FTBD vs. PFIX
FTBD (Fidelity Tactical Bond ETF) and PFIX (Simplify Interest Rate Hedge ETF) are both exchange-traded funds - FTBD is a Nontraditional Bonds fund actively managed by Fidelity, while PFIX is a Inverse Bonds fund actively managed by Simplify. Both are actively managed. Over the past 3 years, FTBD returned 4.75%/yr vs 17.55%/yr for PFIX. Their -0.76 correlation means they have often moved in opposite directions in the past. FTBD charges 0.55%/yr vs 0.50%/yr for PFIX.
Performance
FTBD vs. PFIX - Performance Comparison
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Returns By Period
In the year-to-date period, FTBD achieves a 0.53% return, which is significantly lower than PFIX's 7.38% return.
FTBD
- 1D
- 0.18%
- 1M
- -1.22%
- 6M
- 0.01%
- YTD
- 0.53%
- 1Y
- 3.96%
- 3Y*
- 4.75%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 4.04%
PFIX
- 1D
- 2.32%
- 1M
- 17.13%
- 6M
- 10.24%
- YTD
- 7.38%
- 1Y
- -2.54%
- 3Y*
- 17.55%
- 5Y*
- 22.46%
- 10Y*
- —
- ALL TIME*
- 16.63%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $232.55K | $230.39K | $183.28K | |
| $5.18M | $5.68M | $17.00M |
FTBD vs. PFIX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
FTBD Fidelity Tactical Bond ETF | 0.53% | 8.35% | 1.77% | 3.65% |
PFIX Simplify Interest Rate Hedge ETF | 7.38% | 0.42% | 35.94% | 25.30% |
Correlation
The correlation between FTBD and PFIX is -0.64, 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. | -0.64 |
Correlation (3Y) Balances recent behavior with more history. | -0.79 |
Correlation (All Time) Calculated using the full available price history since Jan 26, 2023 | -0.76 |
The correlation between FTBD and PFIX shifts across timeframes, from -0.79 (3 years) to -0.64 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
FTBD vs. PFIX — Risk / Return Rank
FTBD
PFIX
FTBD vs. PFIX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Fidelity Tactical Bond ETF (FTBD) 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.
| FTBD | PFIX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.02 | ||
| Sortino ratioReturn per unit of downside risk | +1.27 | ||
| Omega ratioGain probability vs. loss probability | 1.16 | 1.01 | +0.15 |
| Calmar ratioReturn relative to maximum drawdown | 1.33 | -0.11 | +1.44 |
| Martin ratioReturn relative to average drawdown | 4.16 | -0.17 | +4.32 |
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Drawdowns
FTBD vs. PFIX - Drawdown Comparison
The maximum FTBD drawdown since its inception was -6.98%, smaller than the maximum PFIX drawdown of -36.17%. Use the drawdown chart below to compare losses from any high point for FTBD and PFIX.
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Drawdown Indicators
| FTBD | PFIX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -6.98% | -36.17% | +29.19% |
Max Drawdown (1Y)Largest decline over 1 year | -2.98% | -23.71% | +20.73% |
Max Drawdown (3Y)Largest decline over 3 years | -5.34% | -36.17% | +30.83% |
Max Drawdown (5Y)Largest decline over 5 years | — | -36.17% | — |
Current DrawdownCurrent decline from peak | -1.60% | -11.47% | +9.87% |
Average DrawdownAverage peak-to-trough decline | -1.55% | -17.20% | +15.65% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.95% | 15.44% | -14.49% |
Volatility
FTBD vs. PFIX - Volatility Comparison
The current volatility for Fidelity Tactical Bond ETF (FTBD) is 1.38%, while Simplify Interest Rate Hedge ETF (PFIX) has a volatility of 7.53%. This indicates that FTBD 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
| FTBD | PFIX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.38% | 7.53% | -6.15% |
Volatility (6M)Calculated over the trailing 6-month period | 3.44% | 21.75% | -18.31% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.28% | 29.15% | -24.87% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.81% | 38.60% | -32.79% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.81% | 38.12% | -32.31% |
FTBD vs. PFIX - Expense Ratio Comparison
FTBD has a 0.55% expense ratio, which is higher than PFIX's 0.50% expense ratio.
Dividends
FTBD vs. PFIX - Dividend Comparison
FTBD's dividend yield for the trailing twelve months is around 5.07%, less than PFIX's 8.06% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
FTBD Fidelity Tactical Bond ETF | 5.07% | 5.04% | 4.76% | 4.69% | 0.00% | 0.00% |
PFIX Simplify Interest Rate Hedge ETF | 8.06% | 9.92% | 3.40% | 87.92% | 0.63% | 0.00% |
Frequently Asked Questions
FTBD and PFIX have a correlation of -0.64, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PFIX has higher volatility (7.53%) compared to FTBD (1.38%). In terms of maximum drawdown, FTBD dropped -6.98% vs PFIX's -36.17%.
On 3-year performance, PFIX leads with 17.55% vs 4.75% for FTBD. On fees, PFIX is cheaper at 0.50% per year. On volatility, FTBD has been the lower-risk option at 1.38%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, PFIX has performed better with a 17.55% return vs 4.75%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
PFIX is cheaper with a 0.50% expense ratio, compared with 0.55% for FTBD.
PFIX has the higher dividend yield at 8.06%, compared with 5.07% for FTBD.
FTBD is categorized as Nontraditional Bonds, while PFIX is Inverse Bonds. They also come from different issuers: Fidelity and Simplify. Their fees differ too: 0.55% for FTBD and 0.50% for PFIX.
FTBD currently has the higher Sharpe Ratio (0.93 vs -0.09), 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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