CDX vs. BUCK

Last updated Jul 12, 2026

CDX (Simplify High Yield ETF) and BUCK (Simplify Treasury Option Income ETF) are both exchange-traded funds - CDX is a High Yield Bonds fund actively managed by Simplify, while BUCK is a Government Bonds fund actively managed by Simplify. Both are actively managed. Over the past 3 years, CDX returned 7.92%/yr vs 5.24%/yr for BUCK. At a 0.14 correlation, their price movements are largely independent. CDX charges 0.25%/yr vs 0.35%/yr for BUCK.

Performance

CDX vs. BUCK - Performance Comparison

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

Returns By Period

In the year-to-date period, CDX achieves a -2.30% return, which is significantly lower than BUCK's 2.44% return.

CDX

• 1D: -0.50%
• 1M: -0.76%
• 6M: -2.13%
• YTD: -2.30%
• 1Y: -1.55%
• 3Y*: 7.92%
• 5Y*: —
• 10Y*: —

BUCK

• 1D: 0.17%
• 1M: 0.36%
• 6M: 2.23%
• YTD: 2.44%
• 1Y: 7.13%
• 3Y*: 5.24%
• 5Y*: —
• 10Y*: —

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

CDX vs. BUCK - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
CDX Simplify High Yield ETF	-2.30%	9.51%	7.71%	12.74%	1.37%
BUCK Simplify Treasury Option Income ETF	2.44%	4.13%	7.25%	4.63%	0.59%

Correlation

The correlation between CDX and BUCK is 0.10, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.10
Correlation (3Y) Calculated over the trailing 3-year period	0.16
Correlation (All Time) Calculated using the full available price history since Oct 28, 2022	0.14

Return for Risk

CDX vs. BUCK — Risk / Return Rank

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

CDX

CDX Risk / Return Rank: 6
CDX Sharpe Ratio Rank: 7
CDX Sortino Ratio Rank: 6
CDX Omega Ratio Rank: 6
CDX Calmar Ratio Rank: 6
CDX Martin Ratio Rank: 6

BUCK

BUCK Risk / Return Rank: 93
BUCK Sharpe Ratio Rank: 88
BUCK Sortino Ratio Rank: 90
BUCK Omega Ratio Rank: 92
BUCK Calmar Ratio Rank: 96
BUCK Martin Ratio Rank: 97

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. BUCK - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Simplify High Yield ETF (CDX) and Simplify Treasury Option Income ETF (BUCK). 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	BUCK	Difference
Sharpe ratio: Return per unit of total volatility	-0.26	2.28	-2.54
Sortino ratio: Return per unit of downside risk	-0.33	3.37	-3.70
Omega ratio: Gain probability vs. loss probability	0.96	1.49	-0.53
Calmar ratio: Return relative to maximum drawdown	-0.36	7.80	-8.16
Martin ratio: Return relative to average drawdown	-0.75	35.12	-35.87

CDX vs. BUCK - Sharpe Ratio Comparison

The current CDX Sharpe Ratio is -0.26, which is lower than the BUCK Sharpe Ratio of 2.28. The chart below compares the historical Sharpe Ratios of CDX and BUCK, 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

CDX vs. BUCK - Drawdown Comparison

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

Drawdown Indicators

	CDX	BUCK	Difference
Max Drawdown Largest peak-to-trough decline	-13.24%	-5.43%	-7.81%
Max Drawdown (1Y) Largest decline over 1 year	-4.18%	-0.84%	-3.34%
Max Drawdown (3Y) Largest decline over 3 years	-8.88%	-5.43%	-3.45%
Current Drawdown Current decline from peak	-7.28%	0.00%	-7.28%
Average Drawdown Average peak-to-trough decline	-4.39%	-0.48%	-3.91%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.00%	0.23%	+1.77%

Volatility

CDX vs. BUCK - Volatility Comparison

Simplify High Yield ETF (CDX) has a higher volatility of 1.76% compared to Simplify Treasury Option Income ETF (BUCK) at 0.43%. This indicates that CDX's price experiences larger fluctuations and is considered to be riskier than BUCK based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CDX	BUCK	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.76%	0.43%	+1.33%
Volatility (6M) Calculated over the trailing 6-month period	5.00%	1.34%	+3.66%
Volatility (1Y) Calculated over the trailing 1-year period	5.81%	2.87%	+2.94%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.01%	3.45%	+7.56%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.01%	3.45%	+7.56%

CDX vs. BUCK - Expense Ratio Comparison

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

Dividends

CDX vs. BUCK - Dividend Comparison

CDX's dividend yield for the trailing twelve months is around 8.31%, more than BUCK's 7.29% yield.

Position	TTM	2025	2024	2023	2022
BUCK Simplify Treasury Option Income ETF	7.29%	7.59%	8.84%	4.84%	0.59%
CDX Simplify High Yield ETF	8.31%	7.18%	12.60%	5.26%	7.51%

Frequently Asked Questions

Can I hold both CDX and BUCK in my portfolio?

CDX and BUCK have a correlation of 0.10, 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 BUCK?

CDX has higher volatility (1.76%) compared to BUCK (0.43%). In terms of maximum drawdown, CDX dropped -13.24% vs BUCK's -5.43%.

Which ETF is better, CDX or BUCK?

On 3-year performance, CDX leads with 7.92% vs 5.24% for BUCK. On fees, CDX is cheaper at 0.25% per year. On volatility, BUCK has been the lower-risk option at 0.43%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CDX or BUCK?

Over the 3-year period, CDX has performed better with a 7.92% return vs 5.24%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CDX or BUCK?

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

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

CDX has the higher dividend yield at 8.31%, compared with 7.29% for BUCK.

What is the main difference between CDX and BUCK?

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

Which has better risk-adjusted returns?

BUCK currently has the higher Sharpe Ratio (2.28 vs -0.26), 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.