HCXY vs. CDX
HCXY (Hercules Capital, Inc.) is a stock, while CDX (Simplify High Yield ETF) is High Yield Bonds fund actively managed by Simplify. Over the past 3 years, HCXY returned 6.77%/yr vs 7.17%/yr for CDX. Their 0.02 correlation means their historical movements had little consistent relationship.
Performance
HCXY vs. CDX - Performance Comparison
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Returns By Period
In the year-to-date period, HCXY achieves a 2.80% return, which is significantly higher than CDX's -3.00% return.
HCXY
- 1D
- 1.50%
- 1M
- 1.32%
- 6M
- 2.58%
- YTD
- 2.80%
- 1Y
- 5.78%
- 3Y*
- 6.77%
- 5Y*
- 4.89%
- 10Y*
- —
- ALL TIME*
- 6.89%
CDX
- 1D
- 0.10%
- 1M
- -0.57%
- 6M
- -3.06%
- YTD
- -3.00%
- 1Y
- -3.26%
- 3Y*
- 7.17%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 3.85%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $2.23M | $2.17M | $2.98M | |
| $60.98K | $66.89K | $77.02K |
HCXY vs. CDX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
HCXY Hercules Capital, Inc. | 2.80% | 7.78% | 6.10% | 9.52% | -1.72% |
CDX Simplify High Yield ETF | -3.00% | 9.51% | 7.71% | 12.74% | -8.26% |
Correlation
The correlation between HCXY and CDX is -0.00, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.00 |
Correlation (3Y) Balances recent behavior with more history. | 0.00 |
Correlation (All Time) Calculated using the full available price history since Feb 15, 2022 | 0.02 |
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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 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 | +1.33 | ||
| Sortino ratioReturn per unit of downside risk | +1.92 | ||
| Omega ratioGain probability vs. loss probability | 1.15 | 0.92 | +0.24 |
| Calmar ratioReturn relative to maximum drawdown | 1.88 | -0.60 | +2.48 |
| Martin ratioReturn relative to average drawdown | 5.16 | -1.44 | +6.60 |
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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.
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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% | -5.37% | +2.17% |
Max Drawdown (3Y)Largest decline over 3 years | -7.03% | -8.97% | +1.94% |
Max Drawdown (5Y)Largest decline over 5 years | -15.23% | — | — |
Current DrawdownCurrent decline from peak | 0.00% | -7.94% | +7.94% |
Average DrawdownAverage peak-to-trough decline | -2.66% | -4.44% | +1.78% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.16% | 2.24% | -1.08% |
Volatility
HCXY vs. CDX - Volatility Comparison
Hercules Capital, Inc. (HCXY) has a higher volatility of 2.27% compared to Simplify High Yield ETF (CDX) at 2.02%. 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.
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Volatility by Period
| HCXY | CDX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.27% | 2.02% | +0.25% |
Volatility (6M)Calculated over the trailing 6-month period | 5.48% | 5.16% | +0.32% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.65% | 5.98% | +1.67% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.25% | 10.97% | +2.28% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.31% | 10.97% | +6.34% |
Dividends
HCXY vs. CDX - Dividend Comparison
HCXY's dividend yield for the trailing twelve months is around 6.25%, less than CDX's 8.33% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
CDX Simplify High Yield ETF | 8.33% | 7.18% | 12.60% | 5.26% | 7.51% | 0.00% | 0.00% | 0.00% | 0.00% |
HCXY Hercules Capital, Inc. | 6.25% | 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 -0.00, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
HCXY has higher volatility (2.27%) compared to CDX (2.02%). In terms of maximum drawdown, HCXY dropped -34.76% vs CDX's -13.24%.
HCXY currently has the higher Sharpe Ratio (0.78 vs -0.54), 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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