SPD vs. AFOS

Last updated Jun 24, 2026

SPD (Simplify US Equity PLUS Downside Convexity ETF) and AFOS (ARS Focused Opportunities Strategy ETF) are both Large Cap Blend Equities funds. Their correlation of 0.80 suggests significant overlap in exposure. SPD charges 0.53%/yr vs 0.45%/yr for AFOS.

Performance

SPD vs. AFOS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Simplify US Equity PLUS Downside Convexity ETF (SPD) and ARS Focused Opportunities Strategy ETF (AFOS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SPD achieves a 4.76% return, which is significantly lower than AFOS's 31.60% return.

SPD

• 1D: -1.37%
• 1M: -0.72%
• YTD: 4.76%
• 6M: 3.47%
• 1Y: 13.81%
• 3Y*: 16.57%
• 5Y*: 7.86%
• 10Y*: —

AFOS

• 1D: -3.79%
• 1M: 4.43%
• YTD: 31.60%
• 6M: 30.16%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SPD vs. AFOS - Yearly Performance Comparison

	2026 (YTD)	2025
SPD Simplify US Equity PLUS Downside Convexity ETF	4.76%	7.60%
AFOS ARS Focused Opportunities Strategy ETF	31.60%	37.10%

Correlation

The correlation between SPD and AFOS is 0.80, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jun 26, 2025	0.80

Return for Risk

SPD vs. AFOS — Risk / Return Rank

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

SPD

SPD Risk / Return Rank: 28
SPD Sharpe Ratio Rank: 30
SPD Sortino Ratio Rank: 29
SPD Omega Ratio Rank: 27
SPD Calmar Ratio Rank: 25
SPD Martin Ratio Rank: 27

AFOS

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

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.

SPD vs. AFOS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Simplify US Equity PLUS Downside Convexity ETF (SPD) and ARS Focused Opportunities Strategy ETF (AFOS). 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.

	SPD	AFOS	Difference
Sharpe ratio: Return per unit of total volatility	1.02	—	—
Sortino ratio: Return per unit of downside risk	1.51	—	—
Omega ratio: Gain probability vs. loss probability	1.18	—	—
Calmar ratio: Return relative to maximum drawdown	1.17	—	—
Martin ratio: Return relative to average drawdown	3.60	—	—

Drawdowns

SPD vs. AFOS - Drawdown Comparison

The maximum SPD drawdown since its inception was -27.38%, which is greater than AFOS's maximum drawdown of -11.52%. Use the drawdown chart below to compare losses from any high point for SPD and AFOS.

Drawdown Indicators

	SPD	AFOS	Difference
Max Drawdown Largest peak-to-trough decline	-27.38%	-11.52%	-15.86%
Max Drawdown (1Y) Largest decline over 1 year	-11.90%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-15.18%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-27.38%	—	—
Current Drawdown Current decline from peak	-2.50%	-3.79%	+1.29%
Average Drawdown Average peak-to-trough decline	-7.67%	-1.42%	-6.25%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.84%	—	—

Volatility

Volatility by Period

	SPD	AFOS	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.70%	—	—
Volatility (6M) Calculated over the trailing 6-month period	9.40%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	13.65%	21.52%	-7.87%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.14%	21.52%	-5.38%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.01%	21.52%	-5.51%

SPD vs. AFOS - Expense Ratio Comparison

SPD has a 0.53% expense ratio, which is higher than AFOS's 0.45% expense ratio.

Dividends

SPD vs. AFOS - Dividend Comparison

SPD's dividend yield for the trailing twelve months is around 0.98%, more than AFOS's 0.23% yield.

Position	TTM	2025	2024	2023	2022	2021	2020
AFOS ARS Focused Opportunities Strategy ETF	0.23%	0.30%	0.00%	0.00%	0.00%	0.00%	0.00%
SPD Simplify US Equity PLUS Downside Convexity ETF	0.98%	0.97%	1.14%	1.91%	1.64%	0.88%	0.43%

Frequently Asked Questions

Can I hold both SPD and AFOS in my portfolio?

SPD and AFOS have a correlation of 0.80, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, SPD or AFOS?

On fees, AFOS is cheaper at 0.45% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, SPD or AFOS?

AFOS is cheaper with a 0.45% expense ratio, compared with 0.53% for SPD.

Which ETF pays a higher dividend yield, SPD or AFOS?

SPD has the higher dividend yield at 0.98%, compared with 0.23% for AFOS.

What is the main difference between SPD and AFOS?

They also come from different issuers: Simplify and ARS Investment Partners. Their fees differ too: 0.53% for SPD and 0.45% for AFOS.