SPLS vs. CTAP

Last updated Jun 3, 2026

SPLS (PIMCO U.S. Stocks PLUS Active Bond ETF) and CTAP (Simplify US Equity PLUS Managed Futures Strategy ETF) are both Diversified Portfolio funds. Both are actively managed. At a 0.15 correlation, their price movements are largely independent. SPLS charges 0.18%/yr vs 0.10%/yr for CTAP.

Performance

SPLS vs. CTAP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PIMCO U.S. Stocks PLUS Active Bond ETF (SPLS) and Simplify US Equity PLUS Managed Futures Strategy ETF (CTAP). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

SPLS

• 1D: 0.10%
• 1M: 5.32%
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

CTAP

• 1D: 0.68%
• 1M: -1.60%
• YTD: 22.34%
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SPLS vs. CTAP - Yearly Performance Comparison

	2026 (YTD)
SPLS PIMCO U.S. Stocks PLUS Active Bond ETF	10.09%
CTAP Simplify US Equity PLUS Managed Futures Strategy ETF	19.63%

Correlation

The correlation between SPLS and CTAP is 0.15, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jan 20, 2026	0.15

Return for Risk

SPLS vs. CTAP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PIMCO U.S. Stocks PLUS Active Bond ETF (SPLS) and Simplify US Equity PLUS Managed Futures Strategy ETF (CTAP). 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	SPLS	CTAP	Difference
Sharpe Ratio (All Time) Calculated using the full available price history	1.99	2.56	-0.57

Drawdowns

SPLS vs. CTAP - Drawdown Comparison

The maximum SPLS drawdown since its inception was -9.24%, roughly equal to the maximum CTAP drawdown of -9.02%. Use the drawdown chart below to compare losses from any high point for SPLS and CTAP.

Drawdown Indicators

	SPLS	CTAP	Difference
Max Drawdown Largest peak-to-trough decline	-9.24%	-9.02%	-0.22%
Current Drawdown Current decline from peak	0.00%	-4.16%	+4.16%
Average Drawdown Average peak-to-trough decline	-1.87%	-2.16%	+0.29%

Volatility

Volatility by Period

	SPLS	CTAP	Difference
Volatility (1Y) Calculated over the trailing 1-year period	15.05%	24.03%	-8.98%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.05%	24.03%	-8.98%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.05%	24.03%	-8.98%

SPLS vs. CTAP - Expense Ratio Comparison

SPLS has a 0.18% expense ratio, which is higher than CTAP's 0.10% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

SPLS vs. CTAP - Dividend Comparison

SPLS's dividend yield for the trailing twelve months is around 0.21%, less than CTAP's 0.64% yield.

Position	TTM
CTAP Simplify US Equity PLUS Managed Futures Strategy ETF	0.64%
SPLS PIMCO U.S. Stocks PLUS Active Bond ETF	0.21%

Frequently Asked Questions

Can I hold both SPLS and CTAP in my portfolio?

SPLS and CTAP have a correlation of 0.15, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, SPLS or CTAP?

On fees, CTAP is cheaper at 0.10% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, SPLS or CTAP?

CTAP is cheaper with a 0.10% expense ratio, compared with 0.18% for SPLS.

Which ETF pays a higher dividend yield, SPLS or CTAP?

CTAP has the higher dividend yield at 0.64%, compared with 0.21% for SPLS.

What is the main difference between SPLS and CTAP?

They also come from different issuers: PIMCO and Simplify. Their fees differ too: 0.18% for SPLS and 0.10% for CTAP.