ULST vs. CSHI
ULST (State Street Ultra Short Term Bond ETF) and CSHI (Neos Enhanced Income Cash Alternative ETF) are both Ultrashort Bond funds - ULST tracks the Bloomberg US Treasury Bellwether 3 Month Index while CSHI tracks the NONE. Both are passively managed. Over the past 3 years, ULST returned 4.92%/yr vs 5.45%/yr for CSHI. At a 0.00 correlation, their price movements are largely independent. ULST charges 0.20%/yr vs 0.38%/yr for CSHI.
Performance
ULST vs. CSHI - Performance Comparison
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Returns By Period
In the year-to-date period, ULST achieves a 1.24% return, which is significantly lower than CSHI's 2.26% return.
ULST
- 1D
- -0.02%
- 1M
- 0.33%
- YTD
- 1.24%
- 6M
- 1.57%
- 1Y
- 3.99%
- 3Y*
- 4.92%
- 5Y*
- 3.51%
- 10Y*
- 2.67%
CSHI
- 1D
- 0.02%
- 1M
- 0.37%
- YTD
- 2.26%
- 6M
- 2.59%
- 1Y
- 5.25%
- 3Y*
- 5.45%
- 5Y*
- —
- 10Y*
- —
ULST vs. CSHI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
ULST State Street Ultra Short Term Bond ETF | 1.24% | 4.80% | 5.23% | 5.60% | 1.23% |
CSHI Neos Enhanced Income Cash Alternative ETF | 2.26% | 5.05% | 5.66% | 6.21% | 1.46% |
Correlation
The correlation between ULST and CSHI is 0.07, 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 | 0.07 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.01 |
Correlation (All Time) Calculated using the full available price history since Aug 31, 2022 | 0.00 |
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Return for Risk
ULST vs. CSHI — Risk / Return Rank
ULST
CSHI
ULST vs. CSHI - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for State Street Ultra Short Term Bond ETF (ULST) and Neos Enhanced Income Cash Alternative 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.
| ULST | CSHI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.02 | ||
| Sortino ratioReturn per unit of downside risk | +0.46 | ||
| Omega ratioGain probability vs. loss probability | 2.77 | 2.75 | +0.02 |
| Calmar ratioReturn relative to maximum drawdown | 16.92 | 29.16 | -12.24 |
| Martin ratioReturn relative to average drawdown | 87.49 | 154.18 | -66.68 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| ULST | CSHI | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 6.14 | 6.16 | -0.02 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 3.67 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 1.86 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.50 | 4.18 | -2.68 |
Drawdowns
ULST vs. CSHI - Drawdown Comparison
The maximum ULST drawdown since its inception was -6.20%, which is greater than CSHI's maximum drawdown of -1.69%. Use the drawdown chart below to compare losses from any high point for ULST and CSHI.
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Drawdown Indicators
| ULST | CSHI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -6.20% | -1.69% | -4.51% |
Max Drawdown (1Y)Largest decline over 1 year | -0.24% | -0.18% | -0.06% |
Max Drawdown (3Y)Largest decline over 3 years | -0.54% | -1.69% | +1.15% |
Max Drawdown (5Y)Largest decline over 5 years | -1.22% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -6.20% | — | — |
Current DrawdownCurrent decline from peak | -0.05% | 0.00% | -0.05% |
Average DrawdownAverage peak-to-trough decline | -0.16% | -0.03% | -0.13% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.05% | 0.03% | +0.02% |
Volatility
ULST vs. CSHI - Volatility Comparison
State Street Ultra Short Term Bond ETF (ULST) has a higher volatility of 0.18% compared to Neos Enhanced Income Cash Alternative ETF (CSHI) at 0.11%. This indicates that ULST's price experiences larger fluctuations and is considered to be riskier than CSHI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ULST | CSHI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.18% | 0.11% | +0.07% |
Volatility (6M)Calculated over the trailing 6-month period | 0.43% | 0.52% | -0.09% |
Volatility (1Y)Calculated over the trailing 1-year period | 0.65% | 0.86% | -0.21% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 0.96% | 1.32% | -0.36% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 1.45% | 1.32% | +0.13% |
ULST vs. CSHI - Expense Ratio Comparison
ULST has a 0.20% expense ratio, which is lower than CSHI's 0.38% expense ratio.
Dividends
ULST vs. CSHI - Dividend Comparison
ULST's dividend yield for the trailing twelve months is around 4.29%, less than CSHI's 4.90% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CSHI Neos Enhanced Income Cash Alternative ETF | 4.90% | 5.11% | 5.72% | 6.15% | 1.52% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
ULST State Street Ultra Short Term Bond ETF | 4.29% | 4.46% | 5.03% | 4.45% | 1.70% | 0.54% | 1.34% | 2.56% | 2.13% | 1.21% | 0.93% | 0.37% |
Frequently Asked Questions
ULST and CSHI have a correlation of 0.07, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
ULST has higher volatility (0.18%) compared to CSHI (0.11%). In terms of maximum drawdown, ULST dropped -6.20% vs CSHI's -1.69%.
On 3-year performance, CSHI leads with 5.45% vs 4.92% for ULST. On fees, ULST is cheaper at 0.20% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, CSHI has performed better with a 5.45% return vs 4.92%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
ULST is cheaper with a 0.20% expense ratio, compared with 0.38% for CSHI.
CSHI has the higher dividend yield at 4.90%, compared with 4.29% for ULST.
ULST tracks Bloomberg US Treasury Bellwether 3 Month Index, while CSHI tracks NONE. They also come from different issuers: State Street and Neos. Their fees differ too: 0.20% for ULST and 0.38% for CSHI.
CSHI currently has the higher Sharpe Ratio (6.16 vs 6.14), 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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