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SPD vs. USPX
Performance
Return for Risk
Drawdowns
Volatility
Dividends

SPD vs. USPX

Last updated Aug 4, 2026
Documentation

SPD (Simplify US Equity PLUS Downside Convexity ETF) and USPX (Franklin U.S. Equity Index ETF) are both Large Cap Blend Equities funds. SPD is actively managed, while USPX is passively managed. Over the past 5 years, SPD returned 7.54%/yr vs 11.91%/yr for USPX. Their correlation of 0.90 means they have usually moved in the same direction. SPD charges 0.53%/yr vs 0.03%/yr for USPX.

Performance

SPD vs. USPX - Performance Comparison

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

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Returns By Period

In the year-to-date period, SPD achieves a 7.33% return, which is significantly lower than USPX's 11.39% return.

SPD

1D
1.80%
1M
1.36%
6M
6.17%
YTD
7.33%
1Y
13.84%
3Y*
16.41%
5Y*
7.54%
10Y*
—
ALL TIME*
10.56%

USPX

1D
1.57%
1M
1.59%
6M
9.42%
YTD
11.39%
1Y
22.58%
3Y*
20.76%
5Y*
11.91%
10Y*
12.33%
ALL TIME*
12.60%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

PositionAvg. Volume Value (2W)Avg. Volume Value (1M)Avg. Volume Value (3M)

SPD

Simplify US Equity PLUS Downside Convexity ETF
$297.15K$312.14K$351.11K

USPX

Franklin U.S. Equity Index ETF
$3.21M$2.97M$3.76M

SPD vs. USPX - Yearly Performance Comparison

2026 (YTD)202520242023202220212020
SPD
Simplify US Equity PLUS Downside Convexity ETF		7.33%18.86%17.49%20.94%-25.96%24.81%8.06%
USPX
Franklin U.S. Equity Index ETF		11.39%17.78%24.97%27.07%-18.88%19.53%9.75%

Correlation

The correlation between SPD and USPX is 0.96 - they have historically moved very closely together. At this level, their price movements offset little of one another.

Correlation
Correlation (1Y)
Focuses on recent behavior, but can change the most.

0.96

Correlation (3Y)
Balances recent behavior with more history.

0.93

Correlation (5Y)
Shows whether the relationship held over a longer period.

0.90

Correlation (All Time)
Calculated using the full available price history since Sep 4, 2020

0.90

The correlation between SPD and USPX has been stable across timeframes, ranging from 0.90 to 0.96 - a consistent structural relationship.

SPD vs. USPX - Sectors Allocation Comparison

Sectors
SPD
USPX

Technology

38.5%
37.4%

Financial Services

11.6%
12.5%

Communication Services

9.9%
9.6%

Consumer Cyclical

9.5%
8.8%

Healthcare

8.9%
9.4%

Industrials

8.4%
7.9%

Consumer Defensive

4.5%
4.7%

Energy

3.0%
3.4%

Utilities

2.2%
2.6%

Real Estate

1.8%
1.8%

Basic Materials

1.7%
1.7%

Technology

SPD
38.5%
USPX
37.4%

Financial Services

SPD
11.6%
USPX
12.5%

Communication Services

SPD
9.9%
USPX
9.6%

Consumer Cyclical

SPD
9.5%
USPX
8.8%

Healthcare

SPD
8.9%
USPX
9.4%

Industrials

SPD
8.4%
USPX
7.9%

Consumer Defensive

SPD
4.5%
USPX
4.7%

Energy

SPD
3.0%
USPX
3.4%

Utilities

SPD
2.2%
USPX
2.6%

Real Estate

SPD
1.8%
USPX
1.8%

Basic Materials

SPD
1.7%
USPX
1.7%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

Simplify US Equity PLUS Downside Convexity ETF

Franklin U.S. Equity Index ETF

Often compared with SPD:
SPD vs. SPYSPD vs. XBISPD vs. SPUCSPD vs. VOOSPD vs. XTRSPD vs. IHISPD vs. RYLD
Often compared with USPX:
USPX vs. JPEFUSPX vs. VOOUSPX vs. IVVUSPX vs. SPTMUSPX vs. BBUSUSPX vs. BDGSUSPX vs. VUAG.L

Return for Risk

SPD vs. USPX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.
SPD
SPD Risk / Return Rank: 3838
Overall Rank
SPD Sharpe Ratio Rank: 4141
Sharpe Ratio Rank
SPD Sortino Ratio Rank: 4141
Sortino Ratio Rank
SPD Omega Ratio Rank: 3838
Omega Ratio Rank
SPD Calmar Ratio Rank: 3434
Calmar Ratio Rank
SPD Martin Ratio Rank: 3636
Martin Ratio Rank
USPX
USPX Risk / Return Rank: 7272
Overall Rank
USPX Sharpe Ratio Rank: 7373
Sharpe Ratio Rank
USPX Sortino Ratio Rank: 7171
Sortino Ratio Rank
USPX Omega Ratio Rank: 7171
Omega Ratio Rank
USPX Calmar Ratio Rank: 6868
Calmar Ratio Rank
USPX Martin Ratio Rank: 7777
Martin Ratio Rank
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. USPX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Simplify US Equity PLUS Downside Convexity ETF (SPD) and Franklin U.S. Equity Index ETF (USPX). 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.

