CDX vs. TIP
CDX (Simplify High Yield PLUS Credit Hedge ETF) and TIP (iShares TIPS Bond ETF) are both exchange-traded funds - CDX is a High Yield Bonds fund actively managed by Simplify, while TIP is a Inflation-Protected Bonds fund tracking the ICE U.S. Treasury Inflation Linked Bond Index. CDX is actively managed, while TIP is passively managed. Over the past 3 years, CDX returned 7.17%/yr vs 3.88%/yr for TIP. At a 0.38 correlation, their price movements are largely independent. CDX charges 0.26%/yr vs 0.18%/yr for TIP.
Performance
CDX vs. TIP - Performance Comparison
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Returns By Period
In the year-to-date period, CDX achieves a -2.44% return, which is significantly lower than TIP's 1.54% return.
CDX
- 1D
- -0.19%
- 1M
- -0.71%
- YTD
- -2.44%
- 6M
- -2.70%
- 1Y
- -1.77%
- 3Y*
- 7.17%
- 5Y*
- —
- 10Y*
- —
TIP
- 1D
- -0.18%
- 1M
- -0.09%
- YTD
- 1.54%
- 6M
- 1.06%
- 1Y
- 4.96%
- 3Y*
- 3.88%
- 5Y*
- 0.97%
- 10Y*
- 2.57%
CDX vs. TIP - 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% |
TIP iShares TIPS Bond ETF | 1.54% | 6.77% | 1.65% | 3.80% | -8.32% |
Correlation
The correlation between CDX and TIP is 0.28, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.28 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.34 |
Correlation (All Time) Calculated using the full available price history since Feb 16, 2022 | 0.38 |
The correlation between CDX and TIP shifts across timeframes, from 0.28 (1 year) to 0.38 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
CDX vs. TIP — Risk / Return Rank
CDX
TIP
CDX vs. TIP - 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 TIPS Bond ETF (TIP). 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 | TIP | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.77 | ||
| Sortino ratioReturn per unit of downside risk | -2.64 | ||
| Omega ratioGain probability vs. loss probability | 0.95 | 1.26 | -0.31 |
| Calmar ratioReturn relative to maximum drawdown | -0.43 | 2.52 | -2.95 |
| Martin ratioReturn relative to average drawdown | -1.00 | 7.57 | -8.57 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| CDX | TIP | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.31 | 1.46 | -1.77 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.16 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.45 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.38 | 0.57 | -0.19 |
Drawdowns
CDX vs. TIP - Drawdown Comparison
The maximum CDX drawdown since its inception was -13.24%, smaller than the maximum TIP drawdown of -14.57%. Use the drawdown chart below to compare losses from any high point for CDX and TIP.
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Drawdown Indicators
| CDX | TIP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -13.24% | -14.57% | +1.33% |
Max Drawdown (1Y)Largest decline over 1 year | -4.18% | -1.98% | -2.20% |
Max Drawdown (3Y)Largest decline over 3 years | -8.88% | -4.54% | -4.34% |
Max Drawdown (5Y)Largest decline over 5 years | — | -14.51% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -14.51% | — |
Current DrawdownCurrent decline from peak | -7.41% | -0.32% | -7.09% |
Average DrawdownAverage peak-to-trough decline | -4.34% | -3.43% | -0.91% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.77% | 0.66% | +1.11% |
Volatility
CDX vs. TIP - Volatility Comparison
Simplify High Yield PLUS Credit Hedge ETF (CDX) has a higher volatility of 1.61% compared to iShares TIPS Bond ETF (TIP) at 0.89%. This indicates that CDX's price experiences larger fluctuations and is considered to be riskier than TIP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CDX | TIP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.61% | 0.89% | +0.72% |
Volatility (6M)Calculated over the trailing 6-month period | 4.72% | 2.29% | +2.43% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.69% | 3.41% | +2.28% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 11.10% | 6.21% | +4.89% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 11.10% | 5.74% | +5.36% |
CDX vs. TIP - Expense Ratio Comparison
CDX has a 0.26% expense ratio, which is higher than TIP's 0.18% 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. TIP - Dividend Comparison
CDX's dividend yield for the trailing twelve months is around 8.37%, more than TIP's 3.76% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CDX Simplify High Yield PLUS Credit Hedge ETF | 8.37% | 7.18% | 12.60% | 5.26% | 7.51% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
TIP iShares TIPS Bond ETF | 3.76% | 3.46% | 2.52% | 2.73% | 6.96% | 4.28% | 1.17% | 1.75% | 2.71% | 2.07% | 1.48% | 0.34% |
Frequently Asked Questions
CDX and TIP have a correlation of 0.28, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
CDX has higher volatility (1.61%) compared to TIP (0.89%). In terms of maximum drawdown, CDX dropped -13.24% vs TIP's -14.57%.
On 3-year performance, CDX leads with 7.17% vs 3.88% for TIP. On fees, TIP is cheaper at 0.18% per year. On volatility, TIP has been the lower-risk option at 0.89%. 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 3.88%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
TIP is cheaper with a 0.18% expense ratio, compared with 0.26% for CDX.
CDX has the higher dividend yield at 8.37%, compared with 3.76% for TIP.
CDX is categorized as High Yield Bonds, while TIP is Inflation-Protected Bonds. They also come from different issuers: Simplify and iShares. Their fees differ too: 0.26% for CDX and 0.18% for TIP.
TIP currently has the higher Sharpe Ratio (1.46 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.
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