SHNY vs. CTA

Last updated Jun 7, 2026

SHNY (MicroSectors Gold 3X Leveraged ETN) and CTA (Simplify Managed Futures Strategy ETF) are both exchange-traded funds - SHNY is a Leveraged Commodities fund managed by BMO, while CTA is a Systematic Trend fund actively managed by Simplify. Over the past 3 years, SHNY returned 53.91%/yr vs 10.84%/yr for CTA. At a 0.04 correlation, their price movements are largely independent. SHNY charges 0.95%/yr vs 0.78%/yr for CTA.

Performance

SHNY vs. CTA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in MicroSectors Gold 3X Leveraged ETN (SHNY) and Simplify Managed Futures Strategy ETF (CTA). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SHNY achieves a -21.88% return, which is significantly lower than CTA's 9.07% return.

SHNY

• 1D: -10.99%
• 1M: -25.58%
• YTD: -21.88%
• 6M: -17.79%
• 1Y: 41.98%
• 3Y*: 53.91%
• 5Y*: —
• 10Y*: —

CTA

• 1D: -1.49%
• 1M: -5.00%
• YTD: 9.07%
• 6M: 12.10%
• 1Y: 9.47%
• 3Y*: 10.84%
• 5Y*: —
• 10Y*: —

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

SHNY vs. CTA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
SHNY MicroSectors Gold 3X Leveraged ETN	-21.88%	214.54%	50.30%	12.52%
CTA Simplify Managed Futures Strategy ETF	9.07%	0.88%	24.15%	-4.78%

Correlation

The correlation between SHNY and CTA is 0.16, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.16
Correlation (3Y) Calculated over the trailing 3-year period	0.07
Correlation (All Time) Calculated using the full available price history since Feb 23, 2023	0.04

The correlation between SHNY and CTA shifts across timeframes, from 0.04 (all time) to 0.16 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

SHNY vs. CTA — Risk / Return Rank

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

SHNY

SHNY Risk / Return Rank: 19
SHNY Sharpe Ratio Rank: 16
SHNY Sortino Ratio Rank: 21
SHNY Omega Ratio Rank: 25
SHNY Calmar Ratio Rank: 17
SHNY Martin Ratio Rank: 16

CTA

CTA Risk / Return Rank: 20
CTA Sharpe Ratio Rank: 18
CTA Sortino Ratio Rank: 17
CTA Omega Ratio Rank: 19
CTA Calmar Ratio Rank: 22
CTA Martin Ratio Rank: 22

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.

SHNY vs. CTA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for MicroSectors Gold 3X Leveraged ETN (SHNY) and Simplify Managed Futures Strategy ETF (CTA). 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.

	SHNY	CTA	Difference
Sharpe ratio: Return per unit of total volatility	0.46	0.55	-0.09
Sortino ratio: Return per unit of downside risk	1.07	0.84	+0.24
Omega ratio: Gain probability vs. loss probability	1.16	1.11	+0.05
Calmar ratio: Return relative to maximum drawdown	0.62	1.01	-0.39
Martin ratio: Return relative to average drawdown	1.39	2.58	-1.19
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SHNY vs. CTA - Sharpe Ratio Comparison

The current SHNY Sharpe Ratio is 0.46, which is comparable to the CTA Sharpe Ratio of 0.55. The chart below compares the historical Sharpe Ratios of SHNY and CTA, 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

	SHNY	CTA	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.46	0.55	-0.09
Sharpe Ratio (All Time) Calculated using the full available price history	0.93	0.57	+0.36

Drawdowns

SHNY vs. CTA - Drawdown Comparison

The maximum SHNY drawdown since its inception was -58.90%, which is greater than CTA's maximum drawdown of -18.07%. Use the drawdown chart below to compare losses from any high point for SHNY and CTA.

Drawdown Indicators

	SHNY	CTA	Difference
Max Drawdown Largest peak-to-trough decline	-58.90%	-18.07%	-40.83%
Max Drawdown (1Y) Largest decline over 1 year	-58.90%	-11.00%	-47.90%
Max Drawdown (3Y) Largest decline over 3 years	-58.90%	-11.23%	-47.67%
Current Drawdown Current decline from peak	-58.90%	-10.51%	-48.39%
Average Drawdown Average peak-to-trough decline	-15.04%	-5.68%	-9.36%
Ulcer Index Depth and duration of drawdowns from previous peaks	26.15%	4.28%	+21.87%

Volatility

SHNY vs. CTA - Volatility Comparison

MicroSectors Gold 3X Leveraged ETN (SHNY) has a higher volatility of 17.36% compared to Simplify Managed Futures Strategy ETF (CTA) at 6.69%. This indicates that SHNY's price experiences larger fluctuations and is considered to be riskier than CTA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SHNY	CTA	Difference
Volatility (1M) Calculated over the trailing 1-month period	17.36%	6.69%	+10.67%
Volatility (6M) Calculated over the trailing 6-month period	71.84%	17.42%	+54.42%
Volatility (1Y) Calculated over the trailing 1-year period	79.57%	20.23%	+59.34%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	58.63%	16.60%	+42.03%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	58.63%	16.60%	+42.03%

SHNY vs. CTA - Expense Ratio Comparison

SHNY has a 0.95% expense ratio, which is higher than CTA's 0.78% expense ratio.

Dividends

SHNY vs. CTA - Dividend Comparison

SHNY has not paid dividends to shareholders, while CTA's dividend yield for the trailing twelve months is around 4.99%.

Position	TTM	2025	2024	2023	2022
CTA Simplify Managed Futures Strategy ETF	4.99%	3.19%	4.80%	7.78%	6.58%
SHNY MicroSectors Gold 3X Leveraged ETN	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both SHNY and CTA in my portfolio?

SHNY and CTA have a correlation of 0.16, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SHNY or CTA?

SHNY has higher volatility (17.36%) compared to CTA (6.69%). In terms of maximum drawdown, SHNY dropped -58.90% vs CTA's -18.07%.

Which ETF is better, SHNY or CTA?

On 3-year performance, SHNY leads with 53.91% vs 10.84% for CTA. On fees, CTA is cheaper at 0.78% per year. On volatility, CTA has been the lower-risk option at 6.69%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SHNY or CTA?

Over the 3-year period, SHNY has performed better with a 53.91% return vs 10.84%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SHNY or CTA?

CTA is cheaper with a 0.78% expense ratio, compared with 0.95% for SHNY.

Which ETF pays a higher dividend yield, SHNY or CTA?

CTA has the higher dividend yield at 4.99%, compared with 0.00% for SHNY.

What is the main difference between SHNY and CTA?

SHNY is categorized as Leveraged Commodities, while CTA is Systematic Trend. They also come from different issuers: BMO and Simplify. Their fees differ too: 0.95% for SHNY and 0.78% for CTA.

Which has better risk-adjusted returns?

CTA currently has the higher Sharpe Ratio (0.55 vs 0.46), 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.