CDX vs. HYGH
CDX (Simplify High Yield ETF) and HYGH (iShares Interest Rate Hedged High Yield Bond ETF) are both High Yield Bonds funds. CDX is actively managed, while HYGH is passively managed. Over the past 3 years, CDX returned 7.14%/yr vs 9.30%/yr for HYGH. At a 0.48 correlation, their price movements are largely independent. CDX charges 0.25%/yr vs 0.52%/yr for HYGH.
Performance
CDX vs. HYGH - Performance Comparison
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Returns By Period
In the year-to-date period, CDX achieves a -2.68% return, which is significantly lower than HYGH's 3.61% return.
CDX
- 1D
- -0.38%
- 1M
- -1.14%
- 6M
- -2.81%
- YTD
- -2.68%
- 1Y
- -1.92%
- 3Y*
- 7.14%
- 5Y*
- —
- 10Y*
- —
HYGH
- 1D
- 0.03%
- 1M
- 0.36%
- 6M
- 3.14%
- YTD
- 3.61%
- 1Y
- 7.17%
- 3Y*
- 9.30%
- 5Y*
- 6.95%
- 10Y*
- 6.18%
CDX vs. HYGH - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
CDX Simplify High Yield ETF | -2.68% | 9.51% | 7.71% | 12.74% | -8.26% |
HYGH iShares Interest Rate Hedged High Yield Bond ETF | 3.61% | 6.94% | 11.22% | 12.17% | 1.64% |
Correlation
The correlation between CDX and HYGH is 0.24, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.24 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.30 |
Correlation (All Time) Calculated using the full available price history since Feb 15, 2022 | 0.48 |
Over the past year, the correlation between CDX and HYGH has dropped to 0.24 - well below their long-term average of 0.48, suggesting their price drivers have been diverging.
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Return for Risk
CDX vs. HYGH — Risk / Return Rank
CDX
HYGH
CDX vs. HYGH - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Simplify High Yield ETF (CDX) and iShares Interest Rate Hedged High Yield Bond ETF (HYGH). 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 | HYGH | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.32 | ||
| Sortino ratioReturn per unit of downside risk | -3.46 | ||
| Omega ratioGain probability vs. loss probability | 0.95 | 1.37 | -0.42 |
| Calmar ratioReturn relative to maximum drawdown | -0.46 | 4.44 | -4.90 |
| Martin ratioReturn relative to average drawdown | -0.96 | 17.40 | -18.35 |
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Drawdowns
CDX vs. HYGH - Drawdown Comparison
The maximum CDX drawdown since its inception was -13.24%, smaller than the maximum HYGH drawdown of -23.88%. Use the drawdown chart below to compare losses from any high point for CDX and HYGH.
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Drawdown Indicators
| CDX | HYGH | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -13.24% | -23.88% | +10.64% |
Max Drawdown (1Y)Largest decline over 1 year | -4.18% | -1.62% | -2.56% |
Max Drawdown (3Y)Largest decline over 3 years | -8.88% | -8.06% | -0.82% |
Max Drawdown (5Y)Largest decline over 5 years | — | -8.24% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -23.88% | — |
Current DrawdownCurrent decline from peak | -7.63% | -0.01% | -7.62% |
Average DrawdownAverage peak-to-trough decline | -4.39% | -2.21% | -2.18% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.02% | 0.41% | +1.61% |
Volatility
CDX vs. HYGH - Volatility Comparison
Simplify High Yield ETF (CDX) has a higher volatility of 1.79% compared to iShares Interest Rate Hedged High Yield Bond ETF (HYGH) at 0.60%. This indicates that CDX's price experiences larger fluctuations and is considered to be riskier than HYGH based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CDX | HYGH | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.79% | 0.60% | +1.19% |
Volatility (6M)Calculated over the trailing 6-month period | 4.98% | 2.74% | +2.24% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.83% | 3.63% | +2.20% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 11.01% | 7.07% | +3.94% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 11.01% | 8.22% | +2.79% |
CDX vs. HYGH - Expense Ratio Comparison
CDX has a 0.25% expense ratio, which is lower than HYGH's 0.52% expense ratio.
Dividends
CDX vs. HYGH - Dividend Comparison
CDX's dividend yield for the trailing twelve months is around 8.35%, more than HYGH's 6.57% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CDX Simplify High Yield ETF | 8.35% | 7.18% | 12.60% | 5.26% | 7.51% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
HYGH iShares Interest Rate Hedged High Yield Bond ETF | 6.57% | 6.86% | 7.85% | 8.95% | 6.21% | 3.74% | 4.06% | 4.89% | 6.45% | 4.79% | 4.60% | 5.75% |
Frequently Asked Questions
CDX and HYGH have a correlation of 0.24, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
CDX has higher volatility (1.79%) compared to HYGH (0.60%). In terms of maximum drawdown, CDX dropped -13.24% vs HYGH's -23.88%.
On 3-year performance, HYGH leads with 9.30% vs 7.14% for CDX. On fees, CDX is cheaper at 0.25% per year. On volatility, HYGH has been the lower-risk option at 0.60%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, HYGH has performed better with a 9.30% return vs 7.14%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
CDX is cheaper with a 0.25% expense ratio, compared with 0.52% for HYGH.
CDX has the higher dividend yield at 8.35%, compared with 6.57% for HYGH.
They also come from different issuers: Simplify and iShares. Their fees differ too: 0.25% for CDX and 0.52% for HYGH.
HYGH currently has the higher Sharpe Ratio (1.99 vs -0.33), 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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