CDX vs. CTA

Last updated Jun 4, 2026

CDX (Simplify High Yield PLUS Credit Hedge ETF) and CTA (Simplify Managed Futures Strategy ETF) are both exchange-traded funds - CDX is a High Yield Bonds fund actively managed by Simplify, while CTA is a Systematic Trend fund actively managed by Simplify. Both are actively managed. Over the past 3 years, CDX returned 7.17%/yr vs 11.79%/yr for CTA. At a correlation of -0.20, they often move in opposite directions. CDX charges 0.26%/yr vs 0.78%/yr for CTA.

Performance

CDX vs. CTA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Simplify High Yield PLUS Credit Hedge ETF (CDX) and Simplify Managed Futures Strategy ETF (CTA). 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 CTA's 12.30% return.

CDX

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

CTA

• 1D: 0.54%
• 1M: -7.86%
• YTD: 12.30%
• 6M: 13.80%
• 1Y: 15.57%
• 3Y*: 11.79%
• 5Y*: —
• 10Y*: —

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

CDX vs. CTA - 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%	-7.35%
CTA Simplify Managed Futures Strategy ETF	12.30%	0.88%	24.15%	-2.23%	9.55%

Correlation

The correlation between CDX and CTA is -0.22, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.22
Correlation (3Y) Calculated over the trailing 3-year period	-0.20
Correlation (All Time) Calculated using the full available price history since Mar 9, 2022	-0.20

CDX vs. CTA - Sectors Allocation Comparison

Sectors	CDX	CTA
Technology	24.6%	-
Industrials	15.1%	-
Healthcare	14.2%	-
Financial Services	10.0%	-49.1%
Consumer Cyclical	9.8%	-
Energy	6.9%	-
Real Estate	4.2%	-
Communication Services	4.1%	-
Consumer Defensive	4.1%	-
Basic Materials	4.0%	-
Utilities	2.9%	-

Return for Risk

CDX vs. CTA — 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

CTA

CTA Risk / Return Rank: 24
CTA Sharpe Ratio Rank: 22
CTA Sortino Ratio Rank: 20
CTA Omega Ratio Rank: 22
CTA Calmar Ratio Rank: 29
CTA Martin Ratio Rank: 26

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. CTA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Simplify High Yield PLUS Credit Hedge ETF (CDX) and Simplify Managed Futures Strategy ETF (CTA). 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	CTA	Difference
Sharpe ratio: Return per unit of total volatility	-0.31	0.78	-1.09
Sortino ratio: Return per unit of downside risk	-0.40	1.12	-1.52
Omega ratio: Gain probability vs. loss probability	0.95	1.15	-0.20
Calmar ratio: Return relative to maximum drawdown	-0.43	1.42	-1.85
Martin ratio: Return relative to average drawdown	-1.00	3.72	-4.72
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. CTA - Sharpe Ratio Comparison

The current CDX Sharpe Ratio is -0.31, which is lower than the CTA Sharpe Ratio of 0.78. The chart below compares the historical Sharpe Ratios of CDX and CTA, 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	CTA	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.31	0.78	-1.09
Sharpe Ratio (All Time) Calculated using the full available price history	0.38	0.62	-0.24

Drawdowns

CDX vs. CTA - Drawdown Comparison

The maximum CDX drawdown since its inception was -13.24%, smaller than the maximum CTA drawdown of -18.07%. Use the drawdown chart below to compare losses from any high point for CDX and CTA.

Drawdown Indicators

	CDX	CTA	Difference
Max Drawdown Largest peak-to-trough decline	-13.24%	-18.07%	+4.83%
Max Drawdown (1Y) Largest decline over 1 year	-4.18%	-11.00%	+6.82%
Max Drawdown (3Y) Largest decline over 3 years	-8.88%	-11.23%	+2.35%
Current Drawdown Current decline from peak	-7.41%	-7.86%	+0.45%
Average Drawdown Average peak-to-trough decline	-4.34%	-5.67%	+1.33%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.77%	4.19%	-2.42%

Volatility

CDX vs. CTA - Volatility Comparison

The current volatility for Simplify High Yield PLUS Credit Hedge ETF (CDX) is 1.61%, while Simplify Managed Futures Strategy ETF (CTA) has a volatility of 7.76%. This indicates that CDX experiences smaller price fluctuations and is considered to be less risky than CTA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CDX	CTA	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.61%	7.76%	-6.15%
Volatility (6M) Calculated over the trailing 6-month period	4.72%	17.30%	-12.58%
Volatility (1Y) Calculated over the trailing 1-year period	5.69%	20.12%	-14.43%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.10%	16.58%	-5.48%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.10%	16.58%	-5.48%

CDX vs. CTA - Expense Ratio Comparison

CDX has a 0.26% expense ratio, which is lower than CTA's 0.78% expense ratio.

Dividends

CDX vs. CTA - Dividend Comparison

CDX's dividend yield for the trailing twelve months is around 8.37%, more than CTA's 4.85% yield.

Position	TTM	2025	2024	2023	2022
CDX Simplify High Yield PLUS Credit Hedge ETF	8.37%	7.18%	12.60%	5.26%	7.51%
CTA Simplify Managed Futures Strategy ETF	4.85%	3.19%	4.80%	7.78%	6.58%

Frequently Asked Questions

Can I hold both CDX and CTA in my portfolio?

CDX and CTA have a correlation of -0.22, 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 CTA?

CTA has higher volatility (7.76%) compared to CDX (1.61%). In terms of maximum drawdown, CDX dropped -13.24% vs CTA's -18.07%.

Which ETF is better, CDX or CTA?

On 3-year performance, CTA leads with 11.79% vs 7.17% for CDX. On fees, CDX is cheaper at 0.26% per year. On volatility, CDX has been the lower-risk option at 1.61%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CDX or CTA?

Over the 3-year period, CTA has performed better with a 11.79% return vs 7.17%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CDX or CTA?

CDX is cheaper with a 0.26% expense ratio, compared with 0.78% for CTA.

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

CDX has the higher dividend yield at 8.37%, compared with 4.85% for CTA.

What is the main difference between CDX and CTA?

CDX is categorized as High Yield Bonds, while CTA is Systematic Trend. Their fees differ too: 0.26% for CDX and 0.78% for CTA.

Which has better risk-adjusted returns?

CTA currently has the higher Sharpe Ratio (0.78 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.