SPUC vs. GDE

Last updated Jun 23, 2026

SPUC (Simplify US Equity PLUS Upside Convexity ETF) and GDE (WisdomTree Efficient Gold Plus Equity Strategy Fund) are both exchange-traded funds - SPUC is a Large Cap Blend Equities fund actively managed by Simplify, while GDE is a Gold fund actively managed by WisdomTree. Both are actively managed. Over the past 3 years, SPUC returned 23.01%/yr vs 42.34%/yr for GDE. A 0.65 correlation means they provide meaningful diversification when combined. SPUC charges 0.53%/yr vs 0.20%/yr for GDE.

Performance

SPUC vs. GDE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Simplify US Equity PLUS Upside Convexity ETF (SPUC) and WisdomTree Efficient Gold Plus Equity Strategy Fund (GDE). 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 higher than GDE's 2.73% return.

SPUC

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

GDE

• 1D: -1.07%
• 1M: -7.12%
• YTD: 2.73%
• 6M: -0.30%
• 1Y: 43.92%
• 3Y*: 42.34%
• 5Y*: —
• 10Y*: —

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

SPUC vs. GDE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
SPUC Simplify US Equity PLUS Upside Convexity ETF	8.43%	22.64%	25.37%	27.50%	-14.43%
GDE WisdomTree Efficient Gold Plus Equity Strategy Fund	2.73%	73.76%	44.79%	33.85%	-8.58%

Correlation

The correlation between SPUC and GDE is 0.59, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.59
Correlation (3Y) Calculated over the trailing 3-year period	0.61
Correlation (All Time) Calculated using the full available price history since Mar 17, 2022	0.65

The correlation between SPUC and GDE has been stable across timeframes, ranging from 0.59 to 0.65 - a consistent structural relationship.

Return for Risk

SPUC vs. GDE — 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

GDE

GDE Risk / Return Rank: 40
GDE Sharpe Ratio Rank: 43
GDE Sortino Ratio Rank: 37
GDE Omega Ratio Rank: 43
GDE Calmar Ratio Rank: 40
GDE Martin Ratio Rank: 36

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. GDE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Simplify US Equity PLUS Upside Convexity ETF (SPUC) and WisdomTree Efficient Gold Plus Equity Strategy Fund (GDE). 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	GDE	Difference
Sharpe ratio: Return per unit of total volatility	1.70	1.46	+0.24
Sortino ratio: Return per unit of downside risk	2.25	1.88	+0.37
Omega ratio: Gain probability vs. loss probability	1.30	1.27	+0.02
Calmar ratio: Return relative to maximum drawdown	2.50	1.95	+0.55
Martin ratio: Return relative to average drawdown	8.37	5.49	+2.89

SPUC vs. GDE - Sharpe Ratio Comparison

The current SPUC Sharpe Ratio is 1.70, which is comparable to the GDE Sharpe Ratio of 1.46. The chart below compares the historical Sharpe Ratios of SPUC and GDE, 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. GDE - Drawdown Comparison

The maximum SPUC drawdown since its inception was -29.20%, smaller than the maximum GDE drawdown of -32.01%. Use the drawdown chart below to compare losses from any high point for SPUC and GDE.

Drawdown Indicators

	SPUC	GDE	Difference
Max Drawdown Largest peak-to-trough decline	-29.20%	-32.01%	+2.81%
Max Drawdown (1Y) Largest decline over 1 year	-11.56%	-22.66%	+11.10%
Max Drawdown (3Y) Largest decline over 3 years	-28.17%	-22.66%	-5.51%
Max Drawdown (5Y) Largest decline over 5 years	-29.20%	—	—
Current Drawdown Current decline from peak	-1.22%	-16.89%	+15.67%
Average Drawdown Average peak-to-trough decline	-8.42%	-7.96%	-0.46%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.44%	8.03%	-4.59%

Volatility

SPUC vs. GDE - Volatility Comparison

The current volatility for Simplify US Equity PLUS Upside Convexity ETF (SPUC) is 4.75%, while WisdomTree Efficient Gold Plus Equity Strategy Fund (GDE) has a volatility of 11.06%. This indicates that SPUC experiences smaller price fluctuations and is considered to be less risky than GDE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPUC	GDE	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.75%	11.06%	-6.31%
Volatility (6M) Calculated over the trailing 6-month period	11.10%	26.33%	-15.23%
Volatility (1Y) Calculated over the trailing 1-year period	17.02%	30.21%	-13.19%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.02%	27.12%	-5.10%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.45%	27.12%	-5.67%

SPUC vs. GDE - Expense Ratio Comparison

SPUC has a 0.53% expense ratio, which is higher than GDE's 0.20% expense ratio.

Dividends

SPUC vs. GDE - Dividend Comparison

SPUC's dividend yield for the trailing twelve months is around 9.27%, more than GDE's 4.21% yield.

Position	TTM	2025	2024	2023	2022	2021	2020
GDE WisdomTree Efficient Gold Plus Equity Strategy Fund	4.21%	4.32%	7.14%	2.22%	0.81%	0.00%	0.00%
SPUC Simplify US Equity PLUS Upside Convexity ETF	9.27%	7.70%	0.94%	1.33%	1.53%	2.00%	0.75%

Frequently Asked Questions

Can I hold both SPUC and GDE in my portfolio?

SPUC and GDE have a correlation of 0.59, 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 GDE?

GDE has higher volatility (11.06%) compared to SPUC (4.75%). In terms of maximum drawdown, SPUC dropped -29.20% vs GDE's -32.01%.

Which ETF is better, SPUC or GDE?

On 3-year performance, GDE leads with 42.34% vs 23.01% for SPUC. On fees, GDE is cheaper at 0.20% per year. On volatility, SPUC has been the lower-risk option at 4.75%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPUC or GDE?

Over the 3-year period, GDE has performed better with a 42.34% return vs 23.01%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPUC or GDE?

GDE is cheaper with a 0.20% expense ratio, compared with 0.53% for SPUC.

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

SPUC has the higher dividend yield at 9.27%, compared with 4.21% for GDE.

What is the main difference between SPUC and GDE?

SPUC is categorized as Large Cap Blend Equities, while GDE is Gold. They also come from different issuers: Simplify and WisdomTree. Their fees differ too: 0.53% for SPUC and 0.20% for GDE.

Which has better risk-adjusted returns?

SPUC currently has the higher Sharpe Ratio (1.70 vs 1.46), 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.