EQLS vs. SPY

Last updated Aug 2, 2026

EQLS (Simplify Market Neutral Equity Long/Short ETF) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - EQLS is a Long-Short fund actively managed by Simplify, while SPY is a S&P 500 fund tracking the S&P 500 Index. EQLS is actively managed, while SPY is passively managed. Their 0.03 correlation means their historical movements had little consistent relationship. EQLS charges 1.00%/yr vs 0.09%/yr for SPY.

Performance

EQLS vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Simplify Market Neutral Equity Long/Short ETF (EQLS) and State Street SPDR S&P 500 ETF (SPY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

EQLS

• 1D: —
• 1M: —
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

SPY

• 1D: 0.72%
• 1M: 0.30%
• 6M: 8.53%
• YTD: 10.13%
• 1Y: 21.49%
• 3Y*: 19.32%
• 5Y*: 12.76%
• 10Y*: 15.07%
• ALL TIME*: 10.79%

*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)
SPY State Street SPDR S&P 500 ETF	$37.27B	$35.99B	$39.23B

EQLS vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
EQLS Simplify Market Neutral Equity Long/Short ETF	0.00%	6.82%	-4.82%	-3.67%
SPY State Street SPDR S&P 500 ETF	10.13%	17.72%	24.89%	10.09%

Correlation

The correlation between EQLS and SPY is 0.03, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.

	Correlation
Correlation (3Y) Balances recent behavior with more history.	0.05
Correlation (All Time) Calculated using the full available price history since Jun 14, 2023	0.03

Return for Risk

EQLS vs. SPY — Risk / Return Rank

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

EQLS

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

SPY

SPY Risk / Return Rank: 67
SPY Sharpe Ratio Rank: 67
SPY Sortino Ratio Rank: 64
SPY Omega Ratio Rank: 65
SPY Calmar Ratio Rank: 64
SPY Martin Ratio Rank: 76

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.

EQLS vs. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Simplify Market Neutral Equity Long/Short ETF (EQLS) and State Street SPDR S&P 500 ETF (SPY). 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.

	EQLS	SPY	Difference
Sharpe ratio: Return per unit of total volatility	—	1.52	—
Sortino ratio: Return per unit of downside risk	—	2.11	—
Omega ratio: Gain probability vs. loss probability	—	1.27	—
Calmar ratio: Return relative to maximum drawdown	—	2.20	—
Martin ratio: Return relative to average drawdown	—	9.40	—

Drawdowns

Drawdown Indicators

	EQLS	SPY	Difference
Max Drawdown Largest peak-to-trough decline	—	-55.19%	—
Max Drawdown (1Y) Largest decline over 1 year	—	-8.88%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-18.76%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-24.50%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-33.72%	—
Current Drawdown Current decline from peak	—	-1.40%	—
Average Drawdown Average peak-to-trough decline	—	-9.01%	—
Ulcer Index Depth and duration of drawdowns from previous peaks	—	2.08%	—

Volatility

Volatility by Period

	EQLS	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	3.58%	—
Volatility (6M) Calculated over the trailing 6-month period	—	10.14%	—
Volatility (1Y) Calculated over the trailing 1-year period	—	12.89%	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	—	17.18%	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	—	17.95%	—

EQLS vs. SPY - Expense Ratio Comparison

EQLS has a 1.00% expense ratio, which is higher than SPY's 0.09% expense ratio.

Dividends

EQLS vs. SPY - Dividend Comparison

EQLS has not paid dividends to shareholders, while SPY's dividend yield for the trailing twelve months is around 1.01%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EQLS Simplify Market Neutral Equity Long/Short ETF	0.00%	0.45%	0.95%	8.50%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SPY State Street SPDR S&P 500 ETF	1.01%	1.07%	1.21%	1.40%	1.65%	1.20%	1.52%	1.75%	2.04%	1.80%	2.03%	2.06%

Frequently Asked Questions

Can I hold both EQLS and SPY in my portfolio?

EQLS and SPY have a correlation of 0.03, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, EQLS or SPY?

On fees, SPY is cheaper at 0.09% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, EQLS or SPY?

SPY is cheaper with a 0.09% expense ratio, compared with 1.00% for EQLS.

Which ETF pays a higher dividend yield, EQLS or SPY?

SPY has the higher dividend yield at 1.01%, compared with 0.00% for EQLS.

What is the main difference between EQLS and SPY?

EQLS is categorized as Long-Short, while SPY is S&P 500. They also come from different issuers: Simplify and State Street. Their fees differ too: 1.00% for EQLS and 0.09% for SPY.