TYA vs. SPD

Last updated Jun 4, 2026

TYA (Simplify Intermediate Term Treasury Futures Strategy ETF) and SPD (Simplify US Equity PLUS Downside Convexity ETF) are both exchange-traded funds - TYA is a Government Bonds fund actively managed by Simplify, while SPD is a Large Cap Blend Equities fund actively managed by Simplify. Both are actively managed. Over the past 3 years, TYA returned -2.45%/yr vs 17.87%/yr for SPD. At a 0.08 correlation, their price movements are largely independent. TYA charges 0.15%/yr vs 0.53%/yr for SPD.

Performance

TYA vs. SPD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Simplify Intermediate Term Treasury Futures Strategy ETF (TYA) and Simplify US Equity PLUS Downside Convexity ETF (SPD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TYA achieves a -5.08% return, which is significantly lower than SPD's 6.70% return.

TYA

• 1D: -0.63%
• 1M: -0.93%
• YTD: -5.08%
• 6M: -6.88%
• 1Y: 2.03%
• 3Y*: -2.45%
• 5Y*: —
• 10Y*: —

SPD

• 1D: -0.70%
• 1M: 5.09%
• YTD: 6.70%
• 6M: 5.81%
• 1Y: 14.01%
• 3Y*: 17.87%
• 5Y*: 8.36%
• 10Y*: —

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

TYA vs. SPD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
TYA Simplify Intermediate Term Treasury Futures Strategy ETF	-5.08%	14.38%	-9.63%	-2.23%	-37.62%	-0.68%
SPD Simplify US Equity PLUS Downside Convexity ETF	6.70%	18.86%	17.49%	20.94%	-25.96%	8.88%

Correlation

The correlation between TYA and SPD is 0.19, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.19
Correlation (3Y) Calculated over the trailing 3-year period	0.14
Correlation (All Time) Calculated using the full available price history since Sep 29, 2021	0.08

The correlation between TYA and SPD shifts across timeframes, from 0.08 (all time) to 0.19 (1 year), reflecting how their relationship changes across market environments.

TYA vs. SPD - Sectors Allocation Comparison

Sectors	TYA	SPD
Financial Services	24.7%	11.8%
Basic Materials	-	1.8%
Communication Services	-	11.2%
Consumer Cyclical	-	10.1%
Consumer Defensive	-	4.9%
Energy	-	3.5%
Healthcare	-	8.5%
Industrials	-	8.3%
Real Estate	-	1.9%
Technology	-	35.6%
Utilities	-	2.4%

Return for Risk

TYA vs. SPD — Risk / Return Rank

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

TYA

TYA Risk / Return Rank: 10
TYA Sharpe Ratio Rank: 11
TYA Sortino Ratio Rank: 10
TYA Omega Ratio Rank: 10
TYA Calmar Ratio Rank: 10
TYA Martin Ratio Rank: 11

SPD

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

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.

TYA vs. SPD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Simplify Intermediate Term Treasury Futures Strategy ETF (TYA) and Simplify US Equity PLUS Downside Convexity ETF (SPD). 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.

	TYA	SPD	Difference
Sharpe ratio: Return per unit of total volatility	0.16	1.07	-0.91
Sortino ratio: Return per unit of downside risk	0.32	1.58	-1.26
Omega ratio: Gain probability vs. loss probability	1.04	1.18	-0.15
Calmar ratio: Return relative to maximum drawdown	0.17	1.18	-1.01
Martin ratio: Return relative to average drawdown	0.49	3.67	-3.18
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TYA vs. SPD - Sharpe Ratio Comparison

The current TYA Sharpe Ratio is 0.16, which is lower than the SPD Sharpe Ratio of 1.07. The chart below compares the historical Sharpe Ratios of TYA and SPD, 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

	TYA	SPD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.16	1.07	-0.91
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.52	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.51	0.69	-1.20

Drawdowns

TYA vs. SPD - Drawdown Comparison

The maximum TYA drawdown since its inception was -51.15%, which is greater than SPD's maximum drawdown of -27.38%. Use the drawdown chart below to compare losses from any high point for TYA and SPD.

Drawdown Indicators

	TYA	SPD	Difference
Max Drawdown Largest peak-to-trough decline	-51.15%	-27.38%	-23.77%
Max Drawdown (1Y) Largest decline over 1 year	-11.80%	-11.90%	+0.10%
Max Drawdown (3Y) Largest decline over 3 years	-22.51%	-15.18%	-7.33%
Max Drawdown (5Y) Largest decline over 5 years	—	-27.38%	—
Current Drawdown Current decline from peak	-41.49%	-0.70%	-40.79%
Average Drawdown Average peak-to-trough decline	-35.85%	-7.72%	-28.13%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.17%	3.82%	+0.35%

Volatility

TYA vs. SPD - Volatility Comparison

Simplify Intermediate Term Treasury Futures Strategy ETF (TYA) has a higher volatility of 4.11% compared to Simplify US Equity PLUS Downside Convexity ETF (SPD) at 3.35%. This indicates that TYA's price experiences larger fluctuations and is considered to be riskier than SPD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TYA	SPD	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.11%	3.35%	+0.76%
Volatility (6M) Calculated over the trailing 6-month period	8.81%	8.60%	+0.21%
Volatility (1Y) Calculated over the trailing 1-year period	12.91%	13.22%	-0.31%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.57%	16.04%	+4.53%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.57%	15.98%	+4.59%

TYA vs. SPD - Expense Ratio Comparison

TYA has a 0.15% expense ratio, which is lower than SPD's 0.53% expense ratio.

Dividends

TYA vs. SPD - Dividend Comparison

TYA's dividend yield for the trailing twelve months is around 3.87%, more than SPD's 0.96% yield.

Position	TTM	2025	2024	2023	2022	2021	2020
SPD Simplify US Equity PLUS Downside Convexity ETF	0.96%	0.97%	1.14%	1.91%	1.64%	0.88%	0.43%
TYA Simplify Intermediate Term Treasury Futures Strategy ETF	3.87%	3.85%	4.84%	4.28%	2.23%	0.11%	0.00%

Frequently Asked Questions

Can I hold both TYA and SPD in my portfolio?

TYA and SPD have a correlation of 0.19, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TYA or SPD?

TYA has higher volatility (4.11%) compared to SPD (3.35%). In terms of maximum drawdown, TYA dropped -51.15% vs SPD's -27.38%.

Which ETF is better, TYA or SPD?

On 3-year performance, SPD leads with 17.87% vs -2.45% for TYA. On fees, TYA is cheaper at 0.15% per year. On volatility, SPD has been the lower-risk option at 3.35%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TYA or SPD?

Over the 3-year period, SPD has performed better with a 17.87% return vs -2.45%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TYA or SPD?

TYA is cheaper with a 0.15% expense ratio, compared with 0.53% for SPD.

Which ETF pays a higher dividend yield, TYA or SPD?

TYA has the higher dividend yield at 3.87%, compared with 0.96% for SPD.

What is the main difference between TYA and SPD?

TYA is categorized as Government Bonds, while SPD is Large Cap Blend Equities. Their fees differ too: 0.15% for TYA and 0.53% for SPD.

Which has better risk-adjusted returns?

SPD currently has the higher Sharpe Ratio (1.07 vs 0.16), 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.