SPUC vs. ESN

Last updated Aug 4, 2026

SPUC (Simplify US Equity PLUS Upside Convexity ETF) and ESN (Essential 40 Stock ETF) are both Large Cap Blend Equities funds. SPUC is actively managed, while ESN is passively managed. Over the past year, SPUC returned 22.91% vs 28.79% for ESN. Their 0.73 correlation means they have sometimes moved together and sometimes differently. SPUC charges 0.53%/yr vs 0.70%/yr for ESN.

Performance

SPUC vs. ESN - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Simplify US Equity PLUS Upside Convexity ETF (SPUC) and Essential 40 Stock ETF (ESN). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SPUC achieves a 10.82% return, which is significantly lower than ESN's 17.69% return.

SPUC

• 1D: 0.83%
• 1M: 1.91%
• 6M: 8.10%
• YTD: 10.82%
• 1Y: 22.91%
• 3Y*: 22.30%
• 5Y*: 12.76%
• 10Y*: —
• ALL TIME*: 16.11%

ESN

• 1D: 0.90%
• 1M: 0.63%
• 6M: 12.36%
• YTD: 17.69%
• 1Y: 28.79%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 17.00%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
ESN Essential 40 Stock ETF	$2.27M	$1.62M	$1.62M
SPUC Simplify US Equity PLUS Upside Convexity ETF	$22.58M	$10.85M	$4.02M

SPUC vs. ESN - Yearly Performance Comparison

	2026 (YTD)	2025	2024
SPUC Simplify US Equity PLUS Upside Convexity ETF	10.82%	22.64%	-4.57%
ESN Essential 40 Stock ETF	17.69%	16.52%	-3.53%

Correlation

The correlation between SPUC and ESN is 0.73, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.73
Correlation (All Time) Calculated using the full available price history since Oct 21, 2024	0.73

The correlation between SPUC and ESN has been stable across timeframes, ranging from 0.73 to 0.73 - a consistent structural relationship.

Return for Risk

SPUC vs. ESN — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

SPUC

SPUC Risk / Return Rank: 53
SPUC Sharpe Ratio Rank: 54
SPUC Sortino Ratio Rank: 51
SPUC Omega Ratio Rank: 52
SPUC Calmar Ratio Rank: 54
SPUC Martin Ratio Rank: 54

ESN

ESN Risk / Return Rank: 94
ESN Sharpe Ratio Rank: 95
ESN Sortino Ratio Rank: 94
ESN Omega Ratio Rank: 93
ESN Calmar Ratio Rank: 92
ESN Martin Ratio Rank: 93

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.

SPUC vs. ESN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Simplify US Equity PLUS Upside Convexity ETF (SPUC) and Essential 40 Stock ETF (ESN). 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	ESN	Difference
Sharpe ratio: Return per unit of total volatility	1.38	2.91	-1.53
Sortino ratio: Return per unit of downside risk	1.88	4.00	-2.11
Omega ratio: Gain probability vs. loss probability	1.24	1.51	-0.27
Calmar ratio: Return relative to maximum drawdown	1.99	4.50	-2.51
Martin ratio: Return relative to average drawdown	6.65	18.06	-11.42

SPUC vs. ESN - Sharpe Ratio Comparison

The current SPUC Sharpe Ratio is 1.38, which is lower than the ESN Sharpe Ratio of 2.91. The chart below compares the historical Sharpe Ratios of SPUC and ESN, 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

SPUC vs. ESN - Drawdown Comparison

The maximum SPUC drawdown since its inception was -29.20%, which is greater than ESN's maximum drawdown of -13.60%. Use the drawdown chart below to compare losses from any high point for SPUC and ESN.

Drawdown Indicators

	SPUC	ESN	Difference
Max Drawdown Largest peak-to-trough decline	-29.20%	-13.60%	-15.60%
Max Drawdown (1Y) Largest decline over 1 year	-11.56%	-6.42%	-5.14%
Max Drawdown (3Y) Largest decline over 3 years	-28.17%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-29.20%	—	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-8.28%	-1.80%	-6.48%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.46%	1.60%	+1.86%

Volatility

SPUC vs. ESN - Volatility Comparison

Simplify US Equity PLUS Upside Convexity ETF (SPUC) has a higher volatility of 4.14% compared to Essential 40 Stock ETF (ESN) at 2.69%. This indicates that SPUC's price experiences larger fluctuations and is considered to be riskier than ESN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPUC	ESN	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.14%	2.69%	+1.45%
Volatility (6M) Calculated over the trailing 6-month period	10.95%	7.51%	+3.44%
Volatility (1Y) Calculated over the trailing 1-year period	16.76%	9.97%	+6.79%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.96%	13.04%	+8.92%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.33%	13.04%	+8.29%

SPUC vs. ESN - Expense Ratio Comparison

SPUC has a 0.53% expense ratio, which is lower than ESN's 0.70% expense ratio.

Dividends

SPUC vs. ESN - Dividend Comparison

SPUC's dividend yield for the trailing twelve months is around 10.99%, more than ESN's 0.77% yield.

Position	TTM	2025	2024	2023	2022	2021	2020
ESN Essential 40 Stock ETF	0.77%	0.91%	0.76%	0.00%	0.00%	0.00%	0.00%
SPUC Simplify US Equity PLUS Upside Convexity ETF	10.99%	7.70%	0.94%	1.33%	1.53%	2.00%	0.75%

Frequently Asked Questions

Can I hold both SPUC and ESN in my portfolio?

SPUC and ESN have a correlation of 0.73, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SPUC or ESN?

SPUC has higher volatility (4.14%) compared to ESN (2.69%). In terms of maximum drawdown, SPUC dropped -29.20% vs ESN's -13.60%.

Which ETF is better, SPUC or ESN?

On 1-year performance, ESN leads with 28.79% vs 22.91% for SPUC. On fees, SPUC is cheaper at 0.53% per year. On volatility, ESN has been the lower-risk option at 2.69%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPUC or ESN?

Over the 1-year period, ESN has performed better with a 28.79% return vs 22.91%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPUC or ESN?

SPUC is cheaper with a 0.53% expense ratio, compared with 0.70% for ESN.

Which ETF pays a higher dividend yield, SPUC or ESN?

SPUC has the higher dividend yield at 10.99%, compared with 0.77% for ESN.

What is the main difference between SPUC and ESN?

They also come from different issuers: Simplify and KKM. Their fees differ too: 0.53% for SPUC and 0.70% for ESN.

Which has better risk-adjusted returns?

ESN currently has the higher Sharpe Ratio (2.91 vs 1.38), 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.