CDX vs. RAVI

Last updated Jun 14, 2026

CDX (Simplify High Yield PLUS Credit Hedge ETF) and RAVI (FlexShares Ultra-Short Income ETF) are both exchange-traded funds - CDX is a High Yield Bonds fund actively managed by Simplify, while RAVI is a Ultrashort Bond fund actively managed by FlexShares. Both are actively managed. Over the past 3 years, CDX returned 7.84%/yr vs 5.20%/yr for RAVI. At a 0.23 correlation, their price movements are largely independent. CDX charges 0.26%/yr vs 0.25%/yr for RAVI.

Performance

CDX vs. RAVI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Simplify High Yield PLUS Credit Hedge ETF (CDX) and FlexShares Ultra-Short Income ETF (RAVI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CDX achieves a -1.56% return, which is significantly lower than RAVI's 1.66% return.

CDX

• 1D: -0.09%
• 1M: 0.33%
• YTD: -1.56%
• 6M: -1.47%
• 1Y: -0.54%
• 3Y*: 7.84%
• 5Y*: —
• 10Y*: —

RAVI

• 1D: 0.07%
• 1M: 0.40%
• YTD: 1.66%
• 6M: 1.94%
• 1Y: 4.50%
• 3Y*: 5.20%
• 5Y*: 3.52%
• 10Y*: 2.68%

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

CDX vs. RAVI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
CDX Simplify High Yield PLUS Credit Hedge ETF	-1.56%	9.51%	7.71%	12.74%	-8.26%
RAVI FlexShares Ultra-Short Income ETF	1.66%	4.98%	5.67%	5.55%	0.59%

Correlation

The correlation between CDX and RAVI is 0.17, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.17
Correlation (3Y) Calculated over the trailing 3-year period	0.22
Correlation (All Time) Calculated using the full available price history since Feb 15, 2022	0.23

Return for Risk

CDX vs. RAVI — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

CDX

CDX Risk / Return Rank: 8
CDX Sharpe Ratio Rank: 8
CDX Sortino Ratio Rank: 7
CDX Omega Ratio Rank: 7
CDX Calmar Ratio Rank: 8
CDX Martin Ratio Rank: 8

RAVI

RAVI Risk / Return Rank: 99
RAVI Sharpe Ratio Rank: 100
RAVI Sortino Ratio Rank: 99
RAVI Omega Ratio Rank: 99
RAVI Calmar Ratio Rank: 99
RAVI Martin Ratio Rank: 99

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. RAVI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Simplify High Yield PLUS Credit Hedge ETF (CDX) and FlexShares Ultra-Short Income ETF (RAVI). 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	RAVI	Difference
Sharpe ratio: Return per unit of total volatility	-0.12	11.19	-11.32
Sortino ratio: Return per unit of downside risk	-0.14	25.32	-25.45
Omega ratio: Gain probability vs. loss probability	0.98	5.64	-4.66
Calmar ratio: Return relative to maximum drawdown	-0.17	38.65	-38.83
Martin ratio: Return relative to average drawdown	-0.39	231.44	-231.82

CDX vs. RAVI - Sharpe Ratio Comparison

The current CDX Sharpe Ratio is -0.12, which is lower than the RAVI Sharpe Ratio of 11.19. The chart below compares the historical Sharpe Ratios of CDX and RAVI, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

CDX vs. RAVI - Drawdown Comparison

The maximum CDX drawdown since its inception was -13.24%, which is greater than RAVI's maximum drawdown of -3.72%. Use the drawdown chart below to compare losses from any high point for CDX and RAVI.

Drawdown Indicators

	CDX	RAVI	Difference
Max Drawdown Largest peak-to-trough decline	-13.24%	-3.72%	-9.52%
Max Drawdown (1Y) Largest decline over 1 year	-4.18%	-0.12%	-4.06%
Max Drawdown (3Y) Largest decline over 3 years	-8.88%	-0.36%	-8.52%
Max Drawdown (5Y) Largest decline over 5 years	—	-3.28%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-3.72%	—
Current Drawdown Current decline from peak	-6.57%	0.00%	-6.57%
Average Drawdown Average peak-to-trough decline	-4.35%	-0.17%	-4.18%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.85%	0.02%	+1.83%

Volatility

CDX vs. RAVI - Volatility Comparison

Simplify High Yield PLUS Credit Hedge ETF (CDX) has a higher volatility of 1.73% compared to FlexShares Ultra-Short Income ETF (RAVI) at 0.10%. This indicates that CDX's price experiences larger fluctuations and is considered to be riskier than RAVI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CDX	RAVI	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.73%	0.10%	+1.63%
Volatility (6M) Calculated over the trailing 6-month period	4.81%	0.30%	+4.51%
Volatility (1Y) Calculated over the trailing 1-year period	5.80%	0.40%	+5.40%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.08%	1.41%	+9.67%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.08%	1.28%	+9.80%

CDX vs. RAVI - Expense Ratio Comparison

CDX has a 0.26% expense ratio, which is higher than RAVI's 0.25% 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. RAVI - Dividend Comparison

CDX's dividend yield for the trailing twelve months is around 8.29%, more than RAVI's 4.38% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
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%
RAVI FlexShares Ultra-Short Income ETF	4.38%	4.59%	5.34%	4.55%	1.70%	0.90%	1.29%	2.53%	2.22%	1.28%	0.90%

Frequently Asked Questions

Can I hold both CDX and RAVI in my portfolio?

CDX and RAVI have a correlation of 0.17, 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 RAVI?

CDX has higher volatility (1.73%) compared to RAVI (0.10%). In terms of maximum drawdown, CDX dropped -13.24% vs RAVI's -3.72%.

Which ETF is better, CDX or RAVI?

On 3-year performance, CDX leads with 7.84% vs 5.20% for RAVI. On fees, RAVI is cheaper at 0.25% per year. On volatility, RAVI has been the lower-risk option at 0.10%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CDX or RAVI?

Over the 3-year period, CDX has performed better with a 7.84% return vs 5.20%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CDX or RAVI?

RAVI is cheaper with a 0.25% expense ratio, compared with 0.26% for CDX.

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

CDX has the higher dividend yield at 8.29%, compared with 4.38% for RAVI.

What is the main difference between CDX and RAVI?

CDX is categorized as High Yield Bonds, while RAVI is Ultrashort Bond. They also come from different issuers: Simplify and FlexShares. Their fees differ too: 0.26% for CDX and 0.25% for RAVI.

Which has better risk-adjusted returns?

RAVI currently has the higher Sharpe Ratio (11.19 vs -0.12), 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.