CDX vs. IBHE

Last updated Jun 4, 2026

CDX (Simplify High Yield PLUS Credit Hedge ETF) and IBHE (iShares iBonds 2025 Term High Yield & Income ETF) are both High Yield Bonds funds. CDX is actively managed, while IBHE is passively managed. Over the past 3 years, CDX returned 7.17%/yr vs 6.07%/yr for IBHE. At a 0.45 correlation, their price movements are largely independent. CDX charges 0.26%/yr vs 0.35%/yr for IBHE.

Performance

CDX vs. IBHE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Simplify High Yield PLUS Credit Hedge ETF (CDX) and iShares iBonds 2025 Term High Yield & Income ETF (IBHE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

CDX

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

IBHE

• 1D: 0.00%
• 1M: 0.00%
• YTD: 0.00%
• 6M: 0.09%
• 1Y: 2.31%
• 3Y*: 6.07%
• 5Y*: 3.89%
• 10Y*: —

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

CDX vs. IBHE - 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%
IBHE iShares iBonds 2025 Term High Yield & Income ETF	0.00%	4.45%	7.62%	10.32%	-2.23%

Correlation

The correlation between CDX and IBHE is -0.06, 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	-0.06
Correlation (3Y) Calculated over the trailing 3-year period	0.24
Correlation (All Time) Calculated using the full available price history since Feb 16, 2022	0.45

The correlation between CDX and IBHE shifts across timeframes, from -0.06 (1 year) to 0.45 (all time), reflecting how their relationship changes across market environments.

CDX vs. IBHE - Sectors Allocation Comparison

Sectors	CDX	IBHE
Technology	24.6%	-
Industrials	15.1%	-
Healthcare	14.2%	-
Financial Services	10.0%	-
Consumer Cyclical	9.8%	-
Energy	6.9%	-
Real Estate	4.2%	100.0%
Communication Services	4.1%	-
Consumer Defensive	4.1%	-
Basic Materials	4.0%	-
Utilities	2.9%	-

Return for Risk

CDX vs. IBHE — 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

IBHE

IBHE Risk / Return Rank: 97
IBHE Sharpe Ratio Rank: 93
IBHE Sortino Ratio Rank: 97
IBHE Omega Ratio Rank: 98
IBHE Calmar Ratio Rank: 98
IBHE Martin Ratio Rank: 98

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. IBHE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Simplify High Yield PLUS Credit Hedge ETF (CDX) and iShares iBonds 2025 Term High Yield & Income ETF (IBHE). 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	IBHE	Difference
Sharpe ratio: Return per unit of total volatility	-0.31	3.51	-3.82
Sortino ratio: Return per unit of downside risk	-0.40	6.33	-6.74
Omega ratio: Gain probability vs. loss probability	0.95	2.19	-1.24
Calmar ratio: Return relative to maximum drawdown	-0.43	12.78	-13.21
Martin ratio: Return relative to average drawdown	-1.00	63.40	-64.40
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. IBHE - Sharpe Ratio Comparison

The current CDX Sharpe Ratio is -0.31, which is lower than the IBHE Sharpe Ratio of 3.51. The chart below compares the historical Sharpe Ratios of CDX and IBHE, 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	IBHE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.31	3.51	-3.82
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.83	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.38	0.41	-0.03

Drawdowns

CDX vs. IBHE - Drawdown Comparison

The maximum CDX drawdown since its inception was -13.24%, smaller than the maximum IBHE drawdown of -26.91%. Use the drawdown chart below to compare losses from any high point for CDX and IBHE.

Drawdown Indicators

	CDX	IBHE	Difference
Max Drawdown Largest peak-to-trough decline	-13.24%	-26.91%	+13.67%
Max Drawdown (1Y) Largest decline over 1 year	-4.18%	-0.22%	-3.96%
Max Drawdown (3Y) Largest decline over 3 years	-8.88%	-0.94%	-7.94%
Max Drawdown (5Y) Largest decline over 5 years	—	-8.51%	—
Current Drawdown Current decline from peak	-7.41%	0.00%	-7.41%
Average Drawdown Average peak-to-trough decline	-4.34%	-1.42%	-2.92%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.77%	0.05%	+1.72%

Volatility

CDX vs. IBHE - Volatility Comparison

Simplify High Yield PLUS Credit Hedge ETF (CDX) has a higher volatility of 1.61% compared to iShares iBonds 2025 Term High Yield & Income ETF (IBHE) at 0.00%. This indicates that CDX's price experiences larger fluctuations and is considered to be riskier than IBHE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CDX	IBHE	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.61%	0.00%	+1.61%
Volatility (6M) Calculated over the trailing 6-month period	4.72%	0.39%	+4.33%
Volatility (1Y) Calculated over the trailing 1-year period	5.69%	0.78%	+4.91%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.10%	4.87%	+6.23%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.10%	11.53%	-0.43%

CDX vs. IBHE - Expense Ratio Comparison

CDX has a 0.26% expense ratio, which is lower than IBHE's 0.35% expense ratio.

Dividends

CDX vs. IBHE - Dividend Comparison

CDX's dividend yield for the trailing twelve months is around 8.37%, more than IBHE's 2.29% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
CDX Simplify High Yield PLUS Credit Hedge ETF	8.37%	7.18%	12.60%	5.26%	7.51%	0.00%	0.00%	0.00%
IBHE iShares iBonds 2025 Term High Yield & Income ETF	2.29%	4.53%	6.92%	7.17%	5.77%	4.84%	5.74%	3.73%

Frequently Asked Questions

Can I hold both CDX and IBHE in my portfolio?

CDX and IBHE have a correlation of -0.06, 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 IBHE?

CDX has higher volatility (1.61%) compared to IBHE (0.00%). In terms of maximum drawdown, CDX dropped -13.24% vs IBHE's -26.91%.

Which ETF is better, CDX or IBHE?

On 3-year performance, CDX leads with 7.17% vs 6.07% for IBHE. On fees, CDX is cheaper at 0.26% per year. On volatility, IBHE has been the lower-risk option at 0.00%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CDX or IBHE?

Over the 3-year period, CDX has performed better with a 7.17% return vs 6.07%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CDX or IBHE?

CDX is cheaper with a 0.26% expense ratio, compared with 0.35% for IBHE.

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

CDX has the higher dividend yield at 8.37%, compared with 2.29% for IBHE.

What is the main difference between CDX and IBHE?

They also come from different issuers: Simplify and iShares. Their fees differ too: 0.26% for CDX and 0.35% for IBHE.

Which has better risk-adjusted returns?

IBHE currently has the higher Sharpe Ratio (3.51 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.