UDN vs. CSHP
UDN (Invesco DB US Dollar Index Bearish Fund) and CSHP (iShares Enhanced Short-Term Bond Active ETF) are both exchange-traded funds - UDN is a Currency fund tracking the Deutsche Bank Short USD Currency Portfolio Index, while CSHP is a Ultrashort Bond fund actively managed by iShares. UDN is passively managed, while CSHP is actively managed. Over the past year, UDN returned -1.37% vs 3.94% for CSHP. At a 0.03 correlation, their price movements are largely independent. UDN charges 0.77%/yr vs 0.20%/yr for CSHP.
Performance
UDN vs. CSHP - Performance Comparison
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Returns By Period
In the year-to-date period, UDN achieves a -2.36% return, which is significantly lower than CSHP's 1.83% return.
UDN
- 1D
- -0.34%
- 1M
- -2.04%
- YTD
- -2.36%
- 6M
- -2.68%
- 1Y
- -1.37%
- 3Y*
- 2.64%
- 5Y*
- -0.72%
- 10Y*
- -0.45%
CSHP
- 1D
- -0.03%
- 1M
- 0.27%
- YTD
- 1.83%
- 6M
- 1.92%
- 1Y
- 3.94%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
UDN vs. CSHP - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
UDN Invesco DB US Dollar Index Bearish Fund | -2.36% | 12.37% | -3.82% |
CSHP iShares Enhanced Short-Term Bond Active ETF | 1.83% | 4.10% | 2.24% |
Correlation
The correlation between UDN and CSHP is -0.14, 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 | -0.14 |
Correlation (All Time) Calculated using the full available price history since Jul 18, 2024 | 0.03 |
The correlation between UDN and CSHP shifts across timeframes, from -0.14 (1 year) to 0.03 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
UDN vs. CSHP — Risk / Return Rank
UDN
CSHP
UDN vs. CSHP - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco DB US Dollar Index Bearish Fund (UDN) 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.
| UDN | CSHP | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -11.32 | ||
| Sortino ratioReturn per unit of downside risk | -27.88 | ||
| Omega ratioGain probability vs. loss probability | 0.97 | 6.46 | -5.49 |
| Calmar ratioReturn relative to maximum drawdown | -0.28 | 65.45 | -65.73 |
| Martin ratioReturn relative to average drawdown | -0.60 | 381.67 | -382.28 |
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Drawdowns
UDN vs. CSHP - Drawdown Comparison
The maximum UDN drawdown since its inception was -41.67%, which is greater than CSHP's maximum drawdown of -0.08%. Use the drawdown chart below to compare losses from any high point for UDN and CSHP.
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Drawdown Indicators
| UDN | CSHP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -41.67% | -0.08% | -41.59% |
Max Drawdown (1Y)Largest decline over 1 year | -4.91% | -0.06% | -4.85% |
Max Drawdown (3Y)Largest decline over 3 years | -8.59% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -20.82% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -25.72% | — | — |
Current DrawdownCurrent decline from peak | -28.97% | -0.04% | -28.93% |
Average DrawdownAverage peak-to-trough decline | -20.63% | -0.00% | -20.63% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.28% | 0.01% | +2.27% |
Volatility
UDN vs. CSHP - Volatility Comparison
Invesco DB US Dollar Index Bearish Fund (UDN) has a higher volatility of 1.37% compared to iShares Enhanced Short-Term Bond Active ETF (CSHP) at 0.16%. This indicates that UDN'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
| UDN | CSHP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.37% | 0.16% | +1.21% |
Volatility (6M)Calculated over the trailing 6-month period | 4.34% | 0.27% | +4.07% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.05% | 0.36% | +5.69% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.41% | 0.41% | +7.00% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.86% | 0.41% | +6.45% |
UDN vs. CSHP - Expense Ratio Comparison
UDN has a 0.77% expense ratio, which is higher than CSHP's 0.20% expense ratio.
Dividends
UDN vs. CSHP - Dividend Comparison
UDN's dividend yield for the trailing twelve months is around 3.01%, less than CSHP's 3.91% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
CSHP iShares Enhanced Short-Term Bond Active ETF | 3.91% | 5.39% | 1.96% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
UDN Invesco DB US Dollar Index Bearish Fund | 3.01% | 2.94% | 5.33% | 5.21% | 0.69% | 0.00% | 0.00% | 1.38% | 1.26% | 0.11% |
Frequently Asked Questions
UDN and CSHP have a correlation of -0.14, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UDN has higher volatility (1.37%) compared to CSHP (0.16%). In terms of maximum drawdown, UDN dropped -41.67% vs CSHP's -0.08%.
On 1-year performance, CSHP leads with 3.94% vs -1.37% for UDN. 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, CSHP has performed better with a 3.94% return vs -1.37%. 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 0.77% for UDN.
CSHP has the higher dividend yield at 3.91%, compared with 3.01% for UDN.
UDN is categorized as Currency, while CSHP is Ultrashort Bond. They also come from different issuers: Invesco and iShares. Their fees differ too: 0.77% for UDN and 0.20% for CSHP.
CSHP currently has the higher Sharpe Ratio (11.09 vs -0.23), 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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