IFED vs. SPD
IFED (ETRACS IFED Invest with the Fed TR Index ETN) and SPD (Simplify US Equity PLUS Downside Convexity ETF) are both exchange-traded funds - IFED is a Leveraged Equities fund tracking the IFED Large-Cap US Equity Index - Benchmark TR Gross, while SPD is a Large Cap Blend Equities fund actively managed by Simplify. IFED is passively managed, while SPD is actively managed. Over the past 3 years, IFED returned 15.81%/yr vs 16.67%/yr for SPD. A 0.74 correlation means they provide meaningful diversification when combined. IFED charges 0.45%/yr vs 0.53%/yr for SPD.
Performance
IFED vs. SPD - Performance Comparison
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Returns By Period
In the year-to-date period, IFED achieves a -3.01% return, which is significantly lower than SPD's 5.42% return.
IFED
- 1D
- -0.09%
- 1M
- 5.94%
- YTD
- -3.01%
- 6M
- -3.81%
- 1Y
- 4.31%
- 3Y*
- 15.81%
- 5Y*
- —
- 10Y*
- —
SPD
- 1D
- 0.40%
- 1M
- 0.53%
- YTD
- 5.42%
- 6M
- 5.44%
- 1Y
- 14.06%
- 3Y*
- 16.67%
- 5Y*
- 8.03%
- 10Y*
- —
IFED vs. SPD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
IFED ETRACS IFED Invest with the Fed TR Index ETN | -3.01% | 15.02% | 23.04% | 20.78% | -1.46% | 8.46% |
SPD Simplify US Equity PLUS Downside Convexity ETF | 5.42% | 18.86% | 17.49% | 20.94% | -25.96% | 6.69% |
Correlation
The correlation between IFED and SPD is 0.62, 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 | 0.62 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.71 |
Correlation (All Time) Calculated using the full available price history since Sep 15, 2021 | 0.74 |
The correlation between IFED and SPD shifts across timeframes, from 0.62 (1 year) to 0.74 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
IFED vs. SPD — Risk / Return Rank
IFED
SPD
IFED vs. SPD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ETRACS IFED Invest with the Fed TR Index ETN (IFED) and Simplify US Equity PLUS Downside Convexity ETF (SPD). 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.
| IFED | SPD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.76 | ||
| Sortino ratioReturn per unit of downside risk | -1.01 | ||
| Omega ratioGain probability vs. loss probability | 1.04 | 1.16 | -0.12 |
| Calmar ratioReturn relative to maximum drawdown | 0.19 | 1.04 | -0.85 |
| Martin ratioReturn relative to average drawdown | 0.48 | 3.23 | -2.75 |
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Drawdowns
IFED vs. SPD - Drawdown Comparison
The maximum IFED drawdown since its inception was -22.36%, smaller than the maximum SPD drawdown of -27.38%. Use the drawdown chart below to compare losses from any high point for IFED and SPD.
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Drawdown Indicators
| IFED | SPD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -22.36% | -27.38% | +5.02% |
Max Drawdown (1Y)Largest decline over 1 year | -14.65% | -11.90% | -2.75% |
Max Drawdown (3Y)Largest decline over 3 years | -22.36% | -15.18% | -7.18% |
Max Drawdown (5Y)Largest decline over 5 years | — | -27.38% | — |
Current DrawdownCurrent decline from peak | -5.00% | -1.89% | -3.11% |
Average DrawdownAverage peak-to-trough decline | -5.84% | -7.70% | +1.86% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.84% | 3.85% | +1.99% |
Volatility
IFED vs. SPD - Volatility Comparison
ETRACS IFED Invest with the Fed TR Index ETN (IFED) has a higher volatility of 6.34% compared to Simplify US Equity PLUS Downside Convexity ETF (SPD) at 4.24%. This indicates that IFED's price experiences larger fluctuations and is considered to be riskier than SPD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| IFED | SPD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.34% | 4.24% | +2.10% |
Volatility (6M)Calculated over the trailing 6-month period | 13.63% | 9.14% | +4.49% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.80% | 13.45% | +3.35% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.93% | 16.10% | +3.83% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 19.93% | 15.99% | +3.94% |
IFED vs. SPD - Expense Ratio Comparison
IFED has a 0.45% expense ratio, which is lower than SPD's 0.53% expense ratio.
Dividends
IFED vs. SPD - Dividend Comparison
IFED has not paid dividends to shareholders, while SPD's dividend yield for the trailing twelve months is around 0.97%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
IFED ETRACS IFED Invest with the Fed TR Index ETN | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
SPD Simplify US Equity PLUS Downside Convexity ETF | 0.97% | 0.97% | 1.14% | 1.91% | 1.64% | 0.88% | 0.43% |
Frequently Asked Questions
IFED and SPD have a correlation of 0.62, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
IFED has higher volatility (6.34%) compared to SPD (4.24%). In terms of maximum drawdown, IFED dropped -22.36% vs SPD's -27.38%.
On 3-year performance, SPD leads with 16.67% vs 15.81% for IFED. On fees, IFED is cheaper at 0.45% per year. On volatility, SPD has been the lower-risk option at 4.24%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, SPD has performed better with a 16.67% return vs 15.81%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IFED is cheaper with a 0.45% expense ratio, compared with 0.53% for SPD.
SPD has the higher dividend yield at 0.97%, compared with 0.00% for IFED.
IFED is categorized as Leveraged Equities, while SPD is Large Cap Blend Equities. They also come from different issuers: UBS and Simplify. Their fees differ too: 0.45% for IFED and 0.53% for SPD.
SPD currently has the higher Sharpe Ratio (0.92 vs 0.17), 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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