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SPUC vs. SPY
Performance
Return for Risk
Drawdowns
Volatility
Dividends

SPUC vs. SPY

Last updated Jun 23, 2026

SPUC (Simplify US Equity PLUS Upside Convexity ETF) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - SPUC is a Large Cap Blend Equities fund actively managed by Simplify, while SPY is a S&P 500 fund tracking the S&P 500 Index. SPUC is actively managed, while SPY is passively managed. Over the past 5 years, SPUC returned 13.59%/yr vs 13.51%/yr for SPY. With a 0.97 correlation, they move nearly in lockstep. SPUC charges 0.53%/yr vs 0.09%/yr for SPY.

Performance

SPUC vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Simplify US Equity PLUS Upside Convexity ETF (SPUC) and State Street SPDR S&P 500 ETF (SPY). 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 8.43% return, which is significantly lower than SPY's 9.74% return.

SPUC

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

SPY

1D
-0.31%
1M
0.09%
YTD
9.74%
6M
9.27%
1Y
26.65%
3Y*
21.27%
5Y*
13.51%
10Y*
15.70%
*Multi-year figures are annualized to reflect compound growth (CAGR)

SPUC vs. SPY - Yearly Performance Comparison

2026 (YTD)202520242023202220212020
SPUC
Simplify US Equity PLUS Upside Convexity ETF		8.43%22.64%25.37%27.50%-24.76%33.71%10.62%
SPY
State Street SPDR S&P 500 ETF		9.74%17.72%24.89%26.18%-18.18%28.73%9.15%

Correlation

The correlation between SPUC and SPY is 0.94, 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

0.94

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

0.96

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

0.97

The correlation between SPUC and SPY has been stable across timeframes, ranging from 0.94 to 0.97 - a consistent structural relationship.

SPUC vs. SPY - Sectors Allocation Comparison

Sectors
SPUC
SPY

Technology

38.4%
39.0%

Financial Services

11.0%
11.1%

Communication Services

10.8%
10.6%

Consumer Cyclical

10.0%
9.9%

Healthcare

8.4%
8.3%

Industrials

7.9%
7.8%

Consumer Defensive

4.6%
4.5%

Energy

3.2%
3.1%

Utilities

2.1%
2.1%

Real Estate

1.8%
1.8%

Basic Materials

1.7%
1.7%

Technology

SPUC
38.4%
SPY
39.0%

Financial Services

SPUC
11.0%
SPY
11.1%

Communication Services

SPUC
10.8%
SPY
10.6%

Consumer Cyclical

SPUC
10.0%
SPY
9.9%

Healthcare

SPUC
8.4%
SPY
8.3%

Industrials

SPUC
7.9%
SPY
7.8%

Consumer Defensive

SPUC
4.6%
SPY
4.5%

Energy

SPUC
3.2%
SPY
3.1%

Utilities

SPUC
2.1%
SPY
2.1%

Real Estate

SPUC
1.8%
SPY
1.8%

Basic Materials

SPUC
1.7%
SPY
1.7%

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

State Street SPDR S&P 500 ETF

Often compared with SPUC:
SPUC vs. SPDSPUC vs. GDESPUC vs. SVOLSPUC vs. ^GSPCSPUC vs. FOCPXSPUC vs. spmoSPUC vs. FCNTX
Often compared with SPY:
SPY vs. QQQSPY vs. VOOSPY vs. BRK-BSPY vs. RSPSPY vs. VTISPY vs. SCHDSPY vs. GLD

Return for Risk

SPUC vs. SPY — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
SPUC
SPUC Risk / Return Rank: 5050
Overall Rank
SPUC Sharpe Ratio Rank: 5151
Sharpe Ratio Rank
SPUC Sortino Ratio Rank: 4747
Sortino Ratio Rank
SPUC Omega Ratio Rank: 4747
Omega Ratio Rank
SPUC Calmar Ratio Rank: 5252
Calmar Ratio Rank
SPUC Martin Ratio Rank: 5151
Martin Ratio Rank
SPY
SPY Risk / Return Rank: 6868
Overall Rank
SPY Sharpe Ratio Rank: 6969
Sharpe Ratio Rank
SPY Sortino Ratio Rank: 6666
Sortino Ratio Rank
SPY Omega Ratio Rank: 6868
Omega Ratio Rank
SPY Calmar Ratio Rank: 6363
Calmar Ratio Rank
SPY Martin Ratio Rank: 7474
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. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Simplify US Equity PLUS Upside Convexity ETF (SPUC) and State Street SPDR S&P 500 ETF (SPY). 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.

