TJAN vs. CSHP

Last updated Jul 2, 2026

TJAN (Innovator Equity Defined Protection ETF - 2 Yr To January 2027) and CSHP (iShares Enhanced Short-Term Bond Active ETF) are both exchange-traded funds - TJAN 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, TJAN returned 7.11% vs 3.95% for CSHP. At a correlation of -0.00, they often move in opposite directions. TJAN charges 0.79%/yr vs 0.20%/yr for CSHP.

Performance

TJAN vs. CSHP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator Equity Defined Protection ETF - 2 Yr To January 2027 (TJAN) 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, TJAN achieves a 3.04% return, which is significantly higher than CSHP's 1.92% return.

TJAN

• 1D: 0.07%
• 1M: 0.24%
• YTD: 3.04%
• 6M: 3.04%
• 1Y: 7.11%
• 3Y*: —
• 5Y*: —
• 10Y*: —

CSHP

• 1D: 0.02%
• 1M: 0.28%
• YTD: 1.92%
• 6M: 1.92%
• 1Y: 3.95%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

TJAN vs. CSHP - Yearly Performance Comparison

	2026 (YTD)	2025
TJAN Innovator Equity Defined Protection ETF - 2 Yr To January 2027	3.04%	7.43%
CSHP iShares Enhanced Short-Term Bond Active ETF	1.92%	4.10%

Correlation

The correlation between TJAN and CSHP is -0.08, 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	-0.08
Correlation (All Time) Calculated using the full available price history since Jan 2, 2025	-0.00

Return for Risk

TJAN vs. CSHP — Risk / Return Rank

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

TJAN

TJAN Risk / Return Rank: 89
TJAN Sharpe Ratio Rank: 91
TJAN Sortino Ratio Rank: 93
TJAN Omega Ratio Rank: 93
TJAN Calmar Ratio Rank: 78
TJAN Martin Ratio Rank: 91

CSHP

CSHP Risk / Return Rank: 99
CSHP Sharpe Ratio Rank: 100
CSHP Sortino Ratio Rank: 99
CSHP Omega Ratio Rank: 99
CSHP Calmar Ratio Rank: 99
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.

TJAN 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 January 2027 (TJAN) 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.

	TJAN	CSHP	Difference
Sharpe ratio: Return per unit of total volatility	2.59	10.71	-8.12
Sortino ratio: Return per unit of downside risk	3.96	25.63	-21.67
Omega ratio: Gain probability vs. loss probability	1.52	6.04	-4.52
Calmar ratio: Return relative to maximum drawdown	3.39	49.39	-45.99
Martin ratio: Return relative to average drawdown	17.81	326.86	-309.05

TJAN vs. CSHP - Sharpe Ratio Comparison

The current TJAN Sharpe Ratio is 2.59, which is lower than the CSHP Sharpe Ratio of 10.71. The chart below compares the historical Sharpe Ratios of TJAN 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.

Drawdowns

TJAN vs. CSHP - Drawdown Comparison

The maximum TJAN drawdown since its inception was -4.83%, which is greater than CSHP's maximum drawdown of -0.08%. Use the drawdown chart below to compare losses from any high point for TJAN and CSHP.

Drawdown Indicators

	TJAN	CSHP	Difference
Max Drawdown Largest peak-to-trough decline	-4.83%	-0.08%	-4.75%
Max Drawdown (1Y) Largest decline over 1 year	-2.10%	-0.08%	-2.02%
Current Drawdown Current decline from peak	-0.02%	-0.03%	+0.01%
Average Drawdown Average peak-to-trough decline	-0.43%	-0.01%	-0.42%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.40%	0.01%	+0.39%

Volatility

TJAN vs. CSHP - Volatility Comparison

Innovator Equity Defined Protection ETF - 2 Yr To January 2027 (TJAN) has a higher volatility of 0.76% compared to iShares Enhanced Short-Term Bond Active ETF (CSHP) at 0.20%. This indicates that TJAN'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

	TJAN	CSHP	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.76%	0.20%	+0.56%
Volatility (6M) Calculated over the trailing 6-month period	2.18%	0.29%	+1.89%
Volatility (1Y) Calculated over the trailing 1-year period	2.77%	0.37%	+2.40%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.33%	0.42%	+3.91%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.33%	0.42%	+3.91%

TJAN vs. CSHP - Expense Ratio Comparison

TJAN has a 0.79% expense ratio, which is higher than CSHP's 0.20% expense ratio.

Dividends

TJAN vs. CSHP - Dividend Comparison

TJAN has not paid dividends to shareholders, while CSHP's dividend yield for the trailing twelve months is around 4.01%.

Position	TTM	2025	2024
CSHP iShares Enhanced Short-Term Bond Active ETF	4.01%	5.39%	1.96%
TJAN Innovator Equity Defined Protection ETF - 2 Yr To January 2027	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both TJAN and CSHP in my portfolio?

TJAN and CSHP have a correlation of -0.08, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TJAN or CSHP?

TJAN has higher volatility (0.76%) compared to CSHP (0.20%). In terms of maximum drawdown, TJAN dropped -4.83% vs CSHP's -0.08%.

Which ETF is better, TJAN or CSHP?

On 1-year performance, TJAN leads with 7.11% vs 3.95% for CSHP. On fees, CSHP is cheaper at 0.20% per year. On volatility, CSHP has been the lower-risk option at 0.20%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TJAN or CSHP?

Over the 1-year period, TJAN has performed better with a 7.11% return vs 3.95%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TJAN or CSHP?

CSHP is cheaper with a 0.20% expense ratio, compared with 0.79% for TJAN.

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

CSHP has the higher dividend yield at 4.01%, compared with 0.00% for TJAN.

What is the main difference between TJAN and CSHP?

TJAN 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 TJAN and 0.20% for CSHP.

Which has better risk-adjusted returns?

CSHP currently has the higher Sharpe Ratio (10.71 vs 2.59), 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.