CDX vs. NHYB
CDX (Simplify High Yield PLUS Credit Hedge ETF) and NHYB (Nuveen High Yield Corporate Bond ETF) are both High Yield Bonds funds. CDX is actively managed, while NHYB is passively managed. At a 0.48 correlation, their price movements are largely independent. CDX charges 0.26%/yr vs 0.08%/yr for NHYB.
Performance
CDX vs. NHYB - 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 NHYB's 1.91% return.
CDX
- 1D
- 0.00%
- 1M
- 0.19%
- YTD
- -1.51%
- 6M
- -1.29%
- 1Y
- -1.35%
- 3Y*
- 7.96%
- 5Y*
- —
- 10Y*
- —
NHYB
- 1D
- -0.04%
- 1M
- 0.52%
- YTD
- 1.91%
- 6M
- 1.99%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
CDX vs. NHYB - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
CDX Simplify High Yield PLUS Credit Hedge ETF | -1.51% | -0.58% |
NHYB Nuveen High Yield Corporate Bond ETF | 1.91% | 1.24% |
Correlation
The correlation between CDX and NHYB is 0.48, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (All Time) Calculated using the full available price history since Sep 24, 2025 | 0.48 |
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Return for Risk
CDX vs. NHYB — Risk / Return Rank
CDX
NHYB
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
CDX vs. NHYB - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Simplify High Yield PLUS Credit Hedge ETF (CDX) and Nuveen High Yield Corporate Bond ETF (NHYB). 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 | NHYB | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | 0.97 | — | — |
| Calmar ratioReturn relative to maximum drawdown | -0.32 | — | — |
| Martin ratioReturn relative to average drawdown | -0.71 | — | — |
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Drawdowns
CDX vs. NHYB - Drawdown Comparison
The maximum CDX drawdown since its inception was -13.24%, which is greater than NHYB's maximum drawdown of -2.40%. Use the drawdown chart below to compare losses from any high point for CDX and NHYB.
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Drawdown Indicators
| CDX | NHYB | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -13.24% | -2.40% | -10.84% |
Max Drawdown (1Y)Largest decline over 1 year | -4.18% | — | — |
Max Drawdown (3Y)Largest decline over 3 years | -8.88% | — | — |
Current DrawdownCurrent decline from peak | -6.53% | -0.20% | -6.33% |
Average DrawdownAverage peak-to-trough decline | -4.36% | -0.36% | -4.00% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.90% | — | — |
Volatility
CDX vs. NHYB - Volatility Comparison
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Volatility by Period
| CDX | NHYB | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.58% | — | — |
Volatility (6M)Calculated over the trailing 6-month period | 4.83% | — | — |
Volatility (1Y)Calculated over the trailing 1-year period | 5.78% | 3.64% | +2.14% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 11.05% | 3.64% | +7.41% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 11.05% | 3.64% | +7.41% |
CDX vs. NHYB - Expense Ratio Comparison
CDX has a 0.26% expense ratio, which is higher than NHYB's 0.08% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
CDX vs. NHYB - Dividend Comparison
CDX's dividend yield for the trailing twelve months is around 8.29%, more than NHYB's 4.25% 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% |
NHYB Nuveen High Yield Corporate Bond ETF | 4.25% | 1.28% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
CDX and NHYB have a correlation of 0.48, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, NHYB is cheaper at 0.08% per year. The better choice depends on whether you care most about return, fees, risk, or income.
NHYB is cheaper with a 0.08% expense ratio, compared with 0.26% for CDX.
CDX has the higher dividend yield at 8.29%, compared with 4.25% for NHYB.
They also come from different issuers: Simplify and Nuveen. Their fees differ too: 0.26% for CDX and 0.08% for NHYB.
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