CSHI vs SPY
NEOS Enhanced Income 1-3 Month T-Bill ETF vs State Street SPDR S&P 500 ETF Trust
Quick Verdict
SPY has a lower expense ratio. SPY delivered stronger 1-year returns. SPY offers more diversification with 505 holdings.
Side-by-Side Comparison
| Metric | CSHI | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 0.38% | 0.09% | |
| AUM | $1.6B | $821.1B | |
| Dividend Yield | 4.83% | 1.01% | |
| Holdings | 22 | 505 | |
| YTD Return | +3.17% | +12.22% | |
| 1Y Return | +4.95% | +20.83% | |
| 3Y Return (annualized) | +5.36% | +21.70% | |
| 5Y Return (annualized) | - | +12.98% | |
| Volatility (annualized) | 0.4% | 15.3% | |
| Max Drawdown | -1.7% | -56.5% | |
| Fund Family | NEOS | State Street Investment Management | |
| Category | Fixed Income | Equity | |
| Inception | Aug 30, 2022 | Jan 22, 1993 |
CSHI vs SPY Performance
NEOS Enhanced Income 1-3 Month T-Bill ETF (CSHI) is a ETF from NEOS and State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management. Over the past year CSHI returned +4.95% while SPY returned +20.83%. Year to date, CSHI is up 3.17% versus a gain of 12.22% for SPY.
Over three years, CSHI compounded at +5.36% per year against +21.70% for SPY. Across the full 4-year window we track, SPY has the edge at +8.79% annualized vs +5.43%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
SPY has been the more volatile fund, with annualized monthly volatility of 15.3% compared with 0.4% for CSHI. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.
The deepest peak-to-trough decline in our data was -1.7% for CSHI and -56.5% for SPY. Drawdown depth is worth weighing if you expect to sell during market stress rather than ride it out.
The two funds' monthly returns correlate at 0.49. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
CSHI charges 0.38% per year while SPY charges 0.09%. On a $10,000 position that is $38 vs $9 annually, a gap of $29 per year that compounds over a long holding period. On income, CSHI currently yields 4.83% against 1.01% for SPY.
Holdings Overlap
CSHI and SPY share 0 holdings out of 505 unique holdings combined, representing a 0.0% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
Frequently Asked Questions
Which is cheaper, CSHI or SPY?
CSHI has an expense ratio of 0.38% while SPY charges 0.09%. SPY is the cheaper option. On a $10,000 investment, that is $29 per year of difference.
Which performed better, CSHI or SPY?
Over the past year CSHI returned +4.95% vs +20.83% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (4 years), CSHI annualized +5.43% vs +8.79% for SPY. Past performance does not guarantee future results.
Which is riskier, CSHI or SPY?
SPY has been the more volatile fund at 15.3% annualized versus 0.4% for CSHI. Worst drawdown: CSHI -1.7% vs SPY -56.5%.
Should I hold both CSHI and SPY?
CSHI and SPY have a monthly-return correlation of 0.49, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between CSHI and SPY?
CSHI and SPY share 0 common holdings with a 0.0% weight overlap. Combined, they hold 505 unique securities.
Which pays a higher dividend, CSHI or SPY?
CSHI yields 4.83% while SPY yields 1.01%, so CSHI currently pays the higher dividend yield.
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