CDX vs. TUA

Last updated Aug 2, 2026

CDX (Simplify High Yield ETF) and TUA (Simplify Short Term Treasury Futures Strategy ETF) are both exchange-traded funds - CDX is a High Yield Bonds fund actively managed by Simplify, while TUA is a Intermediate Core Bond fund actively managed by Simplify. Both are actively managed. Over the past 3 years, CDX returned 7.17%/yr vs 0.67%/yr for TUA. Their 0.30 correlation means their historical movements had little consistent relationship. CDX charges 0.25%/yr vs 0.16%/yr for TUA.

Performance

CDX vs. TUA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Simplify High Yield ETF (CDX) and Simplify Short Term Treasury Futures Strategy ETF (TUA). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CDX achieves a -3.00% return, which is significantly higher than TUA's -6.37% 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%

TUA

• 1D: -0.32%
• 1M: -1.10%
• 6M: -5.88%
• YTD: -6.37%
• 1Y: -5.24%
• 3Y*: 0.67%
• 5Y*: —
• 10Y*: —
• ALL TIME*: -1.64%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
CDX Simplify High Yield ETF	$2.23M	$2.17M	$2.98M
TUA Simplify Short Term Treasury Futures Strategy ETF	$11.89M	$10.24M	$8.33M

CDX vs. TUA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
CDX Simplify High Yield ETF	-3.00%	9.51%	7.71%	12.74%	1.68%
TUA Simplify Short Term Treasury Futures Strategy ETF	-6.37%	7.27%	-3.59%	-2.04%	-0.83%

Correlation

The correlation between CDX and TUA is 0.37, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.37
Correlation (3Y) Balances recent behavior with more history.	0.30
Correlation (All Time) Calculated using the full available price history since Nov 15, 2022	0.30

Return for Risk

CDX vs. TUA — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

CDX

CDX Risk / Return Rank: 4
CDX Sharpe Ratio Rank: 5
CDX Sortino Ratio Rank: 4
CDX Omega Ratio Rank: 4
CDX Calmar Ratio Rank: 4
CDX Martin Ratio Rank: 0

TUA

TUA Risk / Return Rank: 6
TUA Sharpe Ratio Rank: 6
TUA Sortino Ratio Rank: 5
TUA Omega Ratio Rank: 5
TUA Calmar Ratio Rank: 6
TUA Martin Ratio Rank: 6

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

CDX vs. TUA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Simplify High Yield ETF (CDX) and Simplify Short Term Treasury Futures Strategy ETF (TUA). 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	TUA	Difference
Sharpe ratio: Return per unit of total volatility	-0.54	-0.42	-0.12
Sortino ratio: Return per unit of downside risk	-0.74	-0.55	-0.19
Omega ratio: Gain probability vs. loss probability	0.92	0.94	-0.02
Calmar ratio: Return relative to maximum drawdown	-0.60	-0.37	-0.23
Martin ratio: Return relative to average drawdown	-1.44	-0.81	-0.63

CDX vs. TUA - Sharpe Ratio Comparison

The current CDX Sharpe Ratio is -0.54, which is comparable to the TUA Sharpe Ratio of -0.42. The chart below compares the historical Sharpe Ratios of CDX and TUA, 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. TUA - Drawdown Comparison

The maximum CDX drawdown since its inception was -13.24%, smaller than the maximum TUA drawdown of -15.85%. Use the drawdown chart below to compare losses from any high point for CDX and TUA.

Drawdown Indicators

	CDX	TUA	Difference
Max Drawdown Largest peak-to-trough decline	-13.24%	-15.85%	+2.61%
Max Drawdown (1Y) Largest decline over 1 year	-5.37%	-7.96%	+2.59%
Max Drawdown (3Y) Largest decline over 3 years	-8.97%	-9.14%	+0.17%
Current Drawdown Current decline from peak	-7.94%	-10.99%	+3.05%
Average Drawdown Average peak-to-trough decline	-4.44%	-8.45%	+4.01%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.24%	3.64%	-1.40%

Volatility

CDX vs. TUA - Volatility Comparison

Simplify High Yield ETF (CDX) has a higher volatility of 2.02% compared to Simplify Short Term Treasury Futures Strategy ETF (TUA) at 1.91%. This indicates that CDX's price experiences larger fluctuations and is considered to be riskier than TUA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CDX	TUA	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.02%	1.91%	+0.11%
Volatility (6M) Calculated over the trailing 6-month period	5.16%	5.57%	-0.41%
Volatility (1Y) Calculated over the trailing 1-year period	5.98%	7.01%	-1.03%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.97%	10.65%	+0.32%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.97%	10.65%	+0.32%

CDX vs. TUA - Expense Ratio Comparison

CDX has a 0.25% expense ratio, which is higher than TUA's 0.16% 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. TUA - Dividend Comparison

CDX's dividend yield for the trailing twelve months is around 8.33%, more than TUA's 3.12% yield.

Position	TTM	2025	2024	2023	2022
CDX Simplify High Yield ETF	8.33%	7.18%	12.60%	5.26%	7.51%
TUA Simplify Short Term Treasury Futures Strategy ETF	3.12%	3.84%	5.19%	4.83%	0.15%

Frequently Asked Questions

Can I hold both CDX and TUA in my portfolio?

CDX and TUA have a correlation of 0.37, 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 TUA?

CDX has higher volatility (2.02%) compared to TUA (1.91%). In terms of maximum drawdown, CDX dropped -13.24% vs TUA's -15.85%.

Which ETF is better, CDX or TUA?

On 3-year performance, CDX leads with 7.17% vs 0.67% for TUA. On fees, TUA is cheaper at 0.16% per year. On volatility, TUA has been the lower-risk option at 1.91%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CDX or TUA?

Over the 3-year period, CDX has performed better with a 7.17% return vs 0.67%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CDX or TUA?

TUA is cheaper with a 0.16% expense ratio, compared with 0.25% for CDX.

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

CDX has the higher dividend yield at 8.33%, compared with 3.12% for TUA.

What is the main difference between CDX and TUA?

CDX is categorized as High Yield Bonds, while TUA is Intermediate Core Bond. Their fees differ too: 0.25% for CDX and 0.16% for TUA.

Which has better risk-adjusted returns?

TUA currently has the higher Sharpe Ratio (-0.42 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.