CDX vs SPY
Simplify High Yield ETF vs State Street SPDR S&P 500 ETF Trust
Quick Verdict
SPY has a lower expense ratio. SPY delivered stronger 1-year returns. SPY offers more diversification with 503 holdings.
Side-by-Side Comparison
| Metric | CDX | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 0.25% | 0.09% | |
| AUM | $377M | $789.1B | |
| Dividend Yield | 8.31% | 1.01% | |
| Holdings | 227 | 505 | |
| YTD Return | -1.94% | +13.79% | |
| 1Y Return | -3.14% | +23.66% | |
| 3Y Return (annualized) | +7.23% | +21.40% | |
| 5Y Return (annualized) | - | +13.37% | |
| Volatility (annualized) | 7.5% | 15.3% | |
| Max Drawdown | -13.2% | -56.5% | |
| Fund Family | Simplify Exchange Traded Funds | State Street Investment Management | |
| Category | Fixed Income | Equity | |
| Inception | Feb 14, 2022 | Jan 22, 1993 |
CDX vs SPY Performance
Simplify High Yield ETF (CDX) is a ETF from Simplify Exchange Traded Funds and State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management. Over the past year CDX returned -3.14% while SPY returned +23.66%. Year to date, CDX is down 1.94% versus a gain of 13.79% for SPY.
Over three years, CDX compounded at +7.23% per year against +21.40% for SPY. Across the full 5-year window we track, SPY has the edge at +8.85% annualized vs +4.05%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
SPY has been the more volatile fund, with annualized monthly volatility of 15.3% compared with 7.5% 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 -56.5% for SPY. Drawdown depth is worth weighing if you expect to sell during market stress rather than ride it out.
The two funds' monthly returns correlate at 0.64. They move independently enough that combining them can meaningfully diversify a portfolio.
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 8.31% against 1.01% for SPY.
Holdings Overlap
CDX and SPY share 46 holdings out of 613 unique holdings combined, representing a 4.5% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
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. On a $10,000 investment, that is $16 per year of difference.
Which performed better, CDX or SPY?
Over the past year CDX returned -3.14% vs +23.66% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (5 years), CDX annualized +4.05% vs +8.85% for SPY. Past performance does not guarantee future results.
Which is riskier, CDX or SPY?
SPY has been the more volatile fund at 15.3% annualized versus 7.5% for CDX. Worst drawdown: CDX -13.2% vs SPY -56.5%.
Should I hold both CDX and SPY?
CDX and SPY have a monthly-return correlation of 0.64, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between CDX and SPY?
CDX and SPY share 46 common holdings with a 4.5% weight overlap. Combined, they hold 613 unique securities.
Which pays a higher dividend, CDX or SPY?
CDX yields 8.31% while SPY yields 1.01%, so CDX currently pays the higher dividend yield.
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