CTAP vs. SPLS

Last updated Aug 1, 2026

CTAP (Simplify US Equity PLUS Managed Futures Strategy ETF) and SPLS (PIMCO U.S. Stocks PLUS Active Bond ETF) are both Diversified Portfolio funds. Both are actively managed. Their 0.22 correlation means their historical movements had little consistent relationship. CTAP charges 0.10%/yr vs 0.18%/yr for SPLS.

Performance

CTAP vs. SPLS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Simplify US Equity PLUS Managed Futures Strategy ETF (CTAP) and PIMCO U.S. Stocks PLUS Active Bond ETF (SPLS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

CTAP

• 1D: 1.11%
• 1M: 4.75%
• 6M: 4.96%
• YTD: 8.91%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

SPLS

• 1D: 0.90%
• 1M: 0.64%
• 6M: 9.21%
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

*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)
CTAP Simplify US Equity PLUS Managed Futures Strategy ETF	$13.32M	$7.01M	$3.57M
SPLS PIMCO U.S. Stocks PLUS Active Bond ETF	$87.41K	$186.29K	$302.92K

CTAP vs. SPLS - Yearly Performance Comparison

	2026 (YTD)
CTAP Simplify US Equity PLUS Managed Futures Strategy ETF	5.04%
SPLS PIMCO U.S. Stocks PLUS Active Bond ETF	9.06%

Correlation

The correlation between CTAP and SPLS is 0.22, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jan 16, 2026	0.22

Return for Risk

CTAP vs. SPLS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Simplify US Equity PLUS Managed Futures Strategy ETF (CTAP) and PIMCO U.S. Stocks PLUS Active Bond ETF (SPLS). 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Drawdowns

CTAP vs. SPLS - Drawdown Comparison

The maximum CTAP drawdown since its inception was -20.48%, which is greater than SPLS's maximum drawdown of -9.24%. Use the drawdown chart below to compare losses from any high point for CTAP and SPLS.

Drawdown Indicators

	CTAP	SPLS	Difference
Max Drawdown Largest peak-to-trough decline	-20.48%	-9.24%	-11.24%
Current Drawdown Current decline from peak	-14.68%	-0.95%	-13.73%
Average Drawdown Average peak-to-trough decline	-5.27%	-1.83%	-3.44%

Volatility

Volatility by Period

	CTAP	SPLS	Difference
Volatility (1Y) Calculated over the trailing 1-year period	24.78%	15.02%	+9.76%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	24.78%	15.02%	+9.76%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.78%	15.02%	+9.76%

CTAP vs. SPLS - Expense Ratio Comparison

CTAP has a 0.10% expense ratio, which is lower than SPLS's 0.18% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

CTAP vs. SPLS - Dividend Comparison

CTAP's dividend yield for the trailing twelve months is around 1.83%, more than SPLS's 0.55% yield.

Position	TTM
CTAP Simplify US Equity PLUS Managed Futures Strategy ETF	1.83%
SPLS PIMCO U.S. Stocks PLUS Active Bond ETF	0.55%

Frequently Asked Questions

Can I hold both CTAP and SPLS in my portfolio?

CTAP and SPLS have a correlation of 0.22, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, CTAP or SPLS?

On fees, CTAP is cheaper at 0.10% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, CTAP or SPLS?

CTAP is cheaper with a 0.10% expense ratio, compared with 0.18% for SPLS.

Which ETF pays a higher dividend yield, CTAP or SPLS?

CTAP has the higher dividend yield at 1.83%, compared with 0.55% for SPLS.

What is the main difference between CTAP and SPLS?

They also come from different issuers: Simplify and PIMCO. Their fees differ too: 0.10% for CTAP and 0.18% for SPLS.