JFR vs. CDX

Last updated Jun 24, 2026

JFR (Nuveen Floating Rate Income Fund) and CDX (Simplify High Yield PLUS Credit Hedge ETF) are both High Yield Bonds funds. Over the past 3 years, JFR returned 12.30%/yr vs 7.96%/yr for CDX. At a 0.25 correlation, their price movements are largely independent. JFR charges 0.02%/yr vs 0.26%/yr for CDX.

Performance

JFR vs. CDX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Nuveen Floating Rate Income Fund (JFR) 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, JFR achieves a 4.06% return, which is significantly higher than CDX's -1.51% return.

JFR

• 1D: 0.66%
• 1M: 1.83%
• YTD: 4.06%
• 6M: 4.73%
• 1Y: 4.75%
• 3Y*: 12.30%
• 5Y*: 6.10%
• 10Y*: 6.05%

CDX

• 1D: 0.00%
• 1M: 0.19%
• YTD: -1.51%
• 6M: -1.29%
• 1Y: -1.35%
• 3Y*: 7.96%
• 5Y*: —
• 10Y*: —

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

JFR vs. CDX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
JFR Nuveen Floating Rate Income Fund	4.06%	-0.68%	21.92%	16.61%	-16.01%
CDX Simplify High Yield PLUS Credit Hedge ETF	-1.51%	9.51%	7.71%	12.74%	-8.26%

Correlation

The correlation between JFR and CDX is 0.14, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.14
Correlation (3Y) Calculated over the trailing 3-year period	0.15
Correlation (All Time) Calculated using the full available price history since Feb 15, 2022	0.25

The correlation between JFR and CDX shifts across timeframes, from 0.14 (1 year) to 0.25 (all time), reflecting how their relationship changes across market environments.

Return for Risk

JFR vs. CDX — Risk / Return Rank

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

JFR

JFR Risk / Return Rank: 7
JFR Sharpe Ratio Rank: 7
JFR Sortino Ratio Rank: 8
JFR Omega Ratio Rank: 7
JFR Calmar Ratio Rank: 6
JFR Martin Ratio Rank: 6

CDX

CDX Risk / Return Rank: 6
CDX Sharpe Ratio Rank: 7
CDX Sortino Ratio Rank: 6
CDX Omega Ratio Rank: 6
CDX Calmar Ratio Rank: 6
CDX Martin Ratio Rank: 6

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.

JFR vs. CDX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Nuveen Floating Rate Income Fund (JFR) 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.

	JFR	CDX	Difference
Sharpe ratio: Return per unit of total volatility	0.56	-0.23	+0.79
Sortino ratio: Return per unit of downside risk	0.91	-0.29	+1.20
Omega ratio: Gain probability vs. loss probability	1.11	0.97	+0.14
Calmar ratio: Return relative to maximum drawdown	0.55	-0.32	+0.88
Martin ratio: Return relative to average drawdown	1.43	-0.71	+2.14

JFR vs. CDX - Sharpe Ratio Comparison

The current JFR Sharpe Ratio is 0.56, which is higher than the CDX Sharpe Ratio of -0.23. The chart below compares the historical Sharpe Ratios of JFR 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.

Drawdowns

JFR vs. CDX - Drawdown Comparison

The maximum JFR drawdown since its inception was -62.61%, which is greater than CDX's maximum drawdown of -13.24%. Use the drawdown chart below to compare losses from any high point for JFR and CDX.

Drawdown Indicators

	JFR	CDX	Difference
Max Drawdown Largest peak-to-trough decline	-62.61%	-13.24%	-49.37%
Max Drawdown (1Y) Largest decline over 1 year	-8.62%	-4.18%	-4.44%
Max Drawdown (3Y) Largest decline over 3 years	-15.29%	-8.88%	-6.41%
Max Drawdown (5Y) Largest decline over 5 years	-20.40%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-47.71%	—	—
Current Drawdown Current decline from peak	0.00%	-6.53%	+6.53%
Average Drawdown Average peak-to-trough decline	-8.77%	-4.36%	-4.41%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.32%	1.90%	+1.42%

Volatility

JFR vs. CDX - Volatility Comparison

Nuveen Floating Rate Income Fund (JFR) and Simplify High Yield PLUS Credit Hedge ETF (CDX) have volatilities of 1.60% and 1.58%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	JFR	CDX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.60%	1.58%	+0.02%
Volatility (6M) Calculated over the trailing 6-month period	7.14%	4.83%	+2.31%
Volatility (1Y) Calculated over the trailing 1-year period	8.57%	5.78%	+2.79%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.81%	11.05%	+1.76%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.65%	11.05%	+5.60%

JFR vs. CDX - Expense Ratio Comparison

JFR has a 0.02% 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

JFR vs. CDX - Dividend Comparison

JFR's dividend yield for the trailing twelve months is around 12.97%, more 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%
JFR Nuveen Floating Rate Income Fund	12.97%	13.03%	11.43%	11.51%	9.61%	6.66%	7.19%	7.19%	7.95%	7.23%	6.38%	7.03%

Frequently Asked Questions

Can I hold both JFR and CDX in my portfolio?

JFR and CDX have a correlation of 0.14, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, JFR or CDX?

JFR has higher volatility (1.60%) compared to CDX (1.58%). In terms of maximum drawdown, JFR dropped -62.61% vs CDX's -13.24%.

Which has better risk-adjusted returns?

JFR currently has the higher Sharpe Ratio (0.56 vs -0.23), 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.