CSHI vs SGOV: Extra Income on T-Bills, or Just the Bills?
A head-to-head of NEOS's enhanced 1-3 month T-bill ETF and the iShares 0-3 Month Treasury Bond ETF covering the options overlay, payout, cost, and cash role.
Projections assume the current yield and share price remain constant. Actual results will vary.
Total returns
100% reinvested · ex-date convention. Period returns use this fixed assumption, independent of chart settings. YTD and 1Y are cumulative period returns; 3Y, 5Y, and 10Y are annualized. The shared Since-start window is annualized only when it covers at least one year.
CSHI has outpaced SGOV over the trailing twelve months, posting a 4.90% total return against 3.74%. The lead holds up over 3 years too: CSHI has compounded at 5.30% a year, against 4.54% for SGOV. SGOV has been the steadier holding, though — annualized volatility of 0.2% against 1.4% for CSHI. Figures are total returns: price change plus every distribution reinvested.
Total return and risk statistics by fund. Each row is one fund; each column is one period or statistic.
Total return with all distributions reinvested on the ex-dividend date (a modeling convention, not the cash-settlement date), split-adjusted, as of September 30, 2026. YTD and 1Y are cumulative period returns; 3Y, 5Y, and 10Y are annualized. The shared Since-start window is annualized only when it covers at least one year. “Since Aug 2022” measures every fund from August 30, 2022 — the start of shared available history — so all funds share one comparison window. Volatility is the annualized standard deviation of daily total returns over the trailing 3 years. Sharpe and Sortino divide the annualized return in excess of the risk-free rate by, respectively, that volatility and the downside deviation (both over the trailing 3 years) — higher is better. Max drawdown is the largest peak-to-trough total-return decline over the same window — shallower is better.
Distribution rate and SEC yield
Metric
CSHI
SGOV
Forward distribution rate
4.99%
3.66%
Trailing 12-month yield
4.82%
3.69%
30-day SEC yield
3.30%
—
Total return (price change plus reinvested distributions) is the Total returns section above. A 30-day SEC yield can sit far from the headline distribution rate; both numbers are the fund's own published fields.
Short T-bill ETFs, from our catalog
SGOV tracks ICE 0-3 Month US Treasury Securities Index and pays monthly at a forward distribution rate of 3.66% with an expense ratio of 0.09%.
BIL, another short Treasury ETF in this catalog, tracks Bloomberg 1-3 Month U.S. Treasury Bill Index at a forward distribution rate of 3.66% (Monthly) with an expense ratio of 0.1353%.
These are interest-like cash rates, not equity dividends. A covered-call or dividend ETF can pay more, and it can also lose principal.
Side-by-side snapshot
Side-by-side snapshot. Each row is one metric;
each column is one fund.
Bottom lineChoose CSHI if you want extra cash from selling option premium and can accept overlay risk. Choose SGOV if you want 0-3 month T-bills as cash, with no options overlay. CSHI's extra yield comes from selling option premium, which adds market-path risk SGOV does not take. SGOV is the cash sleeve.
CSHI vs SGOV: overlay income vs plain T-bills
Both hold short Treasuries. CSHI sells S&P 500 put spreads on top. The higher payout is that overlay, not safer cash.
CSHI
SGOV
Treasury book
1-3 month T-bills
0-3 month T-bills
Overlay
S&P 500 index put spreads
None
Expense ratio
0.38%
0.09%
Distribution rate
4.99%
3.66%
How the risk works
Read this before the income numbers below: the strategy mechanics on this page shape what those payouts can cost you.
Capped upside and premium dependence. CSHI generates income by selling options, which trades away part of a strong rally in exchange for premium. Distributions can include return of capital, and a payout the underlying assets cannot sustain shows up as NAV erosion over time — the big yield number is not free.
ETFs and AUM reflect what Dividend Vision tracks — the issuer's full lineup may be larger.
NEOS is known for developing specialized income-focused ETFs that employ strategies like covered calls, hedging, and enhanced yields across various asset classes. The firm manages 19 funds organized into nine distinct families, including offerings in equity high income, fixed income enhancement, digital assets, and alternative strategies, with popular tickers like SPYI (S&P 500 covered call), QQQI (Nasdaq-100 covered call), and QQQH (Nasdaq-100 hedged equity income). NEOS distinguishes itself in the ETF landscape through its emphasis on income generation and downside protection strategies rather than traditional growth approaches.
See our curated list of related YouTube videos on CSHI.
