MHY vs. CDX
MHY (Man Active High Yield ETF) and CDX (Simplify High Yield PLUS Credit Hedge ETF) are both High Yield Bonds funds. Both are actively managed. At a 0.40 correlation, their price movements are largely independent. MHY charges 0.69%/yr vs 0.26%/yr for CDX.
Performance
MHY vs. CDX - Performance Comparison
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Returns By Period
In the year-to-date period, MHY achieves a 4.43% return, which is significantly higher than CDX's -1.84% return.
MHY
- 1D
- 0.12%
- 1M
- 1.66%
- YTD
- 4.43%
- 6M
- 4.28%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
CDX
- 1D
- -0.26%
- 1M
- -0.10%
- YTD
- -1.84%
- 6M
- -1.75%
- 1Y
- -2.18%
- 3Y*
- 7.76%
- 5Y*
- —
- 10Y*
- —
MHY vs. CDX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
MHY Man Active High Yield ETF | 4.43% | 1.54% |
CDX Simplify High Yield PLUS Credit Hedge ETF | -1.84% | -0.06% |
Correlation
The correlation between MHY and CDX is 0.40, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (All Time) Calculated using the full available price history since Sep 18, 2025 | 0.40 |
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Return for Risk
MHY vs. CDX — Risk / Return Rank
MHY
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
CDX
MHY vs. CDX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Man Active High Yield ETF (MHY) 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.
| MHY | CDX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | — | 0.94 | — |
| Calmar ratioReturn relative to maximum drawdown | — | -0.52 | — |
| Martin ratioReturn relative to average drawdown | — | -1.13 | — |
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Drawdowns
MHY vs. CDX - Drawdown Comparison
The maximum MHY drawdown since its inception was -1.58%, smaller than the maximum CDX drawdown of -13.24%. Use the drawdown chart below to compare losses from any high point for MHY and CDX.
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Drawdown Indicators
| MHY | CDX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -1.58% | -13.24% | +11.66% |
Max Drawdown (1Y)Largest decline over 1 year | — | -4.18% | — |
Max Drawdown (3Y)Largest decline over 3 years | — | -8.88% | — |
Current DrawdownCurrent decline from peak | 0.00% | -6.84% | +6.84% |
Average DrawdownAverage peak-to-trough decline | -0.29% | -4.37% | +4.08% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | — | 1.93% | — |
Volatility
MHY vs. CDX - Volatility Comparison
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Volatility by Period
| MHY | CDX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | — | 1.59% | — |
Volatility (6M)Calculated over the trailing 6-month period | — | 4.83% | — |
Volatility (1Y)Calculated over the trailing 1-year period | 2.99% | 5.78% | -2.79% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 2.99% | 11.04% | -8.05% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 2.99% | 11.04% | -8.05% |
MHY vs. CDX - Expense Ratio Comparison
MHY has a 0.69% expense ratio, which is higher than CDX's 0.26% expense ratio.
Dividends
MHY vs. CDX - Dividend Comparison
MHY's dividend yield for the trailing twelve months is around 5.29%, less than CDX's 8.27% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
CDX Simplify High Yield PLUS Credit Hedge ETF | 8.27% | 7.18% | 12.60% | 5.26% | 7.51% |
MHY Man Active High Yield ETF | 5.29% | 3.42% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
MHY and CDX have a correlation of 0.40, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, CDX is cheaper at 0.26% per year. The better choice depends on whether you care most about return, fees, risk, or income.
CDX is cheaper with a 0.26% expense ratio, compared with 0.69% for MHY.
CDX has the higher dividend yield at 8.27%, compared with 5.29% for MHY.
They also come from different issuers: Man Group and Simplify. Their fees differ too: 0.69% for MHY and 0.26% for CDX.
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