XPTFX vs. CDX
XPTFX (Federated Hermes Project and Trade Finance Tender Fund) and CDX (Simplify High Yield PLUS Credit Hedge ETF) are both funds - XPTFX is a Bank Loan fund managed by Federated, while CDX is a High Yield Bonds fund actively managed by Simplify. Over the past 3 years, XPTFX returned 8.04%/yr vs 7.96%/yr for CDX. At a 0.01 correlation, their price movements are largely independent. XPTFX charges 0.41%/yr vs 0.26%/yr for CDX.
Performance
XPTFX vs. CDX - Performance Comparison
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Returns By Period
In the year-to-date period, XPTFX achieves a 3.23% return, which is significantly higher than CDX's -1.51% return.
XPTFX
- 1D
- 0.10%
- 1M
- 0.49%
- YTD
- 3.23%
- 6M
- 3.36%
- 1Y
- 7.44%
- 3Y*
- 8.04%
- 5Y*
- 6.46%
- 10Y*
- —
CDX
- 1D
- -0.07%
- 1M
- 0.19%
- YTD
- -1.51%
- 6M
- -1.42%
- 1Y
- -1.26%
- 3Y*
- 7.96%
- 5Y*
- —
- 10Y*
- —
XPTFX vs. CDX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
XPTFX Federated Hermes Project and Trade Finance Tender Fund | 3.23% | 7.47% | 8.62% | 8.55% | 3.43% |
CDX Simplify High Yield PLUS Credit Hedge ETF | -1.51% | 9.51% | 7.71% | 12.74% | -8.26% |
Correlation
The correlation between XPTFX and CDX is -0.07, 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 | -0.07 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.02 |
Correlation (All Time) Calculated using the full available price history since Feb 15, 2022 | 0.01 |
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Return for Risk
XPTFX vs. CDX — Risk / Return Rank
XPTFX
CDX
XPTFX vs. CDX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Federated Hermes Project and Trade Finance Tender Fund (XPTFX) 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.
| XPTFX | CDX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.80 | ||
| Sortino ratioReturn per unit of downside risk | +4.00 | ||
| Omega ratioGain probability vs. loss probability | 4.27 | 0.97 | +3.30 |
| Calmar ratioReturn relative to maximum drawdown | 3.87 | -0.30 | +4.17 |
| Martin ratioReturn relative to average drawdown | 12.16 | -0.67 | +12.82 |
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Drawdowns
XPTFX vs. CDX - Drawdown Comparison
The maximum XPTFX drawdown since its inception was -2.95%, smaller than the maximum CDX drawdown of -13.24%. Use the drawdown chart below to compare losses from any high point for XPTFX and CDX.
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Drawdown Indicators
| XPTFX | CDX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -2.95% | -13.24% | +10.29% |
Max Drawdown (1Y)Largest decline over 1 year | -1.96% | -4.18% | +2.22% |
Max Drawdown (3Y)Largest decline over 3 years | -2.95% | -8.88% | +5.93% |
Max Drawdown (5Y)Largest decline over 5 years | -2.95% | — | — |
Current DrawdownCurrent decline from peak | 0.00% | -6.53% | +6.53% |
Average DrawdownAverage peak-to-trough decline | -0.26% | -4.36% | +4.10% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.62% | 1.90% | -1.28% |
Volatility
XPTFX vs. CDX - Volatility Comparison
The current volatility for Federated Hermes Project and Trade Finance Tender Fund (XPTFX) is 0.22%, while Simplify High Yield PLUS Credit Hedge ETF (CDX) has a volatility of 1.65%. This indicates that XPTFX experiences smaller price fluctuations and is considered to be less risky than CDX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| XPTFX | CDX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.22% | 1.65% | -1.43% |
Volatility (6M)Calculated over the trailing 6-month period | 2.89% | 4.83% | -1.94% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.94% | 5.79% | -2.85% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 2.53% | 11.06% | -8.53% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 2.01% | 11.06% | -9.05% |
XPTFX vs. CDX - Expense Ratio Comparison
XPTFX has a 0.41% expense ratio, which is higher than CDX's 0.26% expense ratio.
Dividends
XPTFX vs. CDX - Dividend Comparison
XPTFX's dividend yield for the trailing twelve months is around 6.02%, less than CDX's 8.29% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
CDX Simplify High Yield PLUS Credit Hedge ETF | 8.29% | 7.18% | 12.60% | 5.26% | 7.51% | 0.00% | 0.00% | 0.00% | 0.00% |
XPTFX Federated Hermes Project and Trade Finance Tender Fund | 6.02% | 7.24% | 6.78% | 6.66% | 5.70% | 2.21% | 2.74% | 4.62% | 4.60% |
Frequently Asked Questions
XPTFX and CDX have a correlation of -0.07, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
CDX has higher volatility (1.65%) compared to XPTFX (0.22%). In terms of maximum drawdown, XPTFX dropped -2.95% vs CDX's -13.24%.
XPTFX currently has the higher Sharpe Ratio (2.58 vs -0.22), 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.
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