ETFs and AUM reflect what Dividend Vision tracks — the issuer's full lineup may be larger.
iShares is one of the largest ETF providers globally, known for offering a broad, diversified lineup of exchange-traded funds across multiple asset classes and investment strategies. The company operates 215 funds spanning 15 distinct families, including popular offerings in dividend income, covered call strategies, bonds, equities, ESG-focused investments, and factor-based approaches, with widely-held tickers like AGG (bond), ACWI (global equity), and AOA (allocation). iShares is characterized by its comprehensive fund ecosystem that serves both core portfolio holdings and specialized investment strategies, making it a prominent player for investors seeking both traditional and alternative income-generating ETF solutions.
See our curated list of related YouTube videos on SGOV.
CSHI (NEOS Enhanced Income 1-3 Month T-Bill ETF) and SGOV (iShares 0-3 Month Treasury Bond ETF) are both monthly-pay dividend ETFs, but they take different approaches.
CSHI offers the higher yield at 4.99% vs 3.66% for SGOV. A higher yield means more current income per dollar invested, though it may come with different risk characteristics.
SGOV is cheaper with an expense ratio of 0.09% compared to 0.38%.
They have different reference exposures: CSHI is linked to 1-3 Month U.S. Treasury Bills; overlay: S&P 500 index put spreads (active, not an index tracker) while SGOV is linked to ICE 0-3 Month US Treasury Securities Index, which means their performance drivers differ.
SGOV is the larger fund by assets ($112B), but assets alone do not establish trading costs or liquidity.
Who should choose each?
Choose CSHI
NEOS Enhanced Income 1-3 Month T-Bill ETF
Want option-premium income — extra yield from selling options, not a safer T-bill sleeve.
Want to maximize current income — CSHI distributes roughly 4.99% from selling options premium, vs 3.66% for SGOV.
Are comfortable with an options-income strategy — a large payout in exchange for capped upside.
Choose SGOV
iShares 0-3 Month Treasury Bond ETF
Want plain T-bill cash — no overlay, almost no mark-to-market.
Want fixed-income ballast that cushions equity drawdowns.
Want to keep costs low — a 0.09% expense ratio vs 0.38% for CSHI.
Not sure? Use the income calculator and snapshot above to weigh these trade-offs against your own goals.
Still deciding? Track CSHI & SGOV for free
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On a $10,000 investment, CSHI would generate roughly $41.58 cash per distribution, while SGOV would produce $30.50 cash per distribution, at current distribution rates. Both pay monthly distributions.
CSHI yield4.99%
SGOV yield3.66%
Cash diff on $10K$11.08
Cost & efficiency
Over 10 years on $10,000, CSHI would cost approximately $380 in fees vs $90 for SGOV (simplified, not compounded). The $290.00 difference may be offset by yield or performance.
CSHI ER0.38%
SGOV ER0.09%
Strategy & risk
CSHI tracks 1-3 Month U.S. Treasury Bills; overlay: S&P 500 index put spreads (active, not an index tracker) with an options approach, while SGOV tracks ICE 0-3 Month US Treasury Securities Index with a bonds approach. Beta is 0.0316 for CSHI and -0.0029 for SGOV — effectively similar market sensitivity.
CSHI beta0.0316
SGOV beta-0.0029
Fund details
CSHI is managed by NEOS (launched 08/30/2022) with $1.89B in assets. SGOV is managed by iShares (launched 05/26/2020) with $112B in assets.
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Frequently asked questions
What is the difference between CSHI and SGOV?
Both start with short US T-bills, but they are not the same cash vehicle. SGOV (iShares 0-3 Month Treasury Bond ETF) holds 0-3 month Treasuries with no overlay. CSHI (NEOS Enhanced Income 1-3 Month T-Bill ETF) holds 1-3 month T-bills and sells S&P 500 index put spreads to raise the payout. That overlay is why CSHI distributes 4.99% against 3.66% for SGOV as of September 2026, and why it costs 0.38% against 0.09%. The extra income comes with equity-market risk that plain T-bills do not have. Neither is an insured bank account.
What is the current distribution rate for CSHI and SGOV?
CSHI currently distributes 4.99% and SGOV 3.66%, based on fund data updated September 2026. Distribution rate moves with both the payout and the share price, so check the as-of date before relying on either figure.
Is CSHI or SGOV better for dividend income?
