NMB vs. CDX
NMB (Simplify National Muni Bond ETF) and CDX (Simplify High Yield PLUS Credit Hedge ETF) are both exchange-traded funds - NMB is a Municipal Bonds 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, NMB returned 7.21% vs -1.35% for CDX. At a 0.26 correlation, their price movements are largely independent. NMB charges 0.52%/yr vs 0.26%/yr for CDX.
Performance
NMB vs. CDX - Performance Comparison
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Returns By Period
In the year-to-date period, NMB achieves a 1.90% return, which is significantly higher than CDX's -1.51% return.
NMB
- 1D
- -0.20%
- 1M
- 2.53%
- YTD
- 1.90%
- 6M
- 1.74%
- 1Y
- 7.21%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
CDX
- 1D
- 0.00%
- 1M
- 0.19%
- YTD
- -1.51%
- 6M
- -1.29%
- 1Y
- -1.35%
- 3Y*
- 7.96%
- 5Y*
- —
- 10Y*
- —
NMB vs. CDX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
NMB Simplify National Muni Bond ETF | 1.90% | 7.97% | -1.96% |
CDX Simplify High Yield PLUS Credit Hedge ETF | -1.51% | 9.51% | -2.33% |
Correlation
The correlation between NMB and CDX is 0.27, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.27 |
Correlation (All Time) Calculated using the full available price history since Sep 10, 2024 | 0.26 |
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Return for Risk
NMB vs. CDX — Risk / Return Rank
NMB
CDX
NMB vs. CDX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Simplify National Muni Bond ETF (NMB) 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.
| NMB | CDX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.14 | ||
| Sortino ratioReturn per unit of downside risk | +1.66 | ||
| Omega ratioGain probability vs. loss probability | 1.17 | 0.97 | +0.21 |
| Calmar ratioReturn relative to maximum drawdown | 1.21 | -0.32 | +1.53 |
| Martin ratioReturn relative to average drawdown | 2.43 | -0.71 | +3.14 |
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Drawdowns
NMB vs. CDX - Drawdown Comparison
The maximum NMB drawdown since its inception was -13.68%, roughly equal to the maximum CDX drawdown of -13.24%. Use the drawdown chart below to compare losses from any high point for NMB and CDX.
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Drawdown Indicators
| NMB | CDX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -13.68% | -13.24% | -0.44% |
Max Drawdown (1Y)Largest decline over 1 year | -5.99% | -4.18% | -1.81% |
Max Drawdown (3Y)Largest decline over 3 years | — | -8.88% | — |
Current DrawdownCurrent decline from peak | -0.92% | -6.53% | +5.61% |
Average DrawdownAverage peak-to-trough decline | -3.29% | -4.36% | +1.07% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.97% | 1.90% | +1.07% |
Volatility
NMB vs. CDX - Volatility Comparison
Simplify National Muni Bond ETF (NMB) has a higher volatility of 1.67% compared to Simplify High Yield PLUS Credit Hedge ETF (CDX) at 1.58%. This indicates that NMB'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.
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Volatility by Period
| NMB | CDX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.67% | 1.58% | +0.09% |
Volatility (6M)Calculated over the trailing 6-month period | 4.51% | 4.83% | -0.32% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.99% | 5.78% | +2.21% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 12.54% | 11.05% | +1.49% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 12.54% | 11.05% | +1.49% |
NMB vs. CDX - Expense Ratio Comparison
NMB has a 0.52% expense ratio, which is higher than CDX's 0.26% expense ratio.
Dividends
NMB vs. CDX - Dividend Comparison
NMB's dividend yield for the trailing twelve months is around 5.83%, less than CDX's 8.29% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
CDX Simplify High Yield PLUS Credit Hedge ETF | 8.29% | 7.18% | 12.60% | 5.26% | 7.51% |
NMB Simplify National Muni Bond ETF | 5.83% | 4.48% | 1.13% | 0.00% | 0.00% |
Frequently Asked Questions
NMB and CDX have a correlation of 0.27, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
NMB has higher volatility (1.67%) compared to CDX (1.58%). In terms of maximum drawdown, NMB dropped -13.68% vs CDX's -13.24%.
On 1-year performance, NMB leads with 7.21% vs -1.35% for CDX. On fees, CDX is cheaper at 0.26% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, NMB has performed better with a 7.21% return vs -1.35%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
CDX is cheaper with a 0.26% expense ratio, compared with 0.52% for NMB.
CDX has the higher dividend yield at 8.29%, compared with 5.83% for NMB.
NMB is categorized as Municipal Bonds, while CDX is High Yield Bonds. Their fees differ too: 0.52% for NMB and 0.26% for CDX.
NMB currently has the higher Sharpe Ratio (0.91 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.
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