CDX vs. HYZD
CDX (Simplify High Yield PLUS Credit Hedge ETF) and HYZD (WisdomTree Interest Rate Hedged High Yield Bond Fund) are both High Yield Bonds funds. CDX is actively managed, while HYZD is passively managed. Over the past 3 years, CDX returned 7.96%/yr vs 9.45%/yr for HYZD. At a 0.37 correlation, their price movements are largely independent. CDX charges 0.26%/yr vs 0.43%/yr for HYZD.
Performance
CDX vs. HYZD - Performance Comparison
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Returns By Period
In the year-to-date period, CDX achieves a -1.51% return, which is significantly lower than HYZD's 2.95% return.
CDX
- 1D
- 0.00%
- 1M
- 0.19%
- YTD
- -1.51%
- 6M
- -1.29%
- 1Y
- -1.35%
- 3Y*
- 7.96%
- 5Y*
- —
- 10Y*
- —
HYZD
- 1D
- -0.18%
- 1M
- 0.40%
- YTD
- 2.95%
- 6M
- 3.10%
- 1Y
- 7.29%
- 3Y*
- 9.45%
- 5Y*
- 6.14%
- 10Y*
- 5.67%
CDX vs. HYZD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
CDX Simplify High Yield PLUS Credit Hedge ETF | -1.51% | 9.51% | 7.71% | 12.74% | -8.26% |
HYZD WisdomTree Interest Rate Hedged High Yield Bond Fund | 2.95% | 7.67% | 9.39% | 11.17% | 0.43% |
Correlation
The correlation between CDX and HYZD is 0.05, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.05 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.18 |
Correlation (All Time) Calculated using the full available price history since Feb 15, 2022 | 0.37 |
Over the past year, the correlation between CDX and HYZD has dropped to 0.05 - well below their long-term average of 0.37, suggesting their price drivers have been diverging.
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Return for Risk
CDX vs. HYZD — Risk / Return Rank
CDX
HYZD
CDX vs. HYZD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Simplify High Yield PLUS Credit Hedge ETF (CDX) and WisdomTree Interest Rate Hedged High Yield Bond Fund (HYZD). 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 | HYZD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.65 | ||
| Sortino ratioReturn per unit of downside risk | -4.18 | ||
| Omega ratioGain probability vs. loss probability | 0.97 | 1.49 | -0.53 |
| Calmar ratioReturn relative to maximum drawdown | -0.32 | 3.83 | -4.16 |
| Martin ratioReturn relative to average drawdown | -0.71 | 16.42 | -17.13 |
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Drawdowns
CDX vs. HYZD - Drawdown Comparison
The maximum CDX drawdown since its inception was -13.24%, smaller than the maximum HYZD drawdown of -25.66%. Use the drawdown chart below to compare losses from any high point for CDX and HYZD.
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Drawdown Indicators
| CDX | HYZD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -13.24% | -25.66% | +12.42% |
Max Drawdown (1Y)Largest decline over 1 year | -4.18% | -1.91% | -2.27% |
Max Drawdown (3Y)Largest decline over 3 years | -8.88% | -5.85% | -3.03% |
Max Drawdown (5Y)Largest decline over 5 years | — | -8.97% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -25.66% | — |
Current DrawdownCurrent decline from peak | -6.53% | -0.18% | -6.35% |
Average DrawdownAverage peak-to-trough decline | -4.36% | -2.19% | -2.17% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.90% | 0.44% | +1.46% |
Volatility
CDX vs. HYZD - Volatility Comparison
Simplify High Yield PLUS Credit Hedge ETF (CDX) has a higher volatility of 1.58% compared to WisdomTree Interest Rate Hedged High Yield Bond Fund (HYZD) at 1.10%. This indicates that CDX's price experiences larger fluctuations and is considered to be riskier than HYZD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CDX | HYZD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.58% | 1.10% | +0.48% |
Volatility (6M)Calculated over the trailing 6-month period | 4.83% | 2.44% | +2.39% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.78% | 3.05% | +2.73% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 11.05% | 6.71% | +4.34% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 11.05% | 8.55% | +2.50% |
CDX vs. HYZD - Expense Ratio Comparison
CDX has a 0.26% expense ratio, which is lower than HYZD's 0.43% expense ratio.
Dividends
CDX vs. HYZD - Dividend Comparison
CDX's dividend yield for the trailing twelve months is around 8.29%, more than HYZD's 5.86% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CDX Simplify High Yield PLUS Credit Hedge ETF | 8.29% | 7.18% | 12.60% | 5.26% | 7.51% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
HYZD WisdomTree Interest Rate Hedged High Yield Bond Fund | 5.86% | 6.05% | 6.08% | 5.94% | 5.14% | 4.02% | 5.13% | 5.50% | 5.58% | 4.94% | 5.07% | 4.38% |
Frequently Asked Questions
CDX and HYZD have a correlation of 0.05, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
CDX has higher volatility (1.58%) compared to HYZD (1.10%). In terms of maximum drawdown, CDX dropped -13.24% vs HYZD's -25.66%.
On 3-year performance, HYZD leads with 9.45% vs 7.96% for CDX. On fees, CDX is cheaper at 0.26% per year. On volatility, HYZD has been the lower-risk option at 1.10%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, HYZD has performed better with a 9.45% return vs 7.96%. 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 0.43% for HYZD.
CDX has the higher dividend yield at 8.29%, compared with 5.86% for HYZD.
They also come from different issuers: Simplify and WisdomTree. Their fees differ too: 0.26% for CDX and 0.43% for HYZD.
HYZD currently has the higher Sharpe Ratio (2.41 vs -0.23), 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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