It depends on your goals. CSHI currently offers the higher distribution yield, which means more income per dollar invested. However, a lower-yield fund may offer better total return or lower volatility. Consider your time horizon and risk tolerance.
Can I hold both CSHI and SGOV?
Yes — nothing prevents holding both. Whether the combination actually diversifies depends on how much the underlying exposures overlap, which isn't fully measurable from the data on this page; review each security's holdings, sector, and strategy before treating them as complementary.
Is CSHI or SGOV safer?
By Dividend Vision's Distribution Safety Score — a rules-based 0–100 estimate of how resilient a distribution looks, where higher is safer — CSHI scores 86, SGOV scores 78, so CSHI's payout currently looks the more resilient of the two. No score makes an investment risk-free — treat this as a screening signal, not a guarantee, and the leverage, options-income, or crypto caveats flagged on this page apply regardless of score.
Which has lower fees, CSHI or SGOV?
CSHI has an expense ratio of 0.38% while SGOV charges 0.09%. Lower fees mean more of your investment returns stay in your pocket over time.
How much income does $10,000 in CSHI vs SGOV generate?
At current rates, $10,000 in CSHI would generate roughly $41.58 cash per distribution ($499.00 annually). The same in SGOV would produce about $30.50 cash per distribution ($366.00 annually).
Which has performed better historically, CSHI or SGOV?
CSHI has outpaced SGOV over the trailing twelve months, posting a 4.90% total return against 3.74%. The lead holds up over 3 years too: CSHI has compounded at 5.30% a year, against 4.54% for SGOV. SGOV has been the steadier holding, though — annualized volatility of 0.2% against 1.4% for CSHI. Figures are total returns: price change plus every distribution reinvested. Past performance does not guarantee future results.
Explore related screeners
Lateral filters that include these funds — browse the full peer set on DividendVision.
CSHI and SGOV both hold U.S. Treasury bills maturing within three months, but they generate income in fundamentally different ways. SGOV is a straightforward Treasury bill index tracker that distributes the interest accruing on its holdings. CSHI holds the same bills but layers on an active S&P 500 put-spread options overlay designed to generate additional monthly income. That options strategy is the key distinction: CSHI is selling downside protection on the S&P 500 to boost yield, while SGOV simply earns the risk-free Treasury rate.
How they differ
The core difference is income strategy. SGOV tracks a Treasury bill index passively and distributes the yield on those bills—currently 3.66%. CSHI holds Treasury bills but generates its higher 4.99% yield by actively selling put spreads on the S&P 500 each month. Both pay monthly and are structured as tax-efficient strategies, though SGOV's simplicity and CSHI's derivative complexity may generate different tax outcomes depending on how often the options expire in-the-money or out-of-the-money.
Who each is best for
CSHI: Fits investors seeking to enhance cash returns beyond the Treasury bill rate and who can tolerate brief periods when S&P 500 put spreads may be tested by sharp equity market declines. Designed for investors comfortable with options mechanics and willing to accept the trade-off of capped upside on S&P 500 rallies in exchange for higher current income. Designed for conservative allocations, emergency reserves, or cash positions where stability and simplicity outweigh the hunt for incremental yield.
Key risks to know
Put-spread assignment risk (CSHI only). If the S&P 500 falls sharply, CSHI's short puts may move into-the-money and be assigned. While the spread structure caps losses, forced cash settlement or stock assignment could force rapid adjustments to the fund's position. This risk does not apply to SGOV.
Options expiration timing mismatch.CSHI sells monthly put spreads on a rolling basis. If a large market correction occurs early in the month, the fund may face realized losses before the position can be rolled, potentially dragging down NAV or forcing a reduction in the following month's income generation.
Rate environment sensitivity. Both funds hold ultra-short Treasuries, so their distributions rise and fall with short-term interest rates. If the Federal Reserve cuts rates materially, both distributions will compress, though CSHI's options premium may offer some offset depending on implied volatility conditions at the time. Investors trading in or out of CSHI may face wider bid-ask spreads or less predictable execution, particularly during market stress. If you're willing to add options leverage to boost yield from 3.66% to 4.99% and can tolerate brief S&P 500 put-spread assignment risk, CSHI offers a higher payout at the cost of complexity and a higher fee. Past performance of either fund does not predict future results, and the income generated by CSHI's overlay depends on volatility conditions and S&P 500 market behavior going forward.
AI-generated analysis for educational purposes only. Verify important details independently; past performance does not guarantee future results.
Learn the method
The metrics behind this comparison, explained in the Academy.
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