SPUC vs. FOCPX

Last updated Jun 23, 2026

SPUC (Simplify US Equity PLUS Upside Convexity ETF) and FOCPX (Fidelity OTC Portfolio) are both funds - SPUC is a Large Cap Blend Equities fund actively managed by Simplify, while FOCPX is a Large Cap Growth Equities fund actively managed by Fidelity. Both are actively managed. Over the past 5 years, SPUC returned 13.59%/yr vs 18.97%/yr for FOCPX. Their correlation of 0.88 suggests significant overlap in exposure. SPUC charges 0.53%/yr vs 0.73%/yr for FOCPX.

Performance

SPUC vs. FOCPX - Performance Comparison

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

Returns By Period

In the year-to-date period, SPUC achieves a 8.43% return, which is significantly lower than FOCPX's 29.53% return.

SPUC

• 1D: -0.24%
• 1M: 0.47%
• YTD: 8.43%
• 6M: 7.61%
• 1Y: 28.74%
• 3Y*: 23.01%
• 5Y*: 13.59%
• 10Y*: —

FOCPX

• 1D: 2.04%
• 1M: 5.89%
• YTD: 29.53%
• 6M: 29.90%
• 1Y: 60.78%
• 3Y*: 34.57%
• 5Y*: 18.97%
• 10Y*: 23.16%

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

SPUC vs. FOCPX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
SPUC Simplify US Equity PLUS Upside Convexity ETF	8.43%	22.64%	25.37%	27.50%	-24.76%	33.71%	10.62%
FOCPX Fidelity OTC Portfolio	29.53%	22.21%	38.95%	42.64%	-32.08%	24.94%	10.47%

Correlation

The correlation between SPUC and FOCPX is 0.81, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.81
Correlation (3Y) Calculated over the trailing 3-year period	0.85
Correlation (5Y) Calculated over the trailing 5-year period	0.89
Correlation (All Time) Calculated using the full available price history since Sep 4, 2020	0.88

The correlation between SPUC and FOCPX has been stable across timeframes, ranging from 0.81 to 0.89 - a consistent structural relationship.

Return for Risk

SPUC vs. FOCPX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

SPUC

SPUC Risk / Return Rank: 50
SPUC Sharpe Ratio Rank: 51
SPUC Sortino Ratio Rank: 47
SPUC Omega Ratio Rank: 47
SPUC Calmar Ratio Rank: 52
SPUC Martin Ratio Rank: 51

FOCPX

FOCPX Risk / Return Rank: 92
FOCPX Sharpe Ratio Rank: 96
FOCPX Sortino Ratio Rank: 87
FOCPX Omega Ratio Rank: 84
FOCPX Calmar Ratio Rank: 95
FOCPX Martin Ratio Rank: 96

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

SPUC vs. FOCPX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Simplify US Equity PLUS Upside Convexity ETF (SPUC) and Fidelity OTC Portfolio (FOCPX). 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	FOCPX	Difference
Sharpe ratio: Return per unit of total volatility	1.70	3.13	-1.43
Sortino ratio: Return per unit of downside risk	2.25	3.85	-1.59
Omega ratio: Gain probability vs. loss probability	1.30	1.53	-0.23
Calmar ratio: Return relative to maximum drawdown	2.50	5.36	-2.86
Martin ratio: Return relative to average drawdown	8.37	22.70	-14.33

SPUC vs. FOCPX - Sharpe Ratio Comparison

The current SPUC Sharpe Ratio is 1.70, which is lower than the FOCPX Sharpe Ratio of 3.13. The chart below compares the historical Sharpe Ratios of SPUC and FOCPX, 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. FOCPX - Drawdown Comparison

The maximum SPUC drawdown since its inception was -29.20%, smaller than the maximum FOCPX drawdown of -70.25%. Use the drawdown chart below to compare losses from any high point for SPUC and FOCPX.

Drawdown Indicators

	SPUC	FOCPX	Difference
Max Drawdown Largest peak-to-trough decline	-29.20%	-70.25%	+41.05%
Max Drawdown (1Y) Largest decline over 1 year	-11.56%	-11.29%	-0.27%
Max Drawdown (3Y) Largest decline over 3 years	-28.17%	-24.82%	-3.35%
Max Drawdown (5Y) Largest decline over 5 years	-29.20%	-37.05%	+7.85%
Max Drawdown (10Y) Largest decline over 10 years	—	-37.05%	—
Current Drawdown Current decline from peak	-1.22%	-0.06%	-1.16%
Average Drawdown Average peak-to-trough decline	-8.42%	-16.99%	+8.57%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.44%	2.66%	+0.78%

Volatility

SPUC vs. FOCPX - Volatility Comparison

The current volatility for Simplify US Equity PLUS Upside Convexity ETF (SPUC) is 4.75%, while Fidelity OTC Portfolio (FOCPX) has a volatility of 8.83%. This indicates that SPUC experiences smaller price fluctuations and is considered to be less risky than FOCPX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPUC	FOCPX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.75%	8.83%	-4.08%
Volatility (6M) Calculated over the trailing 6-month period	11.10%	15.82%	-4.72%
Volatility (1Y) Calculated over the trailing 1-year period	17.02%	19.37%	-2.35%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.02%	22.92%	-0.90%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.45%	22.56%	-1.11%

SPUC vs. FOCPX - Expense Ratio Comparison

SPUC has a 0.53% expense ratio, which is lower than FOCPX's 0.73% expense ratio.

Dividends

SPUC vs. FOCPX - Dividend Comparison

SPUC's dividend yield for the trailing twelve months is around 9.27%, more than FOCPX's 6.00% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FOCPX Fidelity OTC Portfolio	6.00%	7.78%	16.76%	0.05%	4.06%	11.53%	6.23%	7.58%	7.93%	4.86%	3.24%	5.41%
SPUC Simplify US Equity PLUS Upside Convexity ETF	9.27%	7.70%	0.94%	1.33%	1.53%	2.00%	0.75%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both SPUC and FOCPX in my portfolio?

SPUC and FOCPX have a correlation of 0.81, 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 FOCPX?

FOCPX has higher volatility (8.83%) compared to SPUC (4.75%). In terms of maximum drawdown, SPUC dropped -29.20% vs FOCPX's -70.25%.

Which has better risk-adjusted returns?

FOCPX currently has the higher Sharpe Ratio (3.13 vs 1.70), 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.