CDX vs. BND
CDX (Simplify High Yield PLUS Credit Hedge ETF) and BND (Vanguard Total Bond Market ETF) are both exchange-traded funds - CDX is a High Yield Bonds fund actively managed by Simplify, while BND is a Total Bond Market fund tracking the Bloomberg U.S. Aggregate Float Adjusted Index. CDX is actively managed, while BND is passively managed. Over the past 3 years, CDX returned 7.98%/yr vs 4.11%/yr for BND. At a 0.45 correlation, their price movements are largely independent. CDX charges 0.26%/yr vs 0.03%/yr for BND.
Performance
CDX vs. BND - Performance Comparison
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Returns By Period
In the year-to-date period, CDX achieves a -1.46% return, which is significantly lower than BND's 0.94% return.
CDX
- 1D
- 0.05%
- 1M
- 0.24%
- YTD
- -1.46%
- 6M
- -1.49%
- 1Y
- -1.56%
- 3Y*
- 7.98%
- 5Y*
- —
- 10Y*
- —
BND
- 1D
- 0.45%
- 1M
- 1.09%
- YTD
- 0.94%
- 6M
- 0.78%
- 1Y
- 4.38%
- 3Y*
- 4.11%
- 5Y*
- 0.18%
- 10Y*
- 1.60%
CDX vs. BND - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
CDX Simplify High Yield PLUS Credit Hedge ETF | -1.46% | 9.51% | 7.71% | 12.74% | -8.26% |
BND Vanguard Total Bond Market ETF | 0.94% | 7.08% | 1.38% | 5.65% | -9.54% |
Correlation
The correlation between CDX and BND is 0.42, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.42 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.40 |
Correlation (All Time) Calculated using the full available price history since Feb 15, 2022 | 0.45 |
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Return for Risk
CDX vs. BND — Risk / Return Rank
CDX
BND
CDX vs. BND - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Simplify High Yield PLUS Credit Hedge ETF (CDX) and Vanguard Total Bond Market ETF (BND). 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 | BND | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.45 | ||
| Sortino ratioReturn per unit of downside risk | -2.11 | ||
| Omega ratioGain probability vs. loss probability | 0.96 | 1.21 | -0.25 |
| Calmar ratioReturn relative to maximum drawdown | -0.37 | 1.64 | -2.02 |
| Martin ratioReturn relative to average drawdown | -0.82 | 4.68 | -5.49 |
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Drawdowns
CDX vs. BND - Drawdown Comparison
The maximum CDX drawdown since its inception was -13.24%, smaller than the maximum BND drawdown of -18.58%. Use the drawdown chart below to compare losses from any high point for CDX and BND.
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Drawdown Indicators
| CDX | BND | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -13.24% | -18.58% | +5.34% |
Max Drawdown (1Y)Largest decline over 1 year | -4.18% | -2.68% | -1.50% |
Max Drawdown (3Y)Largest decline over 3 years | -8.88% | -5.92% | -2.96% |
Max Drawdown (5Y)Largest decline over 5 years | — | -17.91% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -18.58% | — |
Current DrawdownCurrent decline from peak | -6.48% | -1.71% | -4.77% |
Average DrawdownAverage peak-to-trough decline | -4.36% | -3.06% | -1.30% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.91% | 0.94% | +0.97% |
Volatility
CDX vs. BND - Volatility Comparison
Simplify High Yield PLUS Credit Hedge ETF (CDX) has a higher volatility of 1.56% compared to Vanguard Total Bond Market ETF (BND) at 1.15%. This indicates that CDX's price experiences larger fluctuations and is considered to be riskier than BND based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CDX | BND | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.56% | 1.15% | +0.41% |
Volatility (6M)Calculated over the trailing 6-month period | 4.82% | 2.80% | +2.02% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.78% | 3.75% | +2.03% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 11.05% | 6.03% | +5.02% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 11.05% | 5.53% | +5.52% |
CDX vs. BND - Expense Ratio Comparison
CDX has a 0.26% expense ratio, which is higher than BND's 0.03% 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. BND - Dividend Comparison
CDX's dividend yield for the trailing twelve months is around 8.29%, more than BND's 3.94% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BND Vanguard Total Bond Market ETF | 3.94% | 3.86% | 3.67% | 3.09% | 2.60% | 2.12% | 2.38% | 2.72% | 2.81% | 2.54% | 2.51% | 2.57% |
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% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
CDX and BND have a correlation of 0.42, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
CDX has higher volatility (1.56%) compared to BND (1.15%). In terms of maximum drawdown, CDX dropped -13.24% vs BND's -18.58%.
On 3-year performance, CDX leads with 7.98% vs 4.11% for BND. On fees, BND is cheaper at 0.03% per year. On volatility, BND has been the lower-risk option at 1.15%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, CDX has performed better with a 7.98% return vs 4.11%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BND is cheaper with a 0.03% expense ratio, compared with 0.26% for CDX.
CDX has the higher dividend yield at 8.29%, compared with 3.94% for BND.
CDX is categorized as High Yield Bonds, while BND is Total Bond Market. They also come from different issuers: Simplify and Vanguard. Their fees differ too: 0.26% for CDX and 0.03% for BND.
BND currently has the higher Sharpe Ratio (1.18 vs -0.27), 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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