FIAX vs. PFIX

Last updated Aug 4, 2026

FIAX (Nicholas Fixed Income Alternative ETF) and PFIX (Simplify Interest Rate Hedge ETF) are both exchange-traded funds - FIAX is a Nontraditional Bonds fund actively managed by Nicholas, while PFIX is a Inverse Bonds fund actively managed by Simplify. Both are actively managed. Over the past 3 years, FIAX returned 3.36%/yr vs 14.25%/yr for PFIX. Their -0.25 correlation means they have often moved in opposite directions in the past. FIAX charges 1.04%/yr vs 0.50%/yr for PFIX.

Performance

FIAX vs. PFIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Nicholas Fixed Income Alternative ETF (FIAX) 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, FIAX achieves a 1.83% return, which is significantly lower than PFIX's 11.17% return.

FIAX

• 1D: -0.09%
• 1M: -0.24%
• 6M: 1.17%
• YTD: 1.83%
• 1Y: 3.82%
• 3Y*: 3.36%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 3.23%

PFIX

• 1D: 0.46%
• 1M: 18.26%
• 6M: 11.37%
• YTD: 11.17%
• 1Y: 7.75%
• 3Y*: 14.25%
• 5Y*: 23.80%
• 10Y*: —
• ALL TIME*: 17.37%

*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)
FIAX Nicholas Fixed Income Alternative ETF	$137.68K	$252.41K	$198.03K
PFIX Simplify Interest Rate Hedge ETF	$8.65M	$6.17M	$16.90M

FIAX vs. PFIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
FIAX Nicholas Fixed Income Alternative ETF	1.83%	2.33%	4.67%	3.44%	-0.37%
PFIX Simplify Interest Rate Hedge ETF	11.17%	0.42%	35.94%	5.67%	6.43%

Correlation

The correlation between FIAX and PFIX is -0.35, 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.	-0.35
Correlation (3Y) Balances recent behavior with more history.	-0.26
Correlation (All Time) Calculated using the full available price history since Nov 30, 2022	-0.25

Return for Risk

FIAX vs. PFIX — Risk / Return Rank

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

FIAX

FIAX Risk / Return Rank: 41
FIAX Sharpe Ratio Rank: 38
FIAX Sortino Ratio Rank: 36
FIAX Omega Ratio Rank: 36
FIAX Calmar Ratio Rank: 43
FIAX Martin Ratio Rank: 50

PFIX

PFIX Risk / Return Rank: 17
PFIX Sharpe Ratio Rank: 17
PFIX Sortino Ratio Rank: 19
PFIX Omega Ratio Rank: 17
PFIX Calmar Ratio Rank: 17
PFIX Martin Ratio Rank: 14

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.

FIAX vs. PFIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Nicholas Fixed Income Alternative ETF (FIAX) 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.

	FIAX	PFIX	Difference
Sharpe ratio: Return per unit of total volatility	0.96	0.27	+0.69
Sortino ratio: Return per unit of downside risk	1.41	0.62	+0.79
Omega ratio: Gain probability vs. loss probability	1.18	1.07	+0.11
Calmar ratio: Return relative to maximum drawdown	1.60	0.33	+1.27
Martin ratio: Return relative to average drawdown	5.95	0.50	+5.45

FIAX vs. PFIX - Sharpe Ratio Comparison

The current FIAX Sharpe Ratio is 0.96, which is higher than the PFIX Sharpe Ratio of 0.27. The chart below compares the historical Sharpe Ratios of FIAX 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

FIAX vs. PFIX - Drawdown Comparison

The maximum FIAX drawdown since its inception was -6.26%, smaller than the maximum PFIX drawdown of -36.17%. Use the drawdown chart below to compare losses from any high point for FIAX and PFIX.

Drawdown Indicators

	FIAX	PFIX	Difference
Max Drawdown Largest peak-to-trough decline	-6.26%	-36.17%	+29.91%
Max Drawdown (1Y) Largest decline over 1 year	-2.40%	-23.71%	+21.31%
Max Drawdown (3Y) Largest decline over 3 years	-6.26%	-36.17%	+29.91%
Max Drawdown (5Y) Largest decline over 5 years	—	-36.17%	—
Current Drawdown Current decline from peak	-0.24%	-8.34%	+8.10%
Average Drawdown Average peak-to-trough decline	-0.83%	-17.19%	+16.36%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.64%	15.40%	-14.76%

Volatility

FIAX vs. PFIX - Volatility Comparison

The current volatility for Nicholas Fixed Income Alternative ETF (FIAX) is 0.97%, while Simplify Interest Rate Hedge ETF (PFIX) has a volatility of 7.75%. This indicates that FIAX 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

	FIAX	PFIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.97%	7.75%	-6.78%
Volatility (6M) Calculated over the trailing 6-month period	3.08%	21.85%	-18.77%
Volatility (1Y) Calculated over the trailing 1-year period	3.99%	28.94%	-24.95%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.00%	38.62%	-34.62%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.00%	38.12%	-34.12%

FIAX vs. PFIX - Expense Ratio Comparison

FIAX has a 1.04% expense ratio, which is higher than PFIX's 0.50% expense ratio.

Dividends

FIAX vs. PFIX - Dividend Comparison

FIAX's dividend yield for the trailing twelve months is around 8.21%, more than PFIX's 7.78% yield.

Position	TTM	2025	2024	2023	2022	2021
FIAX Nicholas Fixed Income Alternative ETF	8.21%	8.17%	8.11%	4.81%	0.00%	0.00%
PFIX Simplify Interest Rate Hedge ETF	7.78%	9.92%	3.40%	87.92%	0.63%	0.00%

Frequently Asked Questions

Can I hold both FIAX and PFIX in my portfolio?

FIAX and PFIX have a correlation of -0.35, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FIAX or PFIX?

PFIX has higher volatility (7.75%) compared to FIAX (0.97%). In terms of maximum drawdown, FIAX dropped -6.26% vs PFIX's -36.17%.

Which ETF is better, FIAX or PFIX?

On 3-year performance, PFIX leads with 14.25% vs 3.36% for FIAX. On fees, PFIX is cheaper at 0.50% per year. On volatility, FIAX has been the lower-risk option at 0.97%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FIAX or PFIX?

Over the 3-year period, PFIX has performed better with a 14.25% return vs 3.36%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FIAX or PFIX?

PFIX is cheaper with a 0.50% expense ratio, compared with 1.04% for FIAX.

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

FIAX has the higher dividend yield at 8.21%, compared with 7.78% for PFIX.

What is the main difference between FIAX and PFIX?

FIAX is categorized as Nontraditional Bonds, while PFIX is Inverse Bonds. They also come from different issuers: Nicholas and Simplify. Their fees differ too: 1.04% for FIAX and 0.50% for PFIX.

Which has better risk-adjusted returns?

FIAX currently has the higher Sharpe Ratio (0.96 vs 0.27), 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.