TIPZ vs. CSHP

Last updated Jun 3, 2026

TIPZ (PIMCO Broad US TIPS Index ETF) and CSHP (iShares Enhanced Short-Term Bond Active ETF) are both exchange-traded funds - TIPZ is a Inflation-Protected Bonds fund tracking the ICE BofA US Inflation-Linked Treasury, while CSHP is a Ultrashort Bond fund actively managed by iShares. TIPZ is passively managed, while CSHP is actively managed. Over the past year, TIPZ returned 5.19% vs 3.96% for CSHP. At a correlation of -0.14, they often move in opposite directions. Both charge a 0.20% expense ratio.

Performance

TIPZ vs. CSHP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PIMCO Broad US TIPS Index ETF (TIPZ) and iShares Enhanced Short-Term Bond Active ETF (CSHP). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TIPZ achieves a 2.79% return, which is significantly higher than CSHP's 1.62% return.

TIPZ

• 1D: 0.02%
• 1M: -0.03%
• YTD: 2.79%
• 6M: 1.43%
• 1Y: 5.19%
• 3Y*: 3.93%
• 5Y*: 0.92%
• 10Y*: 2.51%

CSHP

• 1D: -0.01%
• 1M: 0.28%
• YTD: 1.62%
• 6M: 1.93%
• 1Y: 3.96%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

TIPZ vs. CSHP - Yearly Performance Comparison

	2026 (YTD)	2025	2024
TIPZ PIMCO Broad US TIPS Index ETF	2.79%	5.87%	-0.44%
CSHP iShares Enhanced Short-Term Bond Active ETF	1.62%	4.10%	2.24%

Correlation

The correlation between TIPZ and CSHP is -0.20, 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	-0.20
Correlation (All Time) Calculated using the full available price history since Jul 19, 2024	-0.15

Return for Risk

TIPZ vs. CSHP — Risk / Return Rank

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

TIPZ

TIPZ Risk / Return Rank: 39
TIPZ Sharpe Ratio Rank: 37
TIPZ Sortino Ratio Rank: 37
TIPZ Omega Ratio Rank: 37
TIPZ Calmar Ratio Rank: 44
TIPZ Martin Ratio Rank: 42

CSHP

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

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.

TIPZ vs. CSHP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PIMCO Broad US TIPS Index ETF (TIPZ) 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.

	TIPZ	CSHP	Difference
Sharpe ratio Return per unit of total volatility	1.33	11.92	-10.59
Sortino ratio Return per unit of downside risk	1.96	31.30	-29.34
Omega ratio Gain probability vs. loss probability	1.25	7.45	-6.20
Calmar ratio Return relative to maximum drawdown	2.21	65.71	-63.50
Martin ratio Return relative to average drawdown	6.91	433.00	-426.09
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TIPZ vs. CSHP - Sharpe Ratio Comparison

The current TIPZ Sharpe Ratio is 1.33, which is lower than the CSHP Sharpe Ratio of 11.92. The chart below compares the historical Sharpe Ratios of TIPZ and CSHP, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	TIPZ	CSHP	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.33	11.92	-10.59
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.14	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.43	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.53	10.74	-10.22

Drawdowns

TIPZ vs. CSHP - Drawdown Comparison

The maximum TIPZ drawdown since its inception was -15.77%, which is greater than CSHP's maximum drawdown of -0.08%. Use the drawdown chart below to compare losses from any high point for TIPZ and CSHP.

Drawdown Indicators

	TIPZ	CSHP	Difference
Max Drawdown Largest peak-to-trough decline	-15.77%	-0.08%	-15.69%
Max Drawdown (1Y) Largest decline over 1 year	-2.18%	-0.06%	-2.12%
Max Drawdown (3Y) Largest decline over 3 years	-4.74%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-15.77%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-15.77%	—	—
Current Drawdown Current decline from peak	-1.24%	-0.01%	-1.23%
Average Drawdown Average peak-to-trough decline	-4.33%	-0.00%	-4.33%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.70%	0.01%	+0.69%

Volatility

TIPZ vs. CSHP - Volatility Comparison

PIMCO Broad US TIPS Index ETF (TIPZ) has a higher volatility of 0.97% compared to iShares Enhanced Short-Term Bond Active ETF (CSHP) at 0.07%. This indicates that TIPZ'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.

Volatility by Period

	TIPZ	CSHP	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.97%	0.07%	+0.90%
Volatility (6M) Calculated over the trailing 6-month period	2.90%	0.24%	+2.66%
Volatility (1Y) Calculated over the trailing 1-year period	3.93%	0.33%	+3.60%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.37%	0.40%	+5.97%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.84%	0.40%	+5.44%

TIPZ vs. CSHP - Expense Ratio Comparison

Both TIPZ and CSHP have an expense ratio of 0.20%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.

Dividends

TIPZ vs. CSHP - Dividend Comparison

TIPZ's dividend yield for the trailing twelve months is around 5.10%, more than CSHP's 3.92% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CSHP iShares Enhanced Short-Term Bond Active ETF	3.92%	5.39%	1.96%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
TIPZ PIMCO Broad US TIPS Index ETF	5.10%	4.74%	4.44%	4.69%	7.14%	4.41%	1.47%	1.65%	2.23%	1.70%	1.06%	0.56%

Frequently Asked Questions

Can I hold both TIPZ and CSHP in my portfolio?

TIPZ and CSHP have a correlation of -0.20, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TIPZ or CSHP?

TIPZ has higher volatility (0.97%) compared to CSHP (0.07%). In terms of maximum drawdown, TIPZ dropped -15.77% vs CSHP's -0.08%.

Which ETF is better, TIPZ or CSHP?

On 1-year performance, TIPZ leads with 5.19% vs 3.96% for CSHP. Both ETFs have the same 0.20% expense ratio. On volatility, CSHP has been the lower-risk option at 0.07%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TIPZ or CSHP?

Over the 1-year period, TIPZ has performed better with a 5.19% return vs 3.96%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TIPZ or CSHP?

TIPZ and CSHP have the same expense ratio: 0.20% per year.

Which ETF pays a higher dividend yield, TIPZ or CSHP?

TIPZ has the higher dividend yield at 5.10%, compared with 3.92% for CSHP.

What is the main difference between TIPZ and CSHP?

TIPZ is categorized as Inflation-Protected Bonds, while CSHP is Ultrashort Bond. They also come from different issuers: PIMCO and iShares.

Which has better risk-adjusted returns?

CSHP currently has the higher Sharpe Ratio (11.92 vs 1.33), 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.