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SPD vs VIXM

Simplify US Equity PLUS Downside Convexity ETF

SPDBNYSE Arca

ProShares VIX Mid-Term Futures ETF

VIXMDCboe

Overlap

0.0%by weight

Expense ratio

SPD −0.32pt a year

SPD0.53%VIXM0.85%

Avg volume · 30D

VIXM 32.6×the volume

SPD14KVIXM458K

5Y return · a year

SPD +20.9pt

SPD+6.1%VIXM−14.8%

SPD vs VIXM Performance

Nov 3, 2021 – Nov 3, 2026

+34.6%SPD−55.1%VIXM

Nov 3, 2021 to Nov 3, 2026. SPD +34.6%. VIXM −55.1%. Use the arrow keys to read each point.−40%−20%0%20%Nov 2021May 2024Nov 2026
Expense ratio
SPD 0.53%, better
VIXM 0.85%
Fund size
SPD $77M
VIXM $45M
1Y total return
SPD +2.4%, better
VIXM −19.5%
Yield (12M)
SPD 1.23%
VIXM No data
Holdings
SPD 22
VIXM 1
Avg volume (30D)
SPD 14K sh
VIXM 458K sh, better
NAV per share
SPD $40.59
VIXM $13.25
52W range

ETF.net Grade

SPD: Cost 78, Risk 61, Mission not scored, Tradability 53, Holdings 37, Durability 62. VIXM: Cost 15, Risk 25, Mission not scored, Tradability 61, Holdings not scored, Durability 65.
Pillar letters and Scores for SPD, VIXM, with each pillar’s weight
PillarSPDVIXM
Cost30% weightA78HigherF15
Mission25% weightNot scoredNot scored
Risk15% weightB61HigherD25
Tradability15% weightC53B61Higher
Holdings10% weightD37Not scored
Durability5% weightB62B65Higher

Rank among Portfolio Hedging funds

How we build Categories ›
Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

Same Category. SPD and VIXM are both graded against the same 10 Portfolio Hedging funds, so their Grades compare head to head.

Portfolio Hedging⁠

Category · 10 funds
See all 10 ›

SPD ranks 1st and VIXM 9th of 10 funds in the Portfolio Hedging Category.

  1. Rank 1BCAOSAlpha Architect Tail Risk ETFScore 66
  2. Rank 1BSPDSimplify US Equity PLUS Downside Convexity ETFScore 66
  3. Rank 3BPFIXSimplify Interest Rate Hedge ETFScore 65
  4. Rank 8DVIXYProShares VIX Short-Term Futures ETFScore 33
  5. Rank 9DVIXMProShares VIX Mid-Term Futures ETFScore 31
  6. Rank 10DIVOLQuadratic Interest Rate Volatility and Inflation Hedge ETFScore 25

Our read on each fund

ETF.net Research

SPDBSimplify US Equity PLUS Downside Convexity ETF

VIXMDProShares VIX Mid-Term Futures ETF

In short

SPD Most S&P 500 options funds sell options to collect premium. SPD runs the trade in reverse: US equity exposure plus a standing options overlay built to cushion deep market drops rather than harvest income.

VIXM Most VIX funds crowd the front month. VIXM sits in the middle of the curve, rolling fourth-month futures out to seventh for a five-month average maturity. A longer-dated way to own expected S&P 500 volatility, trading since 2011.

Stated mandate

SPD The fund seeks long-term capital appreciation through primarily U.S. equity investments combined with a persistent downside-convexity options overlay intended to hedge market declines.

VIXM VIXM seeks to track the performance of the S&P 500 VIX Mid-Term Futures Index before fees and expenses.

Why people hold it

  • SPD The hedge is always on, not bolted in after volatility spikes. The overlay is built to soften declines instead of selling premium, the rarer job in this crowd.simplify.us
  • At 0.53% a year it undercuts the median fee among its S&P 500 options peers, notable for a fund carrying a live derivatives book.simplify.us
  • Trading since 2020. Equity core benchmarked to the S&P 500, a compact book of roughly 40 positions, distributions on a quarterly schedule.
  • VIXM Mid-curve by design: the index rolls fourth-month VIX futures into seventh while holding fifth and sixth, keeping a weighted average of five months to expiration.proshares.com
  • Trading since 2011, one of the longer-running volatility funds, and it delivers VIX futures exposure through a single ticker in an ordinary brokerage account.proshares.com
  • ProShares points to the mid-term VIX futures index historically moving opposite S&P 500 returns, which is the reason investors park it beside equity risk.proshares.com

Worth knowing

  • SPD Convexity is not free. A persistent hedge overlay has an ongoing cost that the fund carries whether or not the market actually falls.simplify.us
  • Shares trade lightly and assets are modest next to the cohort's giants, so spreads can be wider than the headline fee suggests.
  • It lands in the lower half of its S&P 500 options peer group. The fee is competitive; the hedged build simply has more moving parts than a plain buy-write.
  • VIXM At 0.85% a year, it runs above what several hedging peers charge, including PFIX (0.50%) and TAIL (0.59%).
  • ProShares notes the VIX has tended to revert to a long-term average rather than climb over time, unlike asset classes that drift upward, so holding period matters here.proshares.com
  • It is a commodity pool rather than a standard stock fund, so tax reporting differs from an equity ETF, and it does not pay regular distributions.

