RULE vs. CTAP

Last updated Jun 3, 2026

RULE (Adaptive Core ETF) and CTAP (Simplify US Equity PLUS Managed Futures Strategy ETF) are both Diversified Portfolio funds. Both are actively managed. At a 0.21 correlation, their price movements are largely independent. RULE charges 1.10%/yr vs 0.10%/yr for CTAP.

Performance

RULE vs. CTAP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Adaptive Core ETF (RULE) and Simplify US Equity PLUS Managed Futures Strategy ETF (CTAP). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, RULE achieves a 44.43% return, which is significantly higher than CTAP's 22.34% return.

RULE

• 1D: 2.91%
• 1M: 20.61%
• YTD: 44.43%
• 6M: 45.11%
• 1Y: 51.95%
• 3Y*: 20.12%
• 5Y*: —
• 10Y*: —

CTAP

• 1D: 0.68%
• 1M: -1.60%
• YTD: 22.34%
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

RULE vs. CTAP - Yearly Performance Comparison

	2026 (YTD)	2025
RULE Adaptive Core ETF	44.43%	-0.06%
CTAP Simplify US Equity PLUS Managed Futures Strategy ETF	22.34%	2.44%

Correlation

The correlation between RULE and CTAP is 0.21, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Dec 10, 2025	0.21

RULE vs. CTAP - Sectors Allocation Comparison

Sectors	RULE	CTAP
Technology	54.4%	-
Industrials	13.2%	-
Basic Materials	9.0%	-
Healthcare	6.4%	-
Financial Services	5.7%	49.3%
Communication Services	5.0%	-
Consumer Cyclical	3.2%	-
Energy	2.4%	-
Consumer Defensive	0.8%	-
Utilities	0.0%	-
Real Estate	0.0%	-

Return for Risk

RULE vs. CTAP — Risk / Return Rank

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

RULE

RULE Risk / Return Rank: 78
RULE Sharpe Ratio Rank: 78
RULE Sortino Ratio Rank: 76
RULE Omega Ratio Rank: 75
RULE Calmar Ratio Rank: 79
RULE Martin Ratio Rank: 82

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.

RULE vs. CTAP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Adaptive Core ETF (RULE) and Simplify US Equity PLUS Managed Futures Strategy ETF (CTAP). 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.

	RULE	CTAP	Difference
Sharpe ratio Return per unit of total volatility	2.58	—	—
Sortino ratio Return per unit of downside risk	3.46	—	—
Omega ratio Gain probability vs. loss probability	1.45	—	—
Calmar ratio Return relative to maximum drawdown	4.13	—	—
Martin ratio Return relative to average drawdown	16.91	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	RULE	CTAP	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.58	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.46	2.56	-2.11

Drawdowns

RULE vs. CTAP - Drawdown Comparison

The maximum RULE drawdown since its inception was -30.48%, which is greater than CTAP's maximum drawdown of -9.02%. Use the drawdown chart below to compare losses from any high point for RULE and CTAP.

Drawdown Indicators

	RULE	CTAP	Difference
Max Drawdown Largest peak-to-trough decline	-30.48%	-9.02%	-21.46%
Max Drawdown (1Y) Largest decline over 1 year	-12.65%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-20.21%	—	—
Current Drawdown Current decline from peak	0.00%	-4.16%	+4.16%
Average Drawdown Average peak-to-trough decline	-14.99%	-2.16%	-12.83%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.09%	—	—

Volatility

Volatility by Period

	RULE	CTAP	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.65%	—	—
Volatility (6M) Calculated over the trailing 6-month period	17.55%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	20.25%	24.03%	-3.78%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.83%	24.03%	-9.20%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.83%	24.03%	-9.20%

RULE vs. CTAP - Expense Ratio Comparison

RULE has a 1.10% expense ratio, which is higher than CTAP's 0.10% expense ratio.

Dividends

RULE vs. CTAP - Dividend Comparison

RULE has not paid dividends to shareholders, while CTAP's dividend yield for the trailing twelve months is around 0.64%.

Position	TTM	2025	2024	2023	2022
CTAP Simplify US Equity PLUS Managed Futures Strategy ETF	0.64%	0.00%	0.00%	0.00%	0.00%
RULE Adaptive Core ETF	0.00%	0.00%	0.00%	2.01%	0.01%

Frequently Asked Questions

Can I hold both RULE and CTAP in my portfolio?

RULE and CTAP have a correlation of 0.21, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, RULE or CTAP?

On fees, CTAP is cheaper at 0.10% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, RULE or CTAP?

CTAP is cheaper with a 0.10% expense ratio, compared with 1.10% for RULE.

Which ETF pays a higher dividend yield, RULE or CTAP?

CTAP has the higher dividend yield at 0.64%, compared with 0.00% for RULE.

What is the main difference between RULE and CTAP?

They also come from different issuers: Mohr Funds and Simplify. Their fees differ too: 1.10% for RULE and 0.10% for CTAP.