HIGH vs. PEPS
HIGH (Simplify Enhanced Income ETF) and PEPS (Parametric Equity Plus ETF) are both Derivative Income funds. Both are actively managed. Over the past year, HIGH returned -3.09% vs 24.89% for PEPS. A 0.69 correlation means they provide meaningful diversification when combined. HIGH charges 0.50%/yr vs 0.10%/yr for PEPS.
Performance
HIGH vs. PEPS - Performance Comparison
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Returns By Period
In the year-to-date period, HIGH achieves a -0.37% return, which is significantly lower than PEPS's 10.36% return.
HIGH
- 1D
- -0.28%
- 1M
- 0.07%
- 6M
- -0.75%
- YTD
- -0.37%
- 1Y
- -3.09%
- 3Y*
- 2.82%
- 5Y*
- —
- 10Y*
- —
PEPS
- 1D
- -0.73%
- 1M
- 1.90%
- 6M
- 7.86%
- YTD
- 10.36%
- 1Y
- 24.89%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
HIGH vs. PEPS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
HIGH Simplify Enhanced Income ETF | -0.37% | 4.35% | -1.49% |
PEPS Parametric Equity Plus ETF | 10.36% | 20.32% | -1.42% |
Correlation
The correlation between HIGH and PEPS is 0.69, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.69 |
Correlation (All Time) Calculated using the full available price history since Nov 8, 2024 | 0.69 |
The correlation between HIGH and PEPS has been stable across timeframes, ranging from 0.69 to 0.69 - a consistent structural relationship.
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Return for Risk
HIGH vs. PEPS — Risk / Return Rank
HIGH
PEPS
HIGH vs. PEPS - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Simplify Enhanced Income ETF (HIGH) and Parametric Equity Plus ETF (PEPS). 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 | PEPS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.23 | ||
| Sortino ratioReturn per unit of downside risk | -3.00 | ||
| Omega ratioGain probability vs. loss probability | 0.93 | 1.33 | -0.40 |
| Calmar ratioReturn relative to maximum drawdown | -0.44 | 2.55 | -2.99 |
| Martin ratioReturn relative to average drawdown | -0.72 | 11.27 | -11.98 |
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Drawdowns
HIGH vs. PEPS - Drawdown Comparison
The maximum HIGH drawdown since its inception was -9.50%, smaller than the maximum PEPS drawdown of -21.26%. Use the drawdown chart below to compare losses from any high point for HIGH and PEPS.
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Drawdown Indicators
| HIGH | PEPS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -9.50% | -21.26% | +11.76% |
Max Drawdown (1Y)Largest decline over 1 year | -7.08% | -9.80% | +2.72% |
Max Drawdown (3Y)Largest decline over 3 years | -9.50% | — | — |
Current DrawdownCurrent decline from peak | -7.11% | -0.79% | -6.32% |
Average DrawdownAverage peak-to-trough decline | -2.51% | -2.71% | +0.20% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.32% | 2.21% | +2.11% |
Volatility
HIGH vs. PEPS - Volatility Comparison
The current volatility for Simplify Enhanced Income ETF (HIGH) is 2.10%, while Parametric Equity Plus ETF (PEPS) has a volatility of 4.20%. This indicates that HIGH experiences smaller price fluctuations and is considered to be less risky than PEPS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| HIGH | PEPS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.10% | 4.20% | -2.10% |
Volatility (6M)Calculated over the trailing 6-month period | 3.72% | 10.88% | -7.16% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.30% | 13.85% | -6.55% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 9.49% | 18.21% | -8.72% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.49% | 18.21% | -8.72% |
HIGH vs. PEPS - Expense Ratio Comparison
HIGH has a 0.50% expense ratio, which is higher than PEPS's 0.10% expense ratio.
Dividends
HIGH vs. PEPS - Dividend Comparison
HIGH's dividend yield for the trailing twelve months is around 7.09%, more than PEPS's 0.92% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
HIGH Simplify Enhanced Income ETF | 7.09% | 7.71% | 8.34% | 9.40% | 0.62% |
PEPS Parametric Equity Plus ETF | 0.92% | 1.00% | 0.17% | 0.00% | 0.00% |
Frequently Asked Questions
HIGH and PEPS have a correlation of 0.69, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PEPS has higher volatility (4.20%) compared to HIGH (2.10%). In terms of maximum drawdown, HIGH dropped -9.50% vs PEPS's -21.26%.
On 1-year performance, PEPS leads with 24.89% vs -3.09% for HIGH. On fees, PEPS is cheaper at 0.10% per year. On volatility, HIGH has been the lower-risk option at 2.10%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, PEPS has performed better with a 24.89% return vs -3.09%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
PEPS is cheaper with a 0.10% expense ratio, compared with 0.50% for HIGH.
HIGH has the higher dividend yield at 7.09%, compared with 0.92% for PEPS.
They also come from different issuers: Simplify and Parametric. Their fees differ too: 0.50% for HIGH and 0.10% for PEPS.
PEPS currently has the higher Sharpe Ratio (1.81 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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