XOEX vs. CSHP

Last updated Jun 24, 2026

XOEX (Xtrackers S&P 100 Ex Top 20 ETF) and CSHP (iShares Enhanced Short-Term Bond Active ETF) are both exchange-traded funds - XOEX is a Large Cap Blend Equities fund tracking the S&P 100 Ex-Top 20 Select Index, while CSHP is a Ultrashort Bond fund actively managed by iShares. XOEX is passively managed, while CSHP is actively managed. Over the past year, XOEX returned 25.84% vs 3.94% for CSHP. At a 0.06 correlation, their price movements are largely independent. XOEX charges 0.15%/yr vs 0.20%/yr for CSHP.

Performance

XOEX vs. CSHP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Xtrackers S&P 100 Ex Top 20 ETF (XOEX) 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, XOEX achieves a 9.48% return, which is significantly higher than CSHP's 1.83% return.

XOEX

• 1D: -0.62%
• 1M: 0.90%
• YTD: 9.48%
• 6M: 8.67%
• 1Y: 25.84%
• 3Y*: 17.92%
• 5Y*: —
• 10Y*: —

CSHP

• 1D: -0.03%
• 1M: 0.27%
• YTD: 1.83%
• 6M: 1.92%
• 1Y: 3.94%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

XOEX vs. CSHP - Yearly Performance Comparison

	2026 (YTD)	2025	2024
XOEX Xtrackers S&P 100 Ex Top 20 ETF	9.48%	18.97%	1.85%
CSHP iShares Enhanced Short-Term Bond Active ETF	1.83%	4.10%	2.24%

Correlation

The correlation between XOEX and CSHP 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 (All Time) Calculated using the full available price history since Jul 18, 2024	0.06

The correlation between XOEX and CSHP shifts across timeframes, from -0.07 (1 year) to 0.06 (all time), reflecting how their relationship changes across market environments.

Return for Risk

XOEX vs. CSHP — Risk / Return Rank

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

XOEX

XOEX Risk / Return Rank: 78
XOEX Sharpe Ratio Rank: 79
XOEX Sortino Ratio Rank: 82
XOEX Omega Ratio Rank: 77
XOEX Calmar Ratio Rank: 76
XOEX Martin Ratio Rank: 79

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: 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.

XOEX vs. CSHP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Xtrackers S&P 100 Ex Top 20 ETF (XOEX) 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.

	XOEX	CSHP	Difference
Sharpe ratio: Return per unit of total volatility	2.30	11.09	-8.79
Sortino ratio: Return per unit of downside risk	3.29	27.60	-24.31
Omega ratio: Gain probability vs. loss probability	1.41	6.46	-5.05
Calmar ratio: Return relative to maximum drawdown	3.55	65.45	-61.90
Martin ratio: Return relative to average drawdown	13.97	381.67	-367.70

XOEX vs. CSHP - Sharpe Ratio Comparison

The current XOEX Sharpe Ratio is 2.30, which is lower than the CSHP Sharpe Ratio of 11.09. The chart below compares the historical Sharpe Ratios of XOEX 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

XOEX vs. CSHP - Drawdown Comparison

The maximum XOEX drawdown since its inception was -14.68%, which is greater than CSHP's maximum drawdown of -0.08%. Use the drawdown chart below to compare losses from any high point for XOEX and CSHP.

Drawdown Indicators

	XOEX	CSHP	Difference
Max Drawdown Largest peak-to-trough decline	-14.68%	-0.08%	-14.60%
Max Drawdown (1Y) Largest decline over 1 year	-7.31%	-0.06%	-7.25%
Max Drawdown (3Y) Largest decline over 3 years	-14.68%	—	—
Current Drawdown Current decline from peak	-1.52%	-0.04%	-1.48%
Average Drawdown Average peak-to-trough decline	-2.62%	-0.00%	-2.62%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.85%	0.01%	+1.84%

Volatility

XOEX vs. CSHP - Volatility Comparison

Xtrackers S&P 100 Ex Top 20 ETF (XOEX) has a higher volatility of 4.07% compared to iShares Enhanced Short-Term Bond Active ETF (CSHP) at 0.16%. This indicates that XOEX'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

	XOEX	CSHP	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.07%	0.16%	+3.91%
Volatility (6M) Calculated over the trailing 6-month period	8.88%	0.27%	+8.61%
Volatility (1Y) Calculated over the trailing 1-year period	11.29%	0.36%	+10.93%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.45%	0.41%	+13.04%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.45%	0.41%	+13.04%

XOEX vs. CSHP - Expense Ratio Comparison

XOEX has a 0.15% expense ratio, which is lower than CSHP's 0.20% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

XOEX vs. CSHP - Dividend Comparison

XOEX's dividend yield for the trailing twelve months is around 1.48%, less than CSHP's 3.91% yield.

Position	TTM	2025	2024	2023	2022
CSHP iShares Enhanced Short-Term Bond Active ETF	3.91%	5.39%	1.96%	0.00%	0.00%
XOEX Xtrackers S&P 100 Ex Top 20 ETF	1.48%	1.95%	2.09%	1.72%	0.42%

Frequently Asked Questions

Can I hold both XOEX and CSHP in my portfolio?

XOEX and CSHP 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.

Which is riskier, XOEX or CSHP?

XOEX has higher volatility (4.07%) compared to CSHP (0.16%). In terms of maximum drawdown, XOEX dropped -14.68% vs CSHP's -0.08%.

Which ETF is better, XOEX or CSHP?

On 1-year performance, XOEX leads with 25.84% vs 3.94% for CSHP. On fees, XOEX is cheaper at 0.15% 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.

Which ETF has performed better, XOEX or CSHP?

Over the 1-year period, XOEX has performed better with a 25.84% return vs 3.94%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, XOEX or CSHP?

XOEX is cheaper with a 0.15% expense ratio, compared with 0.20% for CSHP.

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

CSHP has the higher dividend yield at 3.91%, compared with 1.48% for XOEX.

What is the main difference between XOEX and CSHP?

XOEX is categorized as Large Cap Blend Equities, while CSHP is Ultrashort Bond. They also come from different issuers: Xtrackers and iShares. Their fees differ too: 0.15% for XOEX and 0.20% for CSHP.

Which has better risk-adjusted returns?

CSHP currently has the higher Sharpe Ratio (11.09 vs 2.30), 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.