TFLO vs. CSHI

Last updated Jul 12, 2026

TFLO (iShares Treasury Floating Rate Bond ETF) and CSHI (NEOS Enhanced Income 1-3 Month T-Bill ETF) are both exchange-traded funds - TFLO is a Government Bonds fund tracking the Bloomberg U.S. Treasury Floating Rate Index, while CSHI is a Ultrashort Bond fund actively managed by Neos. TFLO is passively managed, while CSHI is actively managed. Over the past 3 years, TFLO returned 4.69%/yr vs 5.42%/yr for CSHI. At a correlation of -0.02, they often move in opposite directions. TFLO charges 0.15%/yr vs 0.38%/yr for CSHI.

Performance

TFLO vs. CSHI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Treasury Floating Rate Bond ETF (TFLO) 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, TFLO achieves a 2.00% return, which is significantly lower than CSHI's 2.68% return.

TFLO

• 1D: 0.04%
• 1M: 0.31%
• 6M: 1.88%
• YTD: 2.00%
• 1Y: 3.92%
• 3Y*: 4.69%
• 5Y*: 3.72%
• 10Y*: 2.40%

CSHI

• 1D: 0.02%
• 1M: 0.42%
• 6M: 2.60%
• YTD: 2.68%
• 1Y: 5.12%
• 3Y*: 5.42%
• 5Y*: —
• 10Y*: —

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

TFLO vs. CSHI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
TFLO iShares Treasury Floating Rate Bond ETF	2.00%	4.22%	5.34%	5.12%	1.26%
CSHI NEOS Enhanced Income 1-3 Month T-Bill ETF	2.68%	5.05%	5.66%	6.21%	1.39%

Correlation

The correlation between TFLO and CSHI is -0.03, 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 (1Y) Calculated over the trailing 1-year period	-0.03
Correlation (3Y) Calculated over the trailing 3-year period	-0.01
Correlation (All Time) Calculated using the full available price history since Aug 30, 2022	-0.02

Return for Risk

TFLO vs. CSHI — Risk / Return Rank

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

TFLO

TFLO Risk / Return Rank: 100
TFLO Sharpe Ratio Rank: 100
TFLO Sortino Ratio Rank: 100
TFLO Omega Ratio Rank: 100
TFLO Calmar Ratio Rank: 100
TFLO Martin Ratio Rank: 100

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.

TFLO vs. CSHI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Treasury Floating Rate Bond ETF (TFLO) 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.

	TFLO	CSHI	Difference
Sharpe ratio: Return per unit of total volatility	13.69	6.03	+7.66
Sortino ratio: Return per unit of downside risk	47.61	10.99	+36.62
Omega ratio: Gain probability vs. loss probability	12.40	2.78	+9.62
Calmar ratio: Return relative to maximum drawdown	200.45	24.35	+176.10
Martin ratio: Return relative to average drawdown	770.50	140.04	+630.47

TFLO vs. CSHI - Sharpe Ratio Comparison

The current TFLO Sharpe Ratio is 13.69, which is higher than the CSHI Sharpe Ratio of 6.03. The chart below compares the historical Sharpe Ratios of TFLO 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

TFLO vs. CSHI - Drawdown Comparison

The maximum TFLO drawdown since its inception was -5.01%, which is greater than CSHI's maximum drawdown of -1.69%. Use the drawdown chart below to compare losses from any high point for TFLO and CSHI.

Drawdown Indicators

	TFLO	CSHI	Difference
Max Drawdown Largest peak-to-trough decline	-5.01%	-1.69%	-3.32%
Max Drawdown (1Y) Largest decline over 1 year	-0.02%	-0.21%	+0.19%
Max Drawdown (3Y) Largest decline over 3 years	-0.04%	-1.69%	+1.65%
Max Drawdown (5Y) Largest decline over 5 years	-0.13%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-0.16%	—	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-0.10%	-0.03%	-0.07%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.01%	0.04%	-0.03%

Volatility

TFLO vs. CSHI - Volatility Comparison

The current volatility for iShares Treasury Floating Rate Bond ETF (TFLO) is 0.11%, while NEOS Enhanced Income 1-3 Month T-Bill ETF (CSHI) has a volatility of 0.21%. This indicates that TFLO experiences smaller price fluctuations and is considered to be less risky than CSHI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TFLO	CSHI	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.11%	0.21%	-0.10%
Volatility (6M) Calculated over the trailing 6-month period	0.21%	0.59%	-0.38%
Volatility (1Y) Calculated over the trailing 1-year period	0.29%	0.86%	-0.57%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.36%	1.32%	-0.96%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.45%	1.32%	-0.87%

TFLO vs. CSHI - Expense Ratio Comparison

TFLO has a 0.15% expense ratio, which is lower than CSHI's 0.38% expense ratio.

Dividends

TFLO vs. CSHI - Dividend Comparison

TFLO's dividend yield for the trailing twelve months is around 3.84%, less than CSHI's 4.86% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CSHI NEOS Enhanced Income 1-3 Month T-Bill ETF	4.86%	5.11%	5.72%	6.15%	1.52%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
TFLO iShares Treasury Floating Rate Bond ETF	3.84%	4.16%	5.21%	4.88%	1.68%	0.00%	0.36%	2.08%	1.65%	0.86%	0.31%	0.15%

Frequently Asked Questions

Can I hold both TFLO and CSHI in my portfolio?

TFLO and CSHI have a correlation of -0.03, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TFLO or CSHI?

CSHI has higher volatility (0.21%) compared to TFLO (0.11%). In terms of maximum drawdown, TFLO dropped -5.01% vs CSHI's -1.69%.

Which ETF is better, TFLO or CSHI?

On 3-year performance, CSHI leads with 5.42% vs 4.69% for TFLO. On fees, TFLO is cheaper at 0.15% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TFLO or CSHI?

Over the 3-year period, CSHI has performed better with a 5.42% return vs 4.69%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TFLO or CSHI?

TFLO is cheaper with a 0.15% expense ratio, compared with 0.38% for CSHI.

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

CSHI has the higher dividend yield at 4.86%, compared with 3.84% for TFLO.

What is the main difference between TFLO and CSHI?

TFLO is categorized as Government Bonds, while CSHI is Ultrashort Bond. They also come from different issuers: iShares and Neos. Their fees differ too: 0.15% for TFLO and 0.38% for CSHI.

Which has better risk-adjusted returns?

TFLO currently has the higher Sharpe Ratio (13.69 vs 6.03), 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.