DJAN vs. SPD

Last updated Jun 4, 2026

DJAN (FT Cboe Vest U.S. Equity Deep Buffer ETF - January) and SPD (Simplify US Equity PLUS Downside Convexity ETF) are both exchange-traded funds - DJAN is a Options Trading fund actively managed by FT Vest, while SPD is a Large Cap Blend Equities fund actively managed by Simplify. Both are actively managed. Over the past 5 years, DJAN returned 7.72%/yr vs 8.36%/yr for SPD. Their correlation of 0.83 suggests significant overlap in exposure. DJAN charges 0.85%/yr vs 0.53%/yr for SPD.

Performance

DJAN vs. SPD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in FT Cboe Vest U.S. Equity Deep Buffer ETF - January (DJAN) and Simplify US Equity PLUS Downside Convexity ETF (SPD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DJAN achieves a 4.85% return, which is significantly lower than SPD's 6.70% return.

DJAN

• 1D: -0.19%
• 1M: 2.05%
• YTD: 4.85%
• 6M: 5.97%
• 1Y: 15.50%
• 3Y*: 12.46%
• 5Y*: 7.72%
• 10Y*: —

SPD

• 1D: -0.70%
• 1M: 5.09%
• YTD: 6.70%
• 6M: 5.81%
• 1Y: 14.01%
• 3Y*: 17.87%
• 5Y*: 8.36%
• 10Y*: —

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

DJAN vs. SPD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
DJAN FT Cboe Vest U.S. Equity Deep Buffer ETF - January	4.85%	11.09%	13.05%	13.81%	-5.73%	6.72%
SPD Simplify US Equity PLUS Downside Convexity ETF	6.70%	18.86%	17.49%	20.94%	-25.96%	23.39%

Correlation

The correlation between DJAN and SPD is 0.91, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.91
Correlation (3Y) Calculated over the trailing 3-year period	0.87
Correlation (5Y) Calculated over the trailing 5-year period	0.83
Correlation (All Time) Calculated using the full available price history since Jan 20, 2021	0.83

The correlation between DJAN and SPD has been stable across timeframes, ranging from 0.83 to 0.91 - a consistent structural relationship.

DJAN vs. SPD - Sectors Allocation Comparison

Sectors	DJAN	SPD
Technology	36.2%	35.6%
Financial Services	11.9%	11.8%
Communication Services	10.9%	11.2%
Consumer Cyclical	10.1%	10.1%
Healthcare	8.4%	8.5%
Industrials	8.1%	8.3%
Consumer Defensive	4.9%	4.9%
Energy	3.5%	3.5%
Utilities	2.3%	2.4%
Real Estate	1.9%	1.9%
Basic Materials	1.8%	1.8%

Return for Risk

DJAN vs. SPD — Risk / Return Rank

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

DJAN

DJAN Risk / Return Rank: 85
DJAN Sharpe Ratio Rank: 85
DJAN Sortino Ratio Rank: 89
DJAN Omega Ratio Rank: 89
DJAN Calmar Ratio Rank: 74
DJAN Martin Ratio Rank: 86

SPD

SPD Risk / Return Rank: 27
SPD Sharpe Ratio Rank: 29
SPD Sortino Ratio Rank: 29
SPD Omega Ratio Rank: 27
SPD Calmar Ratio Rank: 25
SPD Martin Ratio Rank: 27

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.

DJAN vs. SPD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for FT Cboe Vest U.S. Equity Deep Buffer ETF - January (DJAN) and Simplify US Equity PLUS Downside Convexity ETF (SPD). 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.

