SPAX vs. SVOL

Last updated Aug 2, 2026

SPAX (Robinson Alternative Yield Pre-merger SPAC ETF) and SVOL (Simplify Volatility Premium ETF) are both exchange-traded funds - SPAX is a Actively Managed fund actively managed by Toroso Investments, while SVOL is a Volatility fund actively managed by Simplify. Both are actively managed. Their 0.02 correlation means their historical movements had little consistent relationship. SPAX charges 0.85%/yr vs 0.50%/yr for SVOL.

Performance

SPAX vs. SVOL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Robinson Alternative Yield Pre-merger SPAC ETF (SPAX) and Simplify Volatility Premium ETF (SVOL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

SPAX

• 1D: —
• 1M: —
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

SVOL

• 1D: 1.15%
• 1M: 0.58%
• 6M: 0.98%
• YTD: 1.82%
• 1Y: 18.14%
• 3Y*: 5.94%
• 5Y*: 6.94%
• 10Y*: —
• ALL TIME*: 7.96%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
SVOL Simplify Volatility Premium ETF	$4.50M	$3.83M	$4.52M

SPAX vs. SVOL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
SPAX Robinson Alternative Yield Pre-merger SPAC ETF	0.00%	0.02%	5.11%	6.63%	1.25%	1.96%
SVOL Simplify Volatility Premium ETF	1.82%	2.41%	6.77%	22.88%	-3.30%	5.58%

Correlation

The correlation between SPAX and SVOL is 0.02, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.

	Correlation
Correlation (3Y) Balances recent behavior with more history.	0.02
Correlation (5Y) Shows whether the relationship held over a longer period.	0.02
Correlation (All Time) Calculated using the full available price history since Jun 23, 2021	0.02

Return for Risk

SPAX vs. SVOL — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

SPAX

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

SVOL

SVOL Risk / Return Rank: 38
SVOL Sharpe Ratio Rank: 37
SVOL Sortino Ratio Rank: 37
SVOL Omega Ratio Rank: 39
SVOL Calmar Ratio Rank: 39
SVOL Martin Ratio Rank: 39

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

SPAX vs. SVOL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Robinson Alternative Yield Pre-merger SPAC ETF (SPAX) and Simplify Volatility Premium ETF (SVOL). 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	SPAX	SVOL	Difference
Sharpe ratio: Return per unit of total volatility	—	0.91	—
Sortino ratio: Return per unit of downside risk	—	1.38	—
Omega ratio: Gain probability vs. loss probability	—	1.18	—
Calmar ratio: Return relative to maximum drawdown	—	1.37	—
Martin ratio: Return relative to average drawdown	—	4.00	—

Drawdowns

Drawdown Indicators

	SPAX	SVOL	Difference
Max Drawdown Largest peak-to-trough decline	—	-33.50%	—
Max Drawdown (1Y) Largest decline over 1 year	—	-11.42%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-33.50%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-33.50%	—
Current Drawdown Current decline from peak	—	-1.33%	—
Average Drawdown Average peak-to-trough decline	—	-4.68%	—
Ulcer Index Depth and duration of drawdowns from previous peaks	—	3.92%	—

Volatility

Volatility by Period

	SPAX	SVOL	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	4.16%	—
Volatility (6M) Calculated over the trailing 6-month period	—	9.66%	—
Volatility (1Y) Calculated over the trailing 1-year period	—	17.23%	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	—	21.96%	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	—	21.74%	—

SPAX vs. SVOL - Expense Ratio Comparison

SPAX has a 0.85% expense ratio, which is higher than SVOL's 0.50% expense ratio.

Dividends

SPAX vs. SVOL - Dividend Comparison

SPAX has not paid dividends to shareholders, while SVOL's dividend yield for the trailing twelve months is around 22.14%.

Position	TTM	2025	2024	2023	2022	2021
SPAX Robinson Alternative Yield Pre-merger SPAC ETF	0.00%	0.00%	5.50%	7.54%	0.97%	0.00%
SVOL Simplify Volatility Premium ETF	22.14%	19.82%	16.79%	16.36%	18.32%	4.65%

Frequently Asked Questions

Can I hold both SPAX and SVOL in my portfolio?

SPAX and SVOL have a correlation of 0.02, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, SPAX or SVOL?

On fees, SVOL is cheaper at 0.50% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, SPAX or SVOL?

SVOL is cheaper with a 0.50% expense ratio, compared with 0.85% for SPAX.

Which ETF pays a higher dividend yield, SPAX or SVOL?

SVOL has the higher dividend yield at 22.14%, compared with 0.00% for SPAX.

What is the main difference between SPAX and SVOL?

SPAX is categorized as Actively Managed, while SVOL is Volatility. They also come from different issuers: Toroso Investments and Simplify. Their fees differ too: 0.85% for SPAX and 0.50% for SVOL.