SPD vs. IFED
SPD (Simplify US Equity PLUS Downside Convexity ETF) and IFED (ETRACS IFED Invest with the Fed TR Index ETN) are both exchange-traded funds - SPD is a Large Cap Blend Equities fund actively managed by Simplify, while IFED is a Leveraged Equities fund tracking the IFED Large-Cap US Equity Index - Benchmark TR Gross. SPD is actively managed, while IFED is passively managed. Over the past 3 years, SPD returned 16.67%/yr vs 15.81%/yr for IFED. A 0.74 correlation means they provide meaningful diversification when combined. SPD charges 0.53%/yr vs 0.45%/yr for IFED.
Performance
SPD vs. IFED - Performance Comparison
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Returns By Period
In the year-to-date period, SPD achieves a 5.42% return, which is significantly higher than IFED's -3.01% return.
SPD
- 1D
- 0.40%
- 1M
- 0.53%
- YTD
- 5.42%
- 6M
- 5.44%
- 1Y
- 14.06%
- 3Y*
- 16.67%
- 5Y*
- 8.03%
- 10Y*
- —
IFED
- 1D
- -0.09%
- 1M
- 5.94%
- YTD
- -3.01%
- 6M
- -3.81%
- 1Y
- 4.31%
- 3Y*
- 15.81%
- 5Y*
- —
- 10Y*
- —
SPD vs. IFED - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
SPD Simplify US Equity PLUS Downside Convexity ETF | 5.42% | 18.86% | 17.49% | 20.94% | -25.96% | 6.69% |
IFED ETRACS IFED Invest with the Fed TR Index ETN | -3.01% | 15.02% | 23.04% | 20.78% | -1.46% | 8.46% |
Correlation
The correlation between SPD and IFED is 0.62, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.62 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.71 |
Correlation (All Time) Calculated using the full available price history since Sep 15, 2021 | 0.74 |
The correlation between SPD and IFED shifts across timeframes, from 0.62 (1 year) to 0.74 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
SPD vs. IFED — Risk / Return Rank
SPD
IFED
SPD vs. IFED - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Simplify US Equity PLUS Downside Convexity ETF (SPD) and ETRACS IFED Invest with the Fed TR Index ETN (IFED). 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 | IFED | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.76 | ||
| Sortino ratioReturn per unit of downside risk | +1.01 | ||
| Omega ratioGain probability vs. loss probability | 1.16 | 1.04 | +0.12 |
| Calmar ratioReturn relative to maximum drawdown | 1.04 | 0.19 | +0.85 |
| Martin ratioReturn relative to average drawdown | 3.23 | 0.48 | +2.75 |
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Drawdowns
SPD vs. IFED - Drawdown Comparison
The maximum SPD drawdown since its inception was -27.38%, which is greater than IFED's maximum drawdown of -22.36%. Use the drawdown chart below to compare losses from any high point for SPD and IFED.
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Drawdown Indicators
| SPD | IFED | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -27.38% | -22.36% | -5.02% |
Max Drawdown (1Y)Largest decline over 1 year | -11.90% | -14.65% | +2.75% |
Max Drawdown (3Y)Largest decline over 3 years | -15.18% | -22.36% | +7.18% |
Max Drawdown (5Y)Largest decline over 5 years | -27.38% | — | — |
Current DrawdownCurrent decline from peak | -1.89% | -5.00% | +3.11% |
Average DrawdownAverage peak-to-trough decline | -7.70% | -5.84% | -1.86% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.85% | 5.84% | -1.99% |
Volatility
SPD vs. IFED - Volatility Comparison
The current volatility for Simplify US Equity PLUS Downside Convexity ETF (SPD) is 4.24%, while ETRACS IFED Invest with the Fed TR Index ETN (IFED) has a volatility of 6.34%. This indicates that SPD experiences smaller price fluctuations and is considered to be less risky than IFED based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SPD | IFED | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.24% | 6.34% | -2.10% |
Volatility (6M)Calculated over the trailing 6-month period | 9.14% | 13.63% | -4.49% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.45% | 16.80% | -3.35% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.10% | 19.93% | -3.83% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.99% | 19.93% | -3.94% |
SPD vs. IFED - Expense Ratio Comparison
SPD has a 0.53% expense ratio, which is higher than IFED's 0.45% expense ratio.
Dividends
SPD vs. IFED - Dividend Comparison
SPD's dividend yield for the trailing twelve months is around 0.97%, while IFED has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
IFED ETRACS IFED Invest with the Fed TR Index ETN | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
SPD Simplify US Equity PLUS Downside Convexity ETF | 0.97% | 0.97% | 1.14% | 1.91% | 1.64% | 0.88% | 0.43% |
Frequently Asked Questions
SPD and IFED have a correlation of 0.62, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
IFED has higher volatility (6.34%) compared to SPD (4.24%). In terms of maximum drawdown, SPD dropped -27.38% vs IFED's -22.36%.
On 3-year performance, SPD leads with 16.67% vs 15.81% for IFED. On fees, IFED is cheaper at 0.45% per year. On volatility, SPD has been the lower-risk option at 4.24%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, SPD has performed better with a 16.67% return vs 15.81%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IFED is cheaper with a 0.45% expense ratio, compared with 0.53% for SPD.
SPD has the higher dividend yield at 0.97%, compared with 0.00% for IFED.
SPD is categorized as Large Cap Blend Equities, while IFED is Leveraged Equities. They also come from different issuers: Simplify and UBS. Their fees differ too: 0.53% for SPD and 0.45% for IFED.
SPD currently has the higher Sharpe Ratio (0.92 vs 0.17), 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.
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