CDX vs. BBHY
CDX (Simplify High Yield ETF) and BBHY (JPMorgan BetaBuilders USD High Yield Corporate Bond ETF) are both High Yield Bonds funds. CDX is actively managed, while BBHY is passively managed. Over the past 3 years, CDX returned 7.17%/yr vs 8.17%/yr for BBHY. Their 0.63 correlation means they have sometimes moved together and sometimes differently. CDX charges 0.25%/yr vs 0.15%/yr for BBHY.
Performance
CDX vs. BBHY - Performance Comparison
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Returns By Period
In the year-to-date period, CDX achieves a -3.00% return, which is significantly lower than BBHY's 1.83% return.
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%
BBHY
- 1D
- 0.01%
- 1M
- -0.40%
- 6M
- 1.11%
- YTD
- 1.83%
- 1Y
- 5.38%
- 3Y*
- 8.17%
- 5Y*
- 3.87%
- 10Y*
- —
- ALL TIME*
- 4.77%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $3.97M | $3.01M | $2.95M | |
| $2.23M | $2.17M | $2.98M |
CDX vs. BBHY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
CDX Simplify High Yield ETF | -3.00% | 9.51% | 7.71% | 12.74% | -8.26% |
BBHY JPMorgan BetaBuilders USD High Yield Corporate Bond ETF | 1.83% | 8.51% | 7.81% | 11.98% | -5.66% |
Correlation
The correlation between CDX and BBHY is 0.48, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.48 |
Correlation (3Y) Balances recent behavior with more history. | 0.47 |
Correlation (All Time) Calculated using the full available price history since Feb 15, 2022 | 0.63 |
The correlation between CDX and BBHY shifts across timeframes, from 0.47 (3 years) to 0.63 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
CDX vs. BBHY — Risk / Return Rank
CDX
BBHY
CDX vs. BBHY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Simplify High Yield ETF (CDX) and JPMorgan BetaBuilders USD High Yield Corporate Bond ETF (BBHY). 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.
| CDX | BBHY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.03 | ||
| Sortino ratioReturn per unit of downside risk | -2.99 | ||
| Omega ratioGain probability vs. loss probability | 0.92 | 1.29 | -0.37 |
| Calmar ratioReturn relative to maximum drawdown | -0.60 | 2.28 | -2.89 |
| Martin ratioReturn relative to average drawdown | -1.44 | 9.97 | -11.40 |
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Drawdowns
CDX vs. BBHY - Drawdown Comparison
The maximum CDX drawdown since its inception was -13.24%, smaller than the maximum BBHY drawdown of -24.98%. Use the drawdown chart below to compare losses from any high point for CDX and BBHY.
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Drawdown Indicators
| CDX | BBHY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -13.24% | -24.98% | +11.74% |
Max Drawdown (1Y)Largest decline over 1 year | -5.37% | -2.37% | -3.00% |
Max Drawdown (3Y)Largest decline over 3 years | -8.97% | -5.00% | -3.97% |
Max Drawdown (5Y)Largest decline over 5 years | — | -15.32% | — |
Current DrawdownCurrent decline from peak | -7.94% | -0.54% | -7.40% |
Average DrawdownAverage peak-to-trough decline | -4.44% | -2.34% | -2.10% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.24% | 0.54% | +1.70% |
Volatility
CDX vs. BBHY - Volatility Comparison
Simplify High Yield ETF (CDX) has a higher volatility of 2.02% compared to JPMorgan BetaBuilders USD High Yield Corporate Bond ETF (BBHY) at 0.84%. This indicates that CDX's price experiences larger fluctuations and is considered to be riskier than BBHY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CDX | BBHY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.02% | 0.84% | +1.18% |
Volatility (6M)Calculated over the trailing 6-month period | 5.16% | 3.01% | +2.15% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.98% | 3.65% | +2.33% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 10.97% | 7.27% | +3.70% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 10.97% | 7.48% | +3.49% |
CDX vs. BBHY - Expense Ratio Comparison
CDX has a 0.25% expense ratio, which is higher than BBHY's 0.15% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
CDX vs. BBHY - Dividend Comparison
CDX's dividend yield for the trailing twelve months is around 8.33%, more than BBHY's 7.11% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
BBHY JPMorgan BetaBuilders USD High Yield Corporate Bond ETF | 6.50% | 7.24% | 7.18% | 6.49% | 5.92% | 4.06% | 4.73% | 4.99% | 5.02% | 4.81% | 1.42% |
CDX Simplify High Yield ETF | 8.33% | 7.18% | 12.60% | 5.26% | 7.51% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
CDX and BBHY have a correlation of 0.48, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
CDX has higher volatility (2.02%) compared to BBHY (0.84%). In terms of maximum drawdown, CDX dropped -13.24% vs BBHY's -24.98%.
On 3-year performance, BBHY leads with 8.17% vs 7.17% for CDX. On fees, BBHY is cheaper at 0.15% per year. On volatility, BBHY has been the lower-risk option at 0.84%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, BBHY has performed better with a 8.17% return vs 7.17%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BBHY is cheaper with a 0.15% expense ratio, compared with 0.25% for CDX.
CDX has the higher dividend yield at 8.33%, compared with 6.50% for BBHY.
They also come from different issuers: Simplify and JPMorgan. Their fees differ too: 0.25% for CDX and 0.15% for BBHY.
BBHY currently has the higher Sharpe Ratio (1.49 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.
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