SPD vs. CSIQ

Last updated Jun 4, 2026

SPD (Simplify US Equity PLUS Downside Convexity ETF) is Large Cap Blend Equities fund actively managed by Simplify, while CSIQ (Canadian Solar Inc.) is a stock. Over the past 5 years, SPD returned 8.36%/yr vs -12.84%/yr for CSIQ. At a 0.33 correlation, their price movements are largely independent.

Performance

SPD vs. CSIQ - Performance Comparison

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

Returns By Period

In the year-to-date period, SPD achieves a 6.70% return, which is significantly higher than CSIQ's -17.84% return.

SPD

• 1D: -0.70%
• 1M: 5.09%
• YTD: 6.70%
• 6M: 5.81%
• 1Y: 14.01%
• 3Y*: 17.87%
• 5Y*: 8.36%
• 10Y*: —

CSIQ

• 1D: -5.06%
• 1M: 23.06%
• YTD: -17.84%
• 6M: -16.65%
• 1Y: 78.68%
• 3Y*: -20.96%
• 5Y*: -12.84%
• 10Y*: 1.10%

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

SPD vs. CSIQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
SPD Simplify US Equity PLUS Downside Convexity ETF	6.70%	18.86%	17.49%	20.94%	-25.96%	24.81%	8.75%
CSIQ Canadian Solar Inc.	-17.84%	113.76%	-57.61%	-15.11%	-1.25%	-38.93%	69.11%

Correlation

The correlation between SPD and CSIQ is 0.24, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.24
Correlation (3Y) Calculated over the trailing 3-year period	0.31
Correlation (5Y) Calculated over the trailing 5-year period	0.33
Correlation (All Time) Calculated using the full available price history since Sep 8, 2020	0.33

Return for Risk

SPD vs. CSIQ — Risk / Return Rank

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

SPD

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

CSIQ

CSIQ Risk / Return Rank: 65
CSIQ Sharpe Ratio Rank: 67
CSIQ Sortino Ratio Rank: 67
CSIQ Omega Ratio Rank: 67
CSIQ Calmar Ratio Rank: 65
CSIQ Martin Ratio Rank: 62

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. CSIQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Simplify US Equity PLUS Downside Convexity ETF (SPD) and Canadian Solar Inc. (CSIQ). 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.

	SPD	CSIQ	Difference
Sharpe ratio Return per unit of total volatility	1.07	0.83	+0.23
Sortino ratio Return per unit of downside risk	1.58	1.59	0.00
Omega ratio Gain probability vs. loss probability	1.18	1.21	-0.03
Calmar ratio Return relative to maximum drawdown	1.18	1.24	-0.05
Martin ratio Return relative to average drawdown	3.67	2.35	+1.32
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SPD vs. CSIQ - Sharpe Ratio Comparison

The current SPD Sharpe Ratio is 1.07, which is comparable to the CSIQ Sharpe Ratio of 0.83. The chart below compares the historical Sharpe Ratios of SPD and CSIQ, 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

	SPD	CSIQ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.07	0.83	+0.23
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.52	-0.18	+0.70
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.02	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.69	0.02	+0.67

Drawdowns

SPD vs. CSIQ - Drawdown Comparison

The maximum SPD drawdown since its inception was -27.38%, smaller than the maximum CSIQ drawdown of -96.02%. Use the drawdown chart below to compare losses from any high point for SPD and CSIQ.

Drawdown Indicators

	SPD	CSIQ	Difference
Max Drawdown Largest peak-to-trough decline	-27.38%	-96.02%	+68.64%
Max Drawdown (1Y) Largest decline over 1 year	-11.90%	-63.94%	+52.04%
Max Drawdown (3Y) Largest decline over 3 years	-15.18%	-83.64%	+68.46%
Max Drawdown (5Y) Largest decline over 5 years	-27.38%	-85.65%	+58.27%
Max Drawdown (10Y) Largest decline over 10 years	—	-89.46%	—
Current Drawdown Current decline from peak	-0.70%	-69.56%	+68.86%
Average Drawdown Average peak-to-trough decline	-7.72%	-61.09%	+53.37%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.82%	33.63%	-29.81%

Volatility

SPD vs. CSIQ - Volatility Comparison

The current volatility for Simplify US Equity PLUS Downside Convexity ETF (SPD) is 3.35%, while Canadian Solar Inc. (CSIQ) has a volatility of 28.98%. This indicates that SPD experiences smaller price fluctuations and is considered to be less risky than CSIQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPD	CSIQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.35%	28.98%	-25.63%
Volatility (6M) Calculated over the trailing 6-month period	8.60%	65.86%	-57.26%
Volatility (1Y) Calculated over the trailing 1-year period	13.22%	95.12%	-81.90%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.04%	71.82%	-55.78%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.98%	63.64%	-47.66%

Dividends

SPD vs. CSIQ - Dividend Comparison

SPD's dividend yield for the trailing twelve months is around 0.96%, while CSIQ has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020
CSIQ Canadian Solar Inc.	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SPD Simplify US Equity PLUS Downside Convexity ETF	0.96%	0.97%	1.14%	1.91%	1.64%	0.88%	0.43%

Frequently Asked Questions

Can I hold both SPD and CSIQ in my portfolio?

SPD and CSIQ have a correlation of 0.24, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SPD or CSIQ?

CSIQ has higher volatility (28.98%) compared to SPD (3.35%). In terms of maximum drawdown, SPD dropped -27.38% vs CSIQ's -96.02%.

Which has better risk-adjusted returns?

SPD currently has the higher Sharpe Ratio (1.07 vs 0.83), 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.