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SPUC vs. ITOT
Performance
Return for Risk
Drawdowns
Volatility
Dividends

SPUC vs. ITOT

Last updated Jul 18, 2026
Documentation

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 12.92%/yr vs 12.10%/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.

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Returns By Period

In the year-to-date period, SPUC achieves a 8.67% return, which is significantly lower than ITOT's 10.17% return.

SPUC

1D
-0.86%
1M
0.96%
6M
6.19%
YTD
8.67%
1Y
20.46%
3Y*
20.52%
5Y*
12.92%
10Y*
—

ITOT

1D
-0.97%
1M
0.57%
6M
8.09%
YTD
10.17%
1Y
19.94%
3Y*
19.00%
5Y*
12.10%
10Y*
14.54%
*Multi-year figures are annualized to reflect compound growth (CAGR)

SPUC vs. ITOT - Yearly Performance Comparison

2026 (YTD)202520242023202220212020
SPUC
Simplify US Equity PLUS Upside Convexity ETF		8.67%22.64%25.37%27.50%-24.76%33.71%10.62%
ITOT
iShares Core S&P Total U.S. Stock Market ETF		10.17%17.00%23.80%26.12%-19.47%25.68%11.99%

Correlation

The correlation between SPUC and ITOT is 0.95 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.95

Correlation (3Y)
Calculated over the trailing 3-year period

0.95

Correlation (5Y)
Calculated over the trailing 5-year period

0.97

Correlation (All Time)
Calculated using the full available price history since Sep 4, 2020

0.96

The correlation between SPUC and ITOT has been stable across timeframes, ranging from 0.95 to 0.97 - a consistent structural relationship.

SPUC vs. ITOT - Sectors Allocation Comparison

Sectors
SPUC
ITOT

Technology

39.9%
37.2%

Financial Services

11.0%
11.4%

Communication Services

10.5%
9.8%

Consumer Cyclical

9.6%
9.8%

Healthcare

8.2%
8.8%

Industrials

7.7%
9.1%

Consumer Defensive

4.4%
4.3%

Energy

3.2%
3.3%

Utilities

2.0%
2.1%

Real Estate

1.8%
2.3%

Basic Materials

1.7%
2.0%

Technology

SPUC
39.9%
ITOT
37.2%

Financial Services

SPUC
11.0%
ITOT
11.4%

Communication Services

SPUC
10.5%
ITOT
9.8%

Consumer Cyclical

SPUC
9.6%
ITOT
9.8%

Healthcare

SPUC
8.2%
ITOT
8.8%

Industrials

SPUC
7.7%
ITOT
9.1%

Consumer Defensive

SPUC
4.4%
ITOT
4.3%

Energy

SPUC
3.2%
ITOT
3.3%

Utilities

SPUC
2.0%
ITOT
2.1%

Real Estate

SPUC
1.8%
ITOT
2.3%

Basic Materials

SPUC
1.7%
ITOT
2.0%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

Simplify US Equity PLUS Upside Convexity ETF

iShares Core S&P Total U.S. Stock Market ETF

Often compared with SPUC:
SPUC vs. SPDSPUC vs. GDESPUC vs. SPYSPUC vs. SVOLSPUC vs. ^GSPCSPUC vs. FOCPXSPUC vs. FCNTX
Often compared with ITOT:
ITOT vs. VTIITOT vs. VOOITOT vs. SCHBITOT vs. SPYITOT vs. FSKAXITOT vs. IVVITOT vs. IXUS

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: 4343
Overall Rank
SPUC Sharpe Ratio Rank: 4444
Sharpe Ratio Rank
SPUC Sortino Ratio Rank: 4040
Sortino Ratio Rank
SPUC Omega Ratio Rank: 4141
Omega Ratio Rank
SPUC Calmar Ratio Rank: 4343
Calmar Ratio Rank
SPUC Martin Ratio Rank: 4646
Martin Ratio Rank
ITOT
ITOT Risk / Return Rank: 5959
Overall Rank
ITOT Sharpe Ratio Rank: 5757
Sharpe Ratio Rank
ITOT Sortino Ratio Rank: 5656
Sortino Ratio Rank
ITOT Omega Ratio Rank: 5656
Omega Ratio Rank
ITOT Calmar Ratio Rank: 5656
Calmar Ratio Rank
ITOT Martin Ratio Rank: 6969
Martin Ratio Rank
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.

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.

SPUCITOTDifference
Sharpe ratioReturn per unit of total volatility
1.24
1.56

-0.32

Sortino ratioReturn per unit of downside risk
1.71
2.17

-0.46

Omega ratioGain probability vs. loss probability

1.22

1.28

-0.06

Calmar ratioReturn relative to maximum drawdown

1.78

2.25

-0.47

Martin ratioReturn relative to average drawdown

5.94

9.79

-3.85

SPUC vs. ITOT - Sharpe Ratio Comparison

The current SPUC Sharpe Ratio is 1.24, which is comparable to the ITOT Sharpe Ratio of 1.56. 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.

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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.

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Drawdown Indicators

SPUCITOTDifference

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

-1.42%

-1.69%

+0.27%

Average Drawdown

Average peak-to-trough decline

-8.33%

-6.94%

-1.39%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.45%

2.04%

+1.41%

Volatility

SPUC vs. ITOT - Volatility Comparison

Simplify US Equity PLUS Upside Convexity ETF (SPUC) and iShares Core S&P Total U.S. Stock Market ETF (ITOT) have volatilities of 3.51% and 3.39%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

SPUCITOTDifference

Volatility (1M)

Calculated over the trailing 1-month period

3.51%

3.39%

+0.12%

Volatility (6M)

Calculated over the trailing 6-month period

11.01%

10.19%

+0.82%

Volatility (1Y)

Calculated over the trailing 1-year period

16.62%

12.89%

+3.73%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

22.00%

17.46%

+4.54%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

21.36%

18.25%

+3.11%

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 10.11%, more than ITOT's 1.01% yield.

PositionTTM20252024202320222021202020192018201720162015
ITOT
iShares Core S&P Total U.S. Stock Market ETF		1.01%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		10.11%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

With a correlation of 0.95, 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.

SPUC has higher volatility (3.51%) compared to ITOT (3.39%). In terms of maximum drawdown, SPUC dropped -29.20% vs ITOT's -55.20%.

On 5-year performance, SPUC leads with 12.92% vs 12.10% for ITOT. On fees, ITOT is cheaper at 0.03% per year. On volatility, ITOT has been the lower-risk option at 3.39%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 5-year period, SPUC has performed better with a 12.92% return vs 12.10%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

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

SPUC has the higher dividend yield at 10.11%, compared with 1.01% for ITOT.

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

ITOT currently has the higher Sharpe Ratio (1.56 vs 1.24), 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.

Portfolio Optimizer

Find the right allocation for SPUC and ITOT

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