Full SPD profile⁠

Full VIXM profile⁠

SPD vs VIXM Holdings

How SPD and VIXM differ

Overlap by weight

0.0%

Shared holdings make up 0.0% of SPD and 0.0% of VIXM.

Level by level

  • Asset classEquity, Alternatives0.0%
  • Holdings0 in both0.0%

Sector

No Sector split for VIXM.

Country, concentration and asset class

Country by domicile

No country split for VIXM.

Concentration

Weight in the 10 largest Holdings

  • SPD133.2%
  • VIXM100.0%

Securities held

  • SPD20
  • VIXM0

Asset class

SPD
Equity
VIXM
Alternatives

Holdings

  • Only in SPD20
  • In both0
  • Only in VIXM0

Only in SPD

20 securities, 100% of SPD by weight

  • Ishares Core S+p 500 Etf91.49%
  • Trs Sbar 05142719.16%
  • Trs Sbar 06152712.88%

Only in VIXM

0 securities, 0.0% of VIXM by weight

Weight gaps

SPD and VIXM share no securities.

All 40 SPD holdings⁠All 5 VIXM holdings⁠

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

SPD vs VIXM Cost

Overpaying VIXM vs SPD

$5,663

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

  • SPD 0.53%

    $10,536

  • VIXM 0.85%

    $16,199

$10,000
30 years

Cost over time

  • SPD 0.53%
  • VIXM 0.85%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$5K$10K$15K$20K051015202530VIXM $16,199SPD $10,536

Year by year

YearSPDVIXMOverpaying
10$953$1,508$555
20$3,658$5,706$2,048
30$10,536$16,199$5,663

Expense ratio

  • 0.53%SPD, cheaper
  • 0.85%VIXM
  • Middle half of Portfolio Hedging funds
  • Median 0.63%

SPD 2nd cheapest of 10 funds

VIXM 8th cheapest of 10 funds

SPD vs VIXM Dividends

Last 12 months to Nov 3, 2026
Yield (12M)
SPD 1.23%
VIXM No data
Payout (12M)
SPD $0.50
VIXM None
Last payment
SPD $0.20
VIXM No data
Ex-dividend
SPD Sep 25, 2026
VIXM No data
Paid on
SPD Sep 30, 2026
VIXM No data
Frequency
SPD Quarterly
VIXM No data

Distribution history

Per share, 2020 to 2026, same scale for both

SPDQuarterly · 22 paymentsAll SPD payments⁠
One bar per payment. 22 payments from 2020 to 2026 YTD. Dec 14, 2020 $0.12; Jun 28, 2021 $0.12; Sep 27, 2021 $0.07; Dec 27, 2021 $0.10; Mar 28, 2022 $0.04; Jun 27, 2022 $0.16; Dec 27, 2022 $0.20; Mar 27, 2023 $0.08; Jun 27, 2023 $0.21; Sep 27, 2023 $0.10; Dec 26, 2023 $0.16; Mar 25, 2024 $0.10; Jun 25, 2024 $0.10; Sep 25, 2024 $0.08; Dec 23, 2024 $0.10; Mar 26, 2025 $0.08; Jun 25, 2025 $0.10; Sep 25, 2025 $0.10; Dec 23, 2025 $0.10; Mar 26, 2026 $0.10; Jun 25, 2026 $0.10; Sep 25, 2026 $0.20. Use the arrow keys to read each point.$0$0.20202020232026YTD
VIXMAll VIXM payments⁠

No distribution history available.

SPD vs VIXM Risk

Fall from peak · 5 years

  • SPD
  • VIXM
Nov 3, 2021 to Nov 3, 2026. Worst fall: VIXM −66.2% · Oct 2026. Use the arrow keys to read each point.−60%−40%−20%0%Nov 2021May 2024Nov 2026

Risk facts

VolatilityStd dev, 3 years
SPD 14.1%, betterVIXM 19.9%
Return per unit of riskSharpe ratio, 3 years
SPD 0.95, betterVIXM −0.84
Worst fallMax drawdown, 5 years
SPD −27.4%, betterVIXM −66.2%
Market sensitivityBeta, 5 years
SPD 0.94VIXM −0.95

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