ZTR vs. CDX
ZTR (Virtus Total Return Fund) and CDX (Simplify High Yield PLUS Credit Hedge ETF) are both funds - ZTR is a Diversified Portfolio fund actively managed by Virtus, while CDX is a High Yield Bonds fund actively managed by Simplify. Both are actively managed. Over the past 3 years, ZTR returned 15.08%/yr vs 7.96%/yr for CDX. At a 0.32 correlation, their price movements are largely independent. ZTR charges 3.77%/yr vs 0.26%/yr for CDX.
Performance
ZTR vs. CDX - Performance Comparison
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Returns By Period
In the year-to-date period, ZTR achieves a 11.62% return, which is significantly higher than CDX's -1.51% return.
ZTR
- 1D
- -0.15%
- 1M
- 0.67%
- YTD
- 11.62%
- 6M
- 11.98%
- 1Y
- 22.87%
- 3Y*
- 15.08%
- 5Y*
- 3.75%
- 10Y*
- 6.86%
CDX
- 1D
- 0.00%
- 1M
- 0.19%
- YTD
- -1.51%
- 6M
- -1.29%
- 1Y
- -1.35%
- 3Y*
- 7.96%
- 5Y*
- —
- 10Y*
- —
ZTR vs. CDX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
ZTR Virtus Total Return Fund | 11.62% | 18.63% | 18.31% | -3.21% | -19.49% |
CDX Simplify High Yield PLUS Credit Hedge ETF | -1.51% | 9.51% | 7.71% | 12.74% | -8.26% |
Correlation
The correlation between ZTR and CDX is 0.23, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.23 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.19 |
Correlation (All Time) Calculated using the full available price history since Feb 15, 2022 | 0.32 |
The correlation between ZTR and CDX shifts across timeframes, from 0.19 (3 years) to 0.32 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
ZTR vs. CDX — Risk / Return Rank
ZTR
CDX
ZTR vs. CDX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Virtus Total Return Fund (ZTR) 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.
| ZTR | CDX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.21 | ||
| Sortino ratioReturn per unit of downside risk | +3.07 | ||
| Omega ratioGain probability vs. loss probability | 1.34 | 0.97 | +0.38 |
| Calmar ratioReturn relative to maximum drawdown | 3.25 | -0.32 | +3.58 |
| Martin ratioReturn relative to average drawdown | 8.57 | -0.71 | +9.28 |
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Drawdowns
ZTR vs. CDX - Drawdown Comparison
The maximum ZTR drawdown since its inception was -57.25%, which is greater than CDX's maximum drawdown of -13.24%. Use the drawdown chart below to compare losses from any high point for ZTR and CDX.
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Drawdown Indicators
| ZTR | CDX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -57.25% | -13.24% | -44.01% |
Max Drawdown (1Y)Largest decline over 1 year | -7.07% | -4.18% | -2.89% |
Max Drawdown (3Y)Largest decline over 3 years | -25.15% | -8.88% | -16.27% |
Max Drawdown (5Y)Largest decline over 5 years | -42.64% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -57.25% | — | — |
Current DrawdownCurrent decline from peak | -2.46% | -6.53% | +4.07% |
Average DrawdownAverage peak-to-trough decline | -9.34% | -4.36% | -4.98% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.68% | 1.90% | +0.78% |
Volatility
ZTR vs. CDX - Volatility Comparison
Virtus Total Return Fund (ZTR) has a higher volatility of 3.31% compared to Simplify High Yield PLUS Credit Hedge ETF (CDX) at 1.58%. This indicates that ZTR'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.
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Volatility by Period
| ZTR | CDX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.31% | 1.58% | +1.73% |
Volatility (6M)Calculated over the trailing 6-month period | 9.09% | 4.83% | +4.26% |
Volatility (1Y)Calculated over the trailing 1-year period | 11.64% | 5.78% | +5.86% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.70% | 11.05% | +5.65% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 21.62% | 11.05% | +10.57% |
ZTR vs. CDX - Expense Ratio Comparison
ZTR has a 3.77% expense ratio, which is higher than CDX's 0.26% expense ratio.
Dividends
ZTR vs. CDX - Dividend Comparison
ZTR's dividend yield for the trailing twelve months is around 9.00%, more than CDX's 8.29% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% | 0.00% | 0.00% | 0.00% |
ZTR Virtus Total Return Fund | 9.00% | 9.52% | 10.24% | 15.25% | 15.88% | 10.96% | 13.72% | 11.89% | 15.18% | 13.85% | 10.58% | 9.11% |
Frequently Asked Questions
ZTR and CDX have a correlation of 0.23, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
ZTR has higher volatility (3.31%) compared to CDX (1.58%). In terms of maximum drawdown, ZTR dropped -57.25% vs CDX's -13.24%.
ZTR currently has the higher Sharpe Ratio (1.98 vs -0.23), 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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