QIS vs. BUCK

Last updated Jun 5, 2026

QIS (Simplify Multi-Qis Alternative ETF) and BUCK (Simplify Treasury Option Income ETF) are both exchange-traded funds - QIS is a Multistrategy fund actively managed by Simplify, while BUCK is a Government Bonds fund actively managed by Simplify. Both are actively managed. Over the past year, QIS returned -43.92% vs 7.46% for BUCK. At a correlation of -0.04, they often move in opposite directions. QIS charges 1.00%/yr vs 0.35%/yr for BUCK.

Performance

QIS vs. BUCK - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Simplify Multi-Qis Alternative ETF (QIS) and Simplify Treasury Option Income ETF (BUCK). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, QIS achieves a -16.55% return, which is significantly lower than BUCK's 1.99% return.

QIS

• 1D: -0.44%
• 1M: -9.93%
• YTD: -16.55%
• 6M: -21.96%
• 1Y: -43.92%
• 3Y*: —
• 5Y*: —
• 10Y*: —

BUCK

• 1D: 0.09%
• 1M: 0.43%
• YTD: 1.99%
• 6M: 1.92%
• 1Y: 7.46%
• 3Y*: 5.27%
• 5Y*: —
• 10Y*: —

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

QIS vs. BUCK - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
QIS Simplify Multi-Qis Alternative ETF	-16.55%	-38.02%	0.19%	1.96%
BUCK Simplify Treasury Option Income ETF	1.99%	4.13%	7.25%	1.89%

Correlation

The correlation between QIS and BUCK is -0.08, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.08
Correlation (All Time) Calculated using the full available price history since Jul 12, 2023	-0.04

QIS vs. BUCK - Sectors Allocation Comparison

Sectors	QIS	BUCK
Technology	24.7%	-
Industrials	15.8%	-
Healthcare	13.9%	-
Financial Services	10.0%	100.0%
Consumer Cyclical	9.7%	-
Energy	6.8%	-
Communication Services	4.3%	-
Real Estate	4.1%	-
Consumer Defensive	4.0%	-
Basic Materials	3.9%	-
Utilities	2.9%	-

Return for Risk

QIS vs. BUCK — Risk / Return Rank

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

QIS

QIS Risk / Return Rank: 1
QIS Sharpe Ratio Rank: 1
QIS Sortino Ratio Rank: 1
QIS Omega Ratio Rank: 1
QIS Calmar Ratio Rank: 1
QIS Martin Ratio Rank: 1

BUCK

BUCK Risk / Return Rank: 85
BUCK Sharpe Ratio Rank: 76
BUCK Sortino Ratio Rank: 81
BUCK Omega Ratio Rank: 85
BUCK Calmar Ratio Rank: 91
BUCK Martin Ratio Rank: 95

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.

QIS vs. BUCK - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Simplify Multi-Qis Alternative ETF (QIS) and Simplify Treasury Option Income ETF (BUCK). 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.

	QIS	BUCK	Difference
Sharpe ratio: Return per unit of total volatility	-1.15	2.42	-3.57
Sortino ratio: Return per unit of downside risk	-1.72	3.60	-5.32
Omega ratio: Gain probability vs. loss probability	0.80	1.51	-0.71
Calmar ratio: Return relative to maximum drawdown	-0.87	5.73	-6.59
Martin ratio: Return relative to average drawdown	-1.46	30.33	-31.79
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

QIS vs. BUCK - Sharpe Ratio Comparison

The current QIS Sharpe Ratio is -1.15, which is lower than the BUCK Sharpe Ratio of 2.42. The chart below compares the historical Sharpe Ratios of QIS and BUCK, 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

	QIS	BUCK	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-1.15	2.42	-3.57
Sharpe Ratio (All Time) Calculated using the full available price history	-0.68	1.48	-2.15

Drawdowns

QIS vs. BUCK - Drawdown Comparison

The maximum QIS drawdown since its inception was -55.49%, which is greater than BUCK's maximum drawdown of -5.43%. Use the drawdown chart below to compare losses from any high point for QIS and BUCK.

Drawdown Indicators

	QIS	BUCK	Difference
Max Drawdown Largest peak-to-trough decline	-55.49%	-5.43%	-50.06%
Max Drawdown (1Y) Largest decline over 1 year	-50.92%	-1.31%	-49.61%
Max Drawdown (3Y) Largest decline over 3 years	—	-5.43%	—
Current Drawdown Current decline from peak	-51.08%	0.00%	-51.08%
Average Drawdown Average peak-to-trough decline	-13.78%	-0.49%	-13.29%
Ulcer Index Depth and duration of drawdowns from previous peaks	30.03%	0.25%	+29.78%

Volatility

QIS vs. BUCK - Volatility Comparison

Simplify Multi-Qis Alternative ETF (QIS) has a higher volatility of 15.94% compared to Simplify Treasury Option Income ETF (BUCK) at 0.70%. This indicates that QIS's price experiences larger fluctuations and is considered to be riskier than BUCK based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	QIS	BUCK	Difference
Volatility (1M) Calculated over the trailing 1-month period	15.94%	0.70%	+15.24%
Volatility (6M) Calculated over the trailing 6-month period	29.76%	1.52%	+28.24%
Volatility (1Y) Calculated over the trailing 1-year period	38.28%	3.14%	+35.14%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	29.24%	3.48%	+25.76%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	29.24%	3.48%	+25.76%

QIS vs. BUCK - Expense Ratio Comparison

QIS has a 1.00% expense ratio, which is higher than BUCK's 0.35% expense ratio.

Dividends

QIS vs. BUCK - Dividend Comparison

QIS's dividend yield for the trailing twelve months is around 1.61%, less than BUCK's 7.41% yield.

Position	TTM	2025	2024	2023	2022
BUCK Simplify Treasury Option Income ETF	7.41%	7.59%	8.84%	4.84%	0.59%
QIS Simplify Multi-Qis Alternative ETF	1.61%	3.37%	1.07%	3.29%	0.00%

Frequently Asked Questions

Can I hold both QIS and BUCK in my portfolio?

QIS and BUCK have a correlation of -0.08, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, QIS or BUCK?

QIS has higher volatility (15.94%) compared to BUCK (0.70%). In terms of maximum drawdown, QIS dropped -55.49% vs BUCK's -5.43%.

Which ETF is better, QIS or BUCK?

On 1-year performance, BUCK leads with 7.46% vs -43.92% for QIS. On fees, BUCK is cheaper at 0.35% per year. On volatility, BUCK has been the lower-risk option at 0.70%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, QIS or BUCK?

Over the 1-year period, BUCK has performed better with a 7.46% return vs -43.92%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, QIS or BUCK?

BUCK is cheaper with a 0.35% expense ratio, compared with 1.00% for QIS.

Which ETF pays a higher dividend yield, QIS or BUCK?

BUCK has the higher dividend yield at 7.41%, compared with 1.61% for QIS.

What is the main difference between QIS and BUCK?

QIS is categorized as Multistrategy, while BUCK is Government Bonds. Their fees differ too: 1.00% for QIS and 0.35% for BUCK.

Which has better risk-adjusted returns?

BUCK currently has the higher Sharpe Ratio (2.42 vs -1.15), 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.