CDX vs SPY
Simplify High Yield ETF vs State Street SPDR S&P 500 ETF Trust
Which is better, CDX or SPY?
High Yield Bond against Large Cap Blend.
SPY has a lower expense ratio. SPY led over 1Y, 3Y and the full window. SPY is less concentrated, with 38.0% of the fund in its ten largest positions against 79.1%.
MarketXLS is not an investment adviser. This comparison is generated automatically from market data and is for information only. A Best mark means the better reading on that one measure, not a recommendation to buy.
Side-by-Side Comparison
| Metric | CDX | SPY |
|---|---|---|
| Expense Ratio | 0.25% | 0.09%Best |
| AUM | $360M | $814.4B |
| Dividend Yield | 8.32% | 1.01% |
| Holdings | 229 | 505 |
| YTD Return | -2.51% | +13.34%Best |
| 1Y Return | -2.87% | +19.97%Best |
| 3Y Return (annualized) | +6.96% | +21.20%Best |
| 5Y Return (annualized) | - | +12.81% |
| Volatility (annualized) | 7.4%Best | 15.6% |
| Max Drawdown | -13.2%Best | -22.1% |
| $10,000 over 4.6 years | $11,898 | $18,471Best |
| Top 10 Weight | 79.1% | 38.0%Best |
| Fund Family | Simplify Exchange Traded Funds | State Street Investment Management |
| Category | Fixed Income | Equity |
| Style | High Yield Bond | Large Cap Blend |
| Inception | Feb 14, 2022 | Jan 22, 1993 |
Volatility and max drawdown, and the $10,000 over 4.6 years row, are measured over the window both funds cover: Feb 15, 2022 to Sep 4, 2026 (4.6 years).
CDX vs SPY growth
Month-end closes. Both lines start at 0% in the first month shown, so the gap between them is the difference in growth across that window. The full view covers the 4.6 years both funds cover.
CDX vs SPY Performance
Simplify High Yield ETF (CDX) is an ETF from Simplify Exchange Traded Funds and State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management. Over the past year CDX returned -2.87% while SPY returned +19.97%. Year to date, CDX is down 2.51% versus a gain of 13.34% for SPY.
Over three years, CDX compounded at +6.96% per year against +21.20% for SPY.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
SPY has been the more volatile fund, with annualized monthly volatility of 15.6% compared with 7.4% for CDX. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.
The deepest peak-to-trough decline in our data was -13.2% for CDX and -22.1% for SPY. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.64. They move together some of the time, and apart the rest.
Fees and Cost Over Time
CDX charges 0.25% per year while SPY charges 0.09%. On a $10,000 position that is $25 vs $9 annually, a gap of $16 per year that compounds over a long holding period. On income, CDX currently yields 8.32% against 1.01% for SPY.
Holdings Overlap
20.9% of CDX's money is in holdings SPY also owns. 38.9% of SPY's money is in holdings CDX also owns.
The two portfolios partly overlap.
109 positions in common, counted across the 210 positions we hold weights for in CDX and 504 in SPY, against full books of 229 and 505.
What only one of them owns
Our book lists 387 positions for SPY that do not appear in our book for CDX (60.5% of the fund), and 7 for CDX that do not appear in SPY (77.8%).
Some of those will be the same company recorded under a different code in one of the two books, so the real difference in what you would own is no larger than this and may be smaller. We do not name the individual positions here for that reason.
Top Shared Holdings
| Stock | Weight in CDX | Weight in SPY | Difference |
|---|---|---|---|
| AAPLApple, Inc | 0.21% | 6.83% | 6.62% |
| MSFTMicrosoft Corp 4.100 Feb 06 37 | 0.27% | 5.50% | 5.23% |
| GOOGLAlphabet Inc.Class A | 0.10% | 3.33% | 3.23% |
| AVGOBroadcom Inc | 0.21% | 2.97% | 2.76% |
| GOOGAlphabet Inc. C | 0.10% | 2.67% | 2.57% |
| METAMeta Platform Inc | 0.21% | 1.94% | 1.73% |
| VVisa Inc Class A | 0.23% | 0.92% | 0.69% |
| MAMastercard Inc | 0.24% | 0.69% | 0.45% |
| CSCOCisco Systems Inc. - Ordinary Shares | 0.19% | 0.72% | 0.53% |
| ABBVAbbvie Inc. | 0.22% | 0.65% | 0.43% |
38.9% of SPY is already inside CDX.
You probably hold more than these two. Add the rest and see how much of the whole book is the same companies twice.
Free for up to 10 holdings. No account needed.
Frequently Asked Questions
Which is cheaper, CDX or SPY?
CDX has an expense ratio of 0.25% while SPY charges 0.09%. SPY is the cheaper option, by $16 a year on a $10,000 investment.
Which performed better, CDX or SPY?
Over the past year CDX returned -2.87% vs +19.97% for SPY, so SPY leads on 1-year performance. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, CDX or SPY?
SPY has been the more volatile fund at 15.6% annualized versus 7.4% for CDX. Worst drawdown: CDX -13.2% vs SPY -22.1%.
Should I hold both CDX and SPY?
CDX and SPY have a monthly-return correlation of 0.64, so their returns are far enough apart for the mix to behave differently from either one alone. This is information, not a recommendation.
What is the holdings overlap between CDX and SPY?
38.9% of SPY's money is in holdings CDX also owns. 38.9% of SPY's is in holdings CDX also owns. They hold 109 positions in common, counted across the 210 positions we hold weights for in CDX and 504 in SPY.
Which pays a higher dividend, CDX or SPY?
CDX yields 8.32% while SPY yields 1.01%, so CDX currently pays the higher dividend yield.
Is SPY better than CDX?
SPY has a lower expense ratio. SPY led over 1Y, 3Y and the full window. SPY is less concentrated, with 38.0% of the fund in its ten largest positions against 79.1%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.