SPUCSPYDifference
Sharpe ratioReturn per unit of total volatility
1.70
2.16

-0.46

Sortino ratioReturn per unit of downside risk
2.25
2.91

-0.66

Omega ratioGain probability vs. loss probability

1.30

1.39

-0.10

Calmar ratioReturn relative to maximum drawdown

2.50

3.01

-0.52

Martin ratioReturn relative to average drawdown

8.37

13.54

-5.16

SPUC vs. SPY - Sharpe Ratio Comparison

The current SPUC Sharpe Ratio is 1.70, which is comparable to the SPY Sharpe Ratio of 2.16. The chart below compares the historical Sharpe Ratios of SPUC and SPY, 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. SPY - Drawdown Comparison

The maximum SPUC drawdown since its inception was -29.20%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for SPUC and SPY.

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Drawdown Indicators

SPUCSPYDifference

Max Drawdown

Largest peak-to-trough decline

-29.20%

-55.19%

+25.99%

Max Drawdown (1Y)

Largest decline over 1 year

-11.56%

-8.88%

-2.68%

Max Drawdown (3Y)

Largest decline over 3 years

-28.17%

-18.76%

-9.41%

Max Drawdown (5Y)

Largest decline over 5 years

-29.20%

-24.50%

-4.70%

Max Drawdown (10Y)

Largest decline over 10 years

—

-33.72%

—

Current Drawdown

Current decline from peak

-1.22%

-1.75%

+0.53%

Average Drawdown

Average peak-to-trough decline

-8.42%

-9.04%

+0.62%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.44%

1.97%

+1.47%

Volatility

SPUC vs. SPY - Volatility Comparison

Simplify US Equity PLUS Upside Convexity ETF (SPUC) and State Street SPDR S&P 500 ETF (SPY) have volatilities of 4.75% and 4.64%, 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

SPUCSPYDifference

Volatility (1M)

Calculated over the trailing 1-month period

4.75%

4.64%

+0.11%

Volatility (6M)

Calculated over the trailing 6-month period

11.10%

9.75%

+1.35%

Volatility (1Y)

Calculated over the trailing 1-year period

17.02%

12.43%

+4.59%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

22.02%

17.14%

+4.88%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

21.45%

17.99%

+3.46%

SPUC vs. SPY - Expense Ratio Comparison

SPUC has a 0.53% expense ratio, which is higher than SPY's 0.09% expense ratio.

Dividends

SPUC vs. SPY - Dividend Comparison

SPUC's dividend yield for the trailing twelve months is around 9.27%, more than SPY's 1.01% yield.

PositionTTM20252024202320222021202020192018201720162015
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%
SPY
State Street SPDR S&P 500 ETF		1.01%1.07%1.21%1.40%1.65%1.20%1.52%1.75%2.04%1.80%2.03%2.06%

Frequently Asked Questions

With a correlation of 0.94, SPUC and SPY 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 (4.75%) compared to SPY (4.64%). In terms of maximum drawdown, SPUC dropped -29.20% vs SPY's -55.19%.

On 5-year performance, SPUC leads with 13.59% vs 13.51% for SPY. On fees, SPY is cheaper at 0.09% per year. On volatility, SPY has been the lower-risk option at 4.64%. 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 13.59% return vs 13.51%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

SPY is cheaper with a 0.09% expense ratio, compared with 0.53% for SPUC.

SPUC has the higher dividend yield at 9.27%, compared with 1.01% for SPY.

SPUC is categorized as Large Cap Blend Equities, while SPY is S&P 500. They also come from different issuers: Simplify and State Street. Their fees differ too: 0.53% for SPUC and 0.09% for SPY.

SPY currently has the higher Sharpe Ratio (2.16 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.

Portfolio Optimizer

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