SPD vs. SGOV
SPD (Simplify US Equity PLUS Downside Convexity ETF) and SGOV (iShares 0-3 Month Treasury Bond ETF) are both exchange-traded funds - SPD is a Large Cap Blend Equities fund actively managed by Simplify, while SGOV is a Ultrashort Bond fund tracking the ICE 0-3 Month US Treasury Securities Index. SPD is actively managed, while SGOV is passively managed. Over the past 5 years, SPD returned 7.86%/yr vs 3.58%/yr for SGOV. At a 0.01 correlation, their price movements are largely independent. SPD charges 0.53%/yr vs 0.09%/yr for SGOV.
Performance
SPD vs. SGOV - Performance Comparison
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Returns By Period
In the year-to-date period, SPD achieves a 4.76% return, which is significantly higher than SGOV's 1.71% return.
SPD
- 1D
- -1.37%
- 1M
- -0.72%
- YTD
- 4.76%
- 6M
- 3.47%
- 1Y
- 13.81%
- 3Y*
- 16.57%
- 5Y*
- 7.86%
- 10Y*
- —
SGOV
- 1D
- 0.01%
- 1M
- 0.28%
- YTD
- 1.71%
- 6M
- 1.80%
- 1Y
- 3.92%
- 3Y*
- 4.68%
- 5Y*
- 3.58%
- 10Y*
- —
SPD vs. SGOV - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
SPD Simplify US Equity PLUS Downside Convexity ETF | 4.76% | 18.86% | 17.49% | 20.94% | -25.96% | 24.81% | 8.06% |
SGOV iShares 0-3 Month Treasury Bond ETF | 1.71% | 4.24% | 5.27% | 5.12% | 1.58% | 0.04% | 0.02% |
Correlation
The correlation between SPD and SGOV is -0.11, 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 | -0.11 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.00 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.03 |
Correlation (All Time) Calculated using the full available price history since Sep 4, 2020 | 0.01 |
The correlation between SPD and SGOV shifts across timeframes, from -0.11 (1 year) to 0.03 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
SPD vs. SGOV — Risk / Return Rank
SPD
SGOV
SPD vs. SGOV - 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 0-3 Month Treasury Bond ETF (SGOV). 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 | SGOV | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -19.31 | ||
| Sortino ratioReturn per unit of downside risk | -272.05 | ||
| Omega ratioGain probability vs. loss probability | 1.18 | 194.05 | -192.87 |
| Calmar ratioReturn relative to maximum drawdown | 1.17 | 395.07 | -393.90 |
| Martin ratioReturn relative to average drawdown | 3.60 | 4,426.92 | -4,423.32 |
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Drawdowns
SPD vs. SGOV - Drawdown Comparison
The maximum SPD drawdown since its inception was -27.38%, which is greater than SGOV's maximum drawdown of -0.03%. Use the drawdown chart below to compare losses from any high point for SPD and SGOV.
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Drawdown Indicators
| SPD | SGOV | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -27.38% | -0.03% | -27.35% |
Max Drawdown (1Y)Largest decline over 1 year | -11.90% | -0.01% | -11.89% |
Max Drawdown (3Y)Largest decline over 3 years | -15.18% | -0.01% | -15.17% |
Max Drawdown (5Y)Largest decline over 5 years | -27.38% | -0.03% | -27.35% |
Current DrawdownCurrent decline from peak | -2.50% | 0.00% | -2.50% |
Average DrawdownAverage peak-to-trough decline | -7.67% | -0.00% | -7.67% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.84% | 0.00% | +3.84% |
Volatility
SPD vs. SGOV - Volatility Comparison
Simplify US Equity PLUS Downside Convexity ETF (SPD) has a higher volatility of 4.70% compared to iShares 0-3 Month Treasury Bond ETF (SGOV) at 0.06%. This indicates that SPD's price experiences larger fluctuations and is considered to be riskier than SGOV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SPD | SGOV | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.70% | 0.06% | +4.64% |
Volatility (6M)Calculated over the trailing 6-month period | 9.40% | 0.13% | +9.27% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.65% | 0.19% | +13.46% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.14% | 0.24% | +15.90% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.01% | 0.24% | +15.77% |
SPD vs. SGOV - Expense Ratio Comparison
SPD has a 0.53% expense ratio, which is higher than SGOV's 0.09% expense ratio.
Dividends
SPD vs. SGOV - Dividend Comparison
SPD's dividend yield for the trailing twelve months is around 0.98%, less than SGOV's 3.85% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
SGOV iShares 0-3 Month Treasury Bond ETF | 3.85% | 4.10% | 5.10% | 4.87% | 1.45% | 0.03% | 0.05% |
SPD Simplify US Equity PLUS Downside Convexity ETF | 0.98% | 0.97% | 1.14% | 1.91% | 1.64% | 0.88% | 0.43% |
Frequently Asked Questions
SPD and SGOV have a correlation of -0.11, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SPD has higher volatility (4.70%) compared to SGOV (0.06%). In terms of maximum drawdown, SPD dropped -27.38% vs SGOV's -0.03%.
On 5-year performance, SPD leads with 7.86% vs 3.58% for SGOV. On fees, SGOV is cheaper at 0.09% per year. On volatility, SGOV has been the lower-risk option at 0.06%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, SPD has performed better with a 7.86% return vs 3.58%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SGOV is cheaper with a 0.09% expense ratio, compared with 0.53% for SPD.
SGOV has the higher dividend yield at 3.85%, compared with 0.98% for SPD.
SPD is categorized as Large Cap Blend Equities, while SGOV is Ultrashort Bond. They also come from different issuers: Simplify and iShares. Their fees differ too: 0.53% for SPD and 0.09% for SGOV.
SGOV currently has the higher Sharpe Ratio (20.32 vs 1.02), 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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