HIGH vs. SPY
HIGH (Simplify Enhanced Income ETF) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - HIGH is a Derivative Income fund actively managed by Simplify, while SPY is a S&P 500 fund tracking the S&P 500 Index. HIGH is actively managed, while SPY is passively managed. Over the past 3 years, HIGH returned 2.43%/yr vs 19.32%/yr for SPY. Their 0.48 correlation means their historical movements had little consistent relationship. HIGH charges 0.50%/yr vs 0.09%/yr for SPY.
Performance
HIGH vs. SPY - Performance Comparison
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Returns By Period
In the year-to-date period, HIGH achieves a -1.00% return, which is significantly lower than SPY's 10.13% return.
HIGH
- 1D
- 0.30%
- 1M
- -0.44%
- 6M
- -0.14%
- YTD
- -1.00%
- 1Y
- -1.25%
- 3Y*
- 2.43%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 3.43%
SPY
- 1D
- 0.72%
- 1M
- 0.30%
- 6M
- 8.53%
- YTD
- 10.13%
- 1Y
- 21.49%
- 3Y*
- 19.32%
- 5Y*
- 12.76%
- 10Y*
- 15.07%
- ALL TIME*
- 10.79%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $264.89K | $245.02K | $537.34K | |
| $37.27B | $35.99B | $39.23B |
HIGH vs. SPY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
HIGH Simplify Enhanced Income ETF | -1.00% | 4.35% | 1.52% | 7.70% | 0.47% |
SPY State Street SPDR S&P 500 ETF | 10.13% | 17.72% | 24.89% | 26.18% | 1.11% |
Correlation
The correlation between HIGH and SPY is 0.73, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.73 |
Correlation (3Y) Balances recent behavior with more history. | 0.57 |
Correlation (All Time) Calculated using the full available price history since Oct 28, 2022 | 0.48 |
Over the past year, HIGH and SPY have become more correlated (0.73) than their long-term average of 0.48, meaning their price movements have been converging.
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Return for Risk
HIGH vs. SPY — Risk / Return Rank
HIGH
SPY
HIGH vs. SPY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Simplify Enhanced Income ETF (HIGH) and State Street SPDR S&P 500 ETF (SPY). 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 | SPY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.73 | ||
| Sortino ratioReturn per unit of downside risk | -2.37 | ||
| Omega ratioGain probability vs. loss probability | 0.97 | 1.27 | -0.30 |
| Calmar ratioReturn relative to maximum drawdown | -0.21 | 2.20 | -2.42 |
| Martin ratioReturn relative to average drawdown | -0.34 | 9.40 | -9.74 |
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Drawdowns
HIGH vs. SPY - Drawdown Comparison
The maximum HIGH drawdown since its inception was -9.50%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for HIGH and SPY.
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Drawdown Indicators
| HIGH | SPY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -9.50% | -55.19% | +45.69% |
Max Drawdown (1Y)Largest decline over 1 year | -7.08% | -8.88% | +1.80% |
Max Drawdown (3Y)Largest decline over 3 years | -9.50% | -18.76% | +9.26% |
Max Drawdown (5Y)Largest decline over 5 years | — | -24.50% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -33.72% | — |
Current DrawdownCurrent decline from peak | -7.69% | -1.40% | -6.29% |
Average DrawdownAverage peak-to-trough decline | -2.59% | -9.01% | +6.42% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.46% | 2.08% | +2.38% |
Volatility
HIGH vs. SPY - Volatility Comparison
The current volatility for Simplify Enhanced Income ETF (HIGH) is 2.16%, while State Street SPDR S&P 500 ETF (SPY) has a volatility of 3.58%. This indicates that HIGH experiences smaller price fluctuations and is considered to be less risky than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| HIGH | SPY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.16% | 3.58% | -1.42% |
Volatility (6M)Calculated over the trailing 6-month period | 3.90% | 10.14% | -6.24% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.23% | 12.89% | -5.66% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 9.46% | 17.18% | -7.72% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.46% | 17.95% | -8.49% |
HIGH vs. SPY - Expense Ratio Comparison
HIGH has a 0.50% expense ratio, which is higher than SPY's 0.09% expense ratio.
Dividends
HIGH vs. SPY - Dividend Comparison
HIGH's dividend yield for the trailing twelve months is around 6.88%, more than SPY's 1.01% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
HIGH Simplify Enhanced Income ETF | 6.88% | 7.71% | 8.34% | 9.40% | 0.62% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
SPY State Street SPDR S&P 500 ETF | 1.01% | 1.07% | 1.21% | 1.40% | 1.65% | 1.20% | 1.52% | 1.75% | 2.04% | 1.80% | 2.03% | 2.06% |
Frequently Asked Questions
HIGH and SPY have a correlation of 0.73, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SPY has higher volatility (3.58%) compared to HIGH (2.16%). In terms of maximum drawdown, HIGH dropped -9.50% vs SPY's -55.19%.
On 3-year performance, SPY leads with 19.32% vs 2.43% for HIGH. On fees, SPY is cheaper at 0.09% per year. On volatility, HIGH has been the lower-risk option at 2.16%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, SPY has performed better with a 19.32% return vs 2.43%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPY is cheaper with a 0.09% expense ratio, compared with 0.50% for HIGH.
HIGH has the higher dividend yield at 6.88%, compared with 1.01% for SPY.
HIGH is categorized as Derivative Income, while SPY is S&P 500. They also come from different issuers: Simplify and State Street. Their fees differ too: 0.50% for HIGH and 0.09% for SPY.
SPY currently has the higher Sharpe Ratio (1.52 vs -0.21), 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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