HIGH vs. CDX
HIGH (Simplify Enhanced Income ETF) and CDX (Simplify High Yield ETF) are both exchange-traded funds - HIGH is a Derivative Income fund actively managed by Simplify, while CDX is a High Yield Bonds fund actively managed by Simplify. Both are actively managed. Over the past 3 years, HIGH returned 2.82%/yr vs 7.14%/yr for CDX. At a 0.13 correlation, their price movements are largely independent. HIGH charges 0.50%/yr vs 0.25%/yr for CDX.
Performance
HIGH vs. CDX - Performance Comparison
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Returns By Period
In the year-to-date period, HIGH achieves a -0.37% return, which is significantly higher than CDX's -2.68% return.
HIGH
- 1D
- -0.28%
- 1M
- 0.07%
- 6M
- -0.75%
- YTD
- -0.37%
- 1Y
- -3.09%
- 3Y*
- 2.82%
- 5Y*
- —
- 10Y*
- —
CDX
- 1D
- -0.38%
- 1M
- -1.14%
- 6M
- -2.81%
- YTD
- -2.68%
- 1Y
- -1.92%
- 3Y*
- 7.14%
- 5Y*
- —
- 10Y*
- —
HIGH vs. CDX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
HIGH Simplify Enhanced Income ETF | -0.37% | 4.35% | 1.52% | 7.70% | 0.47% |
CDX Simplify High Yield ETF | -2.68% | 9.51% | 7.71% | 12.74% | 1.37% |
Correlation
The correlation between HIGH and CDX is 0.11, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.11 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.14 |
Correlation (All Time) Calculated using the full available price history since Oct 28, 2022 | 0.13 |
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Return for Risk
HIGH vs. CDX — Risk / Return Rank
HIGH
CDX
HIGH vs. CDX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Simplify Enhanced Income ETF (HIGH) 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.
| HIGH | CDX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.09 | ||
| Sortino ratioReturn per unit of downside risk | -0.15 | ||
| Omega ratioGain probability vs. loss probability | 0.93 | 0.95 | -0.02 |
| Calmar ratioReturn relative to maximum drawdown | -0.44 | -0.46 | +0.02 |
| Martin ratioReturn relative to average drawdown | -0.72 | -0.96 | +0.24 |
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Drawdowns
HIGH vs. CDX - Drawdown Comparison
The maximum HIGH drawdown since its inception was -9.50%, smaller than the maximum CDX drawdown of -13.24%. Use the drawdown chart below to compare losses from any high point for HIGH and CDX.
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Drawdown Indicators
| HIGH | CDX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -9.50% | -13.24% | +3.74% |
Max Drawdown (1Y)Largest decline over 1 year | -7.08% | -4.18% | -2.90% |
Max Drawdown (3Y)Largest decline over 3 years | -9.50% | -8.88% | -0.62% |
Current DrawdownCurrent decline from peak | -7.11% | -7.63% | +0.52% |
Average DrawdownAverage peak-to-trough decline | -2.51% | -4.39% | +1.88% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.32% | 2.02% | +2.30% |
Volatility
HIGH vs. CDX - Volatility Comparison
Simplify Enhanced Income ETF (HIGH) has a higher volatility of 2.10% compared to Simplify High Yield ETF (CDX) at 1.79%. This indicates that HIGH'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
| HIGH | CDX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.10% | 1.79% | +0.31% |
Volatility (6M)Calculated over the trailing 6-month period | 3.72% | 4.98% | -1.26% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.30% | 5.83% | +1.47% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 9.49% | 11.01% | -1.52% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.49% | 11.01% | -1.52% |
HIGH vs. CDX - Expense Ratio Comparison
HIGH has a 0.50% expense ratio, which is higher than CDX's 0.25% expense ratio.
Dividends
HIGH vs. CDX - Dividend Comparison
HIGH's dividend yield for the trailing twelve months is around 7.09%, less than CDX's 8.35% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
CDX Simplify High Yield ETF | 8.35% | 7.18% | 12.60% | 5.26% | 7.51% |
HIGH Simplify Enhanced Income ETF | 7.09% | 7.71% | 8.34% | 9.40% | 0.62% |
Frequently Asked Questions
HIGH and CDX have a correlation of 0.11, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
HIGH has higher volatility (2.10%) compared to CDX (1.79%). In terms of maximum drawdown, HIGH dropped -9.50% vs CDX's -13.24%.
On 3-year performance, CDX leads with 7.14% vs 2.82% for HIGH. On fees, CDX is cheaper at 0.25% per year. On volatility, CDX has been the lower-risk option at 1.79%. 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 7.14% return vs 2.82%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
CDX is cheaper with a 0.25% expense ratio, compared with 0.50% for HIGH.
CDX has the higher dividend yield at 8.35%, compared with 7.09% for HIGH.
HIGH is categorized as Derivative Income, while CDX is High Yield Bonds. Their fees differ too: 0.50% for HIGH and 0.25% for CDX.
CDX currently has the higher Sharpe Ratio (-0.33 vs -0.43), 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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