CDX vs. PFIX

Last updated Jun 4, 2026

CDX (Simplify High Yield PLUS Credit Hedge ETF) and PFIX (Simplify Interest Rate Hedge ETF) are both exchange-traded funds - CDX is a High Yield Bonds fund actively managed by Simplify, while PFIX is a Hedge Fund fund actively managed by Simplify. Both are actively managed. Over the past 3 years, CDX returned 7.17%/yr vs 14.54%/yr for PFIX. At a correlation of -0.30, they often move in opposite directions. CDX charges 0.26%/yr vs 0.50%/yr for PFIX.

Performance

CDX vs. PFIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Simplify High Yield PLUS Credit Hedge ETF (CDX) and Simplify Interest Rate Hedge ETF (PFIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with CDX having a -2.44% return and PFIX slightly lower at -2.55%.

CDX

• 1D: -0.19%
• 1M: -0.71%
• YTD: -2.44%
• 6M: -2.70%
• 1Y: -1.77%
• 3Y*: 7.17%
• 5Y*: —
• 10Y*: —

PFIX

• 1D: 0.36%
• 1M: -3.76%
• YTD: -2.55%
• 6M: 1.53%
• 1Y: -15.57%
• 3Y*: 14.54%
• 5Y*: 16.86%
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

CDX vs. PFIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
CDX Simplify High Yield PLUS Credit Hedge ETF	-2.44%	9.51%	7.71%	12.74%	-8.12%
PFIX Simplify Interest Rate Hedge ETF	-2.55%	0.42%	35.94%	5.67%	56.47%

Correlation

The correlation between CDX and PFIX is -0.27, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.27
Correlation (3Y) Calculated over the trailing 3-year period	-0.30
Correlation (All Time) Calculated using the full available price history since Feb 16, 2022	-0.30

CDX vs. PFIX - Sectors Allocation Comparison

Sectors	CDX	PFIX
Technology	24.6%	-
Industrials	15.1%	-
Healthcare	14.2%	-
Financial Services	10.0%	32.2%
Consumer Cyclical	9.8%	-
Energy	6.9%	-
Real Estate	4.2%	-
Communication Services	4.1%	-
Consumer Defensive	4.1%	-
Basic Materials	4.0%	-
Utilities	2.9%	-

Return for Risk

CDX vs. PFIX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

CDX

CDX Risk / Return Rank: 5
CDX Sharpe Ratio Rank: 6
CDX Sortino Ratio Rank: 5
CDX Omega Ratio Rank: 5
CDX Calmar Ratio Rank: 5
CDX Martin Ratio Rank: 4

PFIX

PFIX Risk / Return Rank: 4
PFIX Sharpe Ratio Rank: 4
PFIX Sortino Ratio Rank: 4
PFIX Omega Ratio Rank: 4
PFIX Calmar Ratio Rank: 4
PFIX Martin Ratio Rank: 4

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

CDX vs. PFIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Simplify High Yield PLUS Credit Hedge ETF (CDX) 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.

	CDX	PFIX	Difference
Sharpe ratio: Return per unit of total volatility	-0.31	-0.52	+0.20
Sortino ratio: Return per unit of downside risk	-0.40	-0.58	+0.18
Omega ratio: Gain probability vs. loss probability	0.95	0.93	+0.02
Calmar ratio: Return relative to maximum drawdown	-0.43	-0.61	+0.18
Martin ratio: Return relative to average drawdown	-1.00	-0.96	-0.05
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CDX vs. PFIX - Sharpe Ratio Comparison

The current CDX Sharpe Ratio is -0.31, which is higher than the PFIX Sharpe Ratio of -0.52. The chart below compares the historical Sharpe Ratios of CDX 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.

Sharpe Ratios by Period

	CDX	PFIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.31	-0.52	+0.20
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.44	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.38	0.39	-0.01

Drawdowns

CDX vs. PFIX - Drawdown Comparison

The maximum CDX drawdown since its inception was -13.24%, smaller than the maximum PFIX drawdown of -36.17%. Use the drawdown chart below to compare losses from any high point for CDX and PFIX.

Drawdown Indicators

	CDX	PFIX	Difference
Max Drawdown Largest peak-to-trough decline	-13.24%	-36.17%	+22.93%
Max Drawdown (1Y) Largest decline over 1 year	-4.18%	-25.64%	+21.46%
Max Drawdown (3Y) Largest decline over 3 years	-8.88%	-36.17%	+27.29%
Max Drawdown (5Y) Largest decline over 5 years	—	-36.17%	—
Current Drawdown Current decline from peak	-7.41%	-19.65%	+12.24%
Average Drawdown Average peak-to-trough decline	-4.34%	-17.13%	+12.79%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.77%	16.35%	-14.58%

Volatility

CDX vs. PFIX - Volatility Comparison

The current volatility for Simplify High Yield PLUS Credit Hedge ETF (CDX) is 1.61%, while Simplify Interest Rate Hedge ETF (PFIX) has a volatility of 7.51%. This indicates that CDX 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

	CDX	PFIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.61%	7.51%	-5.90%
Volatility (6M) Calculated over the trailing 6-month period	4.72%	20.89%	-16.17%
Volatility (1Y) Calculated over the trailing 1-year period	5.69%	30.32%	-24.63%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.10%	38.50%	-27.40%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.10%	38.35%	-27.25%

CDX vs. PFIX - Expense Ratio Comparison

CDX has a 0.26% expense ratio, which is lower than PFIX's 0.50% expense ratio.

Dividends

CDX vs. PFIX - Dividend Comparison

CDX's dividend yield for the trailing twelve months is around 8.37%, less than PFIX's 9.96% yield.

Position	TTM	2025	2024	2023	2022	2021
CDX Simplify High Yield PLUS Credit Hedge ETF	8.37%	7.18%	12.60%	5.26%	7.51%	0.00%
PFIX Simplify Interest Rate Hedge ETF	9.96%	9.92%	3.40%	87.92%	0.63%	0.00%

Frequently Asked Questions

Can I hold both CDX and PFIX in my portfolio?

CDX and PFIX have a correlation of -0.27, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CDX or PFIX?

PFIX has higher volatility (7.51%) compared to CDX (1.61%). In terms of maximum drawdown, CDX dropped -13.24% vs PFIX's -36.17%.

Which ETF is better, CDX or PFIX?

On 3-year performance, PFIX leads with 14.54% vs 7.17% for CDX. On fees, CDX is cheaper at 0.26% per year. On volatility, CDX has been the lower-risk option at 1.61%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CDX or PFIX?

Over the 3-year period, PFIX has performed better with a 14.54% return vs 7.17%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CDX or PFIX?

CDX is cheaper with a 0.26% expense ratio, compared with 0.50% for PFIX.

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

PFIX has the higher dividend yield at 9.96%, compared with 8.37% for CDX.

What is the main difference between CDX and PFIX?

CDX is categorized as High Yield Bonds, while PFIX is Hedge Fund. Their fees differ too: 0.26% for CDX and 0.50% for PFIX.

Which has better risk-adjusted returns?

CDX currently has the higher Sharpe Ratio (-0.31 vs -0.52), 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.