SPDUSPXDifference
Sharpe ratioReturn per unit of total volatility
1.05
1.75

-0.70

Sortino ratioReturn per unit of downside risk
1.56
2.42

-0.87

Omega ratioGain probability vs. loss probability

1.18

1.31

-0.13

Calmar ratioReturn relative to maximum drawdown

1.17

2.48

-1.31

Martin ratioReturn relative to average drawdown

3.68

10.39

-6.71

SPD vs. USPX - Sharpe Ratio Comparison

The current SPD Sharpe Ratio is 1.05, which is lower than the USPX Sharpe Ratio of 1.75. The chart below compares the historical Sharpe Ratios of SPD and USPX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

SPD vs. USPX - Drawdown Comparison

The maximum SPD drawdown since its inception was -27.38%, smaller than the maximum USPX drawdown of -31.21%. Use the drawdown chart below to compare losses from any high point for SPD and USPX.

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Drawdown Indicators

SPDUSPXDifference

Max Drawdown

Largest peak-to-trough decline

-27.38%

-31.21%

+3.83%

Max Drawdown (1Y)

Largest decline over 1 year

-11.90%

-9.15%

-2.75%

Max Drawdown (3Y)

Largest decline over 3 years

-15.18%

-19.21%

+4.03%

Max Drawdown (5Y)

Largest decline over 5 years

-27.38%

-24.60%

-2.78%

Max Drawdown (10Y)

Largest decline over 10 years

—

-31.21%

—

Current Drawdown

Current decline from peak

-0.11%

-0.08%

-0.03%

Average Drawdown

Average peak-to-trough decline

-7.56%

-4.40%

-3.16%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.77%

2.18%

+1.59%

Volatility

SPD vs. USPX - Volatility Comparison

Simplify US Equity PLUS Downside Convexity ETF (SPD) has a higher volatility of 4.12% compared to Franklin U.S. Equity Index ETF (USPX) at 3.73%. This indicates that SPD's price experiences larger fluctuations and is considered to be riskier than USPX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

SPDUSPXDifference

Volatility (1M)

Calculated over the trailing 1-month period

4.12%

3.73%

+0.39%

Volatility (6M)

Calculated over the trailing 6-month period

9.54%

10.32%

-0.78%

Volatility (1Y)

Calculated over the trailing 1-year period

13.29%

13.01%

+0.28%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

16.18%

16.32%

-0.14%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

15.95%

15.98%

-0.03%

SPD vs. USPX - Expense Ratio Comparison

SPD has a 0.53% expense ratio, which is higher than USPX's 0.03% expense ratio.

Dividends

SPD vs. USPX - Dividend Comparison

SPD's dividend yield for the trailing twelve months is around 0.95%, less than USPX's 1.08% yield.

PositionTTM2025202420232022202120202019201820172016
SPD
Simplify US Equity PLUS Downside Convexity ETF		0.95%0.97%1.14%1.91%1.64%0.88%0.43%0.00%0.00%0.00%0.00%
USPX
Franklin U.S. Equity Index ETF		1.08%1.07%1.23%1.35%2.21%2.40%2.51%3.07%2.91%2.60%4.89%

Frequently Asked Questions

With a correlation of 0.96, SPD and USPX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

SPD has higher volatility (4.12%) compared to USPX (3.73%). In terms of maximum drawdown, SPD dropped -27.38% vs USPX's -31.21%.

On 5-year performance, USPX leads with 11.91% vs 7.54% for SPD. On fees, USPX is cheaper at 0.03% per year. On volatility, USPX has been the lower-risk option at 3.73%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 5-year period, USPX has performed better with a 11.91% return vs 7.54%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

USPX is cheaper with a 0.03% expense ratio, compared with 0.53% for SPD.

USPX has the higher dividend yield at 1.08%, compared with 0.95% for SPD.

They also come from different issuers: Simplify and Franklin Templeton. Their fees differ too: 0.53% for SPD and 0.03% for USPX.

USPX currently has the higher Sharpe Ratio (1.75 vs 1.05), 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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