SPUC vs. ^GSPC
SPUC (Simplify US Equity PLUS Upside Convexity ETF) is Large Cap Blend Equities fund actively managed by Simplify, while ^GSPC (S&P 500 Index) is an index. Over the past 5 years, SPUC returned 12.87%/yr vs 11.63%/yr for ^GSPC. With a 0.97 correlation, they move nearly in lockstep.
Performance
SPUC vs. ^GSPC - Performance Comparison
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Returns By Period
The year-to-date returns for both investments are quite close, with SPUC having a 10.24% return and ^GSPC slightly higher at 10.66%.
SPUC
- 1D
- 0.52%
- 1M
- 2.50%
- 6M
- 7.39%
- YTD
- 10.24%
- 1Y
- 22.37%
- 3Y*
- 22.62%
- 5Y*
- 12.87%
- 10Y*
- —
^GSPC
- 1D
- 0.42%
- 1M
- 1.94%
- 6M
- 8.74%
- YTD
- 10.66%
- 1Y
- 21.02%
- 3Y*
- 19.50%
- 5Y*
- 11.63%
- 10Y*
- 13.41%
SPUC vs. ^GSPC - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
SPUC Simplify US Equity PLUS Upside Convexity ETF | 10.24% | 22.64% | 25.37% | 27.50% | -24.76% | 33.71% | 10.62% |
^GSPC S&P 500 Index | 10.66% | 16.39% | 23.31% | 24.23% | -19.44% | 26.89% | 8.71% |
Correlation
The correlation between SPUC and ^GSPC is 0.95 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.95 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.96 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.97 |
Correlation (All Time) Calculated using the full available price history since Sep 4, 2020 | 0.97 |
The correlation between SPUC and ^GSPC has been stable across timeframes, ranging from 0.95 to 0.97 - a consistent structural relationship.
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Return for Risk
SPUC vs. ^GSPC — Risk / Return Rank
SPUC
^GSPC
SPUC vs. ^GSPC - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Simplify US Equity PLUS Upside Convexity ETF (SPUC) and S&P 500 Index (^GSPC). 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.
| SPUC | ^GSPC | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.40 | ||
| Sortino ratioReturn per unit of downside risk | -0.56 | ||
| Omega ratioGain probability vs. loss probability | 1.22 | 1.30 | -0.08 |
| Calmar ratioReturn relative to maximum drawdown | 1.80 | 2.28 | -0.48 |
| Martin ratioReturn relative to average drawdown | 6.01 | 9.88 | -3.87 |
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Drawdowns
SPUC vs. ^GSPC - Drawdown Comparison
The maximum SPUC drawdown since its inception was -29.20%, smaller than the maximum ^GSPC drawdown of -56.78%. Use the drawdown chart below to compare losses from any high point for SPUC and ^GSPC.
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Drawdown Indicators
| SPUC | ^GSPC | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -29.20% | -56.78% | +27.58% |
Max Drawdown (1Y)Largest decline over 1 year | -11.56% | -9.10% | -2.46% |
Max Drawdown (3Y)Largest decline over 3 years | -28.17% | -18.90% | -9.27% |
Max Drawdown (5Y)Largest decline over 5 years | -29.20% | -25.43% | -3.77% |
Max Drawdown (10Y)Largest decline over 10 years | — | -33.92% | — |
Current DrawdownCurrent decline from peak | 0.00% | -0.45% | +0.45% |
Average DrawdownAverage peak-to-trough decline | -8.36% | -10.71% | +2.35% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.46% | 2.09% | +1.37% |
Volatility
SPUC vs. ^GSPC - Volatility Comparison
Simplify US Equity PLUS Upside Convexity ETF (SPUC) has a higher volatility of 4.63% compared to S&P 500 Index (^GSPC) at 4.25%. This indicates that SPUC's price experiences larger fluctuations and is considered to be riskier than ^GSPC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SPUC | ^GSPC | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.63% | 4.25% | +0.38% |
Volatility (6M)Calculated over the trailing 6-month period | 11.02% | 9.96% | +1.06% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.68% | 12.52% | +4.16% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 22.00% | 17.00% | +5.00% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 21.38% | 18.05% | +3.33% |
Frequently Asked Questions
With a correlation of 0.95, SPUC and ^GSPC 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.
SPUC has higher volatility (4.63%) compared to ^GSPC (4.25%). In terms of maximum drawdown, SPUC dropped -29.20% vs ^GSPC's -56.78%.
^GSPC currently has the higher Sharpe Ratio (1.65 vs 1.25), 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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