CDX vs. XOP
CDX (Simplify High Yield ETF) and XOP (SPDR S&P Oil & Gas Exploration & Production ETF) are both exchange-traded funds - CDX is a High Yield Bonds fund actively managed by Simplify, while XOP is a Energy Equities fund tracking the S&P Oil & Gas Exploration & Production Select Industry. CDX is actively managed, while XOP is passively managed. Over the past 3 years, CDX returned 7.17%/yr vs 10.13%/yr for XOP. Their 0.04 correlation means their historical movements had little consistent relationship. CDX charges 0.25%/yr vs 0.35%/yr for XOP.
Performance
CDX vs. XOP - 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 XOP's 41.76% 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%
XOP
- 1D
- 1.45%
- 1M
- 14.72%
- 6M
- 27.63%
- YTD
- 41.76%
- 1Y
- 46.74%
- 3Y*
- 10.13%
- 5Y*
- 19.29%
- 10Y*
- 5.00%
- ALL TIME*
- 2.68%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $2.23M | $2.17M | $2.98M | |
| $553.31M | $544.38M | $598.08M |
CDX vs. XOP - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
CDX Simplify High Yield ETF | -3.00% | 9.51% | 7.71% | 12.74% | -8.26% |
XOP SPDR S&P Oil & Gas Exploration & Production ETF | 41.76% | -2.15% | -1.00% | 3.56% | 25.25% |
Correlation
The correlation between CDX and XOP is -0.25, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.25 |
Correlation (3Y) Balances recent behavior with more history. | -0.09 |
Correlation (All Time) Calculated using the full available price history since Feb 15, 2022 | 0.04 |
The correlation between CDX and XOP shifts across timeframes, from -0.25 (1 year) to 0.04 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
CDX vs. XOP — Risk / Return Rank
CDX
XOP
CDX vs. XOP - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Simplify High Yield ETF (CDX) and SPDR S&P Oil & Gas Exploration & Production ETF (XOP). 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 | XOP | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.01 | ||
| Sortino ratioReturn per unit of downside risk | -2.70 | ||
| Omega ratioGain probability vs. loss probability | 0.92 | 1.24 | -0.33 |
| Calmar ratioReturn relative to maximum drawdown | -0.60 | 2.26 | -2.86 |
| Martin ratioReturn relative to average drawdown | -1.44 | 5.48 | -6.91 |
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Drawdowns
CDX vs. XOP - Drawdown Comparison
The maximum CDX drawdown since its inception was -13.24%, smaller than the maximum XOP drawdown of -90.27%. Use the drawdown chart below to compare losses from any high point for CDX and XOP.
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Drawdown Indicators
| CDX | XOP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -13.24% | -90.27% | +77.03% |
Max Drawdown (1Y)Largest decline over 1 year | -5.37% | -18.50% | +13.13% |
Max Drawdown (3Y)Largest decline over 3 years | -8.97% | -34.98% | +26.01% |
Max Drawdown (5Y)Largest decline over 5 years | — | -34.98% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -82.61% | — |
Current DrawdownCurrent decline from peak | -7.94% | -33.74% | +25.80% |
Average DrawdownAverage peak-to-trough decline | -4.44% | -42.56% | +38.12% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.24% | 7.67% | -5.43% |
Volatility
CDX vs. XOP - Volatility Comparison
The current volatility for Simplify High Yield ETF (CDX) is 2.02%, while SPDR S&P Oil & Gas Exploration & Production ETF (XOP) has a volatility of 8.28%. This indicates that CDX experiences smaller price fluctuations and is considered to be less risky than XOP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CDX | XOP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.02% | 8.28% | -6.26% |
Volatility (6M)Calculated over the trailing 6-month period | 5.16% | 22.52% | -17.36% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.98% | 28.49% | -22.51% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 10.97% | 33.53% | -22.56% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 10.97% | 40.15% | -29.18% |
CDX vs. XOP - Expense Ratio Comparison
CDX has a 0.25% expense ratio, which is lower than XOP's 0.35% expense ratio.
Dividends
CDX vs. XOP - Dividend Comparison
CDX's dividend yield for the trailing twelve months is around 8.33%, more than XOP's 1.83% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CDX Simplify High Yield ETF | 8.33% | 7.18% | 12.60% | 5.26% | 7.51% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
XOP SPDR S&P Oil & Gas Exploration & Production ETF | 1.83% | 2.62% | 2.45% | 2.63% | 2.47% | 1.61% | 2.34% | 1.47% | 0.99% | 0.76% | 0.76% | 2.21% |
Frequently Asked Questions
CDX and XOP have a correlation of -0.25, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
XOP has higher volatility (8.28%) compared to CDX (2.02%). In terms of maximum drawdown, CDX dropped -13.24% vs XOP's -90.27%.
On 3-year performance, XOP leads with 10.13% vs 7.17% for CDX. On fees, CDX is cheaper at 0.25% per year. On volatility, CDX has been the lower-risk option at 2.02%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, XOP has performed better with a 10.13% return vs 7.17%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
CDX is cheaper with a 0.25% expense ratio, compared with 0.35% for XOP.
CDX has the higher dividend yield at 8.33%, compared with 1.83% for XOP.
CDX is categorized as High Yield Bonds, while XOP is Energy Equities. They also come from different issuers: Simplify and State Street. Their fees differ too: 0.25% for CDX and 0.35% for XOP.
XOP currently has the higher Sharpe Ratio (1.47 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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