SPUC vs. ITOT

Last updated Jun 5, 2026

SPUC (Simplify US Equity PLUS Upside Convexity ETF) and ITOT (iShares Core S&P Total U.S. Stock Market ETF) are both Large Cap Blend Equities funds. SPUC is actively managed, while ITOT is passively managed. Over the past 5 years, SPUC returned 13.74%/yr vs 12.80%/yr for ITOT. With a 0.96 correlation, they move nearly in lockstep. SPUC charges 0.53%/yr vs 0.03%/yr for ITOT.

Performance

SPUC vs. ITOT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Simplify US Equity PLUS Upside Convexity ETF (SPUC) and iShares Core S&P Total U.S. Stock Market ETF (ITOT). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SPUC achieves a 9.72% return, which is significantly lower than ITOT's 11.78% return.

SPUC

• 1D: 0.37%
• 1M: 4.26%
• YTD: 9.72%
• 6M: 8.65%
• 1Y: 29.51%
• 3Y*: 24.38%
• 5Y*: 13.74%
• 10Y*: —

ITOT

• 1D: 0.48%
• 1M: 4.64%
• YTD: 11.78%
• 6M: 11.52%
• 1Y: 28.81%
• 3Y*: 22.39%
• 5Y*: 12.80%
• 10Y*: 15.01%

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

SPUC vs. ITOT - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
SPUC Simplify US Equity PLUS Upside Convexity ETF	9.72%	22.64%	25.37%	27.50%	-24.76%	33.71%	9.53%
ITOT iShares Core S&P Total U.S. Stock Market ETF	11.78%	17.00%	23.80%	26.12%	-19.47%	25.68%	12.98%

Correlation

The correlation between SPUC and ITOT is 0.93, 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	0.93
Correlation (3Y) Calculated over the trailing 3-year period	0.95
Correlation (5Y) Calculated over the trailing 5-year period	0.96
Correlation (All Time) Calculated using the full available price history since Sep 8, 2020	0.96

The correlation between SPUC and ITOT has been stable across timeframes, ranging from 0.93 to 0.96 - a consistent structural relationship.

SPUC vs. ITOT - Sectors Allocation Comparison

Sectors	SPUC	ITOT
Technology	36.2%	33.8%
Financial Services	11.9%	12.1%
Communication Services	10.9%	10.3%
Consumer Cyclical	10.1%	10.1%
Healthcare	8.4%	9.0%
Industrials	8.1%	9.5%
Consumer Defensive	4.9%	4.7%
Energy	3.5%	3.7%
Utilities	2.3%	2.3%
Real Estate	1.9%	2.4%
Basic Materials	1.8%	2.1%

Return for Risk

SPUC vs. ITOT — Risk / Return Rank

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

SPUC

SPUC Risk / Return Rank: 51
SPUC Sharpe Ratio Rank: 52
SPUC Sortino Ratio Rank: 48
SPUC Omega Ratio Rank: 49
SPUC Calmar Ratio Rank: 53
SPUC Martin Ratio Rank: 52

ITOT

ITOT Risk / Return Rank: 73
ITOT Sharpe Ratio Rank: 74
ITOT Sortino Ratio Rank: 73
ITOT Omega Ratio Rank: 72
ITOT Calmar Ratio Rank: 66
ITOT Martin Ratio Rank: 78

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. ITOT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Simplify US Equity PLUS Upside Convexity ETF (SPUC) and iShares Core S&P Total U.S. Stock Market ETF (ITOT). 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.

