CDX vs. DJP
CDX (Simplify High Yield PLUS Credit Hedge ETF) and DJP (iPath Bloomberg Commodity Index Total Return ETN) are both exchange-traded funds - CDX is a High Yield Bonds fund actively managed by Simplify, while DJP is a Commodities fund tracking the Bloomberg Commodity Index. CDX is actively managed, while DJP is passively managed. Over the past 3 years, CDX returned 7.17%/yr vs 17.94%/yr for DJP. At a 0.03 correlation, their price movements are largely independent. CDX charges 0.26%/yr vs 0.70%/yr for DJP.
Performance
CDX vs. DJP - 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 DJP's 30.63% return.
CDX
- 1D
- -0.19%
- 1M
- -0.71%
- YTD
- -2.44%
- 6M
- -2.70%
- 1Y
- -1.77%
- 3Y*
- 7.17%
- 5Y*
- —
- 10Y*
- —
DJP
- 1D
- 0.02%
- 1M
- -3.31%
- YTD
- 30.63%
- 6M
- 29.34%
- 1Y
- 44.52%
- 3Y*
- 17.94%
- 5Y*
- 12.46%
- 10Y*
- 7.36%
CDX vs. DJP - 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% |
DJP iPath Bloomberg Commodity Index Total Return ETN | 30.63% | 17.20% | 5.59% | -9.85% | 4.59% |
Correlation
The correlation between CDX and DJP is -0.28, 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 | -0.28 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.06 |
Correlation (All Time) Calculated using the full available price history since Feb 16, 2022 | 0.03 |
The correlation between CDX and DJP shifts across timeframes, from -0.28 (1 year) to 0.03 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
CDX vs. DJP — Risk / Return Rank
CDX
DJP
CDX vs. DJP - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Simplify High Yield PLUS Credit Hedge ETF (CDX) and iPath Bloomberg Commodity Index Total Return ETN (DJP). 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 | DJP | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.68 | ||
| Sortino ratioReturn per unit of downside risk | -3.35 | ||
| Omega ratioGain probability vs. loss probability | 0.95 | 1.42 | -0.47 |
| Calmar ratioReturn relative to maximum drawdown | -0.43 | 5.20 | -5.62 |
| Martin ratioReturn relative to average drawdown | -1.00 | 13.30 | -14.30 |
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 | DJP | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.31 | 2.36 | -2.68 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.66 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.43 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.38 | 0.00 | +0.37 |
Drawdowns
CDX vs. DJP - Drawdown Comparison
The maximum CDX drawdown since its inception was -13.24%, smaller than the maximum DJP drawdown of -78.35%. Use the drawdown chart below to compare losses from any high point for CDX and DJP.
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Drawdown Indicators
| CDX | DJP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -13.24% | -78.35% | +65.11% |
Max Drawdown (1Y)Largest decline over 1 year | -4.18% | -8.61% | +4.43% |
Max Drawdown (3Y)Largest decline over 3 years | -8.88% | -13.41% | +4.53% |
Max Drawdown (5Y)Largest decline over 5 years | — | -28.98% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -38.36% | — |
Current DrawdownCurrent decline from peak | -7.41% | -32.82% | +25.41% |
Average DrawdownAverage peak-to-trough decline | -4.34% | -50.86% | +46.52% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.77% | 3.36% | -1.59% |
Volatility
CDX vs. DJP - Volatility Comparison
The current volatility for Simplify High Yield PLUS Credit Hedge ETF (CDX) is 1.61%, while iPath Bloomberg Commodity Index Total Return ETN (DJP) has a volatility of 5.85%. This indicates that CDX experiences smaller price fluctuations and is considered to be less risky than DJP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CDX | DJP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.61% | 5.85% | -4.24% |
Volatility (6M)Calculated over the trailing 6-month period | 4.72% | 16.64% | -11.92% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.69% | 18.92% | -13.23% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 11.10% | 18.96% | -7.86% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 11.10% | 17.06% | -5.96% |
CDX vs. DJP - Expense Ratio Comparison
CDX has a 0.26% expense ratio, which is lower than DJP's 0.70% expense ratio.
Dividends
CDX vs. DJP - Dividend Comparison
CDX's dividend yield for the trailing twelve months is around 8.37%, while DJP has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
CDX Simplify High Yield PLUS Credit Hedge ETF | 8.37% | 7.18% | 12.60% | 5.26% | 7.51% |
DJP iPath Bloomberg Commodity Index Total Return ETN | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
CDX and DJP have a correlation of -0.28, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DJP has higher volatility (5.85%) compared to CDX (1.61%). In terms of maximum drawdown, CDX dropped -13.24% vs DJP's -78.35%.
On 3-year performance, DJP leads with 17.94% 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.
Over the 3-year period, DJP has performed better with a 17.94% return vs 7.17%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
CDX is cheaper with a 0.26% expense ratio, compared with 0.70% for DJP.
CDX has the higher dividend yield at 8.37%, compared with 0.00% for DJP.
CDX is categorized as High Yield Bonds, while DJP is Commodities. They also come from different issuers: Simplify and Barclays Capital. Their fees differ too: 0.26% for CDX and 0.70% for DJP.
DJP currently has the higher Sharpe Ratio (2.36 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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