CDX vs. IBHH
CDX (Simplify High Yield PLUS Credit Hedge ETF) and IBHH (iShares iBonds 2028 Term High Yield and Income ETF) are both High Yield Bonds funds. CDX is actively managed, while IBHH is passively managed. Over the past 3 years, CDX returned 7.96%/yr vs 8.78%/yr for IBHH. A 0.58 correlation means they provide meaningful diversification when combined. CDX charges 0.26%/yr vs 0.35%/yr for IBHH.
Performance
CDX vs. IBHH - 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 IBHH's 1.85% return.
CDX
- 1D
- 0.00%
- 1M
- 0.19%
- YTD
- -1.51%
- 6M
- -1.29%
- 1Y
- -1.35%
- 3Y*
- 7.96%
- 5Y*
- —
- 10Y*
- —
IBHH
- 1D
- 0.02%
- 1M
- 0.44%
- YTD
- 1.85%
- 6M
- 2.22%
- 1Y
- 5.85%
- 3Y*
- 8.78%
- 5Y*
- —
- 10Y*
- —
CDX vs. IBHH - 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% | -7.65% |
IBHH iShares iBonds 2028 Term High Yield and Income ETF | 1.85% | 8.02% | 7.53% | 12.87% | -6.70% |
Correlation
The correlation between CDX and IBHH is 0.49, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.49 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.44 |
Correlation (All Time) Calculated using the full available price history since Mar 10, 2022 | 0.58 |
The correlation between CDX and IBHH shifts across timeframes, from 0.44 (3 years) to 0.58 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
CDX vs. IBHH — Risk / Return Rank
CDX
IBHH
CDX vs. IBHH - 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 2028 Term High Yield and Income ETF (IBHH). 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 | IBHH | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.34 | ||
| Sortino ratioReturn per unit of downside risk | -3.49 | ||
| Omega ratioGain probability vs. loss probability | 0.97 | 1.40 | -0.44 |
| Calmar ratioReturn relative to maximum drawdown | -0.32 | 4.80 | -5.12 |
| Martin ratioReturn relative to average drawdown | -0.71 | 19.19 | -19.90 |
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Drawdowns
CDX vs. IBHH - Drawdown Comparison
The maximum CDX drawdown since its inception was -13.24%, which is greater than IBHH's maximum drawdown of -12.05%. Use the drawdown chart below to compare losses from any high point for CDX and IBHH.
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Drawdown Indicators
| CDX | IBHH | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -13.24% | -12.05% | -1.19% |
Max Drawdown (1Y)Largest decline over 1 year | -4.18% | -1.22% | -2.96% |
Max Drawdown (3Y)Largest decline over 3 years | -8.88% | -4.66% | -4.22% |
Current DrawdownCurrent decline from peak | -6.53% | -0.06% | -6.47% |
Average DrawdownAverage peak-to-trough decline | -4.36% | -2.27% | -2.09% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.90% | 0.31% | +1.59% |
Volatility
CDX vs. IBHH - Volatility Comparison
Simplify High Yield PLUS Credit Hedge ETF (CDX) has a higher volatility of 1.58% compared to iShares iBonds 2028 Term High Yield and Income ETF (IBHH) at 0.69%. This indicates that CDX's price experiences larger fluctuations and is considered to be riskier than IBHH based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CDX | IBHH | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.58% | 0.69% | +0.89% |
Volatility (6M)Calculated over the trailing 6-month period | 4.83% | 2.11% | +2.72% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.78% | 2.79% | +2.99% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 11.05% | 7.22% | +3.83% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 11.05% | 7.22% | +3.83% |
CDX vs. IBHH - Expense Ratio Comparison
CDX has a 0.26% expense ratio, which is lower than IBHH's 0.35% expense ratio.
Dividends
CDX vs. IBHH - Dividend Comparison
CDX's dividend yield for the trailing twelve months is around 8.29%, more than IBHH's 6.25% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
CDX Simplify High Yield PLUS Credit Hedge ETF | 8.29% | 7.18% | 12.60% | 5.26% | 7.51% |
IBHH iShares iBonds 2028 Term High Yield and Income ETF | 6.25% | 6.39% | 6.93% | 6.65% | 5.36% |
Frequently Asked Questions
CDX and IBHH have a correlation of 0.49, 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 IBHH (0.69%). In terms of maximum drawdown, CDX dropped -13.24% vs IBHH's -12.05%.
On 3-year performance, IBHH leads with 8.78% vs 7.96% for CDX. On fees, CDX is cheaper at 0.26% per year. On volatility, IBHH has been the lower-risk option at 0.69%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, IBHH has performed better with a 8.78% 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 0.35% for IBHH.
CDX has the higher dividend yield at 8.29%, compared with 6.25% for IBHH.
They also come from different issuers: Simplify and iShares. Their fees differ too: 0.26% for CDX and 0.35% for IBHH.
IBHH currently has the higher Sharpe Ratio (2.10 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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