	SPUC	ITOT	Difference
Sharpe ratio: Return per unit of total volatility	1.76	2.37	-0.61
Sortino ratio: Return per unit of downside risk	2.33	3.24	-0.91
Omega ratio: Gain probability vs. loss probability	1.31	1.43	-0.12
Calmar ratio: Return relative to maximum drawdown	2.57	3.25	-0.69
Martin ratio: Return relative to average drawdown	8.66	14.92	-6.27
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SPUC vs. ITOT - Sharpe Ratio Comparison

The current SPUC Sharpe Ratio is 1.76, which is comparable to the ITOT Sharpe Ratio of 2.37. The chart below compares the historical Sharpe Ratios of SPUC and ITOT, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	SPUC	ITOT	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.76	2.37	-0.61
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.63	0.74	-0.11
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.82	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.76	0.57	+0.19

Drawdowns

SPUC vs. ITOT - Drawdown Comparison

The maximum SPUC drawdown since its inception was -29.20%, smaller than the maximum ITOT drawdown of -55.20%. Use the drawdown chart below to compare losses from any high point for SPUC and ITOT.

Drawdown Indicators

	SPUC	ITOT	Difference
Max Drawdown Largest peak-to-trough decline	-29.20%	-55.20%	+26.00%
Max Drawdown (1Y) Largest decline over 1 year	-11.56%	-8.90%	-2.66%
Max Drawdown (3Y) Largest decline over 3 years	-28.17%	-19.44%	-8.73%
Max Drawdown (5Y) Largest decline over 5 years	-29.20%	-25.36%	-3.84%
Max Drawdown (10Y) Largest decline over 10 years	—	-35.00%	—
Current Drawdown Current decline from peak	-0.05%	-0.25%	+0.20%
Average Drawdown Average peak-to-trough decline	-8.48%	-6.97%	-1.51%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.42%	1.94%	+1.48%

Volatility

SPUC vs. ITOT - Volatility Comparison

The current volatility for Simplify US Equity PLUS Upside Convexity ETF (SPUC) is 2.64%, while iShares Core S&P Total U.S. Stock Market ETF (ITOT) has a volatility of 2.94%. This indicates that SPUC experiences smaller price fluctuations and is considered to be less risky than ITOT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPUC	ITOT	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.64%	2.94%	-0.30%
Volatility (6M) Calculated over the trailing 6-month period	10.87%	9.14%	+1.73%
Volatility (1Y) Calculated over the trailing 1-year period	16.81%	12.19%	+4.62%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.94%	17.35%	+4.59%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.46%	18.26%	+3.20%

SPUC vs. ITOT - Expense Ratio Comparison

SPUC has a 0.53% expense ratio, which is higher than ITOT's 0.03% expense ratio.

Dividends

SPUC vs. ITOT - Dividend Comparison

SPUC's dividend yield for the trailing twelve months is around 9.16%, more than ITOT's 0.97% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ITOT iShares Core S&P Total U.S. Stock Market ETF	0.97%	1.11%	1.23%	1.47%	1.66%	1.18%	1.41%	1.88%	2.14%	1.69%	1.83%	2.01%
SPUC Simplify US Equity PLUS Upside Convexity ETF	9.16%	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 ITOT in my portfolio?

With a correlation of 0.93, SPUC and ITOT 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.

Which is riskier, SPUC or ITOT?

ITOT has higher volatility (2.94%) compared to SPUC (2.64%). In terms of maximum drawdown, SPUC dropped -29.20% vs ITOT's -55.20%.

Which ETF is better, SPUC or ITOT?

On 5-year performance, SPUC leads with 13.74% vs 12.80% for ITOT. On fees, ITOT is cheaper at 0.03% per year. On volatility, SPUC has been the lower-risk option at 2.64%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPUC or ITOT?

Over the 5-year period, SPUC has performed better with a 13.74% return vs 12.80%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPUC or ITOT?

ITOT is cheaper with a 0.03% expense ratio, compared with 0.53% for SPUC.

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

SPUC has the higher dividend yield at 9.16%, compared with 0.97% for ITOT.

What is the main difference between SPUC and ITOT?

They also come from different issuers: Simplify and iShares. Their fees differ too: 0.53% for SPUC and 0.03% for ITOT.

Which has better risk-adjusted returns?

ITOT currently has the higher Sharpe Ratio (2.37 vs 1.76), 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.