PAXS vs. CDX
PAXS (PIMCO Access Income Fund) and CDX (Simplify High Yield PLUS Credit Hedge ETF) are both funds - PAXS is a Multisector Bonds fund actively managed by PIMCO, while CDX is a High Yield Bonds fund actively managed by Simplify. Both are actively managed. Over the past 3 years, PAXS returned 11.11%/yr vs 7.96%/yr for CDX. At a 0.27 correlation, their price movements are largely independent.
Performance
PAXS vs. CDX - Performance Comparison
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Returns By Period
In the year-to-date period, PAXS achieves a -2.55% return, which is significantly lower than CDX's -1.51% return.
PAXS
- 1D
- -0.07%
- 1M
- 1.07%
- YTD
- -2.55%
- 6M
- -3.31%
- 1Y
- 4.65%
- 3Y*
- 11.11%
- 5Y*
- —
- 10Y*
- —
CDX
- 1D
- 0.00%
- 1M
- 0.19%
- YTD
- -1.51%
- 6M
- -1.29%
- 1Y
- -1.35%
- 3Y*
- 7.96%
- 5Y*
- —
- 10Y*
- —
PAXS vs. CDX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
PAXS PIMCO Access Income Fund | -2.55% | 12.58% | 19.51% | 9.30% | -16.66% |
CDX Simplify High Yield PLUS Credit Hedge ETF | -1.51% | 9.51% | 7.71% | 12.74% | -8.26% |
Correlation
The correlation between PAXS 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 (3Y) Calculated over the trailing 3-year period | 0.19 |
Correlation (All Time) Calculated using the full available price history since Feb 15, 2022 | 0.27 |
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Return for Risk
PAXS vs. CDX — Risk / Return Rank
PAXS
CDX
PAXS vs. CDX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for PIMCO Access Income Fund (PAXS) 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.
| PAXS | CDX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.62 | ||
| Sortino ratioReturn per unit of downside risk | +0.88 | ||
| Omega ratioGain probability vs. loss probability | 1.08 | 0.97 | +0.12 |
| Calmar ratioReturn relative to maximum drawdown | 0.39 | -0.32 | +0.71 |
| Martin ratioReturn relative to average drawdown | 1.02 | -0.71 | +1.73 |
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Drawdowns
PAXS vs. CDX - Drawdown Comparison
The maximum PAXS drawdown since its inception was -22.28%, which is greater than CDX's maximum drawdown of -13.24%. Use the drawdown chart below to compare losses from any high point for PAXS and CDX.
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Drawdown Indicators
| PAXS | CDX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -22.28% | -13.24% | -9.04% |
Max Drawdown (1Y)Largest decline over 1 year | -12.10% | -4.18% | -7.92% |
Max Drawdown (3Y)Largest decline over 3 years | -13.40% | -8.88% | -4.52% |
Current DrawdownCurrent decline from peak | -7.80% | -6.53% | -1.27% |
Average DrawdownAverage peak-to-trough decline | -7.55% | -4.36% | -3.19% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.57% | 1.90% | +2.67% |
Volatility
PAXS vs. CDX - Volatility Comparison
PIMCO Access Income Fund (PAXS) has a higher volatility of 3.21% compared to Simplify High Yield PLUS Credit Hedge ETF (CDX) at 1.58%. This indicates that PAXS'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
| PAXS | CDX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.21% | 1.58% | +1.63% |
Volatility (6M)Calculated over the trailing 6-month period | 9.75% | 4.83% | +4.92% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.15% | 5.78% | +6.37% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.39% | 11.05% | +6.34% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.39% | 11.05% | +6.34% |
Dividends
PAXS vs. CDX - Dividend Comparison
PAXS's dividend yield for the trailing twelve months is around 12.77%, more 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% |
PAXS PIMCO Access Income Fund | 12.77% | 11.72% | 11.76% | 12.54% | 13.30% |
Frequently Asked Questions
PAXS 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.
PAXS has higher volatility (3.21%) compared to CDX (1.58%). In terms of maximum drawdown, PAXS dropped -22.28% vs CDX's -13.24%.
PAXS currently has the higher Sharpe Ratio (0.38 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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