XV vs. SPY

Last updated Aug 2, 2026

XV (Simplify Target 15 Distribution ETF) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - XV is a Derivative Income fund actively managed by Simplify, while SPY is a S&P 500 fund tracking the S&P 500 Index. XV is actively managed, while SPY is passively managed. Over the past year, XV returned 10.75% vs 21.49% for SPY. Their 0.71 correlation means they have sometimes moved together and sometimes differently. XV charges 0.75%/yr vs 0.09%/yr for SPY.

Performance

XV vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Simplify Target 15 Distribution ETF (XV) and State Street SPDR S&P 500 ETF (SPY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, XV achieves a 4.42% return, which is significantly lower than SPY's 10.13% return.

XV

• 1D: 0.21%
• 1M: -0.04%
• 6M: 3.73%
• YTD: 4.42%
• 1Y: 10.75%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 16.08%

SPY

• 1D: 0.72%
• 1M: 0.30%
• 6M: 8.53%
• YTD: 10.13%
• 1Y: 21.49%
• 3Y*: 19.32%
• 5Y*: 12.76%
• 10Y*: 15.07%
• ALL TIME*: 10.79%

*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)
SPY State Street SPDR S&P 500 ETF	$37.27B	$35.99B	$39.23B
XV Simplify Target 15 Distribution ETF	$1.78M	$1.49M	$1.01M

XV vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025
XV Simplify Target 15 Distribution ETF	4.42%	16.13%
SPY State Street SPDR S&P 500 ETF	10.13%	27.59%

Correlation

The correlation between XV and SPY is 0.73, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.73
Correlation (All Time) Calculated using the full available price history since Apr 15, 2025	0.71

The correlation between XV and SPY has been stable across timeframes, ranging from 0.71 to 0.73 - a consistent structural relationship.

Return for Risk

XV vs. SPY — Risk / Return Rank

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

XV

XV Risk / Return Rank: 49
XV Sharpe Ratio Rank: 46
XV Sortino Ratio Rank: 47
XV Omega Ratio Rank: 44
XV Calmar Ratio Rank: 51
XV Martin Ratio Rank: 59

SPY

SPY Risk / Return Rank: 67
SPY Sharpe Ratio Rank: 67
SPY Sortino Ratio Rank: 64
SPY Omega Ratio Rank: 65
SPY Calmar Ratio Rank: 64
SPY Martin Ratio Rank: 76

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.

XV vs. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Simplify Target 15 Distribution ETF (XV) and State Street SPDR S&P 500 ETF (SPY). 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.

	XV	SPY	Difference
Sharpe ratio: Return per unit of total volatility	1.16	1.52	-0.36
Sortino ratio: Return per unit of downside risk	1.70	2.11	-0.41
Omega ratio: Gain probability vs. loss probability	1.20	1.27	-0.07
Calmar ratio: Return relative to maximum drawdown	1.83	2.20	-0.37
Martin ratio: Return relative to average drawdown	7.02	9.40	-2.38

XV vs. SPY - Sharpe Ratio Comparison

The current XV Sharpe Ratio is 1.16, which is comparable to the SPY Sharpe Ratio of 1.52. The chart below compares the historical Sharpe Ratios of XV and SPY, 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

XV vs. SPY - Drawdown Comparison

The maximum XV drawdown since its inception was -5.73%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for XV and SPY.

Drawdown Indicators

	XV	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-5.73%	-55.19%	+49.46%
Max Drawdown (1Y) Largest decline over 1 year	-5.73%	-8.88%	+3.15%
Max Drawdown (3Y) Largest decline over 3 years	—	-18.76%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-24.50%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-33.72%	—
Current Drawdown Current decline from peak	-1.36%	-1.40%	+0.04%
Average Drawdown Average peak-to-trough decline	-0.96%	-9.01%	+8.05%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.49%	2.08%	-0.59%

Volatility

XV vs. SPY - Volatility Comparison

The current volatility for Simplify Target 15 Distribution ETF (XV) is 2.79%, while State Street SPDR S&P 500 ETF (SPY) has a volatility of 3.58%. This indicates that XV experiences smaller price fluctuations and is considered to be less risky than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	XV	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.79%	3.58%	-0.79%
Volatility (6M) Calculated over the trailing 6-month period	6.91%	10.14%	-3.23%
Volatility (1Y) Calculated over the trailing 1-year period	9.09%	12.89%	-3.80%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.84%	17.18%	-6.34%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.84%	17.95%	-7.11%

XV vs. SPY - Expense Ratio Comparison

XV has a 0.75% expense ratio, which is higher than SPY's 0.09% expense ratio.

Dividends

XV vs. SPY - Dividend Comparison

XV's dividend yield for the trailing twelve months is around 19.22%, more than SPY's 1.01% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SPY State Street SPDR S&P 500 ETF	1.01%	1.07%	1.21%	1.40%	1.65%	1.20%	1.52%	1.75%	2.04%	1.80%	2.03%	2.06%
XV Simplify Target 15 Distribution ETF	19.22%	13.87%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both XV and SPY in my portfolio?

XV and SPY have a correlation of 0.73, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, XV or SPY?

SPY has higher volatility (3.58%) compared to XV (2.79%). In terms of maximum drawdown, XV dropped -5.73% vs SPY's -55.19%.

Which ETF is better, XV or SPY?

On 1-year performance, SPY leads with 21.49% vs 10.75% for XV. On fees, SPY is cheaper at 0.09% per year. On volatility, XV has been the lower-risk option at 2.79%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, XV or SPY?

Over the 1-year period, SPY has performed better with a 21.49% return vs 10.75%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, XV or SPY?

SPY is cheaper with a 0.09% expense ratio, compared with 0.75% for XV.

Which ETF pays a higher dividend yield, XV or SPY?

XV has the higher dividend yield at 19.22%, compared with 1.01% for SPY.

What is the main difference between XV and SPY?

XV is categorized as Derivative Income, while SPY is S&P 500. They also come from different issuers: Simplify and State Street. Their fees differ too: 0.75% for XV and 0.09% for SPY.

Which has better risk-adjusted returns?

SPY currently has the higher Sharpe Ratio (1.52 vs 1.16), 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.