HCXY vs. CDX
HCXY (Hercules Capital, Inc.) is a stock, while CDX (Simplify High Yield PLUS Credit Hedge ETF) is High Yield Bonds fund actively managed by Simplify. Over the past 3 years, HCXY returned 7.48%/yr vs 7.96%/yr for CDX. At a 0.01 correlation, their price movements are largely independent.
Performance
HCXY vs. CDX - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, HCXY achieves a 0.71% return, which is significantly higher than CDX's -1.51% return.
HCXY
- 1D
- -0.87%
- 1M
- -0.28%
- YTD
- 0.71%
- 6M
- 1.25%
- 1Y
- 6.44%
- 3Y*
- 7.48%
- 5Y*
- 4.83%
- 10Y*
- —
CDX
- 1D
- -0.07%
- 1M
- 0.19%
- YTD
- -1.51%
- 6M
- -1.42%
- 1Y
- -1.26%
- 3Y*
- 7.96%
- 5Y*
- —
- 10Y*
- —
HCXY vs. CDX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
HCXY Hercules Capital, Inc. | 0.71% | 7.78% | 6.10% | 9.52% | -1.72% |
CDX Simplify High Yield PLUS Credit Hedge ETF | -1.51% | 9.51% | 7.71% | 12.74% | -8.26% |
Correlation
The correlation between HCXY and CDX is -0.01, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.01 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.02 |
Correlation (All Time) Calculated using the full available price history since Feb 15, 2022 | 0.01 |
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
HCXY vs. CDX — Risk / Return Rank
HCXY
CDX
HCXY vs. CDX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Hercules Capital, Inc. (HCXY) 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.
| HCXY | CDX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.01 | ||
| Sortino ratioReturn per unit of downside risk | +1.46 | ||
| Omega ratioGain probability vs. loss probability | 1.16 | 0.97 | +0.19 |
| Calmar ratioReturn relative to maximum drawdown | 2.02 | -0.30 | +2.32 |
| Martin ratioReturn relative to average drawdown | 5.15 | -0.67 | +5.82 |
Loading charts...
Drawdowns
HCXY vs. CDX - Drawdown Comparison
The maximum HCXY drawdown since its inception was -34.76%, which is greater than CDX's maximum drawdown of -13.24%. Use the drawdown chart below to compare losses from any high point for HCXY and CDX.
Loading charts...
Drawdown Indicators
| HCXY | CDX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -34.76% | -13.24% | -21.52% |
Max Drawdown (1Y)Largest decline over 1 year | -3.20% | -4.18% | +0.98% |
Max Drawdown (3Y)Largest decline over 3 years | -7.43% | -8.88% | +1.45% |
Max Drawdown (5Y)Largest decline over 5 years | -15.23% | — | — |
Current DrawdownCurrent decline from peak | -1.27% | -6.53% | +5.26% |
Average DrawdownAverage peak-to-trough decline | -2.69% | -4.36% | +1.67% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.25% | 1.90% | -0.65% |
Volatility
HCXY vs. CDX - Volatility Comparison
Hercules Capital, Inc. (HCXY) has a higher volatility of 2.74% compared to Simplify High Yield PLUS Credit Hedge ETF (CDX) at 1.65%. This indicates that HCXY's price experiences larger fluctuations and is considered to be riskier than CDX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| HCXY | CDX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.74% | 1.65% | +1.09% |
Volatility (6M)Calculated over the trailing 6-month period | 5.23% | 4.83% | +0.40% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.20% | 5.79% | +2.41% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.33% | 11.06% | +2.27% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.42% | 11.06% | +6.36% |
Dividends
HCXY vs. CDX - Dividend Comparison
HCXY's dividend yield for the trailing twelve months is around 6.28%, less than CDX's 8.29% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
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% |
HCXY Hercules Capital, Inc. | 6.28% | 6.13% | 6.21% | 6.19% | 6.35% | 5.86% | 5.83% | 5.93% | 0.67% |
Frequently Asked Questions
HCXY and CDX have a correlation of -0.01, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
HCXY has higher volatility (2.74%) compared to CDX (1.65%). In terms of maximum drawdown, HCXY dropped -34.76% vs CDX's -13.24%.
HCXY currently has the higher Sharpe Ratio (0.79 vs -0.22), 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.
Find the right allocation for HCXY and CDX
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer