PAXS vs. CDX

Last updated Jun 3, 2026

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 12.35%/yr vs 7.24%/yr for CDX. At a 0.27 correlation, their price movements are largely independent.

Performance

PAXS vs. CDX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PIMCO Access Income Fund (PAXS) 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, PAXS achieves a -0.63% return, which is significantly higher than CDX's -2.25% return.

PAXS

• 1D: 0.91%
• 1M: -0.88%
• YTD: -0.63%
• 6M: -4.36%
• 1Y: 7.71%
• 3Y*: 12.35%
• 5Y*: —
• 10Y*: —

CDX

• 1D: 0.24%
• 1M: -0.71%
• YTD: -2.25%
• 6M: -2.61%
• 1Y: -1.71%
• 3Y*: 7.24%
• 5Y*: —
• 10Y*: —

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

PAXS vs. CDX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
PAXS PIMCO Access Income Fund	-0.63%	12.58%	19.51%	9.30%	-16.66%
CDX Simplify High Yield PLUS Credit Hedge ETF	-2.25%	9.51%	7.71%	12.74%	-8.12%

Correlation

The correlation between PAXS and CDX is 0.17, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.17
Correlation (3Y) Calculated over the trailing 3-year period	0.18
Correlation (All Time) Calculated using the full available price history since Feb 16, 2022	0.27

The correlation between PAXS and CDX shifts across timeframes, from 0.17 (1 year) to 0.27 (all time), reflecting how their relationship changes across market environments.

Return for Risk

PAXS vs. CDX — Risk / Return Rank

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

PAXS

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

CDX

CDX Risk / Return Rank: 5
CDX Sharpe Ratio Rank: 6
CDX Sortino Ratio Rank: 5
CDX Omega Ratio Rank: 5
CDX Calmar Ratio Rank: 5
CDX Martin Ratio Rank: 4

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.

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.

	PAXS	CDX	Difference
Sharpe ratio Return per unit of total volatility	0.64	-0.30	+0.94
Sortino ratio Return per unit of downside risk	0.92	-0.39	+1.30
Omega ratio Gain probability vs. loss probability	1.13	0.95	+0.17
Calmar ratio Return relative to maximum drawdown	0.68	-0.43	+1.11
Martin ratio Return relative to average drawdown	1.94	-1.02	+2.96
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PAXS vs. CDX - Sharpe Ratio Comparison

The current PAXS Sharpe Ratio is 0.64, which is higher than the CDX Sharpe Ratio of -0.30. The chart below compares the historical Sharpe Ratios of PAXS 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.

Sharpe Ratios by Period

	PAXS	CDX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.64	-0.30	+0.94
Sharpe Ratio (All Time) Calculated using the full available price history	0.27	0.38	-0.12

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.

Drawdown Indicators

	PAXS	CDX	Difference
Max Drawdown Largest 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 Drawdown Current decline from peak	-5.98%	-7.23%	+1.25%
Average Drawdown Average peak-to-trough decline	-7.56%	-4.33%	-3.23%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.23%	1.76%	+2.47%

Volatility

PAXS vs. CDX - Volatility Comparison

PIMCO Access Income Fund (PAXS) has a higher volatility of 3.56% compared to Simplify High Yield PLUS Credit Hedge ETF (CDX) at 1.61%. 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.

Volatility by Period

	PAXS	CDX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.56%	1.61%	+1.95%
Volatility (6M) Calculated over the trailing 6-month period	9.63%	4.75%	+4.88%
Volatility (1Y) Calculated over the trailing 1-year period	12.08%	5.69%	+6.39%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.47%	11.11%	+6.36%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.47%	11.11%	+6.36%

Dividends

PAXS vs. CDX - Dividend Comparison

PAXS's dividend yield for the trailing twelve months is around 12.39%, more than CDX's 8.35% yield.

Position	TTM	2025	2024	2023	2022
CDX Simplify High Yield PLUS Credit Hedge ETF	8.35%	7.18%	12.60%	5.26%	7.51%
PAXS PIMCO Access Income Fund	12.39%	11.72%	11.76%	12.54%	13.30%

Frequently Asked Questions

Can I hold both PAXS and CDX in my portfolio?

PAXS and CDX have a correlation of 0.17, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PAXS or CDX?

PAXS has higher volatility (3.56%) compared to CDX (1.61%). In terms of maximum drawdown, PAXS dropped -22.28% vs CDX's -13.24%.

Which has better risk-adjusted returns?

PAXS currently has the higher Sharpe Ratio (0.64 vs -0.30), 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.