FEZ vs. PFIX

Last updated Jun 14, 2026

FEZ (State Street SPDR EURO STOXX 50 ETF) and PFIX (Simplify Interest Rate Hedge ETF) are both exchange-traded funds - FEZ is a Europe Equities fund tracking the EURO STOXX 50 Index, while PFIX is a Hedge Fund fund actively managed by Simplify. FEZ is passively managed, while PFIX is actively managed. Over the past 5 years, FEZ returned 10.21%/yr vs 17.43%/yr for PFIX. At a correlation of -0.13, they often move in opposite directions. FEZ charges 0.29%/yr vs 0.50%/yr for PFIX.

Performance

FEZ vs. PFIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in State Street SPDR EURO STOXX 50 ETF (FEZ) 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, FEZ achieves a 7.29% return, which is significantly higher than PFIX's -3.92% return.

FEZ

• 1D: 0.09%
• 1M: 6.20%
• YTD: 7.29%
• 6M: 8.07%
• 1Y: 19.95%
• 3Y*: 17.98%
• 5Y*: 10.21%
• 10Y*: 11.34%

PFIX

• 1D: -1.32%
• 1M: -9.30%
• YTD: -3.92%
• 6M: -5.54%
• 1Y: -12.06%
• 3Y*: 15.02%
• 5Y*: 17.43%
• 10Y*: —

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

FEZ vs. PFIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
FEZ State Street SPDR EURO STOXX 50 ETF	7.29%	37.81%	3.57%	27.16%	-14.27%	0.89%
PFIX Simplify Interest Rate Hedge ETF	-3.92%	0.42%	35.94%	5.67%	92.05%	-24.98%

Correlation

The correlation between FEZ and PFIX is -0.25, 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	-0.25
Correlation (3Y) Calculated over the trailing 3-year period	-0.19
Correlation (5Y) Calculated over the trailing 5-year period	-0.13
Correlation (All Time) Calculated using the full available price history since May 11, 2021	-0.13

The correlation between FEZ and PFIX shifts across timeframes, from -0.25 (1 year) to -0.13 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

FEZ vs. PFIX — Risk / Return Rank

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

FEZ

FEZ Risk / Return Rank: 30
FEZ Sharpe Ratio Rank: 30
FEZ Sortino Ratio Rank: 30
FEZ Omega Ratio Rank: 28
FEZ Calmar Ratio Rank: 30
FEZ Martin Ratio Rank: 34

PFIX

PFIX Risk / Return Rank: 6
PFIX Sharpe Ratio Rank: 6
PFIX Sortino Ratio Rank: 7
PFIX Omega Ratio Rank: 7
PFIX Calmar Ratio Rank: 6
PFIX Martin Ratio Rank: 7

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.

FEZ vs. PFIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for State Street SPDR EURO STOXX 50 ETF (FEZ) 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.

	FEZ	PFIX	Difference
Sharpe ratio: Return per unit of total volatility	0.96	-0.34	+1.29
Sortino ratio: Return per unit of downside risk	1.45	-0.29	+1.74
Omega ratio: Gain probability vs. loss probability	1.17	0.97	+0.21
Calmar ratio: Return relative to maximum drawdown	1.29	-0.40	+1.69
Martin ratio: Return relative to average drawdown	4.40	-0.62	+5.01

FEZ vs. PFIX - Sharpe Ratio Comparison

The current FEZ Sharpe Ratio is 0.96, which is higher than the PFIX Sharpe Ratio of -0.34. The chart below compares the historical Sharpe Ratios of FEZ 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

FEZ vs. PFIX - Drawdown Comparison

The maximum FEZ drawdown since its inception was -64.21%, which is greater than PFIX's maximum drawdown of -36.17%. Use the drawdown chart below to compare losses from any high point for FEZ and PFIX.

Drawdown Indicators

	FEZ	PFIX	Difference
Max Drawdown Largest peak-to-trough decline	-64.21%	-36.17%	-28.04%
Max Drawdown (1Y) Largest decline over 1 year	-13.63%	-25.64%	+12.01%
Max Drawdown (3Y) Largest decline over 3 years	-15.85%	-36.17%	+20.32%
Max Drawdown (5Y) Largest decline over 5 years	-35.05%	-36.17%	+1.12%
Max Drawdown (10Y) Largest decline over 10 years	-39.69%	—	—
Current Drawdown Current decline from peak	-0.37%	-20.78%	+20.41%
Average Drawdown Average peak-to-trough decline	-17.05%	-17.13%	+0.08%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.01%	16.52%	-12.51%

Volatility

FEZ vs. PFIX - Volatility Comparison

The current volatility for State Street SPDR EURO STOXX 50 ETF (FEZ) is 6.57%, while Simplify Interest Rate Hedge ETF (PFIX) has a volatility of 8.38%. This indicates that FEZ 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

	FEZ	PFIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.57%	8.38%	-1.81%
Volatility (6M) Calculated over the trailing 6-month period	15.48%	21.22%	-5.74%
Volatility (1Y) Calculated over the trailing 1-year period	18.45%	30.44%	-11.99%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.70%	38.52%	-17.82%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.11%	38.29%	-17.18%

FEZ vs. PFIX - Expense Ratio Comparison

FEZ has a 0.29% expense ratio, which is lower than PFIX's 0.50% expense ratio.

Dividends

FEZ vs. PFIX - Dividend Comparison

FEZ's dividend yield for the trailing twelve months is around 2.52%, less than PFIX's 10.11% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FEZ State Street SPDR EURO STOXX 50 ETF	2.52%	2.78%	2.94%	2.75%	3.06%	2.61%	2.13%	2.61%	3.45%	2.44%	3.35%	3.03%
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

Can I hold both FEZ and PFIX in my portfolio?

FEZ and PFIX have a correlation of -0.25, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FEZ or PFIX?

PFIX has higher volatility (8.38%) compared to FEZ (6.57%). In terms of maximum drawdown, FEZ dropped -64.21% vs PFIX's -36.17%.

Which ETF is better, FEZ or PFIX?

On 5-year performance, PFIX leads with 17.43% vs 10.21% for FEZ. On fees, FEZ is cheaper at 0.29% per year. On volatility, FEZ has been the lower-risk option at 6.57%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FEZ or PFIX?

Over the 5-year period, PFIX has performed better with a 17.43% return vs 10.21%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FEZ or PFIX?

FEZ is cheaper with a 0.29% expense ratio, compared with 0.50% for PFIX.

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

PFIX has the higher dividend yield at 10.11%, compared with 2.52% for FEZ.

What is the main difference between FEZ and PFIX?

FEZ is categorized as Europe Equities, while PFIX is Hedge Fund. They also come from different issuers: State Street and Simplify. Their fees differ too: 0.29% for FEZ and 0.50% for PFIX.

Which has better risk-adjusted returns?

FEZ currently has the higher Sharpe Ratio (0.96 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.