CDX vs. SGOV
CDX (Simplify High Yield ETF) and SGOV (iShares 0-3 Month Treasury Bond ETF) are both exchange-traded funds - CDX is a High Yield Bonds fund actively managed by Simplify, while SGOV is a Ultrashort Bond fund tracking the ICE 0-3 Month US Treasury Securities Index. CDX is actively managed, while SGOV is passively managed. Over the past 3 years, CDX returned 7.17%/yr vs 4.64%/yr for SGOV. Their 0.01 correlation means their historical movements had little consistent relationship. CDX charges 0.25%/yr vs 0.09%/yr for SGOV.
Performance
CDX vs. SGOV - Performance Comparison
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Returns By Period
In the year-to-date period, CDX achieves a -3.00% return, which is significantly lower than SGOV's 2.11% return.
CDX
- 1D
- 0.10%
- 1M
- -0.57%
- 6M
- -3.06%
- YTD
- -3.00%
- 1Y
- -3.26%
- 3Y*
- 7.17%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 3.85%
SGOV
- 1D
- 0.02%
- 1M
- 0.27%
- 6M
- 1.81%
- YTD
- 2.11%
- 1Y
- 3.83%
- 3Y*
- 4.64%
- 5Y*
- 3.66%
- 10Y*
- —
- ALL TIME*
- 2.96%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $2.23M | $2.17M | $2.98M | |
| $1.83B | $1.81B | $2.03B |
CDX vs. SGOV - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
CDX Simplify High Yield ETF | -3.00% | 9.51% | 7.71% | 12.74% | -8.26% |
SGOV iShares 0-3 Month Treasury Bond ETF | 2.11% | 4.24% | 5.27% | 5.12% | 1.58% |
Correlation
The correlation between CDX and SGOV is -0.06, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.06 |
Correlation (3Y) Balances recent behavior with more history. | -0.02 |
Correlation (All Time) Calculated using the full available price history since Feb 15, 2022 | 0.01 |
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Return for Risk
CDX vs. SGOV — Risk / Return Rank
CDX
SGOV
CDX vs. SGOV - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Simplify High Yield ETF (CDX) and iShares 0-3 Month Treasury Bond ETF (SGOV). 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 | SGOV | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -21.32 | ||
| Sortino ratioReturn per unit of downside risk | -382.56 | ||
| Omega ratioGain probability vs. loss probability | 0.92 | 382.06 | -381.14 |
| Calmar ratioReturn relative to maximum drawdown | -0.60 | 389.90 | -390.50 |
| Martin ratioReturn relative to average drawdown | -1.44 | 6,177.21 | -6,178.65 |
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Drawdowns
CDX vs. SGOV - Drawdown Comparison
The maximum CDX drawdown since its inception was -13.24%, which is greater than SGOV's maximum drawdown of -0.03%. Use the drawdown chart below to compare losses from any high point for CDX and SGOV.
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Drawdown Indicators
| CDX | SGOV | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -13.24% | -0.03% | -13.21% |
Max Drawdown (1Y)Largest decline over 1 year | -5.37% | -0.01% | -5.36% |
Max Drawdown (3Y)Largest decline over 3 years | -8.97% | -0.01% | -8.96% |
Max Drawdown (5Y)Largest decline over 5 years | — | -0.03% | — |
Current DrawdownCurrent decline from peak | -7.94% | 0.00% | -7.94% |
Average DrawdownAverage peak-to-trough decline | -4.44% | 0.00% | -4.44% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.24% | 0.00% | +2.24% |
Volatility
CDX vs. SGOV - Volatility Comparison
Simplify High Yield ETF (CDX) has a higher volatility of 2.02% compared to iShares 0-3 Month Treasury Bond ETF (SGOV) at 0.05%. This indicates that CDX's price experiences larger fluctuations and is considered to be riskier than SGOV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CDX | SGOV | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.02% | 0.05% | +1.97% |
Volatility (6M)Calculated over the trailing 6-month period | 5.16% | 0.13% | +5.03% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.98% | 0.19% | +5.79% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 10.97% | 0.24% | +10.73% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 10.97% | 0.23% | +10.74% |
CDX vs. SGOV - Expense Ratio Comparison
CDX has a 0.25% expense ratio, which is higher than SGOV's 0.09% 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. SGOV - Dividend Comparison
CDX's dividend yield for the trailing twelve months is around 8.33%, more than SGOV's 3.79% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
CDX Simplify High Yield ETF | 8.33% | 7.18% | 12.60% | 5.26% | 7.51% | 0.00% | 0.00% |
SGOV iShares 0-3 Month Treasury Bond ETF | 3.43% | 4.10% | 5.10% | 4.87% | 1.45% | 0.03% | 0.05% |
Frequently Asked Questions
CDX and SGOV 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.
CDX has higher volatility (2.02%) compared to SGOV (0.05%). In terms of maximum drawdown, CDX dropped -13.24% vs SGOV's -0.03%.
On 3-year performance, CDX leads with 7.17% vs 4.64% for SGOV. On fees, SGOV is cheaper at 0.09% per year. On volatility, SGOV has been the lower-risk option at 0.05%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, CDX has performed better with a 7.17% return vs 4.64%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SGOV is cheaper with a 0.09% expense ratio, compared with 0.25% for CDX.
CDX has the higher dividend yield at 8.33%, compared with 3.43% for SGOV.
CDX is categorized as High Yield Bonds, while SGOV is Ultrashort Bond. They also come from different issuers: Simplify and iShares. Their fees differ too: 0.25% for CDX and 0.09% for SGOV.
SGOV currently has the higher Sharpe Ratio (20.78 vs -0.54), 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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