XTR vs. SPD

Last updated Jun 23, 2026

XTR (Global X S&P 500 Tail Risk ETF) and SPD (Simplify US Equity PLUS Downside Convexity ETF) are both exchange-traded funds - XTR is a Equity Hedged fund tracking the Cboe S&P 500 Tail Risk Index, while SPD is a Large Cap Blend Equities fund actively managed by Simplify. XTR is passively managed, while SPD is actively managed. Over the past 3 years, XTR returned 17.45%/yr vs 17.11%/yr for SPD. Their correlation of 0.92 suggests significant overlap in exposure. XTR charges 0.25%/yr vs 0.53%/yr for SPD.

Performance

XTR vs. SPD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Global X S&P 500 Tail Risk ETF (XTR) 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, XTR achieves a 7.44% return, which is significantly higher than SPD's 6.22% return.

XTR

• 1D: -0.42%
• 1M: 0.04%
• YTD: 7.44%
• 6M: 7.03%
• 1Y: 21.44%
• 3Y*: 17.45%
• 5Y*: —
• 10Y*: —

SPD

• 1D: -0.32%
• 1M: 0.66%
• YTD: 6.22%
• 6M: 5.60%
• 1Y: 16.20%
• 3Y*: 17.11%
• 5Y*: 8.23%
• 10Y*: —

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

XTR vs. SPD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
XTR Global X S&P 500 Tail Risk ETF	7.44%	13.66%	21.85%	21.16%	-17.67%	4.25%
SPD Simplify US Equity PLUS Downside Convexity ETF	6.22%	18.86%	17.49%	20.94%	-25.96%	5.38%

Correlation

The correlation between XTR and SPD is 0.95 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.95
Correlation (3Y) Calculated over the trailing 3-year period	0.94
Correlation (All Time) Calculated using the full available price history since Aug 26, 2021	0.92

The correlation between XTR and SPD has been stable across timeframes, ranging from 0.92 to 0.95 - a consistent structural relationship.

Return for Risk

XTR vs. SPD — Risk / Return Rank

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

XTR

XTR Risk / Return Rank: 57
XTR Sharpe Ratio Rank: 58
XTR Sortino Ratio Rank: 57
XTR Omega Ratio Rank: 55
XTR Calmar Ratio Rank: 53
XTR Martin Ratio Rank: 60

SPD

SPD Risk / Return Rank: 32
SPD Sharpe Ratio Rank: 35
SPD Sortino Ratio Rank: 34
SPD Omega Ratio Rank: 32
SPD Calmar Ratio Rank: 28
SPD 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.

XTR vs. SPD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Global X S&P 500 Tail Risk ETF (XTR) 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.

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.

	XTR	SPD	Difference
Sharpe ratio: Return per unit of total volatility	1.90	1.20	+0.70
Sortino ratio: Return per unit of downside risk	2.62	1.75	+0.86
Omega ratio: Gain probability vs. loss probability	1.34	1.21	+0.13
Calmar ratio: Return relative to maximum drawdown	2.53	1.37	+1.16
Martin ratio: Return relative to average drawdown	10.48	4.23	+6.25

XTR vs. SPD - Sharpe Ratio Comparison

The current XTR Sharpe Ratio is 1.90, which is higher than the SPD Sharpe Ratio of 1.20. The chart below compares the historical Sharpe Ratios of XTR 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.

Drawdowns

XTR vs. SPD - Drawdown Comparison

The maximum XTR drawdown since its inception was -20.83%, smaller than the maximum SPD drawdown of -27.38%. Use the drawdown chart below to compare losses from any high point for XTR and SPD.

Drawdown Indicators

	XTR	SPD	Difference
Max Drawdown Largest peak-to-trough decline	-20.83%	-27.38%	+6.55%
Max Drawdown (1Y) Largest decline over 1 year	-8.51%	-11.90%	+3.39%
Max Drawdown (3Y) Largest decline over 3 years	-14.35%	-15.18%	+0.83%
Max Drawdown (5Y) Largest decline over 5 years	—	-27.38%	—
Current Drawdown Current decline from peak	-1.76%	-1.14%	-0.62%
Average Drawdown Average peak-to-trough decline	-5.91%	-7.67%	+1.76%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.05%	3.84%	-1.79%

Volatility

XTR vs. SPD - Volatility Comparison

Global X S&P 500 Tail Risk ETF (XTR) and Simplify US Equity PLUS Downside Convexity ETF (SPD) have volatilities of 4.54% and 4.47%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	XTR	SPD	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.54%	4.47%	+0.07%
Volatility (6M) Calculated over the trailing 6-month period	9.00%	9.33%	-0.33%
Volatility (1Y) Calculated over the trailing 1-year period	11.36%	13.60%	-2.24%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.85%	16.13%	-2.28%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.85%	16.00%	-2.15%

XTR vs. SPD - Expense Ratio Comparison

XTR has a 0.25% expense ratio, which is lower than SPD's 0.53% expense ratio.

Dividends

XTR vs. SPD - Dividend Comparison

XTR's dividend yield for the trailing twelve months is around 16.59%, 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%
XTR Global X S&P 500 Tail Risk ETF	16.59%	17.82%	20.89%	1.09%	1.08%	2.32%	0.00%

Frequently Asked Questions

Can I hold both XTR and SPD in my portfolio?

With a correlation of 0.95, XTR and SPD move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, XTR or SPD?

XTR has higher volatility (4.54%) compared to SPD (4.47%). In terms of maximum drawdown, XTR dropped -20.83% vs SPD's -27.38%.

Which ETF is better, XTR or SPD?

On 3-year performance, XTR leads with 17.45% vs 17.11% for SPD. On fees, XTR is cheaper at 0.25% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, XTR or SPD?

Over the 3-year period, XTR has performed better with a 17.45% return vs 17.11%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, XTR or SPD?

XTR is cheaper with a 0.25% expense ratio, compared with 0.53% for SPD.

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

XTR has the higher dividend yield at 16.59%, compared with 0.96% for SPD.

What is the main difference between XTR and SPD?

XTR is categorized as Equity Hedged, while SPD is Large Cap Blend Equities. They also come from different issuers: Global X and Simplify. Their fees differ too: 0.25% for XTR and 0.53% for SPD.

Which has better risk-adjusted returns?

XTR currently has the higher Sharpe Ratio (1.90 vs 1.20), 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.