EWP vs. PFIX
EWP (iShares MSCI Spain ETF) and PFIX (Simplify Interest Rate Hedge ETF) are both exchange-traded funds - EWP is a Europe Equities fund tracking the MSCI Spain Index, while PFIX is a Hedge Fund fund actively managed by Simplify. EWP is passively managed, while PFIX is actively managed. Over the past 5 years, EWP returned 17.57%/yr vs 17.43%/yr for PFIX. At a correlation of -0.14, they often move in opposite directions. Both charge a 0.50% expense ratio.
Performance
EWP vs. PFIX - Performance Comparison
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Returns By Period
In the year-to-date period, EWP achieves a 8.89% return, which is significantly higher than PFIX's -3.92% return.
EWP
- 1D
- 0.63%
- 1M
- 5.52%
- YTD
- 8.89%
- 6M
- 11.54%
- 1Y
- 39.17%
- 3Y*
- 32.21%
- 5Y*
- 17.57%
- 10Y*
- 12.33%
PFIX
- 1D
- -1.32%
- 1M
- -9.30%
- YTD
- -3.92%
- 6M
- -5.54%
- 1Y
- -12.06%
- 3Y*
- 15.02%
- 5Y*
- 17.43%
- 10Y*
- —
EWP vs. PFIX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
EWP iShares MSCI Spain ETF | 8.89% | 78.03% | 5.70% | 30.26% | -5.18% | -9.61% |
PFIX Simplify Interest Rate Hedge ETF | -3.92% | 0.42% | 35.94% | 5.67% | 92.05% | -24.98% |
Correlation
The correlation between EWP and PFIX is -0.24, 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 | -0.24 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.24 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.14 |
Correlation (All Time) Calculated using the full available price history since May 11, 2021 | -0.14 |
The correlation between EWP and PFIX shifts across timeframes, from -0.24 (1 year) to -0.14 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
EWP vs. PFIX — Risk / Return Rank
EWP
PFIX
EWP vs. PFIX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Spain ETF (EWP) 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.
| EWP | PFIX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.28 | ||
| Sortino ratioReturn per unit of downside risk | +2.91 | ||
| Omega ratioGain probability vs. loss probability | 1.34 | 0.97 | +0.37 |
| Calmar ratioReturn relative to maximum drawdown | 3.26 | -0.40 | +3.65 |
| Martin ratioReturn relative to average drawdown | 11.51 | -0.62 | +12.12 |
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Drawdowns
EWP vs. PFIX - Drawdown Comparison
The maximum EWP drawdown since its inception was -61.19%, which is greater than PFIX's maximum drawdown of -36.17%. Use the drawdown chart below to compare losses from any high point for EWP and PFIX.
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Drawdown Indicators
| EWP | PFIX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -61.19% | -36.17% | -25.02% |
Max Drawdown (1Y)Largest decline over 1 year | -11.38% | -25.64% | +14.26% |
Max Drawdown (3Y)Largest decline over 3 years | -12.19% | -36.17% | +23.98% |
Max Drawdown (5Y)Largest decline over 5 years | -32.96% | -36.17% | +3.21% |
Max Drawdown (10Y)Largest decline over 10 years | -46.36% | — | — |
Current DrawdownCurrent decline from peak | 0.00% | -20.78% | +20.78% |
Average DrawdownAverage peak-to-trough decline | -21.41% | -17.13% | -4.28% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.22% | 16.52% | -13.30% |
Volatility
EWP vs. PFIX - Volatility Comparison
The current volatility for iShares MSCI Spain ETF (EWP) is 6.21%, while Simplify Interest Rate Hedge ETF (PFIX) has a volatility of 8.38%. This indicates that EWP 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.
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Volatility by Period
| EWP | PFIX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.21% | 8.38% | -2.17% |
Volatility (6M)Calculated over the trailing 6-month period | 16.09% | 21.22% | -5.13% |
Volatility (1Y)Calculated over the trailing 1-year period | 19.13% | 30.44% | -11.31% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 20.31% | 38.52% | -18.21% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 22.22% | 38.29% | -16.07% |
EWP vs. PFIX - Expense Ratio Comparison
Both EWP and PFIX have an expense ratio of 0.50%.
Dividends
EWP vs. PFIX - Dividend Comparison
EWP's dividend yield for the trailing twelve months is around 2.09%, less than PFIX's 10.11% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
EWP iShares MSCI Spain ETF | 2.09% | 2.27% | 4.35% | 2.70% | 3.07% | 3.29% | 2.56% | 3.72% | 3.69% | 2.72% | 4.65% | 3.85% |
PFIX Simplify Interest Rate Hedge ETF | 10.11% | 9.92% | 3.40% | 87.92% | 0.63% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
EWP and PFIX have a correlation of -0.24, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PFIX has higher volatility (8.38%) compared to EWP (6.21%). In terms of maximum drawdown, EWP dropped -61.19% vs PFIX's -36.17%.
On 5-year performance, EWP leads with 17.57% vs 17.43% for PFIX. Both ETFs have the same 0.50% expense ratio. On volatility, EWP has been the lower-risk option at 6.21%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, EWP has performed better with a 17.57% return vs 17.43%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
EWP and PFIX have the same expense ratio: 0.50% per year.
PFIX has the higher dividend yield at 10.11%, compared with 2.09% for EWP.
EWP is categorized as Europe Equities, while PFIX is Hedge Fund. They also come from different issuers: iShares and Simplify.
EWP currently has the higher Sharpe Ratio (1.94 vs -0.34), 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.
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