SPD vs. IHI

Last updated Aug 2, 2026

SPD (Simplify US Equity PLUS Downside Convexity ETF) and IHI (iShares U.S. Medical Devices ETF) are both exchange-traded funds - SPD is a Large Cap Blend Equities fund actively managed by Simplify, while IHI is a Health & Biotech Equities fund tracking the Dow Jones U.S. Select Medical Equipment Index. SPD is actively managed, while IHI is passively managed. Over the past 5 years, SPD returned 7.32%/yr vs -3.35%/yr for IHI. Their 0.59 correlation means they have sometimes moved together and sometimes differently. SPD charges 0.53%/yr vs 0.38%/yr for IHI.

Performance

SPD vs. IHI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Simplify US Equity PLUS Downside Convexity ETF (SPD) and iShares U.S. Medical Devices ETF (IHI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SPD achieves a 5.43% return, which is significantly higher than IHI's -15.32% return.

SPD

• 1D: 0.57%
• 1M: -0.43%
• 6M: 4.99%
• YTD: 5.43%
• 1Y: 11.83%
• 3Y*: 15.00%
• 5Y*: 7.32%
• 10Y*: —
• ALL TIME*: 10.24%

IHI

• 1D: -0.44%
• 1M: 1.21%
• 6M: -12.40%
• YTD: -15.32%
• 1Y: -11.60%
• 3Y*: -1.46%
• 5Y*: -3.35%
• 10Y*: 8.58%
• ALL TIME*: 10.02%

*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)
IHI iShares U.S. Medical Devices ETF	$145.90M	$167.07M	$148.77M
SPD Simplify US Equity PLUS Downside Convexity ETF	$323.51K	$320.82K	$380.59K

SPD vs. IHI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
SPD Simplify US Equity PLUS Downside Convexity ETF	5.43%	18.86%	17.49%	20.94%	-25.96%	24.81%	8.06%
IHI iShares U.S. Medical Devices ETF	-15.32%	6.88%	8.62%	3.24%	-19.80%	21.03%	9.91%

Correlation

The correlation between SPD and IHI is 0.29, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.29
Correlation (3Y) Balances recent behavior with more history.	0.46
Correlation (5Y) Shows whether the relationship held over a longer period.	0.57
Correlation (All Time) Calculated using the full available price history since Sep 4, 2020	0.59

Over the past year, the correlation between SPD and IHI has dropped to 0.29 - well below their long-term average of 0.59, suggesting their price drivers have been diverging.

SPD vs. IHI - Sectors Allocation Comparison

Sectors	SPD	IHI
Technology	38.5%	0.3%
Financial Services	11.6%	-
Communication Services	9.9%	-
Consumer Cyclical	9.5%	-
Healthcare	8.9%	100.0%
Industrials	8.4%	0.2%
Consumer Defensive	4.5%	-
Energy	3.0%	-
Utilities	2.2%	-
Real Estate	1.8%	-
Basic Materials	1.7%	-

Return for Risk

SPD vs. IHI — Risk / Return Rank

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

SPD

SPD Risk / Return Rank: 31
SPD Sharpe Ratio Rank: 33
SPD Sortino Ratio Rank: 32
SPD Omega Ratio Rank: 30
SPD Calmar Ratio Rank: 27
SPD Martin Ratio Rank: 31

IHI

IHI Risk / Return Rank: 5
IHI Sharpe Ratio Rank: 4
IHI Sortino Ratio Rank: 4
IHI Omega Ratio Rank: 4
IHI Calmar Ratio Rank: 6
IHI Martin Ratio Rank: 5

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.

