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 7.17%/yr vs 3.96%/yr for BND. At a 0.44 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 -2.44% return, which is significantly lower than BND's 0.27% return.
CDX
- 1D
- -0.19%
- 1M
- -0.71%
- YTD
- -2.44%
- 6M
- -2.70%
- 1Y
- -1.77%
- 3Y*
- 7.17%
- 5Y*
- —
- 10Y*
- —
BND
- 1D
- -0.19%
- 1M
- 0.27%
- YTD
- 0.27%
- 6M
- 0.12%
- 1Y
- 5.11%
- 3Y*
- 3.96%
- 5Y*
- 0.09%
- 10Y*
- 1.58%
CDX vs. BND - 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% |
BND Vanguard Total Bond Market ETF | 0.27% | 7.08% | 1.38% | 5.65% | -9.35% |
Correlation
The correlation between CDX and BND is 0.40, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.40 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.40 |
Correlation (All Time) Calculated using the full available price history since Feb 16, 2022 | 0.44 |
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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.
| CDX | BND | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.67 | ||
| Sortino ratioReturn per unit of downside risk | -2.43 | ||
| Omega ratioGain probability vs. loss probability | 0.95 | 1.24 | -0.29 |
| Calmar ratioReturn relative to maximum drawdown | -0.43 | 1.92 | -2.34 |
| Martin ratioReturn relative to average drawdown | -1.00 | 5.80 | -6.80 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| CDX | BND | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.31 | 1.36 | -1.67 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.01 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.29 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.38 | 0.59 | -0.21 |
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 | -7.41% | -2.37% | -5.04% |
Average DrawdownAverage peak-to-trough decline | -4.34% | -3.06% | -1.28% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.77% | 0.88% | +0.89% |
Volatility
CDX vs. BND - Volatility Comparison
Simplify High Yield PLUS Credit Hedge ETF (CDX) has a higher volatility of 1.61% compared to Vanguard Total Bond Market ETF (BND) at 1.23%. 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 | 1.61% | 1.23% | +0.38% |
Volatility (6M)Calculated over the trailing 6-month period | 4.72% | 2.66% | +2.06% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.69% | 3.78% | +1.91% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 11.10% | 6.02% | +5.08% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 11.10% | 5.53% | +5.57% |
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 8.37%, more than BND's 3.97% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BND Vanguard Total Bond Market ETF | 3.97% | 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 | 8.37% | 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 0.40, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
CDX has higher volatility (1.61%) compared to BND (1.23%). In terms of maximum drawdown, CDX dropped -13.24% vs BND's -18.58%.
On 3-year performance, CDX leads with 7.17% vs 3.96% for BND. On fees, BND is cheaper at 0.03% per year. On volatility, BND has been the lower-risk option at 1.23%. 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 7.17% return vs 3.96%. 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 8.37%, compared with 3.97% 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 (1.36 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.
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