CDX vs. VOO

Last updated Jun 4, 2026

CDX (Simplify High Yield PLUS Credit Hedge ETF) and VOO (Vanguard S&P 500 ETF) are both exchange-traded funds - CDX is a High Yield Bonds fund actively managed by Simplify, while VOO is a S&P 500 fund tracking the S&P 500 Index. CDX is actively managed, while VOO is passively managed. Over the past 3 years, CDX returned 7.17%/yr vs 22.44%/yr for VOO. At a 0.45 correlation, their price movements are largely independent. CDX charges 0.26%/yr vs 0.03%/yr for VOO.

Performance

CDX vs. VOO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Simplify High Yield PLUS Credit Hedge ETF (CDX) and Vanguard S&P 500 ETF (VOO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CDX achieves a -2.44% return, which is significantly lower than VOO's 10.91% return.

CDX

• 1D: -0.19%
• 1M: -0.71%
• YTD: -2.44%
• 6M: -2.70%
• 1Y: -1.77%
• 3Y*: 7.17%
• 5Y*: —
• 10Y*: —

VOO

• 1D: -0.70%
• 1M: 5.04%
• YTD: 10.91%
• 6M: 10.93%
• 1Y: 28.04%
• 3Y*: 22.44%
• 5Y*: 13.90%
• 10Y*: 15.56%

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

CDX vs. VOO - 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%
VOO Vanguard S&P 500 ETF	10.91%	17.82%	24.98%	26.32%	-12.89%

Correlation

The correlation between CDX and VOO is 0.30, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.30
Correlation (3Y) Calculated over the trailing 3-year period	0.30
Correlation (All Time) Calculated using the full available price history since Feb 16, 2022	0.45

The correlation between CDX and VOO shifts across timeframes, from 0.30 (1 year) to 0.45 (all time), reflecting how their relationship changes across market environments.

CDX vs. VOO - Sectors Allocation Comparison

Sectors	CDX	VOO
Technology	24.6%	35.7%
Industrials	15.1%	8.3%
Healthcare	14.2%	8.5%
Financial Services	10.0%	11.6%
Consumer Cyclical	9.8%	10.2%
Energy	6.9%	3.5%
Real Estate	4.2%	1.9%
Communication Services	4.1%	11.3%
Consumer Defensive	4.1%	4.9%
Basic Materials	4.0%	1.8%
Utilities	2.9%	2.4%

Return for Risk

CDX vs. VOO — Risk / Return Rank

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

CDX

CDX Risk / Return Rank: 5
CDX Sharpe Ratio Rank: 6
CDX Sortino Ratio Rank: 5
CDX Omega Ratio Rank: 5
CDX Calmar Ratio Rank: 5
CDX Martin Ratio Rank: 4

VOO

VOO Risk / Return Rank: 70
VOO Sharpe Ratio Rank: 71
VOO Sortino Ratio Rank: 70
VOO Omega Ratio Rank: 70
VOO Calmar Ratio Rank: 62
VOO Martin Ratio Rank: 75

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. VOO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Simplify High Yield PLUS Credit Hedge ETF (CDX) and Vanguard S&P 500 ETF (VOO). 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	VOO	Difference
Sharpe ratio: Return per unit of total volatility	-0.31	2.39	-2.70
Sortino ratio: Return per unit of downside risk	-0.40	3.25	-3.66
Omega ratio: Gain probability vs. loss probability	0.95	1.43	-0.48
Calmar ratio: Return relative to maximum drawdown	-0.43	3.16	-3.59
Martin ratio: Return relative to average drawdown	-1.00	14.73	-15.73
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CDX vs. VOO - Sharpe Ratio Comparison

The current CDX Sharpe Ratio is -0.31, which is lower than the VOO Sharpe Ratio of 2.39. The chart below compares the historical Sharpe Ratios of CDX and VOO, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	CDX	VOO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.31	2.39	-2.70
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.83	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.87	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.38	0.89	-0.51

Drawdowns

CDX vs. VOO - Drawdown Comparison

The maximum CDX drawdown since its inception was -13.24%, smaller than the maximum VOO drawdown of -33.99%. Use the drawdown chart below to compare losses from any high point for CDX and VOO.

Drawdown Indicators

	CDX	VOO	Difference
Max Drawdown Largest peak-to-trough decline	-13.24%	-33.99%	+20.75%
Max Drawdown (1Y) Largest decline over 1 year	-4.18%	-8.90%	+4.72%
Max Drawdown (3Y) Largest decline over 3 years	-8.88%	-18.69%	+9.81%
Max Drawdown (5Y) Largest decline over 5 years	—	-24.52%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-33.99%	—
Current Drawdown Current decline from peak	-7.41%	-0.70%	-6.71%
Average Drawdown Average peak-to-trough decline	-4.34%	-3.69%	-0.65%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.77%	1.91%	-0.14%

Volatility

CDX vs. VOO - Volatility Comparison

The current volatility for Simplify High Yield PLUS Credit Hedge ETF (CDX) is 1.61%, while Vanguard S&P 500 ETF (VOO) has a volatility of 2.84%. This indicates that CDX experiences smaller price fluctuations and is considered to be less risky than VOO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CDX	VOO	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.61%	2.84%	-1.23%
Volatility (6M) Calculated over the trailing 6-month period	4.72%	8.90%	-4.18%
Volatility (1Y) Calculated over the trailing 1-year period	5.69%	11.80%	-6.11%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.10%	16.81%	-5.71%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.10%	18.01%	-6.91%

CDX vs. VOO - Expense Ratio Comparison

CDX has a 0.26% expense ratio, which is higher than VOO's 0.03% 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. VOO - Dividend Comparison

CDX's dividend yield for the trailing twelve months is around 8.37%, more than VOO's 1.03% 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%
VOO Vanguard S&P 500 ETF	1.03%	1.13%	1.24%	1.46%	1.69%	1.25%	1.54%	1.88%	2.06%	1.78%	2.02%	2.10%

Frequently Asked Questions

Can I hold both CDX and VOO in my portfolio?

CDX and VOO have a correlation of 0.30, 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 VOO?

VOO has higher volatility (2.84%) compared to CDX (1.61%). In terms of maximum drawdown, CDX dropped -13.24% vs VOO's -33.99%.

Which ETF is better, CDX or VOO?

On 3-year performance, VOO leads with 22.44% vs 7.17% for CDX. On fees, VOO is cheaper at 0.03% per year. On volatility, CDX has been the lower-risk option at 1.61%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CDX or VOO?

Over the 3-year period, VOO has performed better with a 22.44% return vs 7.17%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CDX or VOO?

VOO is cheaper with a 0.03% expense ratio, compared with 0.26% for CDX.

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

CDX has the higher dividend yield at 8.37%, compared with 1.03% for VOO.

What is the main difference between CDX and VOO?

CDX is categorized as High Yield Bonds, while VOO is S&P 500. They also come from different issuers: Simplify and Vanguard. Their fees differ too: 0.26% for CDX and 0.03% for VOO.

Which has better risk-adjusted returns?

VOO currently has the higher Sharpe Ratio (2.39 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.