FLRN vs. CDX
FLRN (SPDR Bloomberg Barclays Investment Grade Floating Rate ETF) and CDX (Simplify High Yield PLUS Credit Hedge ETF) are both exchange-traded funds - FLRN is a Corporate Bonds fund tracking the Bloomberg US Floating Rate Notes (<5 Y), while CDX is a High Yield Bonds fund actively managed by Simplify. FLRN is passively managed, while CDX is actively managed. Over the past 3 years, FLRN returned 5.60%/yr vs 7.84%/yr for CDX. At a 0.12 correlation, their price movements are largely independent. FLRN charges 0.15%/yr vs 0.26%/yr for CDX.
Performance
FLRN vs. CDX - Performance Comparison
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Returns By Period
In the year-to-date period, FLRN achieves a 1.93% return, which is significantly higher than CDX's -1.56% return.
FLRN
- 1D
- 0.00%
- 1M
- 0.38%
- YTD
- 1.93%
- 6M
- 2.15%
- 1Y
- 4.81%
- 3Y*
- 5.60%
- 5Y*
- 4.20%
- 10Y*
- 3.03%
CDX
- 1D
- -0.09%
- 1M
- 0.33%
- YTD
- -1.56%
- 6M
- -1.47%
- 1Y
- -0.54%
- 3Y*
- 7.84%
- 5Y*
- —
- 10Y*
- —
FLRN vs. CDX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
FLRN SPDR Bloomberg Barclays Investment Grade Floating Rate ETF | 1.93% | 5.01% | 6.32% | 6.54% | 1.21% |
CDX Simplify High Yield PLUS Credit Hedge ETF | -1.56% | 9.51% | 7.71% | 12.74% | -8.26% |
Correlation
The correlation between FLRN and CDX is 0.16, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.16 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.11 |
Correlation (All Time) Calculated using the full available price history since Feb 15, 2022 | 0.12 |
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Return for Risk
FLRN vs. CDX — Risk / Return Rank
FLRN
CDX
FLRN vs. CDX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR Bloomberg Barclays Investment Grade Floating Rate ETF (FLRN) and Simplify High Yield PLUS Credit Hedge ETF (CDX). 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.
| FLRN | CDX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +7.16 | ||
| Sortino ratioReturn per unit of downside risk | +12.94 | ||
| Omega ratioGain probability vs. loss probability | 3.33 | 0.98 | +2.34 |
| Calmar ratioReturn relative to maximum drawdown | 21.24 | -0.17 | +21.41 |
| Martin ratioReturn relative to average drawdown | 127.12 | -0.39 | +127.50 |
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Drawdowns
FLRN vs. CDX - Drawdown Comparison
The maximum FLRN drawdown since its inception was -14.64%, which is greater than CDX's maximum drawdown of -13.24%. Use the drawdown chart below to compare losses from any high point for FLRN and CDX.
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Drawdown Indicators
| FLRN | CDX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -14.64% | -13.24% | -1.40% |
Max Drawdown (1Y)Largest decline over 1 year | -0.23% | -4.18% | +3.95% |
Max Drawdown (3Y)Largest decline over 3 years | -1.43% | -8.88% | +7.45% |
Max Drawdown (5Y)Largest decline over 5 years | -2.16% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -14.64% | — | — |
Current DrawdownCurrent decline from peak | 0.00% | -6.57% | +6.57% |
Average DrawdownAverage peak-to-trough decline | -1.82% | -4.35% | +2.53% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.04% | 1.85% | -1.81% |
Volatility
FLRN vs. CDX - Volatility Comparison
The current volatility for SPDR Bloomberg Barclays Investment Grade Floating Rate ETF (FLRN) is 0.16%, while Simplify High Yield PLUS Credit Hedge ETF (CDX) has a volatility of 1.73%. This indicates that FLRN experiences smaller price fluctuations and is considered to be less risky than CDX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FLRN | CDX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.16% | 1.73% | -1.57% |
Volatility (6M)Calculated over the trailing 6-month period | 0.53% | 4.81% | -4.28% |
Volatility (1Y)Calculated over the trailing 1-year period | 0.69% | 5.80% | -5.11% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 1.69% | 11.08% | -9.39% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.20% | 11.08% | -6.88% |
FLRN vs. CDX - Expense Ratio Comparison
FLRN has a 0.15% expense ratio, which is lower than CDX's 0.26% 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
FLRN vs. CDX - Dividend Comparison
FLRN's dividend yield for the trailing twelve months is around 4.50%, less than CDX's 8.29% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CDX Simplify High Yield PLUS Credit Hedge ETF | 8.29% | 7.18% | 12.60% | 5.26% | 7.51% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
FLRN SPDR Bloomberg Barclays Investment Grade Floating Rate ETF | 4.50% | 4.89% | 5.67% | 5.68% | 1.95% | 0.39% | 1.22% | 2.76% | 2.39% | 1.64% | 1.06% | 0.63% |
Frequently Asked Questions
FLRN and CDX have a correlation of 0.16, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
CDX has higher volatility (1.73%) compared to FLRN (0.16%). In terms of maximum drawdown, FLRN dropped -14.64% vs CDX's -13.24%.
On 3-year performance, CDX leads with 7.84% vs 5.60% for FLRN. On fees, FLRN is cheaper at 0.15% per year. On volatility, FLRN has been the lower-risk option at 0.16%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, CDX has performed better with a 7.84% return vs 5.60%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FLRN is cheaper with a 0.15% expense ratio, compared with 0.26% for CDX.
CDX has the higher dividend yield at 8.29%, compared with 4.50% for FLRN.
FLRN is categorized as Corporate Bonds, while CDX is High Yield Bonds. They also come from different issuers: State Street and Simplify. Their fees differ too: 0.15% for FLRN and 0.26% for CDX.
FLRN currently has the higher Sharpe Ratio (7.03 vs -0.12), 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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