SPUC vs. HIGH
SPUC (Simplify US Equity PLUS Upside Convexity ETF) and HIGH (Simplify Enhanced Income ETF) are both exchange-traded funds - SPUC is a Large Cap Blend Equities fund actively managed by Simplify, while HIGH is a Derivative Income fund actively managed by Simplify. Both are actively managed. Over the past 3 years, SPUC returned 22.30%/yr vs 2.88%/yr for HIGH. Their 0.48 correlation means their historical movements had little consistent relationship. SPUC charges 0.53%/yr vs 0.50%/yr for HIGH.
Performance
SPUC vs. HIGH - Performance Comparison
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Returns By Period
In the year-to-date period, SPUC achieves a 10.82% return, which is significantly higher than HIGH's 0.14% 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%
HIGH
- 1D
- 1.15%
- 1M
- 0.70%
- 6M
- 0.59%
- YTD
- 0.14%
- 1Y
- -0.12%
- 3Y*
- 2.88%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 3.73%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $241.27K | $246.12K | $538.64K | |
| $22.58M | $10.85M | $4.02M |
SPUC vs. HIGH - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
SPUC Simplify US Equity PLUS Upside Convexity ETF | 10.82% | 22.64% | 25.37% | 27.50% | -0.96% |
HIGH Simplify Enhanced Income ETF | 0.14% | 4.35% | 1.52% | 7.70% | 0.47% |
Correlation
The correlation between SPUC and HIGH is 0.71, 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. | 0.71 |
Correlation (3Y) Balances recent behavior with more history. | 0.55 |
Correlation (All Time) Calculated using the full available price history since Oct 28, 2022 | 0.48 |
Over the past year, SPUC and HIGH have become more correlated (0.71) than their long-term average of 0.48, meaning their price movements have been converging.
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Return for Risk
SPUC vs. HIGH — Risk / Return Rank
SPUC
HIGH
SPUC vs. HIGH - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Simplify US Equity PLUS Upside Convexity ETF (SPUC) and Simplify Enhanced Income ETF (HIGH). 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 | HIGH | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.39 | ||
| Sortino ratioReturn per unit of downside risk | +1.85 | ||
| Omega ratioGain probability vs. loss probability | 1.24 | 1.00 | +0.24 |
| Calmar ratioReturn relative to maximum drawdown | 1.99 | -0.02 | +2.01 |
| Martin ratioReturn relative to average drawdown | 6.65 | -0.03 | +6.67 |
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Drawdowns
SPUC vs. HIGH - Drawdown Comparison
The maximum SPUC drawdown since its inception was -29.20%, which is greater than HIGH's maximum drawdown of -9.50%. Use the drawdown chart below to compare losses from any high point for SPUC and HIGH.
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Drawdown Indicators
| SPUC | HIGH | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -29.20% | -9.50% | -19.70% |
Max Drawdown (1Y)Largest decline over 1 year | -11.56% | -7.08% | -4.48% |
Max Drawdown (3Y)Largest decline over 3 years | -28.17% | -9.50% | -18.67% |
Max Drawdown (5Y)Largest decline over 5 years | -29.20% | — | — |
Current DrawdownCurrent decline from peak | 0.00% | -6.63% | +6.63% |
Average DrawdownAverage peak-to-trough decline | -8.28% | -2.59% | -5.69% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.46% | 4.47% | -1.01% |
Volatility
SPUC vs. HIGH - Volatility Comparison
Simplify US Equity PLUS Upside Convexity ETF (SPUC) has a higher volatility of 4.14% compared to Simplify Enhanced Income ETF (HIGH) at 2.43%. This indicates that SPUC's price experiences larger fluctuations and is considered to be riskier than HIGH based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SPUC | HIGH | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.14% | 2.43% | +1.71% |
Volatility (6M)Calculated over the trailing 6-month period | 10.95% | 4.03% | +6.92% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.76% | 7.31% | +9.45% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 21.96% | 9.48% | +12.48% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 21.33% | 9.48% | +11.85% |
SPUC vs. HIGH - Expense Ratio Comparison
SPUC has a 0.53% expense ratio, which is higher than HIGH's 0.50% expense ratio.
Dividends
SPUC vs. HIGH - Dividend Comparison
SPUC's dividend yield for the trailing twelve months is around 10.99%, more than HIGH's 6.81% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
HIGH Simplify Enhanced Income ETF | 6.81% | 7.71% | 8.34% | 9.40% | 0.62% | 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
SPUC and HIGH have a correlation of 0.71, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SPUC has higher volatility (4.14%) compared to HIGH (2.43%). In terms of maximum drawdown, SPUC dropped -29.20% vs HIGH's -9.50%.
On 3-year performance, SPUC leads with 22.30% vs 2.88% for HIGH. On fees, HIGH is cheaper at 0.50% per year. On volatility, HIGH has been the lower-risk option at 2.43%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, SPUC has performed better with a 22.30% return vs 2.88%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
HIGH is cheaper with a 0.50% expense ratio, compared with 0.53% for SPUC.
SPUC has the higher dividend yield at 10.99%, compared with 6.81% for HIGH.
SPUC is categorized as Large Cap Blend Equities, while HIGH is Derivative Income. Their fees differ too: 0.53% for SPUC and 0.50% for HIGH.
SPUC currently has the higher Sharpe Ratio (1.38 vs -0.02), 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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