TESL vs. CDX

Last updated Jun 23, 2026

TESL (Simplify Volt TSLA Revolution ETF) and CDX (Simplify High Yield PLUS Credit Hedge ETF) are both exchange-traded funds - TESL is a Large Cap Growth Equities fund tracking the Actively Managed, while CDX is a High Yield Bonds fund actively managed by Simplify. TESL is passively managed, while CDX is actively managed. Over the past 3 years, TESL returned 29.19%/yr vs 7.96%/yr for CDX. At a 0.20 correlation, their price movements are largely independent. TESL charges 0.97%/yr vs 0.26%/yr for CDX.

Performance

TESL vs. CDX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Simplify Volt TSLA Revolution ETF (TESL) and Simplify High Yield PLUS Credit Hedge ETF (CDX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TESL achieves a -5.88% return, which is significantly lower than CDX's -1.51% return.

TESL

• 1D: 0.13%
• 1M: -7.86%
• YTD: -5.88%
• 6M: -28.28%
• 1Y: -17.24%
• 3Y*: 29.19%
• 5Y*: 11.13%
• 10Y*: —

CDX

• 1D: -0.07%
• 1M: 0.19%
• YTD: -1.51%
• 6M: -1.42%
• 1Y: -1.26%
• 3Y*: 7.96%
• 5Y*: —
• 10Y*: —

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

TESL vs. CDX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
TESL Simplify Volt TSLA Revolution ETF	-5.88%	-14.73%	152.27%	58.33%	-52.27%
CDX Simplify High Yield PLUS Credit Hedge ETF	-1.51%	9.51%	7.71%	12.74%	-8.26%

Correlation

The correlation between TESL and CDX is 0.09, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.09
Correlation (3Y) Calculated over the trailing 3-year period	0.09
Correlation (All Time) Calculated using the full available price history since Feb 15, 2022	0.20

The correlation between TESL and CDX shifts across timeframes, from 0.09 (1 year) to 0.20 (all time), reflecting how their relationship changes across market environments.

Return for Risk

TESL vs. CDX — Risk / Return Rank

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

TESL

TESL Risk / Return Rank: 6
TESL Sharpe Ratio Rank: 6
TESL Sortino Ratio Rank: 7
TESL Omega Ratio Rank: 7
TESL Calmar Ratio Rank: 6
TESL Martin Ratio Rank: 6

CDX

CDX Risk / Return Rank: 6
CDX Sharpe Ratio Rank: 7
CDX Sortino Ratio Rank: 6
CDX Omega Ratio Rank: 6
CDX Calmar Ratio Rank: 6
CDX Martin Ratio Rank: 6

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.

TESL vs. CDX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Simplify Volt TSLA Revolution ETF (TESL) and Simplify High Yield PLUS Credit Hedge ETF (CDX). 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.

	TESL	CDX	Difference
Sharpe ratio: Return per unit of total volatility	-0.30	-0.22	-0.08
Sortino ratio: Return per unit of downside risk	-0.06	-0.27	+0.21
Omega ratio: Gain probability vs. loss probability	0.99	0.97	+0.02
Calmar ratio: Return relative to maximum drawdown	-0.31	-0.30	0.00
Martin ratio: Return relative to average drawdown	-0.53	-0.67	+0.14

TESL vs. CDX - Sharpe Ratio Comparison

The current TESL Sharpe Ratio is -0.30, which is lower than the CDX Sharpe Ratio of -0.22. The chart below compares the historical Sharpe Ratios of TESL and CDX, 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

TESL vs. CDX - Drawdown Comparison

The maximum TESL drawdown since its inception was -69.11%, which is greater than CDX's maximum drawdown of -13.24%. Use the drawdown chart below to compare losses from any high point for TESL and CDX.

Drawdown Indicators

	TESL	CDX	Difference
Max Drawdown Largest peak-to-trough decline	-69.11%	-13.24%	-55.87%
Max Drawdown (1Y) Largest decline over 1 year	-56.12%	-4.18%	-51.94%
Max Drawdown (3Y) Largest decline over 3 years	-56.12%	-8.88%	-47.24%
Max Drawdown (5Y) Largest decline over 5 years	-69.11%	—	—
Current Drawdown Current decline from peak	-41.60%	-6.53%	-35.07%
Average Drawdown Average peak-to-trough decline	-37.71%	-4.36%	-33.35%
Ulcer Index Depth and duration of drawdowns from previous peaks	32.51%	1.90%	+30.61%

Volatility

TESL vs. CDX - Volatility Comparison

Simplify Volt TSLA Revolution ETF (TESL) has a higher volatility of 14.44% compared to Simplify High Yield PLUS Credit Hedge ETF (CDX) at 1.65%. This indicates that TESL's price experiences larger fluctuations and is considered to be riskier than CDX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TESL	CDX	Difference
Volatility (1M) Calculated over the trailing 1-month period	14.44%	1.65%	+12.79%
Volatility (6M) Calculated over the trailing 6-month period	41.49%	4.83%	+36.66%
Volatility (1Y) Calculated over the trailing 1-year period	57.57%	5.79%	+51.78%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	50.98%	11.06%	+39.92%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	50.07%	11.06%	+39.01%

TESL vs. CDX - Expense Ratio Comparison

TESL has a 0.97% expense ratio, which is higher than CDX's 0.26% expense ratio.

Dividends

TESL vs. CDX - Dividend Comparison

TESL's dividend yield for the trailing twelve months is around 24.43%, more than CDX's 8.29% yield.

Position	TTM	2025	2024	2023	2022
CDX Simplify High Yield PLUS Credit Hedge ETF	8.29%	7.18%	12.60%	5.26%	7.51%
TESL Simplify Volt TSLA Revolution ETF	24.43%	23.87%	0.62%	0.00%	0.83%

Frequently Asked Questions

Can I hold both TESL and CDX in my portfolio?

TESL and CDX have a correlation of 0.09, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TESL or CDX?

TESL has higher volatility (14.44%) compared to CDX (1.65%). In terms of maximum drawdown, TESL dropped -69.11% vs CDX's -13.24%.

Which ETF is better, TESL or CDX?

On 3-year performance, TESL leads with 29.19% vs 7.96% for CDX. On fees, CDX is cheaper at 0.26% per year. On volatility, CDX has been the lower-risk option at 1.65%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TESL or CDX?

Over the 3-year period, TESL has performed better with a 29.19% return vs 7.96%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TESL or CDX?

CDX is cheaper with a 0.26% expense ratio, compared with 0.97% for TESL.

Which ETF pays a higher dividend yield, TESL or CDX?

TESL has the higher dividend yield at 24.43%, compared with 8.29% for CDX.

What is the main difference between TESL and CDX?

TESL is categorized as Large Cap Growth Equities, while CDX is High Yield Bonds. Their fees differ too: 0.97% for TESL and 0.26% for CDX.

Which has better risk-adjusted returns?

CDX currently has the higher Sharpe Ratio (-0.22 vs -0.30), 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.