SPD vs. CTA

Last updated Jun 4, 2026

SPD (Simplify US Equity PLUS Downside Convexity ETF) and CTA (Simplify Managed Futures Strategy ETF) are both exchange-traded funds - SPD is a Large Cap Blend Equities fund actively managed by Simplify, while CTA is a Systematic Trend fund actively managed by Simplify. Both are actively managed. Over the past 3 years, SPD returned 17.87%/yr vs 11.79%/yr for CTA. At a correlation of -0.11, they often move in opposite directions. SPD charges 0.53%/yr vs 0.78%/yr for CTA.

Performance

SPD vs. CTA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Simplify US Equity PLUS Downside Convexity ETF (SPD) and Simplify Managed Futures Strategy ETF (CTA). 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 lower than CTA's 12.30% return.

SPD

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

CTA

• 1D: 0.54%
• 1M: -7.86%
• YTD: 12.30%
• 6M: 13.80%
• 1Y: 15.57%
• 3Y*: 11.79%
• 5Y*: —
• 10Y*: —

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

SPD vs. CTA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
SPD Simplify US Equity PLUS Downside Convexity ETF	6.70%	18.86%	17.49%	20.94%	-16.89%
CTA Simplify Managed Futures Strategy ETF	12.30%	0.88%	24.15%	-2.23%	9.55%

Correlation

The correlation between SPD and CTA is -0.10, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.10
Correlation (3Y) Calculated over the trailing 3-year period	-0.08
Correlation (All Time) Calculated using the full available price history since Mar 9, 2022	-0.11

SPD vs. CTA - Sectors Allocation Comparison

Sectors	SPD	CTA
Technology	35.6%	-
Financial Services	11.8%	-49.1%
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

SPD vs. CTA — 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

CTA

CTA Risk / Return Rank: 24
CTA Sharpe Ratio Rank: 22
CTA Sortino Ratio Rank: 20
CTA Omega Ratio Rank: 22
CTA Calmar Ratio Rank: 29
CTA Martin Ratio Rank: 26

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. CTA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Simplify US Equity PLUS Downside Convexity ETF (SPD) and Simplify Managed Futures Strategy ETF (CTA). 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	CTA	Difference
Sharpe ratio: Return per unit of total volatility	1.07	0.78	+0.29
Sortino ratio: Return per unit of downside risk	1.58	1.12	+0.47
Omega ratio: Gain probability vs. loss probability	1.18	1.15	+0.03
Calmar ratio: Return relative to maximum drawdown	1.18	1.42	-0.24
Martin ratio: Return relative to average drawdown	3.67	3.72	-0.05
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. CTA - Sharpe Ratio Comparison

The current SPD Sharpe Ratio is 1.07, which is higher than the CTA Sharpe Ratio of 0.78. The chart below compares the historical Sharpe Ratios of SPD and CTA, 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	CTA	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.07	0.78	+0.29
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.52	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.69	0.62	+0.07

Drawdowns

SPD vs. CTA - Drawdown Comparison

The maximum SPD drawdown since its inception was -27.38%, which is greater than CTA's maximum drawdown of -18.07%. Use the drawdown chart below to compare losses from any high point for SPD and CTA.

Drawdown Indicators

	SPD	CTA	Difference
Max Drawdown Largest peak-to-trough decline	-27.38%	-18.07%	-9.31%
Max Drawdown (1Y) Largest decline over 1 year	-11.90%	-11.00%	-0.90%
Max Drawdown (3Y) Largest decline over 3 years	-15.18%	-11.23%	-3.95%
Max Drawdown (5Y) Largest decline over 5 years	-27.38%	—	—
Current Drawdown Current decline from peak	-0.70%	-7.86%	+7.16%
Average Drawdown Average peak-to-trough decline	-7.72%	-5.67%	-2.05%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.82%	4.19%	-0.37%

Volatility

SPD vs. CTA - Volatility Comparison

The current volatility for Simplify US Equity PLUS Downside Convexity ETF (SPD) is 3.35%, while Simplify Managed Futures Strategy ETF (CTA) has a volatility of 7.76%. This indicates that SPD experiences smaller price fluctuations and is considered to be less risky than CTA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPD	CTA	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.35%	7.76%	-4.41%
Volatility (6M) Calculated over the trailing 6-month period	8.60%	17.30%	-8.70%
Volatility (1Y) Calculated over the trailing 1-year period	13.22%	20.12%	-6.90%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.04%	16.58%	-0.54%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.98%	16.58%	-0.60%

SPD vs. CTA - Expense Ratio Comparison

SPD has a 0.53% expense ratio, which is lower than CTA's 0.78% expense ratio.

Dividends

SPD vs. CTA - Dividend Comparison

SPD's dividend yield for the trailing twelve months is around 0.96%, less than CTA's 4.85% yield.

Position	TTM	2025	2024	2023	2022	2021	2020
CTA Simplify Managed Futures Strategy ETF	4.85%	3.19%	4.80%	7.78%	6.58%	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 CTA in my portfolio?

SPD and CTA have a correlation of -0.10, 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 CTA?

CTA has higher volatility (7.76%) compared to SPD (3.35%). In terms of maximum drawdown, SPD dropped -27.38% vs CTA's -18.07%.

Which ETF is better, SPD or CTA?

On 3-year performance, SPD leads with 17.87% vs 11.79% for CTA. On fees, SPD is cheaper at 0.53% per year. On volatility, SPD has been the lower-risk option at 3.35%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPD or CTA?

Over the 3-year period, SPD has performed better with a 17.87% return vs 11.79%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPD or CTA?

SPD is cheaper with a 0.53% expense ratio, compared with 0.78% for CTA.

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

CTA has the higher dividend yield at 4.85%, compared with 0.96% for SPD.

What is the main difference between SPD and CTA?

SPD is categorized as Large Cap Blend Equities, while CTA is Systematic Trend. Their fees differ too: 0.53% for SPD and 0.78% for CTA.

Which has better risk-adjusted returns?

SPD currently has the higher Sharpe Ratio (1.07 vs 0.78), 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.