SPYC vs. QWLD

Last updated Aug 4, 2026

SPYC (Simplify US Equity PLUS Convexity ETF) and QWLD (SPDR MSCI World StrategicFactors ETF) are both Large Cap Growth Equities funds. SPYC is actively managed, while QWLD is passively managed. Over the past 5 years, SPYC returned 9.22%/yr vs 10.04%/yr for QWLD. Their correlation of 0.86 means they have usually moved in the same direction. SPYC charges 0.28%/yr vs 0.30%/yr for QWLD.

Performance

SPYC vs. QWLD - Performance Comparison

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

Returns By Period

In the year-to-date period, SPYC achieves a 8.73% return, which is significantly lower than QWLD's 10.03% return.

SPYC

• 1D: 2.21%
• 1M: 1.92%
• 6M: 7.65%
• YTD: 8.73%
• 1Y: 16.56%
• 3Y*: 17.68%
• 5Y*: 9.22%
• 10Y*: —
• ALL TIME*: 12.27%

QWLD

• 1D: 0.58%
• 1M: 2.22%
• 6M: 5.89%
• YTD: 10.03%
• 1Y: 19.80%
• 3Y*: 16.43%
• 5Y*: 10.04%
• 10Y*: 11.64%
• ALL TIME*: 10.53%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
QWLD SPDR MSCI World StrategicFactors ETF	$247.86K	$289.30K	$1.06M
SPYC Simplify US Equity PLUS Convexity ETF	$484.09K	$367.88K	$545.25K

SPYC vs. QWLD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
SPYC Simplify US Equity PLUS Convexity ETF	8.73%	15.31%	22.57%	23.98%	-25.65%	29.26%	8.23%
QWLD SPDR MSCI World StrategicFactors ETF	10.03%	17.93%	14.44%	19.59%	-13.30%	21.57%	9.59%

Correlation

The correlation between SPYC and QWLD is 0.80, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.80
Correlation (3Y) Balances recent behavior with more history.	0.82
Correlation (5Y) Shows whether the relationship held over a longer period.	0.86
Correlation (All Time) Calculated using the full available price history since Sep 4, 2020	0.86

The correlation between SPYC and QWLD has been stable across timeframes, ranging from 0.80 to 0.86 - a consistent structural relationship.

SPYC vs. QWLD - Sectors Allocation Comparison

Sectors	SPYC	QWLD
Technology	38.5%	24.9%
Financial Services	11.6%	16.5%
Communication Services	9.9%	9.5%
Consumer Cyclical	9.5%	6.3%
Healthcare	8.9%	13.2%
Industrials	8.4%	10.9%
Consumer Defensive	4.5%	8.1%
Energy	3.0%	3.4%
Utilities	2.2%	3.8%
Real Estate	1.8%	1.0%
Basic Materials	1.7%	2.5%

Return for Risk

SPYC vs. QWLD — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

SPYC

SPYC Risk / Return Rank: 39
SPYC Sharpe Ratio Rank: 42
SPYC Sortino Ratio Rank: 42
SPYC Omega Ratio Rank: 39
SPYC Calmar Ratio Rank: 35
SPYC Martin Ratio Rank: 37

QWLD

QWLD Risk / Return Rank: 81
QWLD Sharpe Ratio Rank: 85
QWLD Sortino Ratio Rank: 85
QWLD Omega Ratio Rank: 83
QWLD Calmar Ratio Rank: 72
QWLD Martin Ratio Rank: 82

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

SPYC vs. QWLD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Simplify US Equity PLUS Convexity ETF (SPYC) and SPDR MSCI World StrategicFactors ETF (QWLD). 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	QWLD	Difference
Sharpe ratio: Return per unit of total volatility	1.07	2.06	-0.99
Sortino ratio: Return per unit of downside risk	1.60	2.91	-1.31
Omega ratio: Gain probability vs. loss probability	1.19	1.37	-0.18
Calmar ratio: Return relative to maximum drawdown	1.23	2.60	-1.36
Martin ratio: Return relative to average drawdown	3.77	11.35	-7.58

SPYC vs. QWLD - Sharpe Ratio Comparison

The current SPYC Sharpe Ratio is 1.07, which is lower than the QWLD Sharpe Ratio of 2.06. The chart below compares the historical Sharpe Ratios of SPYC and QWLD, 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. QWLD - Drawdown Comparison

The maximum SPYC drawdown since its inception was -28.51%, smaller than the maximum QWLD drawdown of -31.89%. Use the drawdown chart below to compare losses from any high point for SPYC and QWLD.

Drawdown Indicators

	SPYC	QWLD	Difference
Max Drawdown Largest peak-to-trough decline	-28.51%	-31.89%	+3.38%
Max Drawdown (1Y) Largest decline over 1 year	-13.47%	-7.66%	-5.81%
Max Drawdown (3Y) Largest decline over 3 years	-22.81%	-12.40%	-10.41%
Max Drawdown (5Y) Largest decline over 5 years	-28.51%	-22.84%	-5.67%
Max Drawdown (10Y) Largest decline over 10 years	—	-31.89%	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-8.08%	-3.66%	-4.42%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.40%	1.75%	+2.65%

Volatility

SPYC vs. QWLD - Volatility Comparison

Simplify US Equity PLUS Convexity ETF (SPYC) has a higher volatility of 4.97% compared to SPDR MSCI World StrategicFactors ETF (QWLD) at 2.28%. This indicates that SPYC's price experiences larger fluctuations and is considered to be riskier than QWLD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPYC	QWLD	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.97%	2.28%	+2.69%
Volatility (6M) Calculated over the trailing 6-month period	11.11%	7.74%	+3.37%
Volatility (1Y) Calculated over the trailing 1-year period	15.64%	9.70%	+5.94%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.02%	13.51%	+6.51%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.61%	15.12%	+4.49%

SPYC vs. QWLD - Expense Ratio Comparison

SPYC has a 0.28% expense ratio, which is lower than QWLD's 0.30% expense ratio.

Dividends

SPYC vs. QWLD - Dividend Comparison

SPYC's dividend yield for the trailing twelve months is around 0.86%, less than QWLD's 1.78% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
QWLD SPDR MSCI World StrategicFactors ETF	1.78%	1.85%	1.74%	1.78%	2.02%	1.77%	1.77%	2.13%	2.33%	2.73%	2.22%	3.42%
SPYC Simplify US Equity PLUS Convexity ETF	0.86%	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 QWLD in my portfolio?

SPYC and QWLD have a correlation of 0.80, 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 QWLD?

SPYC has higher volatility (4.97%) compared to QWLD (2.28%). In terms of maximum drawdown, SPYC dropped -28.51% vs QWLD's -31.89%.

Which ETF is better, SPYC or QWLD?

On 5-year performance, QWLD leads with 10.04% vs 9.22% for SPYC. On fees, SPYC is cheaper at 0.28% per year. On volatility, QWLD has been the lower-risk option at 2.28%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPYC or QWLD?

Over the 5-year period, QWLD has performed better with a 10.04% return vs 9.22%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPYC or QWLD?

SPYC is cheaper with a 0.28% expense ratio, compared with 0.30% for QWLD.

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

QWLD has the higher dividend yield at 1.78%, compared with 0.86% for SPYC.

What is the main difference between SPYC and QWLD?

They also come from different issuers: Simplify and State Street. Their fees differ too: 0.28% for SPYC and 0.30% for QWLD.

Which has better risk-adjusted returns?

QWLD currently has the higher Sharpe Ratio (2.06 vs 1.06), 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.