XSW vs. CSHP
XSW (SPDR S&P Software & Services ETF) and CSHP (iShares Enhanced Short-Term Bond Active ETF) are both exchange-traded funds - XSW is a Technology Equities fund tracking the S&P Software & Services Select Industry Index, while CSHP is a Ultrashort Bond fund actively managed by iShares. XSW is passively managed, while CSHP is actively managed. Over the past year, XSW returned -10.86% vs 3.94% for CSHP. At a 0.03 correlation, their price movements are largely independent. XSW charges 0.35%/yr vs 0.20%/yr for CSHP.
Performance
XSW vs. CSHP - Performance Comparison
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Returns By Period
In the year-to-date period, XSW achieves a -13.68% return, which is significantly lower than CSHP's 1.83% return.
XSW
- 1D
- 0.86%
- 1M
- -2.12%
- YTD
- -13.68%
- 6M
- -15.49%
- 1Y
- -10.86%
- 3Y*
- 8.06%
- 5Y*
- -1.20%
- 10Y*
- 12.80%
CSHP
- 1D
- -0.03%
- 1M
- 0.27%
- YTD
- 1.83%
- 6M
- 1.92%
- 1Y
- 3.94%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
XSW vs. CSHP - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
XSW SPDR S&P Software & Services ETF | -13.68% | -0.90% | 19.44% |
CSHP iShares Enhanced Short-Term Bond Active ETF | 1.83% | 4.10% | 2.24% |
Correlation
The correlation between XSW and CSHP is -0.10, 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 | -0.10 |
Correlation (All Time) Calculated using the full available price history since Jul 18, 2024 | 0.03 |
The correlation between XSW and CSHP shifts across timeframes, from -0.10 (1 year) to 0.03 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
XSW vs. CSHP — Risk / Return Rank
XSW
CSHP
XSW vs. CSHP - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR S&P Software & Services ETF (XSW) 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.
| XSW | CSHP | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -11.47 | ||
| Sortino ratioReturn per unit of downside risk | -27.94 | ||
| Omega ratioGain probability vs. loss probability | 0.96 | 6.46 | -5.50 |
| Calmar ratioReturn relative to maximum drawdown | -0.32 | 65.45 | -65.77 |
| Martin ratioReturn relative to average drawdown | -0.67 | 381.67 | -382.34 |
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Drawdowns
XSW vs. CSHP - Drawdown Comparison
The maximum XSW drawdown since its inception was -45.38%, which is greater than CSHP's maximum drawdown of -0.08%. Use the drawdown chart below to compare losses from any high point for XSW and CSHP.
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Drawdown Indicators
| XSW | CSHP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -45.38% | -0.08% | -45.30% |
Max Drawdown (1Y)Largest decline over 1 year | -33.75% | -0.06% | -33.69% |
Max Drawdown (3Y)Largest decline over 3 years | -33.75% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -45.38% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -45.38% | — | — |
Current DrawdownCurrent decline from peak | -21.30% | -0.04% | -21.26% |
Average DrawdownAverage peak-to-trough decline | -9.86% | -0.00% | -9.86% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 16.31% | 0.01% | +16.30% |
Volatility
XSW vs. CSHP - Volatility Comparison
SPDR S&P Software & Services ETF (XSW) has a higher volatility of 11.42% compared to iShares Enhanced Short-Term Bond Active ETF (CSHP) at 0.16%. This indicates that XSW'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
| XSW | CSHP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 11.42% | 0.16% | +11.26% |
Volatility (6M)Calculated over the trailing 6-month period | 23.81% | 0.27% | +23.54% |
Volatility (1Y)Calculated over the trailing 1-year period | 28.83% | 0.36% | +28.47% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 28.89% | 0.41% | +28.48% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 26.26% | 0.41% | +25.85% |
XSW vs. CSHP - Expense Ratio Comparison
XSW has a 0.35% expense ratio, which is higher than CSHP's 0.20% expense ratio.
Dividends
XSW vs. CSHP - Dividend Comparison
XSW has not paid dividends to shareholders, while CSHP's dividend yield for the trailing twelve months is around 3.91%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% | 0.00% | 0.00% |
XSW SPDR S&P Software & Services ETF | 0.00% | 0.06% | 0.07% | 0.20% | 0.09% | 0.13% | 0.26% | 0.12% | 0.31% | 0.46% | 0.87% | 0.54% |
Frequently Asked Questions
XSW and CSHP have a correlation of -0.10, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
XSW has higher volatility (11.42%) compared to CSHP (0.16%). In terms of maximum drawdown, XSW dropped -45.38% vs CSHP's -0.08%.
On 1-year performance, CSHP leads with 3.94% vs -10.86% for XSW. 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 -10.86%. 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 0.35% for XSW.
CSHP has the higher dividend yield at 3.91%, compared with 0.00% for XSW.
XSW is categorized as Technology Equities, while CSHP is Ultrashort Bond. They also come from different issuers: State Street and iShares. Their fees differ too: 0.35% for XSW and 0.20% for CSHP.
CSHP currently has the higher Sharpe Ratio (11.09 vs -0.38), 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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