SPYC vs. IQM

Last updated Jun 4, 2026

SPYC (Simplify US Equity PLUS Convexity ETF) and IQM (Franklin Intelligent Machines ETF) are both Large Cap Growth Equities funds. Both are actively managed. Over the past 5 years, SPYC returned 9.87%/yr vs 22.22%/yr for IQM. Their correlation of 0.80 suggests significant overlap in exposure. SPYC charges 0.28%/yr vs 0.50%/yr for IQM.

Performance

SPYC vs. IQM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Simplify US Equity PLUS Convexity ETF (SPYC) and Franklin Intelligent Machines ETF (IQM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SPYC achieves a 7.59% return, which is significantly lower than IQM's 40.18% return.

SPYC

• 1D: -0.84%
• 1M: 5.51%
• YTD: 7.59%
• 6M: 6.63%
• 1Y: 16.39%
• 3Y*: 19.24%
• 5Y*: 9.87%
• 10Y*: —

IQM

• 1D: -0.37%
• 1M: 11.94%
• YTD: 40.18%
• 6M: 38.57%
• 1Y: 75.07%
• 3Y*: 37.62%
• 5Y*: 22.22%
• 10Y*: —

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

SPYC vs. IQM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
SPYC Simplify US Equity PLUS Convexity ETF	7.59%	15.31%	22.57%	23.98%	-25.65%	29.26%	9.10%
IQM Franklin Intelligent Machines ETF	40.18%	30.76%	31.03%	41.06%	-33.36%	25.18%	30.19%

Correlation

The correlation between SPYC and IQM is 0.75, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.75
Correlation (3Y) Calculated over the trailing 3-year period	0.80
Correlation (5Y) Calculated over the trailing 5-year period	0.82
Correlation (All Time) Calculated using the full available price history since Sep 8, 2020	0.80

The correlation between SPYC and IQM has been stable across timeframes, ranging from 0.75 to 0.82 - a consistent structural relationship.

SPYC vs. IQM - Sectors Allocation Comparison

Sectors	SPYC	IQM
Technology	35.6%	65.9%
Financial Services	11.8%	-
Communication Services	11.2%	2.1%
Consumer Cyclical	10.1%	4.1%
Healthcare	8.5%	1.1%
Industrials	8.3%	19.9%
Consumer Defensive	4.9%	-
Energy	3.5%	2.7%
Utilities	2.4%	3.3%
Real Estate	1.9%	-
Basic Materials	1.8%	-

Return for Risk

SPYC vs. IQM — Risk / Return Rank

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

SPYC

SPYC Risk / Return Rank: 27
SPYC Sharpe Ratio Rank: 29
SPYC Sortino Ratio Rank: 29
SPYC Omega Ratio Rank: 27
SPYC Calmar Ratio Rank: 25
SPYC Martin Ratio Rank: 26

IQM

IQM Risk / Return Rank: 78
IQM Sharpe Ratio Rank: 81
IQM Sortino Ratio Rank: 66
IQM Omega Ratio Rank: 71
IQM Calmar Ratio Rank: 88
IQM Martin Ratio Rank: 83

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.

SPYC vs. IQM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Simplify US Equity PLUS Convexity ETF (SPYC) and Franklin Intelligent Machines ETF (IQM). 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.

	SPYC	IQM	Difference
Sharpe ratio: Return per unit of total volatility	1.07	2.67	-1.61
Sortino ratio: Return per unit of downside risk	1.60	3.11	-1.51
Omega ratio: Gain probability vs. loss probability	1.19	1.43	-0.24
Calmar ratio: Return relative to maximum drawdown	1.22	5.13	-3.91
Martin ratio: Return relative to average drawdown	3.66	16.79	-13.13
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SPYC vs. IQM - Sharpe Ratio Comparison

The current SPYC Sharpe Ratio is 1.07, which is lower than the IQM Sharpe Ratio of 2.67. The chart below compares the historical Sharpe Ratios of SPYC and IQM, 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

	SPYC	IQM	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.07	2.67	-1.61
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.50	0.77	-0.27
Sharpe Ratio (All Time) Calculated using the full available price history	0.64	0.96	-0.32

Drawdowns

SPYC vs. IQM - Drawdown Comparison

The maximum SPYC drawdown since its inception was -28.51%, smaller than the maximum IQM drawdown of -44.91%. Use the drawdown chart below to compare losses from any high point for SPYC and IQM.

Drawdown Indicators

	SPYC	IQM	Difference
Max Drawdown Largest peak-to-trough decline	-28.51%	-44.91%	+16.40%
Max Drawdown (1Y) Largest decline over 1 year	-13.47%	-14.71%	+1.24%
Max Drawdown (3Y) Largest decline over 3 years	-22.81%	-30.42%	+7.61%
Max Drawdown (5Y) Largest decline over 5 years	-28.51%	-44.91%	+16.40%
Current Drawdown Current decline from peak	-0.87%	-0.37%	-0.50%
Average Drawdown Average peak-to-trough decline	-8.24%	-12.25%	+4.01%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.49%	4.49%	0.00%

Volatility

SPYC vs. IQM - Volatility Comparison

The current volatility for Simplify US Equity PLUS Convexity ETF (SPYC) is 3.73%, while Franklin Intelligent Machines ETF (IQM) has a volatility of 9.20%. This indicates that SPYC experiences smaller price fluctuations and is considered to be less risky than IQM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPYC	IQM	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.73%	9.20%	-5.47%
Volatility (6M) Calculated over the trailing 6-month period	9.75%	22.92%	-13.17%
Volatility (1Y) Calculated over the trailing 1-year period	15.47%	28.27%	-12.80%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.88%	28.91%	-9.03%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.65%	30.72%	-11.07%

SPYC vs. IQM - Expense Ratio Comparison

SPYC has a 0.28% expense ratio, which is lower than IQM's 0.50% expense ratio.

Dividends

SPYC vs. IQM - Dividend Comparison

SPYC's dividend yield for the trailing twelve months is around 0.87%, while IQM has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020
IQM Franklin Intelligent Machines ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.17%	0.01%
SPYC Simplify US Equity PLUS Convexity ETF	0.87%	0.89%	1.02%	1.76%	1.34%	1.01%	0.40%

Frequently Asked Questions

Can I hold both SPYC and IQM in my portfolio?

SPYC and IQM have a correlation of 0.75, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SPYC or IQM?

IQM has higher volatility (9.20%) compared to SPYC (3.73%). In terms of maximum drawdown, SPYC dropped -28.51% vs IQM's -44.91%.

Which ETF is better, SPYC or IQM?

On 5-year performance, IQM leads with 22.22% vs 9.87% for SPYC. On fees, SPYC is cheaper at 0.28% per year. On volatility, SPYC has been the lower-risk option at 3.73%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPYC or IQM?

Over the 5-year period, IQM has performed better with a 22.22% return vs 9.87%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPYC or IQM?

SPYC is cheaper with a 0.28% expense ratio, compared with 0.50% for IQM.

Which ETF pays a higher dividend yield, SPYC or IQM?

SPYC has the higher dividend yield at 0.87%, compared with 0.00% for IQM.

What is the main difference between SPYC and IQM?

They also come from different issuers: Simplify and Franklin Templeton. Their fees differ too: 0.28% for SPYC and 0.50% for IQM.

Which has better risk-adjusted returns?

IQM currently has the higher Sharpe Ratio (2.67 vs 1.07), 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.