	DJAN	SPD	Difference
Sharpe ratio: Return per unit of total volatility	2.77	1.07	+1.71
Sortino ratio: Return per unit of downside risk	4.08	1.58	+2.50
Omega ratio: Gain probability vs. loss probability	1.57	1.18	+0.39
Calmar ratio: Return relative to maximum drawdown	3.65	1.18	+2.47
Martin ratio: Return relative to average drawdown	18.27	3.67	+14.60
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

DJAN vs. SPD - Sharpe Ratio Comparison

The current DJAN Sharpe Ratio is 2.77, which is higher than the SPD Sharpe Ratio of 1.07. The chart below compares the historical Sharpe Ratios of DJAN and SPD, 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

	DJAN	SPD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.77	1.07	+1.71
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.11	0.52	+0.58
Sharpe Ratio (All Time) Calculated using the full available price history	1.15	0.69	+0.47

Drawdowns

DJAN vs. SPD - Drawdown Comparison

The maximum DJAN drawdown since its inception was -9.57%, smaller than the maximum SPD drawdown of -27.38%. Use the drawdown chart below to compare losses from any high point for DJAN and SPD.

Drawdown Indicators

	DJAN	SPD	Difference
Max Drawdown Largest peak-to-trough decline	-9.57%	-27.38%	+17.81%
Max Drawdown (1Y) Largest decline over 1 year	-4.27%	-11.90%	+7.63%
Max Drawdown (3Y) Largest decline over 3 years	-9.33%	-15.18%	+5.85%
Max Drawdown (5Y) Largest decline over 5 years	-9.57%	-27.38%	+17.81%
Current Drawdown Current decline from peak	-0.19%	-0.70%	+0.51%
Average Drawdown Average peak-to-trough decline	-1.91%	-7.72%	+5.81%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.85%	3.82%	-2.97%

Volatility

DJAN vs. SPD - Volatility Comparison

The current volatility for FT Cboe Vest U.S. Equity Deep Buffer ETF - January (DJAN) is 0.99%, while Simplify US Equity PLUS Downside Convexity ETF (SPD) has a volatility of 3.35%. This indicates that DJAN experiences smaller price fluctuations and is considered to be less risky than SPD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DJAN	SPD	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.99%	3.35%	-2.36%
Volatility (6M) Calculated over the trailing 6-month period	4.26%	8.60%	-4.34%
Volatility (1Y) Calculated over the trailing 1-year period	5.62%	13.22%	-7.60%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.02%	16.04%	-9.02%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.92%	15.98%	-9.06%

DJAN vs. SPD - Expense Ratio Comparison

DJAN has a 0.85% expense ratio, which is higher than SPD's 0.53% expense ratio.

Dividends

DJAN vs. SPD - Dividend Comparison

DJAN has not paid dividends to shareholders, while SPD's dividend yield for the trailing twelve months is around 0.96%.

Position	TTM	2025	2024	2023	2022	2021	2020
DJAN FT Cboe Vest U.S. Equity Deep Buffer ETF - January	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SPD Simplify US Equity PLUS Downside Convexity ETF	0.96%	0.97%	1.14%	1.91%	1.64%	0.88%	0.43%

Frequently Asked Questions

Can I hold both DJAN and SPD in my portfolio?

With a correlation of 0.91, DJAN and SPD move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, DJAN or SPD?

SPD has higher volatility (3.35%) compared to DJAN (0.99%). In terms of maximum drawdown, DJAN dropped -9.57% vs SPD's -27.38%.

Which ETF is better, DJAN or SPD?

On 5-year performance, SPD leads with 8.36% vs 7.72% for DJAN. On fees, SPD is cheaper at 0.53% per year. On volatility, DJAN has been the lower-risk option at 0.99%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DJAN or SPD?

Over the 5-year period, SPD has performed better with a 8.36% return vs 7.72%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DJAN or SPD?

SPD is cheaper with a 0.53% expense ratio, compared with 0.85% for DJAN.

Which ETF pays a higher dividend yield, DJAN or SPD?

SPD has the higher dividend yield at 0.96%, compared with 0.00% for DJAN.

What is the main difference between DJAN and SPD?

DJAN is categorized as Options Trading, while SPD is Large Cap Blend Equities. They also come from different issuers: FT Vest and Simplify. Their fees differ too: 0.85% for DJAN and 0.53% for SPD.

Which has better risk-adjusted returns?

DJAN currently has the higher Sharpe Ratio (2.77 vs 1.07), 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.