BUCK vs. CDX

Last updated Aug 2, 2026

BUCK (Simplify Treasury Option Income ETF) and CDX (Simplify High Yield ETF) are both exchange-traded funds - BUCK is a Government Bonds fund actively managed by Simplify, while CDX is a High Yield Bonds fund actively managed by Simplify. Both are actively managed. Over the past 3 years, BUCK returned 5.15%/yr vs 7.17%/yr for CDX. Their 0.14 correlation means their historical movements had little consistent relationship. BUCK charges 0.35%/yr vs 0.25%/yr for CDX.

Performance

BUCK vs. CDX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Simplify Treasury Option Income ETF (BUCK) and Simplify High Yield ETF (CDX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BUCK achieves a 2.42% return, which is significantly higher than CDX's -3.00% return.

BUCK

• 1D: -0.04%
• 1M: 0.17%
• 6M: 1.84%
• YTD: 2.42%
• 1Y: 5.36%
• 3Y*: 5.15%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 5.06%

CDX

• 1D: 0.10%
• 1M: -0.57%
• 6M: -3.06%
• YTD: -3.00%
• 1Y: -3.26%
• 3Y*: 7.17%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 3.85%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
BUCK Simplify Treasury Option Income ETF	$3.71M	$3.63M	$3.94M
CDX Simplify High Yield ETF	$2.23M	$2.17M	$2.98M

BUCK vs. CDX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
BUCK Simplify Treasury Option Income ETF	2.42%	4.13%	7.25%	4.63%	0.59%
CDX Simplify High Yield ETF	-3.00%	9.51%	7.71%	12.74%	1.37%

Correlation

The correlation between BUCK and CDX is 0.08, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.08
Correlation (3Y) Balances recent behavior with more history.	0.17
Correlation (All Time) Calculated using the full available price history since Oct 28, 2022	0.14

Return for Risk

BUCK vs. CDX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

BUCK

BUCK Risk / Return Rank: 95
BUCK Sharpe Ratio Rank: 92
BUCK Sortino Ratio Rank: 93
BUCK Omega Ratio Rank: 94
BUCK Calmar Ratio Rank: 97
BUCK Martin Ratio Rank: 97

CDX

CDX Risk / Return Rank: 4
CDX Sharpe Ratio Rank: 5
CDX Sortino Ratio Rank: 4
CDX Omega Ratio Rank: 4
CDX Calmar Ratio Rank: 4
CDX Martin Ratio Rank: 0

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

BUCK vs. CDX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Simplify Treasury Option Income ETF (BUCK) and Simplify High Yield 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.

	BUCK	CDX	Difference
Sharpe ratio: Return per unit of total volatility	2.41	-0.54	+2.95
Sortino ratio: Return per unit of downside risk	3.58	-0.74	+4.32
Omega ratio: Gain probability vs. loss probability	1.52	0.92	+0.60
Calmar ratio: Return relative to maximum drawdown	7.39	-0.60	+8.00
Martin ratio: Return relative to average drawdown	34.83	-1.44	+36.26

BUCK vs. CDX - Sharpe Ratio Comparison

The current BUCK Sharpe Ratio is 2.41, which is higher than the CDX Sharpe Ratio of -0.54. The chart below compares the historical Sharpe Ratios of BUCK and CDX, 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

BUCK vs. CDX - Drawdown Comparison

The maximum BUCK drawdown since its inception was -5.43%, smaller than the maximum CDX drawdown of -13.24%. Use the drawdown chart below to compare losses from any high point for BUCK and CDX.

Drawdown Indicators

	BUCK	CDX	Difference
Max Drawdown Largest peak-to-trough decline	-5.43%	-13.24%	+7.81%
Max Drawdown (1Y) Largest decline over 1 year	-0.84%	-5.37%	+4.53%
Max Drawdown (3Y) Largest decline over 3 years	-5.43%	-8.97%	+3.54%
Current Drawdown Current decline from peak	-0.11%	-7.94%	+7.83%
Average Drawdown Average peak-to-trough decline	-0.47%	-4.44%	+3.97%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.18%	2.24%	-2.06%

Volatility

BUCK vs. CDX - Volatility Comparison

The current volatility for Simplify Treasury Option Income ETF (BUCK) is 0.39%, while Simplify High Yield ETF (CDX) has a volatility of 2.02%. This indicates that BUCK 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.

Volatility by Period

	BUCK	CDX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.39%	2.02%	-1.63%
Volatility (6M) Calculated over the trailing 6-month period	1.24%	5.16%	-3.92%
Volatility (1Y) Calculated over the trailing 1-year period	2.59%	5.98%	-3.39%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.42%	10.97%	-7.55%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.42%	10.97%	-7.55%

BUCK vs. CDX - Expense Ratio Comparison

BUCK has a 0.35% expense ratio, which is higher than CDX's 0.25% expense ratio.

Dividends

BUCK vs. CDX - Dividend Comparison

BUCK's dividend yield for the trailing twelve months is around 7.20%, less than CDX's 8.33% yield.

Position	TTM	2025	2024	2023	2022
BUCK Simplify Treasury Option Income ETF	7.20%	7.59%	8.84%	4.84%	0.59%
CDX Simplify High Yield ETF	8.33%	7.18%	12.60%	5.26%	7.51%

Frequently Asked Questions

Can I hold both BUCK and CDX in my portfolio?

BUCK and CDX have a correlation of 0.08, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BUCK or CDX?

CDX has higher volatility (2.02%) compared to BUCK (0.39%). In terms of maximum drawdown, BUCK dropped -5.43% vs CDX's -13.24%.

Which ETF is better, BUCK or CDX?

On 3-year performance, CDX leads with 7.17% vs 5.15% for BUCK. On fees, CDX is cheaper at 0.25% per year. On volatility, BUCK has been the lower-risk option at 0.39%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BUCK or CDX?

Over the 3-year period, CDX has performed better with a 7.17% return vs 5.15%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BUCK or CDX?

CDX is cheaper with a 0.25% expense ratio, compared with 0.35% for BUCK.

Which ETF pays a higher dividend yield, BUCK or CDX?

CDX has the higher dividend yield at 8.33%, compared with 7.20% for BUCK.

What is the main difference between BUCK and CDX?

BUCK is categorized as Government Bonds, while CDX is High Yield Bonds. Their fees differ too: 0.35% for BUCK and 0.25% for CDX.

Which has better risk-adjusted returns?

BUCK currently has the higher Sharpe Ratio (2.41 vs -0.54), 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.