SPBC vs. CTAP

Last updated Jun 4, 2026

SPBC (Simplify US Equity PLUS GBTC ETF) and CTAP (Simplify US Equity PLUS Managed Futures Strategy ETF) are both Diversified Portfolio funds from Simplify. Both are actively managed. At a 0.23 correlation, their price movements are largely independent. SPBC charges 0.50%/yr vs 0.10%/yr for CTAP.

Performance

SPBC vs. CTAP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Simplify US Equity PLUS GBTC ETF (SPBC) 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, SPBC achieves a 7.71% return, which is significantly lower than CTAP's 21.95% return.

SPBC

• 1D: -0.90%
• 1M: 3.04%
• YTD: 7.71%
• 6M: 7.18%
• 1Y: 21.45%
• 3Y*: 28.29%
• 5Y*: 15.96%
• 10Y*: —

CTAP

• 1D: -0.32%
• 1M: -3.24%
• YTD: 21.95%
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SPBC vs. CTAP - Yearly Performance Comparison

	2026 (YTD)	2025
SPBC Simplify US Equity PLUS GBTC ETF	7.71%	-0.32%
CTAP Simplify US Equity PLUS Managed Futures Strategy ETF	21.95%	2.44%

Correlation

The correlation between SPBC and CTAP is 0.23, 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	0.23

SPBC vs. CTAP - Sectors Allocation Comparison

Sectors	SPBC	CTAP
Technology	35.6%	-
Financial Services	11.8%	49.3%
Communication Services	11.2%	-
Consumer Cyclical	10.1%	-
Healthcare	8.5%	-
Industrials	8.3%	-
Consumer Defensive	4.9%	-
Energy	3.5%	-
Utilities	2.4%	-
Real Estate	1.9%	-
Basic Materials	1.8%	-

Return for Risk

SPBC vs. CTAP — Risk / Return Rank

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

SPBC

SPBC Risk / Return Rank: 40
SPBC Sharpe Ratio Rank: 42
SPBC Sortino Ratio Rank: 40
SPBC Omega Ratio Rank: 40
SPBC Calmar Ratio Rank: 35
SPBC Martin Ratio Rank: 40

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.

SPBC vs. CTAP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Simplify US Equity PLUS GBTC ETF (SPBC) 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.

	SPBC	CTAP	Difference
Sharpe ratio: Return per unit of total volatility	1.49	—	—
Sortino ratio: Return per unit of downside risk	2.08	—	—
Omega ratio: Gain probability vs. loss probability	1.26	—	—
Calmar ratio: Return relative to maximum drawdown	1.76	—	—
Martin ratio: Return relative to average drawdown	6.38	—	—
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

	SPBC	CTAP	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.49	—	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.79	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.79	2.50	-1.71

Drawdowns

SPBC vs. CTAP - Drawdown Comparison

The maximum SPBC drawdown since its inception was -33.99%, which is greater than CTAP's maximum drawdown of -9.02%. Use the drawdown chart below to compare losses from any high point for SPBC and CTAP.

Drawdown Indicators

	SPBC	CTAP	Difference
Max Drawdown Largest peak-to-trough decline	-33.99%	-9.02%	-24.97%
Max Drawdown (1Y) Largest decline over 1 year	-12.24%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-21.00%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-33.99%	—	—
Current Drawdown Current decline from peak	-1.28%	-4.47%	+3.19%
Average Drawdown Average peak-to-trough decline	-8.64%	-2.18%	-6.46%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.37%	—	—

Volatility

Volatility by Period

	SPBC	CTAP	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.38%	—	—
Volatility (6M) Calculated over the trailing 6-month period	10.92%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	14.49%	23.94%	-9.45%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.43%	23.94%	-3.51%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.39%	23.94%	-3.55%

SPBC vs. CTAP - Expense Ratio Comparison

SPBC has a 0.50% expense ratio, which is higher than CTAP's 0.10% expense ratio.

Dividends

SPBC vs. CTAP - Dividend Comparison

SPBC's dividend yield for the trailing twelve months is around 0.83%, more than CTAP's 0.65% yield.

Position	TTM	2025	2024	2023	2022	2021
CTAP Simplify US Equity PLUS Managed Futures Strategy ETF	0.65%	0.00%	0.00%	0.00%	0.00%	0.00%
SPBC Simplify US Equity PLUS GBTC ETF	0.83%	0.85%	0.98%	3.79%	0.60%	1.41%

Frequently Asked Questions

Can I hold both SPBC and CTAP in my portfolio?

SPBC and CTAP have a correlation of 0.23, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, SPBC 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, SPBC or CTAP?

CTAP is cheaper with a 0.10% expense ratio, compared with 0.50% for SPBC.

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

SPBC has the higher dividend yield at 0.83%, compared with 0.65% for CTAP.

What is the main difference between SPBC and CTAP?

Their fees differ too: 0.50% for SPBC and 0.10% for CTAP.