AMAX vs. PFIX

Last updated Aug 2, 2026

AMAX (RH Hedged Multi-Asset Income ETF) and PFIX (Simplify Interest Rate Hedge ETF) are both exchange-traded funds - AMAX is a Nontraditional Bonds fund actively managed by Adaptive, while PFIX is a Inverse Bonds fund actively managed by Simplify. Both are actively managed. Over the past 3 years, AMAX returned 7.50%/yr vs 17.57%/yr for PFIX. Their -0.22 correlation means they have often moved in opposite directions in the past. AMAX charges 1.29%/yr vs 0.50%/yr for PFIX.

Performance

AMAX vs. PFIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in RH Hedged Multi-Asset Income ETF (AMAX) and Simplify Interest Rate Hedge ETF (PFIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, AMAX achieves a 0.60% return, which is significantly lower than PFIX's 10.66% return.

AMAX

• 1D: 0.14%
• 1M: -0.21%
• 6M: -2.44%
• YTD: 0.60%
• 1Y: 5.50%
• 3Y*: 7.50%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 2.90%

PFIX

• 1D: 3.06%
• 1M: 17.72%
• 6M: 11.49%
• YTD: 10.66%
• 1Y: 7.25%
• 3Y*: 17.57%
• 5Y*: 23.20%
• 10Y*: —
• ALL TIME*: 17.29%

*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)
AMAX RH Hedged Multi-Asset Income ETF	$319.31K	$260.04K	$341.45K
PFIX Simplify Interest Rate Hedge ETF	$6.29M	$5.62M	$16.95M

AMAX vs. PFIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
AMAX RH Hedged Multi-Asset Income ETF	0.60%	11.38%	9.62%	6.70%	-12.56%	-0.20%
PFIX Simplify Interest Rate Hedge ETF	10.66%	0.42%	35.94%	5.67%	92.05%	-7.03%

Correlation

The correlation between AMAX and PFIX is -0.22, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	-0.22
Correlation (3Y) Balances recent behavior with more history.	-0.23
Correlation (All Time) Calculated using the full available price history since Nov 15, 2021	-0.22

Return for Risk

AMAX vs. PFIX — Risk / Return Rank

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

AMAX

AMAX Risk / Return Rank: 21
AMAX Sharpe Ratio Rank: 22
AMAX Sortino Ratio Rank: 20
AMAX Omega Ratio Rank: 20
AMAX Calmar Ratio Rank: 23
AMAX Martin Ratio Rank: 22

PFIX

PFIX Risk / Return Rank: 13
PFIX Sharpe Ratio Rank: 13
PFIX Sortino Ratio Rank: 14
PFIX Omega Ratio Rank: 13
PFIX Calmar Ratio Rank: 13
PFIX Martin Ratio Rank: 12

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.

AMAX vs. PFIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for RH Hedged Multi-Asset Income ETF (AMAX) and Simplify Interest Rate Hedge ETF (PFIX). 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.

	AMAX	PFIX	Difference
Sharpe ratio: Return per unit of total volatility	0.47	0.08	+0.39
Sortino ratio: Return per unit of downside risk	0.70	0.34	+0.36
Omega ratio: Gain probability vs. loss probability	1.09	1.04	+0.05
Calmar ratio: Return relative to maximum drawdown	0.67	0.10	+0.57
Martin ratio: Return relative to average drawdown	1.51	0.15	+1.36

AMAX vs. PFIX - Sharpe Ratio Comparison

The current AMAX Sharpe Ratio is 0.47, which is higher than the PFIX Sharpe Ratio of 0.08. The chart below compares the historical Sharpe Ratios of AMAX and PFIX, 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

AMAX vs. PFIX - Drawdown Comparison

The maximum AMAX drawdown since its inception was -16.28%, smaller than the maximum PFIX drawdown of -36.17%. Use the drawdown chart below to compare losses from any high point for AMAX and PFIX.

Drawdown Indicators

	AMAX	PFIX	Difference
Max Drawdown Largest peak-to-trough decline	-16.28%	-36.17%	+19.89%
Max Drawdown (1Y) Largest decline over 1 year	-7.53%	-23.71%	+16.18%
Max Drawdown (3Y) Largest decline over 3 years	-9.27%	-36.17%	+26.90%
Max Drawdown (5Y) Largest decline over 5 years	—	-36.17%	—
Current Drawdown Current decline from peak	-5.89%	-8.76%	+2.87%
Average Drawdown Average peak-to-trough decline	-5.32%	-17.19%	+11.87%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.34%	15.42%	-12.08%

Volatility

AMAX vs. PFIX - Volatility Comparison

The current volatility for RH Hedged Multi-Asset Income ETF (AMAX) is 2.40%, while Simplify Interest Rate Hedge ETF (PFIX) has a volatility of 7.75%. This indicates that AMAX experiences smaller price fluctuations and is considered to be less risky than PFIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AMAX	PFIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.40%	7.75%	-5.35%
Volatility (6M) Calculated over the trailing 6-month period	8.85%	21.92%	-13.07%
Volatility (1Y) Calculated over the trailing 1-year period	10.70%	29.31%	-18.61%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.43%	38.61%	-28.18%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.43%	38.13%	-27.70%

AMAX vs. PFIX - Expense Ratio Comparison

AMAX has a 1.29% expense ratio, which is higher than PFIX's 0.50% expense ratio.

Dividends

AMAX vs. PFIX - Dividend Comparison

AMAX's dividend yield for the trailing twelve months is around 11.89%, more than PFIX's 7.82% yield.

Position	TTM	2025	2024	2023	2022	2021
AMAX RH Hedged Multi-Asset Income ETF	11.89%	9.18%	7.36%	6.99%	11.22%	1.00%
PFIX Simplify Interest Rate Hedge ETF	7.82%	9.92%	3.40%	87.92%	0.63%	0.00%

Frequently Asked Questions

Can I hold both AMAX and PFIX in my portfolio?

AMAX and PFIX have a correlation of -0.22, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, AMAX or PFIX?

PFIX has higher volatility (7.75%) compared to AMAX (2.40%). In terms of maximum drawdown, AMAX dropped -16.28% vs PFIX's -36.17%.

Which ETF is better, AMAX or PFIX?

On 3-year performance, PFIX leads with 17.57% vs 7.50% for AMAX. On fees, PFIX is cheaper at 0.50% per year. On volatility, AMAX has been the lower-risk option at 2.40%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, AMAX or PFIX?

Over the 3-year period, PFIX has performed better with a 17.57% return vs 7.50%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, AMAX or PFIX?

PFIX is cheaper with a 0.50% expense ratio, compared with 1.29% for AMAX.

Which ETF pays a higher dividend yield, AMAX or PFIX?

AMAX has the higher dividend yield at 11.89%, compared with 7.82% for PFIX.

What is the main difference between AMAX and PFIX?

AMAX is categorized as Nontraditional Bonds, while PFIX is Inverse Bonds. They also come from different issuers: Adaptive and Simplify. Their fees differ too: 1.29% for AMAX and 0.50% for PFIX.

Which has better risk-adjusted returns?

AMAX currently has the higher Sharpe Ratio (0.47 vs 0.08), 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.