LITL vs. CDX

Last updated Jul 21, 2026

LITL (Simplify Piper Sandler US Small-Cap PLUS Income ETF) and CDX (Simplify High Yield ETF) are both exchange-traded funds - LITL is a Small Cap Blend Equities fund managed by Simplify, while CDX is a High Yield Bonds fund actively managed by Simplify. Over the past year, LITL returned 27.83% vs -1.81% for CDX. At a 0.25 correlation, their price movements are largely independent. LITL charges 0.91%/yr vs 0.25%/yr for CDX.

Performance

LITL vs. CDX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Simplify Piper Sandler US Small-Cap PLUS Income ETF (LITL) and Simplify High Yield ETF (CDX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, LITL achieves a 16.34% return, which is significantly higher than CDX's -2.86% return.

LITL

• 1D: -0.99%
• 1M: 3.67%
• 6M: 12.34%
• YTD: 16.34%
• 1Y: 27.83%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 30.38%

CDX

• 1D: -0.48%
• 1M: -1.44%
• 6M: -3.43%
• YTD: -2.86%
• 1Y: -1.81%
• 3Y*: 6.90%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 3.91%

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

LITL vs. CDX - Yearly Performance Comparison

	2026 (YTD)	2025
LITL Simplify Piper Sandler US Small-Cap PLUS Income ETF	16.34%	18.93%
CDX Simplify High Yield ETF	-2.86%	2.09%

Correlation

The correlation between LITL and CDX is 0.28, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.28
Correlation (All Time) Calculated using the full available price history since Apr 29, 2025	0.25

Return for Risk

LITL vs. CDX — Risk / Return Rank

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

LITL

LITL Risk / Return Rank: 68
LITL Sharpe Ratio Rank: 64
LITL Sortino Ratio Rank: 68
LITL Omega Ratio Rank: 60
LITL Calmar Ratio Rank: 78
LITL Martin Ratio Rank: 70

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.

LITL vs. CDX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Simplify Piper Sandler US Small-Cap PLUS Income ETF (LITL) and Simplify High Yield 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.

	LITL	CDX	Difference
Sharpe ratio: Return per unit of total volatility	1.54	-0.31	+1.85
Sortino ratio: Return per unit of downside risk	2.31	-0.40	+2.71
Omega ratio: Gain probability vs. loss probability	1.27	0.95	+0.32
Calmar ratio: Return relative to maximum drawdown	3.00	-0.44	+3.43
Martin ratio: Return relative to average drawdown	9.22	-0.87	+10.09

LITL vs. CDX - Sharpe Ratio Comparison

The current LITL Sharpe Ratio is 1.54, which is higher than the CDX Sharpe Ratio of -0.31. The chart below compares the historical Sharpe Ratios of LITL 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

LITL vs. CDX - Drawdown Comparison

The maximum LITL drawdown since its inception was -9.32%, smaller than the maximum CDX drawdown of -13.24%. Use the drawdown chart below to compare losses from any high point for LITL and CDX.

Drawdown Indicators

	LITL	CDX	Difference
Max Drawdown Largest peak-to-trough decline	-9.32%	-13.24%	+3.92%
Max Drawdown (1Y) Largest decline over 1 year	-9.32%	-4.18%	-5.14%
Max Drawdown (3Y) Largest decline over 3 years	—	-8.88%	—
Current Drawdown Current decline from peak	-1.87%	-7.81%	+5.94%
Average Drawdown Average peak-to-trough decline	-2.23%	-4.41%	+2.18%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.03%	2.08%	+0.95%

Volatility

LITL vs. CDX - Volatility Comparison

Simplify Piper Sandler US Small-Cap PLUS Income ETF (LITL) has a higher volatility of 3.45% compared to Simplify High Yield ETF (CDX) at 1.81%. This indicates that LITL'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

	LITL	CDX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.45%	1.81%	+1.64%
Volatility (6M) Calculated over the trailing 6-month period	12.37%	5.06%	+7.31%
Volatility (1Y) Calculated over the trailing 1-year period	18.18%	5.89%	+12.29%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.42%	10.99%	+7.43%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.42%	10.99%	+7.43%

LITL vs. CDX - Expense Ratio Comparison

LITL has a 0.91% expense ratio, which is higher than CDX's 0.25% expense ratio.

Dividends

LITL vs. CDX - Dividend Comparison

LITL's dividend yield for the trailing twelve months is around 1.50%, less than CDX's 8.36% yield.

Position	TTM	2025	2024	2023	2022
CDX Simplify High Yield ETF	8.36%	7.18%	12.60%	5.26%	7.51%
LITL Simplify Piper Sandler US Small-Cap PLUS Income ETF	1.50%	0.71%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both LITL and CDX in my portfolio?

LITL and CDX have a correlation of 0.28, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, LITL or CDX?

LITL has higher volatility (3.45%) compared to CDX (1.81%). In terms of maximum drawdown, LITL dropped -9.32% vs CDX's -13.24%.

Which ETF is better, LITL or CDX?

On 1-year performance, LITL leads with 27.83% vs -1.81% for CDX. On fees, CDX is cheaper at 0.25% per year. On volatility, CDX has been the lower-risk option at 1.81%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, LITL or CDX?

Over the 1-year period, LITL has performed better with a 27.83% return vs -1.81%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, LITL or CDX?

CDX is cheaper with a 0.25% expense ratio, compared with 0.91% for LITL.

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

CDX has the higher dividend yield at 8.36%, compared with 1.50% for LITL.

What is the main difference between LITL and CDX?

LITL is categorized as Small Cap Blend Equities, while CDX is High Yield Bonds. Their fees differ too: 0.91% for LITL and 0.25% for CDX.

Which has better risk-adjusted returns?

LITL currently has the higher Sharpe Ratio (1.54 vs -0.31), 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.