SPUC vs. TEXN

Last updated Apr 1, 2026

Compare and contrast key facts about Simplify US Equity PLUS Upside Convexity ETF (SPUC) and iShares Texas Equity ETF (TEXN).

SPUC and TEXN are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. SPUC is an actively managed fund by Simplify. It was launched on Sep 3, 2020. TEXN is a passively managed fund by iShares that tracks the performance of the Russell Texas Equity Index. It was launched on Jun 23, 2025.

Performance

SPUC vs. TEXN - 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 Texas Equity ETF (TEXN). The values are adjusted to include any dividend payments, if applicable.

SPUC vs. TEXN - Yearly Performance Comparison

	2026 (YTD)	2025
SPUC Simplify US Equity PLUS Upside Convexity ETF	-4.97%	17.05%
TEXN iShares Texas Equity ETF	12.67%	8.16%

Returns By Period

In the year-to-date period, SPUC achieves a -4.97% return, which is significantly lower than TEXN's 12.67% return.

SPUC

• 1D: 3.01%
• 1M: -4.96%
• YTD: -4.97%
• 6M: -5.58%
• 1Y: 24.78%
• 3Y*: 20.26%
• 5Y*: 11.88%
• 10Y*: —

TEXN

• 1D: 1.53%
• 1M: 0.90%
• YTD: 12.67%
• 6M: 10.48%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SPUC vs. TEXN - Expense Ratio Comparison

SPUC has a 0.29% expense ratio, which is higher than TEXN's 0.20% expense ratio.

SPUC

Simplify US Equity PLUS Upside Convexity ETF

TEXN

iShares Texas Equity ETF

Return for Risk

SPUC vs. TEXN — Risk / Return Rank

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

SPUC

SPUC Risk / Return Rank: 59
SPUC Sharpe Ratio Rank: 54
SPUC Sortino Ratio Rank: 57
SPUC Omega Ratio Rank: 56
SPUC Calmar Ratio Rank: 64
SPUC Martin Ratio Rank: 62

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. TEXN - 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 Texas Equity ETF (TEXN). 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	TEXN	Difference
Sharpe ratio Return per unit of total volatility	0.94	—	—
Sortino ratio Return per unit of downside risk	1.47	—	—
Omega ratio Gain probability vs. loss probability	1.21	—	—
Calmar ratio Return relative to maximum drawdown	1.60	—	—
Martin ratio Return relative to average drawdown	6.08	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	SPUC	TEXN	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.94	—	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.54	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.64	1.99	-1.35

Correlation

The correlation between SPUC and TEXN is 0.61, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

SPUC vs. TEXN - Dividend Comparison

SPUC's dividend yield for the trailing twelve months is around 8.17%, more than TEXN's 1.13% yield.

	TTM	2025	2024	2023	2022	2021	2020
SPUC Simplify US Equity PLUS Upside Convexity ETF	8.17%	7.70%	0.94%	1.33%	1.53%	2.00%	0.75%
TEXN iShares Texas Equity ETF	1.13%	0.86%	0.00%	0.00%	0.00%	0.00%	0.00%

Drawdowns

SPUC vs. TEXN - Drawdown Comparison

The maximum SPUC drawdown since its inception was -29.20%, which is greater than TEXN's maximum drawdown of -6.34%. Use the drawdown chart below to compare losses from any high point for SPUC and TEXN.

Drawdown Indicators

	SPUC	TEXN	Difference
Max Drawdown Largest peak-to-trough decline	-29.20%	-6.34%	-22.86%
Max Drawdown (1Y) Largest decline over 1 year	-16.09%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-29.20%	—	—
Current Drawdown Current decline from peak	-8.90%	-0.54%	-8.36%
Average Drawdown Average peak-to-trough decline	-8.70%	-1.27%	-7.43%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.23%	—	—

Volatility

Volatility by Period

	SPUC	TEXN	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.57%	—	—
Volatility (6M) Calculated over the trailing 6-month period	13.44%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	26.53%	14.82%	+11.71%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.05%	14.82%	+7.23%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.71%	14.82%	+6.89%