PINK vs. SPY

Last updated Jun 4, 2026

PINK (Simplify Health Care ETF) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - PINK is a Health & Biotech Equities fund actively managed by Simplify, while SPY is a S&P 500 fund tracking the S&P 500 Index. PINK is actively managed, while SPY is passively managed. Over the past 3 years, PINK returned 14.42%/yr vs 22.35%/yr for SPY. A 0.67 correlation means they provide meaningful diversification when combined. PINK charges 0.50%/yr vs 0.09%/yr for SPY.

Performance

PINK vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Simplify Health Care ETF (PINK) and State Street SPDR S&P 500 ETF (SPY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PINK achieves a 2.39% return, which is significantly lower than SPY's 10.91% return.

PINK

• 1D: 1.24%
• 1M: 7.28%
• YTD: 2.39%
• 6M: 2.11%
• 1Y: 31.27%
• 3Y*: 14.42%
• 5Y*: —
• 10Y*: —

SPY

• 1D: -0.70%
• 1M: 5.05%
• YTD: 10.91%
• 6M: 10.91%
• 1Y: 27.98%
• 3Y*: 22.35%
• 5Y*: 13.83%
• 10Y*: 15.49%

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

PINK vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
PINK Simplify Health Care ETF	2.39%	24.34%	8.81%	3.80%	-4.41%	12.20%
SPY State Street SPDR S&P 500 ETF	10.91%	17.72%	24.89%	26.18%	-18.18%	8.85%

Correlation

The correlation between PINK and SPY is 0.58, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.58
Correlation (3Y) Calculated over the trailing 3-year period	0.60
Correlation (All Time) Calculated using the full available price history since Oct 11, 2021	0.67

The correlation between PINK and SPY has been stable across timeframes, ranging from 0.58 to 0.67 - a consistent structural relationship.

PINK vs. SPY - Sectors Allocation Comparison

Sectors	PINK	SPY
Healthcare	93.1%	8.4%
Industrials	6.9%	7.8%
Financial Services	0.0%	11.8%
Basic Materials	-	1.8%
Communication Services	-	11.3%
Consumer Cyclical	-	10.3%
Consumer Defensive	-	4.8%
Energy	-	3.6%
Real Estate	-	1.9%
Technology	-	35.9%
Utilities	-	2.4%

Return for Risk

PINK vs. SPY — Risk / Return Rank

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

PINK

PINK Risk / Return Rank: 44
PINK Sharpe Ratio Rank: 50
PINK Sortino Ratio Rank: 51
PINK Omega Ratio Rank: 46
PINK Calmar Ratio Rank: 38
PINK Martin Ratio Rank: 36

SPY

SPY Risk / Return Rank: 70
SPY Sharpe Ratio Rank: 71
SPY Sortino Ratio Rank: 69
SPY Omega Ratio Rank: 70
SPY Calmar Ratio Rank: 62
SPY Martin Ratio Rank: 75

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.

PINK vs. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Simplify Health Care ETF (PINK) and State Street SPDR S&P 500 ETF (SPY). 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.

	PINK	SPY	Difference
Sharpe ratio Return per unit of total volatility	1.73	2.38	-0.65
Sortino ratio Return per unit of downside risk	2.50	3.24	-0.74
Omega ratio Gain probability vs. loss probability	1.29	1.43	-0.14
Calmar ratio Return relative to maximum drawdown	1.87	3.16	-1.29
Martin ratio Return relative to average drawdown	5.62	14.72	-9.09
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PINK vs. SPY - Sharpe Ratio Comparison

The current PINK Sharpe Ratio is 1.73, which is comparable to the SPY Sharpe Ratio of 2.38. The chart below compares the historical Sharpe Ratios of PINK and SPY, 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

	PINK	SPY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.73	2.38	-0.65
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.82	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.87	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.56	0.59	-0.03

Drawdowns

PINK vs. SPY - Drawdown Comparison

The maximum PINK drawdown since its inception was -18.77%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for PINK and SPY.

Drawdown Indicators

	PINK	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-18.77%	-55.19%	+36.42%
Max Drawdown (1Y) Largest decline over 1 year	-16.81%	-8.88%	-7.93%
Max Drawdown (3Y) Largest decline over 3 years	-18.77%	-18.76%	-0.01%
Max Drawdown (5Y) Largest decline over 5 years	—	-24.50%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-33.72%	—
Current Drawdown Current decline from peak	-2.84%	-0.70%	-2.14%
Average Drawdown Average peak-to-trough decline	-6.75%	-9.05%	+2.30%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.57%	1.91%	+3.66%

Volatility

PINK vs. SPY - Volatility Comparison

Simplify Health Care ETF (PINK) has a higher volatility of 4.36% compared to State Street SPDR S&P 500 ETF (SPY) at 2.84%. This indicates that PINK's price experiences larger fluctuations and is considered to be riskier than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PINK	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.36%	2.84%	+1.52%
Volatility (6M) Calculated over the trailing 6-month period	13.44%	8.90%	+4.54%
Volatility (1Y) Calculated over the trailing 1-year period	18.17%	11.83%	+6.34%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.57%	17.05%	+0.52%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.57%	17.94%	-0.37%

PINK vs. SPY - Expense Ratio Comparison

PINK has a 0.50% expense ratio, which is higher than SPY's 0.09% expense ratio.

Dividends

PINK vs. SPY - Dividend Comparison

PINK's dividend yield for the trailing twelve months is around 0.67%, less than SPY's 0.98% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PINK Simplify Health Care ETF	0.67%	0.68%	0.32%	0.94%	0.42%	0.04%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SPY State Street SPDR S&P 500 ETF	0.98%	1.07%	1.21%	1.40%	1.65%	1.20%	1.52%	1.75%	2.04%	1.80%	2.03%	2.06%

Frequently Asked Questions

Can I hold both PINK and SPY in my portfolio?

PINK and SPY have a correlation of 0.58, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PINK or SPY?

PINK has higher volatility (4.36%) compared to SPY (2.84%). In terms of maximum drawdown, PINK dropped -18.77% vs SPY's -55.19%.

Which ETF is better, PINK or SPY?

On 3-year performance, SPY leads with 22.35% vs 14.42% for PINK. On fees, SPY is cheaper at 0.09% per year. On volatility, SPY has been the lower-risk option at 2.84%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PINK or SPY?

Over the 3-year period, SPY has performed better with a 22.35% return vs 14.42%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PINK or SPY?

SPY is cheaper with a 0.09% expense ratio, compared with 0.50% for PINK.

Which ETF pays a higher dividend yield, PINK or SPY?

SPY has the higher dividend yield at 0.98%, compared with 0.67% for PINK.

What is the main difference between PINK and SPY?

PINK is categorized as Health & Biotech Equities, while SPY is S&P 500. They also come from different issuers: Simplify and State Street. Their fees differ too: 0.50% for PINK and 0.09% for SPY.

Which has better risk-adjusted returns?

SPY currently has the higher Sharpe Ratio (2.38 vs 1.73), 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.