SPBC vs. SPLS

Last updated Aug 5, 2026

SPBC (Simplify US Equity PLUS GBTC ETF) and SPLS (PIMCO U.S. Stocks PLUS Active Bond ETF) are both Diversified Portfolio funds. Both are actively managed. Their 0.95 correlation means they have historically moved very closely together. SPBC charges 0.50%/yr vs 0.18%/yr for SPLS.

Performance

SPBC vs. SPLS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Simplify US Equity PLUS GBTC ETF (SPBC) and PIMCO U.S. Stocks PLUS Active Bond ETF (SPLS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

SPBC

• 1D: 1.87%
• 1M: 3.91%
• 6M: 10.70%
• YTD: 10.32%
• 1Y: 16.61%
• 3Y*: 26.39%
• 5Y*: 15.23%
• 10Y*: —
• ALL TIME*: 15.86%

SPLS

• 1D: 1.14%
• 1M: 1.79%
• 6M: 9.83%
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

*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)
SPBC Simplify US Equity PLUS GBTC ETF	$833.15K	$513.20K	$324.41K
SPLS PIMCO U.S. Stocks PLUS Active Bond ETF	$85.96K	$179.83K	$282.15K

SPBC vs. SPLS - Yearly Performance Comparison

	2026 (YTD)
SPBC Simplify US Equity PLUS GBTC ETF	7.94%
SPLS PIMCO U.S. Stocks PLUS Active Bond ETF	10.30%

Correlation

The correlation between SPBC and SPLS is 0.95 - they have historically moved very closely together. At this level, their price movements offset little of one another.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jan 16, 2026	0.95

Return for Risk

SPBC vs. SPLS — Risk / Return Rank

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

SPBC

SPBC Risk / Return Rank: 38
SPBC Sharpe Ratio Rank: 40
SPBC Sortino Ratio Rank: 37
SPBC Omega Ratio Rank: 37
SPBC Calmar Ratio Rank: 36
SPBC Martin Ratio Rank: 40

SPLS

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

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.

SPBC vs. SPLS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Simplify US Equity PLUS GBTC ETF (SPBC) and PIMCO U.S. Stocks PLUS Active Bond ETF (SPLS). 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.

	SPBC	SPLS	Difference
Sharpe ratio: Return per unit of total volatility	1.09	—	—
Sortino ratio: Return per unit of downside risk	1.57	—	—
Omega ratio: Gain probability vs. loss probability	1.20	—	—
Calmar ratio: Return relative to maximum drawdown	1.36	—	—
Martin ratio: Return relative to average drawdown	4.69	—	—

Drawdowns

SPBC vs. SPLS - Drawdown Comparison

The maximum SPBC drawdown since its inception was -33.99%, which is greater than SPLS's maximum drawdown of -9.24%. Use the drawdown chart below to compare losses from any high point for SPBC and SPLS.

Drawdown Indicators

	SPBC	SPLS	Difference
Max Drawdown Largest peak-to-trough decline	-33.99%	-9.24%	-24.75%
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	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-8.44%	-1.81%	-6.63%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.55%	—	—

Volatility

Volatility by Period

	SPBC	SPLS	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.56%	—	—
Volatility (6M) Calculated over the trailing 6-month period	12.08%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	15.35%	15.03%	+0.32%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.51%	15.03%	+5.48%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.28%	15.03%	+5.25%

SPBC vs. SPLS - Expense Ratio Comparison

SPBC has a 0.50% expense ratio, which is higher than SPLS's 0.18% expense ratio.

Dividends

SPBC vs. SPLS - Dividend Comparison

SPBC's dividend yield for the trailing twelve months is around 0.81%, more than SPLS's 0.54% yield.

Position	TTM	2025	2024	2023	2022	2021
SPBC Simplify US Equity PLUS GBTC ETF	0.81%	0.85%	0.98%	3.79%	0.60%	1.41%
SPLS PIMCO U.S. Stocks PLUS Active Bond ETF	0.54%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both SPBC and SPLS in my portfolio?

With a correlation of 0.95, SPBC and SPLS move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which ETF is better, SPBC or SPLS?

On fees, SPLS is cheaper at 0.18% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, SPBC or SPLS?

SPLS is cheaper with a 0.18% expense ratio, compared with 0.50% for SPBC.

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

SPBC has the higher dividend yield at 0.81%, compared with 0.54% for SPLS.

What is the main difference between SPBC and SPLS?

They also come from different issuers: Simplify and PIMCO. Their fees differ too: 0.50% for SPBC and 0.18% for SPLS.