SPYC vs. OUSA

Last updated Jun 24, 2026

SPYC (Simplify US Equity PLUS Convexity ETF) and OUSA (OShares U.S. Quality Dividend ETF) are both Large Cap Growth Equities funds. SPYC is actively managed, while OUSA is passively managed. Over the past 5 years, SPYC returned 9.47%/yr vs 8.53%/yr for OUSA. A 0.80 correlation means they provide meaningful diversification when combined. SPYC charges 0.28%/yr vs 0.48%/yr for OUSA.

Performance

SPYC vs. OUSA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Simplify US Equity PLUS Convexity ETF (SPYC) and OShares U.S. Quality Dividend ETF (OUSA). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SPYC achieves a 5.45% return, which is significantly higher than OUSA's 0.48% return.

SPYC

• 1D: -1.60%
• 1M: -0.87%
• YTD: 5.45%
• 6M: 3.83%
• 1Y: 16.02%
• 3Y*: 17.77%
• 5Y*: 9.47%
• 10Y*: —

OUSA

• 1D: 0.14%
• 1M: -2.32%
• YTD: 0.48%
• 6M: -0.06%
• 1Y: 10.34%
• 3Y*: 11.93%
• 5Y*: 8.53%
• 10Y*: 10.19%

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

SPYC vs. OUSA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
SPYC Simplify US Equity PLUS Convexity ETF	5.45%	15.31%	22.57%	23.98%	-25.65%	29.26%	8.23%
OUSA OShares U.S. Quality Dividend ETF	0.48%	10.23%	17.09%	13.44%	-9.33%	23.75%	4.48%

Correlation

The correlation between SPYC and OUSA is 0.61, 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	0.61
Correlation (3Y) Calculated over the trailing 3-year period	0.73
Correlation (5Y) Calculated over the trailing 5-year period	0.79
Correlation (All Time) Calculated using the full available price history since Sep 4, 2020	0.80

The correlation between SPYC and OUSA shifts across timeframes, from 0.61 (1 year) to 0.80 (all time), reflecting how their relationship changes across market environments.

SPYC vs. OUSA - Sectors Allocation Comparison

Sectors	SPYC	OUSA
Technology	39.9%	26.1%
Financial Services	11.0%	18.0%
Communication Services	10.5%	10.9%
Consumer Cyclical	9.6%	12.7%
Healthcare	8.2%	13.8%
Industrials	7.7%	11.2%
Consumer Defensive	4.4%	7.3%
Energy	3.2%	-
Utilities	2.0%	-
Real Estate	1.8%	-
Basic Materials	1.7%	-

Return for Risk

SPYC vs. OUSA — Risk / Return Rank

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

SPYC

SPYC Risk / Return Rank: 28
SPYC Sharpe Ratio Rank: 29
SPYC Sortino Ratio Rank: 29
SPYC Omega Ratio Rank: 27
SPYC Calmar Ratio Rank: 26
SPYC Martin Ratio Rank: 27

OUSA

OUSA Risk / Return Rank: 29
OUSA Sharpe Ratio Rank: 31
OUSA Sortino Ratio Rank: 31
OUSA Omega Ratio Rank: 28
OUSA Calmar Ratio Rank: 26
OUSA Martin Ratio Rank: 31

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. OUSA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Simplify US Equity PLUS Convexity ETF (SPYC) and OShares U.S. Quality Dividend ETF (OUSA). 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.

	SPYC	OUSA	Difference
Sharpe ratio: Return per unit of total volatility	1.01	1.06	-0.06
Sortino ratio: Return per unit of downside risk	1.51	1.60	-0.09
Omega ratio: Gain probability vs. loss probability	1.18	1.19	-0.01
Calmar ratio: Return relative to maximum drawdown	1.19	1.24	-0.05
Martin ratio: Return relative to average drawdown	3.56	4.37	-0.81

SPYC vs. OUSA - Sharpe Ratio Comparison

The current SPYC Sharpe Ratio is 1.01, which is comparable to the OUSA Sharpe Ratio of 1.06. The chart below compares the historical Sharpe Ratios of SPYC and OUSA, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

SPYC vs. OUSA - Drawdown Comparison

The maximum SPYC drawdown since its inception was -28.51%, smaller than the maximum OUSA drawdown of -33.12%. Use the drawdown chart below to compare losses from any high point for SPYC and OUSA.

Drawdown Indicators

	SPYC	OUSA	Difference
Max Drawdown Largest peak-to-trough decline	-28.51%	-33.12%	+4.61%
Max Drawdown (1Y) Largest decline over 1 year	-13.47%	-8.36%	-5.11%
Max Drawdown (3Y) Largest decline over 3 years	-22.81%	-13.14%	-9.67%
Max Drawdown (5Y) Largest decline over 5 years	-28.51%	-19.54%	-8.97%
Max Drawdown (10Y) Largest decline over 10 years	—	-33.12%	—
Current Drawdown Current decline from peak	-3.02%	-3.14%	+0.12%
Average Drawdown Average peak-to-trough decline	-8.19%	-3.52%	-4.67%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.51%	2.37%	+2.14%

Volatility

SPYC vs. OUSA - Volatility Comparison

Simplify US Equity PLUS Convexity ETF (SPYC) has a higher volatility of 5.54% compared to OShares U.S. Quality Dividend ETF (OUSA) at 2.92%. This indicates that SPYC's price experiences larger fluctuations and is considered to be riskier than OUSA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPYC	OUSA	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.54%	2.92%	+2.62%
Volatility (6M) Calculated over the trailing 6-month period	10.76%	7.42%	+3.34%
Volatility (1Y) Calculated over the trailing 1-year period	16.00%	9.82%	+6.18%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.97%	13.31%	+6.66%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.68%	15.17%	+4.51%

SPYC vs. OUSA - Expense Ratio Comparison

SPYC has a 0.28% expense ratio, which is lower than OUSA's 0.48% expense ratio.

Dividends

SPYC vs. OUSA - Dividend Comparison

SPYC's dividend yield for the trailing twelve months is around 0.89%, less than OUSA's 1.43% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
OUSA OShares U.S. Quality Dividend ETF	1.43%	1.39%	1.50%	1.81%	1.92%	1.56%	2.03%	2.31%	3.06%	2.15%	2.32%	1.17%
SPYC Simplify US Equity PLUS Convexity ETF	0.89%	0.89%	1.02%	1.76%	1.34%	1.01%	0.40%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both SPYC and OUSA in my portfolio?

SPYC and OUSA have a correlation of 0.61, 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 OUSA?

SPYC has higher volatility (5.54%) compared to OUSA (2.92%). In terms of maximum drawdown, SPYC dropped -28.51% vs OUSA's -33.12%.

Which ETF is better, SPYC or OUSA?

On 5-year performance, SPYC leads with 9.47% vs 8.53% for OUSA. On fees, SPYC is cheaper at 0.28% per year. On volatility, OUSA has been the lower-risk option at 2.92%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPYC or OUSA?

Over the 5-year period, SPYC has performed better with a 9.47% return vs 8.53%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPYC or OUSA?

SPYC is cheaper with a 0.28% expense ratio, compared with 0.48% for OUSA.

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

OUSA has the higher dividend yield at 1.43%, compared with 0.89% for SPYC.

What is the main difference between SPYC and OUSA?

They also come from different issuers: Simplify and O'Shares Investments. Their fees differ too: 0.28% for SPYC and 0.48% for OUSA.

Which has better risk-adjusted returns?

OUSA currently has the higher Sharpe Ratio (1.06 vs 1.01), 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.