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 7.18%/yr vs 7.92%/yr for CDX. At a 0.02 correlation, their price movements are largely independent.
Performance
HCXY vs. CDX - Performance Comparison
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Returns By Period
In the year-to-date period, HCXY achieves a 1.20% return, which is significantly higher than CDX's -2.30% return.
HCXY
- 1D
- -0.63%
- 1M
- 0.12%
- 6M
- 1.26%
- YTD
- 1.20%
- 1Y
- 5.55%
- 3Y*
- 7.18%
- 5Y*
- 4.74%
- 10Y*
- —
CDX
- 1D
- -0.50%
- 1M
- -0.76%
- 6M
- -2.13%
- YTD
- -2.30%
- 1Y
- -1.55%
- 3Y*
- 7.92%
- 5Y*
- —
- 10Y*
- —
HCXY vs. CDX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
HCXY Hercules Capital, Inc. | 1.20% | 7.78% | 6.10% | 9.52% | -1.72% |
CDX Simplify High Yield ETF | -2.30% | 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 | 0.02 |
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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 | +0.97 | ||
| Sortino ratioReturn per unit of downside risk | +1.39 | ||
| Omega ratioGain probability vs. loss probability | 1.14 | 0.96 | +0.18 |
| Calmar ratioReturn relative to maximum drawdown | 1.74 | -0.36 | +2.10 |
| Martin ratioReturn relative to average drawdown | 4.42 | -0.75 | +5.17 |
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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% | -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 | -0.80% | -7.28% | +6.48% |
Average DrawdownAverage peak-to-trough decline | -2.68% | -4.39% | +1.71% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.26% | 2.00% | -0.74% |
Volatility
HCXY vs. CDX - Volatility Comparison
Hercules Capital, Inc. (HCXY) has a higher volatility of 2.34% compared to Simplify High Yield ETF (CDX) at 1.76%. 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 | 2.34% | 1.76% | +0.58% |
Volatility (6M)Calculated over the trailing 6-month period | 5.28% | 5.00% | +0.28% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.90% | 5.81% | +2.09% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.30% | 11.01% | +2.29% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.36% | 11.01% | +6.35% |
Dividends
HCXY vs. CDX - Dividend Comparison
HCXY's dividend yield for the trailing twelve months is around 6.25%, less than CDX's 8.31% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
CDX Simplify High Yield ETF | 8.31% | 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 -0.01, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
HCXY has higher volatility (2.34%) compared to CDX (1.76%). In terms of maximum drawdown, HCXY dropped -34.76% vs CDX's -13.24%.
HCXY currently has the higher Sharpe Ratio (0.71 vs -0.26), 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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