CDX vs. ASCIX

Last updated Jun 4, 2026

CDX (Simplify High Yield PLUS Credit Hedge ETF) and ASCIX (Angel Oak Strategic Credit Fund) are both funds - CDX is a High Yield Bonds fund actively managed by Simplify, while ASCIX is a Nontraditional Bonds fund managed by Angel Oak. Over the past 3 years, CDX returned 7.17%/yr vs 9.55%/yr for ASCIX. At a 0.27 correlation, their price movements are largely independent. CDX charges 0.26%/yr vs 0.85%/yr for ASCIX.

Performance

CDX vs. ASCIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Simplify High Yield PLUS Credit Hedge ETF (CDX) and Angel Oak Strategic Credit Fund (ASCIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CDX achieves a -2.44% return, which is significantly lower than ASCIX's 2.59% return.

CDX

• 1D: -0.19%
• 1M: -0.71%
• YTD: -2.44%
• 6M: -2.70%
• 1Y: -1.77%
• 3Y*: 7.17%
• 5Y*: —
• 10Y*: —

ASCIX

• 1D: 0.05%
• 1M: 0.70%
• YTD: 2.59%
• 6M: 2.83%
• 1Y: 7.79%
• 3Y*: 9.55%
• 5Y*: 7.50%
• 10Y*: —

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

CDX vs. ASCIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
CDX Simplify High Yield PLUS Credit Hedge ETF	-2.44%	9.51%	7.71%	12.74%	-8.12%
ASCIX Angel Oak Strategic Credit Fund	2.59%	8.04%	11.06%	11.95%	-4.63%

Correlation

The correlation between CDX and ASCIX is 0.33, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.33
Correlation (3Y) Calculated over the trailing 3-year period	0.26
Correlation (All Time) Calculated using the full available price history since Feb 16, 2022	0.27

Return for Risk

CDX vs. ASCIX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

CDX

CDX Risk / Return Rank: 5
CDX Sharpe Ratio Rank: 6
CDX Sortino Ratio Rank: 5
CDX Omega Ratio Rank: 5
CDX Calmar Ratio Rank: 5
CDX Martin Ratio Rank: 4

ASCIX

ASCIX Risk / Return Rank: 82
ASCIX Sharpe Ratio Rank: 61
ASCIX Sortino Ratio Rank: 90
ASCIX Omega Ratio Rank: 91
ASCIX Calmar Ratio Rank: 93
ASCIX Martin Ratio Rank: 76

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

CDX vs. ASCIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Simplify High Yield PLUS Credit Hedge ETF (CDX) and Angel Oak Strategic Credit Fund (ASCIX). 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.

	CDX	ASCIX	Difference
Sharpe ratio: Return per unit of total volatility	-0.31	2.28	-2.60
Sortino ratio: Return per unit of downside risk	-0.40	4.41	-4.81
Omega ratio: Gain probability vs. loss probability	0.95	1.66	-0.71
Calmar ratio: Return relative to maximum drawdown	-0.43	5.25	-5.67
Martin ratio: Return relative to average drawdown	-1.00	14.38	-15.38
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CDX vs. ASCIX - Sharpe Ratio Comparison

The current CDX Sharpe Ratio is -0.31, which is lower than the ASCIX Sharpe Ratio of 2.28. The chart below compares the historical Sharpe Ratios of CDX and ASCIX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	CDX	ASCIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.31	2.28	-2.60
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	2.14	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.38	1.21	-0.84

Drawdowns

CDX vs. ASCIX - Drawdown Comparison

The maximum CDX drawdown since its inception was -13.24%, smaller than the maximum ASCIX drawdown of -25.70%. Use the drawdown chart below to compare losses from any high point for CDX and ASCIX.

Drawdown Indicators

	CDX	ASCIX	Difference
Max Drawdown Largest peak-to-trough decline	-13.24%	-25.70%	+12.46%
Max Drawdown (1Y) Largest decline over 1 year	-4.18%	-1.49%	-2.69%
Max Drawdown (3Y) Largest decline over 3 years	-8.88%	-1.49%	-7.39%
Max Drawdown (5Y) Largest decline over 5 years	—	-7.54%	—
Current Drawdown Current decline from peak	-7.41%	0.00%	-7.41%
Average Drawdown Average peak-to-trough decline	-4.34%	-1.87%	-2.47%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.77%	0.54%	+1.23%

Volatility

CDX vs. ASCIX - Volatility Comparison

Simplify High Yield PLUS Credit Hedge ETF (CDX) has a higher volatility of 1.61% compared to Angel Oak Strategic Credit Fund (ASCIX) at 0.91%. This indicates that CDX's price experiences larger fluctuations and is considered to be riskier than ASCIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CDX	ASCIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.61%	0.91%	+0.70%
Volatility (6M) Calculated over the trailing 6-month period	4.72%	1.96%	+2.76%
Volatility (1Y) Calculated over the trailing 1-year period	5.69%	3.43%	+2.26%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.10%	3.53%	+7.57%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.10%	5.42%	+5.68%

CDX vs. ASCIX - Expense Ratio Comparison

CDX has a 0.26% expense ratio, which is lower than ASCIX's 0.85% expense ratio.

Dividends

CDX vs. ASCIX - Dividend Comparison

CDX's dividend yield for the trailing twelve months is around 8.37%, less than ASCIX's 8.49% 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	8.37%	7.18%	12.60%	5.26%	7.51%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both CDX and ASCIX in my portfolio?

CDX and ASCIX have a correlation of 0.33, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CDX or ASCIX?

CDX has higher volatility (1.61%) compared to ASCIX (0.91%). In terms of maximum drawdown, CDX dropped -13.24% vs ASCIX's -25.70%.

Which has better risk-adjusted returns?

ASCIX currently has the higher Sharpe Ratio (2.28 vs -0.31), 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.