TAPR vs. CSHP
TAPR (Innovator Equity Defined Protection ETF - 2 Yr to April 2027) and CSHP (iShares Enhanced Short-Term Bond Active ETF) are both exchange-traded funds - TAPR is a Options Trading fund actively managed by Innovator, while CSHP is a Ultrashort Bond fund actively managed by iShares. Both are actively managed. Over the past year, TAPR returned 5.93% vs 3.94% for CSHP. At a correlation of -0.13, they often move in opposite directions. TAPR charges 0.79%/yr vs 0.20%/yr for CSHP.
Performance
TAPR vs. CSHP - Performance Comparison
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Returns By Period
In the year-to-date period, TAPR achieves a 2.03% return, which is significantly higher than CSHP's 1.83% return.
TAPR
- 1D
- -0.06%
- 1M
- 0.13%
- YTD
- 2.03%
- 6M
- 2.07%
- 1Y
- 5.93%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
CSHP
- 1D
- -0.03%
- 1M
- 0.27%
- YTD
- 1.83%
- 6M
- 1.92%
- 1Y
- 3.94%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
TAPR vs. CSHP - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
TAPR Innovator Equity Defined Protection ETF - 2 Yr to April 2027 | 2.03% | 6.28% |
CSHP iShares Enhanced Short-Term Bond Active ETF | 1.83% | 3.10% |
Correlation
The correlation between TAPR and CSHP is -0.12, 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 | -0.12 |
Correlation (All Time) Calculated using the full available price history since Apr 1, 2025 | -0.13 |
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Return for Risk
TAPR vs. CSHP — Risk / Return Rank
TAPR
CSHP
TAPR vs. CSHP - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Innovator Equity Defined Protection ETF - 2 Yr to April 2027 (TAPR) 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.
| TAPR | CSHP | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -8.43 | ||
| Sortino ratioReturn per unit of downside risk | -23.44 | ||
| Omega ratioGain probability vs. loss probability | 1.55 | 6.46 | -4.91 |
| Calmar ratioReturn relative to maximum drawdown | 3.41 | 65.45 | -62.04 |
| Martin ratioReturn relative to average drawdown | 17.38 | 381.67 | -364.29 |
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Drawdowns
TAPR vs. CSHP - Drawdown Comparison
The maximum TAPR drawdown since its inception was -2.60%, which is greater than CSHP's maximum drawdown of -0.08%. Use the drawdown chart below to compare losses from any high point for TAPR and CSHP.
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Drawdown Indicators
| TAPR | CSHP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -2.60% | -0.08% | -2.52% |
Max Drawdown (1Y)Largest decline over 1 year | -1.75% | -0.06% | -1.69% |
Current DrawdownCurrent decline from peak | -0.26% | -0.04% | -0.22% |
Average DrawdownAverage peak-to-trough decline | -0.21% | -0.00% | -0.21% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.34% | 0.01% | +0.33% |
Volatility
TAPR vs. CSHP - Volatility Comparison
Innovator Equity Defined Protection ETF - 2 Yr to April 2027 (TAPR) has a higher volatility of 0.61% compared to iShares Enhanced Short-Term Bond Active ETF (CSHP) at 0.16%. This indicates that TAPR'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
| TAPR | CSHP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.61% | 0.16% | +0.45% |
Volatility (6M)Calculated over the trailing 6-month period | 1.77% | 0.27% | +1.50% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.25% | 0.36% | +1.89% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.68% | 0.41% | +3.27% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.68% | 0.41% | +3.27% |
TAPR vs. CSHP - Expense Ratio Comparison
TAPR has a 0.79% expense ratio, which is higher than CSHP's 0.20% expense ratio.
Dividends
TAPR vs. CSHP - Dividend Comparison
TAPR has not paid dividends to shareholders, while CSHP's dividend yield for the trailing twelve months is around 3.91%.
| Position | TTM | 2025 | 2024 |
|---|---|---|---|
CSHP iShares Enhanced Short-Term Bond Active ETF | 3.91% | 5.39% | 1.96% |
TAPR Innovator Equity Defined Protection ETF - 2 Yr to April 2027 | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
TAPR and CSHP have a correlation of -0.12, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TAPR has higher volatility (0.61%) compared to CSHP (0.16%). In terms of maximum drawdown, TAPR dropped -2.60% vs CSHP's -0.08%.
On 1-year performance, TAPR leads with 5.93% vs 3.94% for CSHP. On fees, CSHP is cheaper at 0.20% 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, TAPR has performed better with a 5.93% return vs 3.94%. 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 0.79% for TAPR.
CSHP has the higher dividend yield at 3.91%, compared with 0.00% for TAPR.
TAPR is categorized as Options Trading, while CSHP is Ultrashort Bond. They also come from different issuers: Innovator and iShares. Their fees differ too: 0.79% for TAPR and 0.20% for CSHP.
CSHP currently has the higher Sharpe Ratio (11.09 vs 2.66), 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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