ASCIX vs. CDX
ASCIX (Angel Oak Strategic Credit Fund) and CDX (Simplify High Yield PLUS Credit Hedge ETF) are both funds - ASCIX is a Nontraditional Bonds fund managed by Angel Oak, while CDX is a High Yield Bonds fund actively managed by Simplify. Over the past 3 years, ASCIX returned 9.58%/yr vs 7.96%/yr for CDX. At a 0.27 correlation, their price movements are largely independent. ASCIX charges 0.85%/yr vs 0.26%/yr for CDX.
Performance
ASCIX vs. CDX - Performance Comparison
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Returns By Period
In the year-to-date period, ASCIX achieves a 2.54% return, which is significantly higher than CDX's -1.51% return.
ASCIX
- 1D
- 0.00%
- 1M
- 0.90%
- YTD
- 2.54%
- 6M
- 3.13%
- 1Y
- 7.07%
- 3Y*
- 9.58%
- 5Y*
- 7.49%
- 10Y*
- —
CDX
- 1D
- -0.07%
- 1M
- 0.19%
- YTD
- -1.51%
- 6M
- -1.42%
- 1Y
- -1.26%
- 3Y*
- 7.96%
- 5Y*
- —
- 10Y*
- —
ASCIX vs. CDX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
ASCIX Angel Oak Strategic Credit Fund | 2.54% | 8.04% | 11.06% | 11.95% | -4.58% |
CDX Simplify High Yield PLUS Credit Hedge ETF | -1.51% | 9.51% | 7.71% | 12.74% | -8.26% |
Correlation
The correlation between ASCIX and CDX is 0.35, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.35 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.27 |
Correlation (All Time) Calculated using the full available price history since Feb 15, 2022 | 0.27 |
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Return for Risk
ASCIX vs. CDX — Risk / Return Rank
ASCIX
CDX
ASCIX vs. CDX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Angel Oak Strategic Credit Fund (ASCIX) and Simplify High Yield PLUS Credit Hedge ETF (CDX). 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.
| ASCIX | CDX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.35 | ||
| Sortino ratioReturn per unit of downside risk | +4.39 | ||
| Omega ratioGain probability vs. loss probability | 1.61 | 0.97 | +0.65 |
| Calmar ratioReturn relative to maximum drawdown | 4.87 | -0.30 | +5.17 |
| Martin ratioReturn relative to average drawdown | 13.33 | -0.67 | +14.00 |
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Drawdowns
ASCIX vs. CDX - Drawdown Comparison
The maximum ASCIX drawdown since its inception was -25.70%, which is greater than CDX's maximum drawdown of -13.24%. Use the drawdown chart below to compare losses from any high point for ASCIX and CDX.
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Drawdown Indicators
| ASCIX | CDX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -25.70% | -13.24% | -12.46% |
Max Drawdown (1Y)Largest decline over 1 year | -1.49% | -4.18% | +2.69% |
Max Drawdown (3Y)Largest decline over 3 years | -1.49% | -8.88% | +7.39% |
Max Drawdown (5Y)Largest decline over 5 years | -7.54% | — | — |
Current DrawdownCurrent decline from peak | -0.14% | -6.53% | +6.39% |
Average DrawdownAverage peak-to-trough decline | -1.86% | -4.36% | +2.50% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.54% | 1.90% | -1.36% |
Volatility
ASCIX vs. CDX - Volatility Comparison
The current volatility for Angel Oak Strategic Credit Fund (ASCIX) is 0.85%, while Simplify High Yield PLUS Credit Hedge ETF (CDX) has a volatility of 1.65%. This indicates that ASCIX experiences smaller price fluctuations and is considered to be less risky than CDX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ASCIX | CDX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.85% | 1.65% | -0.80% |
Volatility (6M)Calculated over the trailing 6-month period | 1.96% | 4.83% | -2.87% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.41% | 5.79% | -2.38% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.53% | 11.06% | -7.53% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.40% | 11.06% | -5.66% |
ASCIX vs. CDX - Expense Ratio Comparison
ASCIX has a 0.85% expense ratio, which is higher than CDX's 0.26% expense ratio.
Dividends
ASCIX vs. CDX - Dividend Comparison
ASCIX's dividend yield for the trailing twelve months is around 8.49%, more than CDX's 8.29% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
ASCIX Angel Oak Strategic Credit Fund | 8.49% | 8.55% | 8.76% | 8.40% | 8.04% | 13.64% | 8.74% | 6.97% | 6.14% |
CDX Simplify High Yield PLUS Credit Hedge ETF | 8.29% | 7.18% | 12.60% | 5.26% | 7.51% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
ASCIX and CDX have a correlation of 0.35, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
CDX has higher volatility (1.65%) compared to ASCIX (0.85%). In terms of maximum drawdown, ASCIX dropped -25.70% vs CDX's -13.24%.
ASCIX currently has the higher Sharpe Ratio (2.13 vs -0.22), 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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