IEF vs. CDX
IEF (iShares 7-10 Year Treasury Bond ETF) and CDX (Simplify High Yield PLUS Credit Hedge ETF) are both exchange-traded funds - IEF is a Government Bonds fund tracking the ICE U.S. Treasury 7-10 Year Bond Index, while CDX is a High Yield Bonds fund actively managed by Simplify. IEF is passively managed, while CDX is actively managed. Over the past 3 years, IEF returned 2.86%/yr vs 7.84%/yr for CDX. At a 0.40 correlation, their price movements are largely independent. IEF charges 0.15%/yr vs 0.26%/yr for CDX.
Performance
IEF vs. CDX - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, IEF achieves a -0.47% return, which is significantly higher than CDX's -1.56% return.
IEF
- 1D
- -0.17%
- 1M
- 1.05%
- YTD
- -0.47%
- 6M
- -0.18%
- 1Y
- 3.78%
- 3Y*
- 2.86%
- 5Y*
- -1.24%
- 10Y*
- 0.59%
CDX
- 1D
- -0.09%
- 1M
- 0.33%
- YTD
- -1.56%
- 6M
- -1.47%
- 1Y
- -0.54%
- 3Y*
- 7.84%
- 5Y*
- —
- 10Y*
- —
IEF vs. CDX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
IEF iShares 7-10 Year Treasury Bond ETF | -0.47% | 8.03% | -0.63% | 3.64% | -11.68% |
CDX Simplify High Yield PLUS Credit Hedge ETF | -1.56% | 9.51% | 7.71% | 12.74% | -8.26% |
Correlation
The correlation between IEF and CDX is 0.39, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.39 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.38 |
Correlation (All Time) Calculated using the full available price history since Feb 15, 2022 | 0.40 |
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
IEF vs. CDX — Risk / Return Rank
IEF
CDX
IEF vs. CDX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares 7-10 Year Treasury Bond ETF (IEF) and Simplify High Yield PLUS Credit Hedge 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.
| IEF | CDX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.85 | ||
| Sortino ratioReturn per unit of downside risk | +1.24 | ||
| Omega ratioGain probability vs. loss probability | 1.12 | 0.98 | +0.14 |
| Calmar ratioReturn relative to maximum drawdown | 0.84 | -0.17 | +1.01 |
| Martin ratioReturn relative to average drawdown | 2.35 | -0.39 | +2.73 |
Loading charts...
Drawdowns
IEF vs. CDX - Drawdown Comparison
The maximum IEF drawdown since its inception was -23.93%, which is greater than CDX's maximum drawdown of -13.24%. Use the drawdown chart below to compare losses from any high point for IEF and CDX.
Loading charts...
Drawdown Indicators
| IEF | CDX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -23.93% | -13.24% | -10.69% |
Max Drawdown (1Y)Largest decline over 1 year | -4.07% | -4.18% | +0.11% |
Max Drawdown (3Y)Largest decline over 3 years | -7.74% | -8.88% | +1.14% |
Max Drawdown (5Y)Largest decline over 5 years | -21.40% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -23.93% | — | — |
Current DrawdownCurrent decline from peak | -11.18% | -6.57% | -4.61% |
Average DrawdownAverage peak-to-trough decline | -5.35% | -4.35% | -1.00% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.45% | 1.85% | -0.40% |
Volatility
IEF vs. CDX - Volatility Comparison
The current volatility for iShares 7-10 Year Treasury Bond ETF (IEF) is 1.62%, while Simplify High Yield PLUS Credit Hedge ETF (CDX) has a volatility of 1.73%. This indicates that IEF experiences smaller price fluctuations and is considered to be less risky than CDX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| IEF | CDX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.62% | 1.73% | -0.11% |
Volatility (6M)Calculated over the trailing 6-month period | 3.42% | 4.81% | -1.39% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.72% | 5.80% | -1.08% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.71% | 11.08% | -3.37% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.63% | 11.08% | -4.45% |
IEF vs. CDX - Expense Ratio Comparison
IEF has a 0.15% expense ratio, which is lower than CDX's 0.26% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
IEF vs. CDX - Dividend Comparison
IEF's dividend yield for the trailing twelve months is around 3.89%, less than CDX's 8.29% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CDX Simplify High Yield PLUS Credit Hedge ETF | 8.29% | 7.18% | 12.60% | 5.26% | 7.51% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
IEF iShares 7-10 Year Treasury Bond ETF | 3.89% | 3.77% | 3.62% | 2.91% | 1.96% | 0.83% | 1.08% | 2.08% | 2.24% | 1.82% | 1.81% | 1.90% |
Frequently Asked Questions
IEF and CDX have a correlation of 0.39, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
CDX has higher volatility (1.73%) compared to IEF (1.62%). In terms of maximum drawdown, IEF dropped -23.93% vs CDX's -13.24%.
On 3-year performance, CDX leads with 7.84% vs 2.86% for IEF. On fees, IEF is cheaper at 0.15% per year. On volatility, IEF has been the lower-risk option at 1.62%. 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 7.84% return vs 2.86%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IEF is cheaper with a 0.15% expense ratio, compared with 0.26% for CDX.
CDX has the higher dividend yield at 8.29%, compared with 3.89% for IEF.
IEF is categorized as Government Bonds, while CDX is High Yield Bonds. They also come from different issuers: iShares and Simplify. Their fees differ too: 0.15% for IEF and 0.26% for CDX.
IEF currently has the higher Sharpe Ratio (0.72 vs -0.12), 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.
Find the right allocation for IEF and CDX
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer