SPD vs. IMTM

Last updated Jun 14, 2026

SPD (Simplify US Equity PLUS Downside Convexity ETF) and IMTM (iShares MSCI Intl Momentum Factor ETF) are both exchange-traded funds - SPD is a Large Cap Blend Equities fund actively managed by Simplify, while IMTM is a Momentum fund tracking the MSCI World ex USA Momentum. SPD is actively managed, while IMTM is passively managed. Over the past 5 years, SPD returned 8.03%/yr vs 9.19%/yr for IMTM. A 0.68 correlation means they provide meaningful diversification when combined. SPD charges 0.53%/yr vs 0.30%/yr for IMTM.

Performance

SPD vs. IMTM - 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 MSCI Intl Momentum Factor ETF (IMTM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SPD achieves a 5.42% return, which is significantly lower than IMTM's 11.53% return.

SPD

• 1D: 0.40%
• 1M: 0.53%
• YTD: 5.42%
• 6M: 5.44%
• 1Y: 14.06%
• 3Y*: 16.67%
• 5Y*: 8.03%
• 10Y*: —

IMTM

• 1D: 0.72%
• 1M: 3.24%
• YTD: 11.53%
• 6M: 12.83%
• 1Y: 25.06%
• 3Y*: 21.00%
• 5Y*: 9.19%
• 10Y*: 10.44%

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

SPD vs. IMTM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
SPD Simplify US Equity PLUS Downside Convexity ETF	5.42%	18.86%	17.49%	20.94%	-25.96%	24.81%	8.06%
IMTM iShares MSCI Intl Momentum Factor ETF	11.53%	34.50%	12.17%	13.89%	-16.81%	3.50%	12.52%

Correlation

The correlation between SPD and IMTM is 0.72, 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	0.72
Correlation (3Y) Calculated over the trailing 3-year period	0.65
Correlation (5Y) Calculated over the trailing 5-year period	0.68
Correlation (All Time) Calculated using the full available price history since Sep 4, 2020	0.68

The correlation between SPD and IMTM has been stable across timeframes, ranging from 0.65 to 0.72 - a consistent structural relationship.

SPD vs. IMTM - Sectors Allocation Comparison

Sectors	SPD	IMTM
Technology	38.4%	15.6%
Financial Services	11.0%	28.6%
Communication Services	10.8%	1.5%
Consumer Cyclical	10.0%	1.8%
Healthcare	8.4%	8.9%
Industrials	7.9%	15.5%
Consumer Defensive	4.6%	2.1%
Energy	3.2%	10.0%
Utilities	2.1%	5.3%
Real Estate	1.8%	1.1%
Basic Materials	1.7%	9.7%

Return for Risk

SPD vs. IMTM — 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: 28
SPD Omega Ratio Rank: 26
SPD Calmar Ratio Rank: 25
SPD Martin Ratio Rank: 27

IMTM

IMTM Risk / Return Rank: 44
IMTM Sharpe Ratio Rank: 43
IMTM Sortino Ratio Rank: 43
IMTM Omega Ratio Rank: 43
IMTM Calmar Ratio Rank: 42
IMTM Martin Ratio Rank: 49

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. IMTM - 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 MSCI Intl Momentum Factor ETF (IMTM). 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	IMTM	Difference
Sharpe ratio: Return per unit of total volatility	0.92	1.33	-0.41
Sortino ratio: Return per unit of downside risk	1.37	1.96	-0.58
Omega ratio: Gain probability vs. loss probability	1.16	1.25	-0.08
Calmar ratio: Return relative to maximum drawdown	1.04	1.86	-0.82
Martin ratio: Return relative to average drawdown	3.23	7.37	-4.14

SPD vs. IMTM - Sharpe Ratio Comparison

The current SPD Sharpe Ratio is 0.92, which is lower than the IMTM Sharpe Ratio of 1.33. The chart below compares the historical Sharpe Ratios of SPD and IMTM, 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. IMTM - Drawdown Comparison

The maximum SPD drawdown since its inception was -27.38%, smaller than the maximum IMTM drawdown of -32.66%. Use the drawdown chart below to compare losses from any high point for SPD and IMTM.

Drawdown Indicators

	SPD	IMTM	Difference
Max Drawdown Largest peak-to-trough decline	-27.38%	-32.66%	+5.28%
Max Drawdown (1Y) Largest decline over 1 year	-11.90%	-12.85%	+0.95%
Max Drawdown (3Y) Largest decline over 3 years	-15.18%	-12.85%	-2.33%
Max Drawdown (5Y) Largest decline over 5 years	-27.38%	-32.66%	+5.28%
Max Drawdown (10Y) Largest decline over 10 years	—	-32.66%	—
Current Drawdown Current decline from peak	-1.89%	-0.22%	-1.67%
Average Drawdown Average peak-to-trough decline	-7.70%	-7.43%	-0.27%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.85%	3.24%	+0.61%

Volatility

SPD vs. IMTM - Volatility Comparison

The current volatility for Simplify US Equity PLUS Downside Convexity ETF (SPD) is 4.24%, while iShares MSCI Intl Momentum Factor ETF (IMTM) has a volatility of 7.20%. This indicates that SPD experiences smaller price fluctuations and is considered to be less risky than IMTM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPD	IMTM	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.24%	7.20%	-2.96%
Volatility (6M) Calculated over the trailing 6-month period	9.14%	16.06%	-6.92%
Volatility (1Y) Calculated over the trailing 1-year period	13.45%	17.97%	-4.52%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.10%	17.82%	-1.72%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.99%	17.63%	-1.64%

SPD vs. IMTM - Expense Ratio Comparison

SPD has a 0.53% expense ratio, which is higher than IMTM's 0.30% expense ratio.

Dividends

SPD vs. IMTM - Dividend Comparison

SPD's dividend yield for the trailing twelve months is around 0.97%, less than IMTM's 4.22% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IMTM iShares MSCI Intl Momentum Factor ETF	4.22%	4.70%	2.93%	2.29%	2.68%	2.51%	0.97%	2.13%	2.36%	1.92%	2.75%	1.56%
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 IMTM in my portfolio?

SPD and IMTM have a correlation of 0.72, 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 IMTM?

IMTM has higher volatility (7.20%) compared to SPD (4.24%). In terms of maximum drawdown, SPD dropped -27.38% vs IMTM's -32.66%.

Which ETF is better, SPD or IMTM?

On 5-year performance, IMTM leads with 9.19% vs 8.03% for SPD. On fees, IMTM is cheaper at 0.30% 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.

Which ETF has performed better, SPD or IMTM?

Over the 5-year period, IMTM has performed better with a 9.19% return vs 8.03%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPD or IMTM?

IMTM is cheaper with a 0.30% expense ratio, compared with 0.53% for SPD.

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

IMTM has the higher dividend yield at 4.22%, compared with 0.97% for SPD.

What is the main difference between SPD and IMTM?

SPD is categorized as Large Cap Blend Equities, while IMTM is Momentum. They also come from different issuers: Simplify and iShares. Their fees differ too: 0.53% for SPD and 0.30% for IMTM.

Which has better risk-adjusted returns?

IMTM currently has the higher Sharpe Ratio (1.33 vs 0.92), 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.