SPD vs. IHI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Simplify US Equity PLUS Downside Convexity ETF (SPD) and iShares U.S. Medical Devices ETF (IHI). 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	IHI	Difference
Sharpe ratio: Return per unit of total volatility	0.80	-0.59	+1.39
Sortino ratio: Return per unit of downside risk	1.21	-0.74	+1.96
Omega ratio: Gain probability vs. loss probability	1.14	0.92	+0.23
Calmar ratio: Return relative to maximum drawdown	0.89	-0.45	+1.34
Martin ratio: Return relative to average drawdown	2.80	-0.88	+3.68

SPD vs. IHI - Sharpe Ratio Comparison

The current SPD Sharpe Ratio is 0.80, which is higher than the IHI Sharpe Ratio of -0.59. The chart below compares the historical Sharpe Ratios of SPD and IHI, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

SPD vs. IHI - Drawdown Comparison

The maximum SPD drawdown since its inception was -27.38%, smaller than the maximum IHI drawdown of -49.65%. Use the drawdown chart below to compare losses from any high point for SPD and IHI.

Drawdown Indicators

	SPD	IHI	Difference
Max Drawdown Largest peak-to-trough decline	-27.38%	-49.65%	+22.27%
Max Drawdown (1Y) Largest decline over 1 year	-11.90%	-26.11%	+14.21%
Max Drawdown (3Y) Largest decline over 3 years	-15.18%	-26.64%	+11.46%
Max Drawdown (5Y) Largest decline over 5 years	-27.38%	-33.12%	+5.74%
Max Drawdown (10Y) Largest decline over 10 years	—	-33.25%	—
Current Drawdown Current decline from peak	-1.88%	-20.04%	+18.16%
Average Drawdown Average peak-to-trough decline	-7.56%	-8.43%	+0.87%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.77%	13.27%	-9.50%

Volatility

SPD vs. IHI - Volatility Comparison

The current volatility for Simplify US Equity PLUS Downside Convexity ETF (SPD) is 3.71%, while iShares U.S. Medical Devices ETF (IHI) has a volatility of 9.58%. This indicates that SPD experiences smaller price fluctuations and is considered to be less risky than IHI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPD	IHI	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.71%	9.58%	-5.87%
Volatility (6M) Calculated over the trailing 6-month period	9.39%	16.58%	-7.19%
Volatility (1Y) Calculated over the trailing 1-year period	13.22%	19.90%	-6.68%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.16%	19.55%	-3.39%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.94%	20.01%	-4.07%

SPD vs. IHI - Expense Ratio Comparison

SPD has a 0.53% expense ratio, which is higher than IHI's 0.38% expense ratio.

Dividends

SPD vs. IHI - Dividend Comparison

SPD's dividend yield for the trailing twelve months is around 0.97%, more than IHI's 0.46% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IHI iShares U.S. Medical Devices ETF	0.46%	0.34%	0.46%	0.53%	0.45%	0.25%	0.25%	0.33%	0.26%	0.37%	0.55%	1.28%
SPD Simplify US Equity PLUS Downside Convexity ETF	0.97%	0.97%	1.14%	1.91%	1.64%	0.88%	0.43%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both SPD and IHI in my portfolio?

SPD and IHI have a correlation of 0.29, 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 IHI?

IHI has higher volatility (9.58%) compared to SPD (3.71%). In terms of maximum drawdown, SPD dropped -27.38% vs IHI's -49.65%.

Which ETF is better, SPD or IHI?

On 5-year performance, SPD leads with 7.32% vs -3.35% for IHI. On fees, IHI is cheaper at 0.38% per year. On volatility, SPD has been the lower-risk option at 3.71%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPD or IHI?

Over the 5-year period, SPD has performed better with a 7.32% return vs -3.35%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPD or IHI?

IHI is cheaper with a 0.38% expense ratio, compared with 0.53% for SPD.

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

SPD has the higher dividend yield at 0.97%, compared with 0.46% for IHI.

What is the main difference between SPD and IHI?

SPD is categorized as Large Cap Blend Equities, while IHI is Health & Biotech Equities. They also come from different issuers: Simplify and iShares. Their fees differ too: 0.53% for SPD and 0.38% for IHI.

Which has better risk-adjusted returns?

SPD currently has the higher Sharpe Ratio (0.80 vs -0.59), 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.