HIGH vs. HYBL

Last updated Jun 3, 2026

HIGH (Simplify Enhanced Income ETF) and HYBL (SPDR Blackstone High Income ETF) are both exchange-traded funds - HIGH is a Derivative Income fund actively managed by Simplify, while HYBL is a High Yield Bonds fund actively managed by State Street. Both are actively managed. Over the past 3 years, HIGH returned 3.13%/yr vs 8.65%/yr for HYBL. At a 0.26 correlation, their price movements are largely independent. HIGH charges 0.51%/yr vs 0.70%/yr for HYBL.

Performance

HIGH vs. HYBL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Simplify Enhanced Income ETF (HIGH) and SPDR Blackstone High Income ETF (HYBL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HIGH achieves a -0.05% return, which is significantly lower than HYBL's 1.31% return.

HIGH

• 1D: 0.18%
• 1M: 1.82%
• YTD: -0.05%
• 6M: -1.07%
• 1Y: -2.66%
• 3Y*: 3.13%
• 5Y*: —
• 10Y*: —

HYBL

• 1D: 0.00%
• 1M: 0.32%
• YTD: 1.31%
• 6M: 2.02%
• 1Y: 6.71%
• 3Y*: 8.65%
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

HIGH vs. HYBL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
HIGH Simplify Enhanced Income ETF	-0.05%	4.35%	1.52%	7.70%	0.27%
HYBL SPDR Blackstone High Income ETF	1.31%	7.78%	9.12%	11.86%	1.36%

Correlation

The correlation between HIGH and HYBL is 0.44, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.44
Correlation (3Y) Calculated over the trailing 3-year period	0.33
Correlation (All Time) Calculated using the full available price history since Oct 31, 2022	0.26

The correlation between HIGH and HYBL shifts across timeframes, from 0.26 (all time) to 0.44 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

HIGH vs. HYBL — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

HIGH

HIGH Risk / Return Rank: 6
HIGH Sharpe Ratio Rank: 6
HIGH Sortino Ratio Rank: 5
HIGH Omega Ratio Rank: 5
HIGH Calmar Ratio Rank: 6
HIGH Martin Ratio Rank: 7

HYBL

HYBL Risk / Return Rank: 72
HYBL Sharpe Ratio Rank: 77
HYBL Sortino Ratio Rank: 85
HYBL Omega Ratio Rank: 84
HYBL Calmar Ratio Rank: 55
HYBL Martin Ratio Rank: 58

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

HIGH vs. HYBL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Simplify Enhanced Income ETF (HIGH) and SPDR Blackstone High Income ETF (HYBL). 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.

	HIGH	HYBL	Difference
Sharpe ratio Return per unit of total volatility	-0.30	2.54	-2.84
Sortino ratio Return per unit of downside risk	-0.37	3.88	-4.25
Omega ratio Gain probability vs. loss probability	0.95	1.52	-0.57
Calmar ratio Return relative to maximum drawdown	-0.26	2.76	-3.02
Martin ratio Return relative to average drawdown	-0.38	10.17	-10.55
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

HIGH vs. HYBL - Sharpe Ratio Comparison

The current HIGH Sharpe Ratio is -0.30, which is lower than the HYBL Sharpe Ratio of 2.54. The chart below compares the historical Sharpe Ratios of HIGH and HYBL, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	HIGH	HYBL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.30	2.54	-2.84
Sharpe Ratio (All Time) Calculated using the full available price history	0.40	1.26	-0.86

Drawdowns

HIGH vs. HYBL - Drawdown Comparison

The maximum HIGH drawdown since its inception was -9.50%, which is greater than HYBL's maximum drawdown of -8.46%. Use the drawdown chart below to compare losses from any high point for HIGH and HYBL.

Drawdown Indicators

	HIGH	HYBL	Difference
Max Drawdown Largest peak-to-trough decline	-9.50%	-8.46%	-1.04%
Max Drawdown (1Y) Largest decline over 1 year	-9.50%	-2.41%	-7.09%
Max Drawdown (3Y) Largest decline over 3 years	-9.50%	-4.32%	-5.18%
Current Drawdown Current decline from peak	-6.81%	0.00%	-6.81%
Average Drawdown Average peak-to-trough decline	-2.37%	-1.35%	-1.02%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.51%	0.66%	+5.85%

Volatility

HIGH vs. HYBL - Volatility Comparison

Simplify Enhanced Income ETF (HIGH) has a higher volatility of 1.18% compared to SPDR Blackstone High Income ETF (HYBL) at 0.65%. This indicates that HIGH's price experiences larger fluctuations and is considered to be riskier than HYBL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HIGH	HYBL	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.18%	0.65%	+0.53%
Volatility (6M) Calculated over the trailing 6-month period	3.63%	2.14%	+1.49%
Volatility (1Y) Calculated over the trailing 1-year period	8.83%	2.65%	+6.18%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.56%	4.58%	+4.98%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.56%	4.58%	+4.98%

HIGH vs. HYBL - Expense Ratio Comparison

HIGH has a 0.51% expense ratio, which is lower than HYBL's 0.70% expense ratio.

Dividends

HIGH vs. HYBL - Dividend Comparison

HIGH's dividend yield for the trailing twelve months is around 7.31%, more than HYBL's 7.10% yield.

Position	TTM	2025	2024	2023	2022
HIGH Simplify Enhanced Income ETF	7.31%	7.71%	8.34%	9.40%	0.62%
HYBL SPDR Blackstone High Income ETF	7.10%	7.22%	7.88%	7.93%	5.10%

Frequently Asked Questions

Can I hold both HIGH and HYBL in my portfolio?

HIGH and HYBL have a correlation of 0.44, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, HIGH or HYBL?

HIGH has higher volatility (1.18%) compared to HYBL (0.65%). In terms of maximum drawdown, HIGH dropped -9.50% vs HYBL's -8.46%.

Which ETF is better, HIGH or HYBL?

On 3-year performance, HYBL leads with 8.65% vs 3.13% for HIGH. On fees, HIGH is cheaper at 0.51% per year. On volatility, HYBL has been the lower-risk option at 0.65%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, HIGH or HYBL?

Over the 3-year period, HYBL has performed better with a 8.65% return vs 3.13%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, HIGH or HYBL?

HIGH is cheaper with a 0.51% expense ratio, compared with 0.70% for HYBL.

Which ETF pays a higher dividend yield, HIGH or HYBL?

HIGH has the higher dividend yield at 7.31%, compared with 7.10% for HYBL.

What is the main difference between HIGH and HYBL?

HIGH is categorized as Derivative Income, while HYBL is High Yield Bonds. They also come from different issuers: Simplify and State Street. Their fees differ too: 0.51% for HIGH and 0.70% for HYBL.

Which has better risk-adjusted returns?

HYBL currently has the higher Sharpe Ratio (2.54 vs -0.30), 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.