IOPP vs. CDX

Last updated Jun 4, 2026

IOPP (Simplify Tara India Opportunities ETF) and CDX (Simplify High Yield PLUS Credit Hedge ETF) are both exchange-traded funds - IOPP is a Asia Pacific Equities fund actively managed by Simplify, while CDX is a High Yield Bonds fund actively managed by Simplify. Both are actively managed. Over the past year, IOPP returned -6.43% vs -1.77% for CDX. At a 0.16 correlation, their price movements are largely independent. IOPP charges 0.73%/yr vs 0.26%/yr for CDX.

Performance

IOPP vs. CDX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Simplify Tara India Opportunities ETF (IOPP) and Simplify High Yield PLUS Credit Hedge ETF (CDX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, IOPP achieves a -9.08% return, which is significantly lower than CDX's -2.44% return.

IOPP

• 1D: -1.09%
• 1M: 0.04%
• YTD: -9.08%
• 6M: -6.49%
• 1Y: -6.43%
• 3Y*: —
• 5Y*: —
• 10Y*: —

CDX

• 1D: -0.19%
• 1M: -0.71%
• YTD: -2.44%
• 6M: -2.70%
• 1Y: -1.77%
• 3Y*: 7.17%
• 5Y*: —
• 10Y*: —

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

IOPP vs. CDX - Yearly Performance Comparison

	2026 (YTD)	2025	2024
IOPP Simplify Tara India Opportunities ETF	-9.08%	1.86%	14.13%
CDX Simplify High Yield PLUS Credit Hedge ETF	-2.44%	9.51%	5.40%

Correlation

The correlation between IOPP and CDX is 0.19, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.19
Correlation (All Time) Calculated using the full available price history since Mar 6, 2024	0.16

IOPP vs. CDX - Sectors Allocation Comparison

Sectors	IOPP	CDX
Consumer Cyclical	39.4%	9.8%
Consumer Defensive	17.1%	4.1%
Financial Services	15.0%	10.0%
Healthcare	9.0%	14.2%
Industrials	8.9%	15.1%
Communication Services	7.6%	4.1%
Basic Materials	3.0%	4.0%
Technology	0.0%	24.6%
Energy	-	6.9%
Real Estate	-	4.2%
Utilities	-	2.9%

Return for Risk

IOPP vs. CDX — Risk / Return Rank

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

IOPP

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

CDX

CDX Risk / Return Rank: 5
CDX Sharpe Ratio Rank: 6
CDX Sortino Ratio Rank: 5
CDX Omega Ratio Rank: 5
CDX Calmar Ratio Rank: 5
CDX Martin Ratio Rank: 4

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.

IOPP vs. CDX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Simplify Tara India Opportunities ETF (IOPP) 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.

	IOPP	CDX	Difference
Sharpe ratio: Return per unit of total volatility	-0.38	-0.31	-0.07
Sortino ratio: Return per unit of downside risk	-0.45	-0.40	-0.04
Omega ratio: Gain probability vs. loss probability	0.95	0.95	0.00
Calmar ratio: Return relative to maximum drawdown	-0.33	-0.43	+0.09
Martin ratio: Return relative to average drawdown	-0.89	-1.00	+0.11
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IOPP vs. CDX - Sharpe Ratio Comparison

The current IOPP Sharpe Ratio is -0.38, which is comparable to the CDX Sharpe Ratio of -0.31. The chart below compares the historical Sharpe Ratios of IOPP and CDX, 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

	IOPP	CDX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.38	-0.31	-0.07
Sharpe Ratio (All Time) Calculated using the full available price history	0.15	0.38	-0.23

Drawdowns

IOPP vs. CDX - Drawdown Comparison

The maximum IOPP drawdown since its inception was -23.67%, which is greater than CDX's maximum drawdown of -13.24%. Use the drawdown chart below to compare losses from any high point for IOPP and CDX.

Drawdown Indicators

	IOPP	CDX	Difference
Max Drawdown Largest peak-to-trough decline	-23.67%	-13.24%	-10.43%
Max Drawdown (1Y) Largest decline over 1 year	-19.42%	-4.18%	-15.24%
Max Drawdown (3Y) Largest decline over 3 years	—	-8.88%	—
Current Drawdown Current decline from peak	-16.96%	-7.41%	-9.55%
Average Drawdown Average peak-to-trough decline	-8.85%	-4.34%	-4.51%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.24%	1.77%	+5.47%

Volatility

IOPP vs. CDX - Volatility Comparison

Simplify Tara India Opportunities ETF (IOPP) has a higher volatility of 5.78% compared to Simplify High Yield PLUS Credit Hedge ETF (CDX) at 1.61%. This indicates that IOPP's price experiences larger fluctuations and is considered to be riskier than CDX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IOPP	CDX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.78%	1.61%	+4.17%
Volatility (6M) Calculated over the trailing 6-month period	14.32%	4.72%	+9.60%
Volatility (1Y) Calculated over the trailing 1-year period	17.10%	5.69%	+11.41%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.78%	11.10%	+5.68%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.78%	11.10%	+5.68%

IOPP vs. CDX - Expense Ratio Comparison

IOPP has a 0.73% expense ratio, which is higher than CDX's 0.26% expense ratio.

Dividends

IOPP vs. CDX - Dividend Comparison

IOPP's dividend yield for the trailing twelve months is around 0.20%, less than CDX's 8.37% yield.

Position	TTM	2025	2024	2023	2022
CDX Simplify High Yield PLUS Credit Hedge ETF	8.37%	7.18%	12.60%	5.26%	7.51%
IOPP Simplify Tara India Opportunities ETF	0.20%	0.29%	6.96%	0.00%	0.00%

Frequently Asked Questions

Can I hold both IOPP and CDX in my portfolio?

IOPP and CDX have a correlation of 0.19, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, IOPP or CDX?

IOPP has higher volatility (5.78%) compared to CDX (1.61%). In terms of maximum drawdown, IOPP dropped -23.67% vs CDX's -13.24%.

Which ETF is better, IOPP or CDX?

On 1-year performance, CDX leads with -1.77% vs -6.43% for IOPP. On fees, CDX is cheaper at 0.26% per year. On volatility, CDX has been the lower-risk option at 1.61%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IOPP or CDX?

Over the 1-year period, CDX has performed better with a -1.77% return vs -6.43%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IOPP or CDX?

CDX is cheaper with a 0.26% expense ratio, compared with 0.73% for IOPP.

Which ETF pays a higher dividend yield, IOPP or CDX?

CDX has the higher dividend yield at 8.37%, compared with 0.20% for IOPP.

What is the main difference between IOPP and CDX?

IOPP is categorized as Asia Pacific Equities, while CDX is High Yield Bonds. Their fees differ too: 0.73% for IOPP and 0.26% for CDX.

Which has better risk-adjusted returns?

CDX currently has the higher Sharpe Ratio (-0.31 vs -0.38), 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.