max Drawdown (3Y)Largest decline over 3 years | -6.40% | — | — |
Current DrawdownCurrent decline from peak | -1.78% | -0.04% | -1.74% |
Average DrawdownAverage peak-to-trough decline | -6.81% | -0.00% | -6.81% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.15% | 0.01% | +1.14% |
Volatility
TAGG vs. CSHP - Volatility Comparison
T. Rowe Price QM U.S. Bond ETF (TAGG) has a higher volatility of 0.97% compared to iShares Enhanced Short-Term Bond Active ETF (CSHP) at 0.16%. This indicates that TAGG'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
| TAGG | CSHP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.97% | 0.16% | +0.81% |
Volatility (6M)Calculated over the trailing 6-month period | 2.75% | 0.27% | +2.48% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.70% | 0.36% | +3.34% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.50% | 0.41% | +6.09% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.50% | 0.41% | +6.09% |
TAGG vs. CSHP - Expense Ratio Comparison
TAGG has a 0.08% 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
TAGG vs. CSHP - Dividend Comparison
TAGG's dividend yield for the trailing twelve months is around 4.57%, more than CSHP's 3.91% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
CSHP iShares Enhanced Short-Term Bond Active ETF | 3.91% | 5.39% | 1.96% | 0.00% | 0.00% | 0.00% |
TAGG T. Rowe Price QM U.S. Bond ETF | 4.57% | 4.36% | 4.36% | 3.48% | 3.67% | 0.33% |
Frequently Asked Questions
TAGG and CSHP have a correlation of -0.24, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TAGG has higher volatility (0.97%) compared to CSHP (0.16%). In terms of maximum drawdown, TAGG dropped -17.26% vs CSHP's -0.08%.
On 1-year performance, TAGG leads with 4.60% vs 3.94% for CSHP. On fees, TAGG is cheaper at 0.08% 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, TAGG has performed better with a 4.60% return vs 3.94%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
TAGG is cheaper with a 0.08% expense ratio, compared with 0.20% for CSHP.
TAGG has the higher dividend yield at 4.57%, compared with 3.91% for CSHP.
TAGG is categorized as Intermediate Core Bond, while CSHP is Ultrashort Bond. They also come from different issuers: T. Rowe Price and iShares. Their fees differ too: 0.08% for TAGG and 0.20% for CSHP.
CSHP currently has the higher Sharpe Ratio (11.09 vs 1.25), 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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