GLD vs. PFIX

Last updated Jun 14, 2026

GLD (SPDR Gold Shares) and PFIX (Simplify Interest Rate Hedge ETF) are both exchange-traded funds - GLD is a Gold fund tracking the LBMA Gold Price PM, while PFIX is a Hedge Fund fund actively managed by Simplify. GLD is passively managed, while PFIX is actively managed. Over the past 5 years, GLD returned 17.08%/yr vs 17.43%/yr for PFIX. At a correlation of -0.20, they often move in opposite directions. GLD charges 0.40%/yr vs 0.50%/yr for PFIX.

Performance

GLD vs. PFIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR Gold Shares (GLD) 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, GLD achieves a -2.47% return, which is significantly higher than PFIX's -3.92% return.

GLD

• 1D: 0.06%
• 1M: -9.52%
• YTD: -2.47%
• 6M: -2.25%
• 1Y: 22.21%
• 3Y*: 28.89%
• 5Y*: 17.08%
• 10Y*: 12.15%

PFIX

• 1D: -1.32%
• 1M: -5.62%
• 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)

GLD vs. PFIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
GLD SPDR Gold Shares	-2.47%	63.68%	26.66%	12.69%	-0.77%	-0.67%
PFIX Simplify Interest Rate Hedge ETF	-3.92%	0.42%	35.94%	5.67%	92.05%	-24.98%

Correlation

The correlation between GLD and PFIX is -0.12, 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	-0.12
Correlation (3Y) Calculated over the trailing 3-year period	-0.14
Correlation (5Y) Calculated over the trailing 5-year period	-0.20
Correlation (All Time) Calculated using the full available price history since May 11, 2021	-0.20

Return for Risk

GLD vs. PFIX — Risk / Return Rank

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

GLD

GLD Risk / Return Rank: 26
GLD Sharpe Ratio Rank: 27
GLD Sortino Ratio Rank: 25
GLD Omega Ratio Rank: 30
GLD Calmar Ratio Rank: 24
GLD Martin Ratio Rank: 24

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.

GLD vs. PFIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR Gold Shares (GLD) 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.

	GLD	PFIX	Difference
Sharpe ratio: Return per unit of total volatility	0.87	-0.34	+1.21
Sortino ratio: Return per unit of downside risk	1.24	-0.29	+1.53
Omega ratio: Gain probability vs. loss probability	1.18	0.97	+0.22
Calmar ratio: Return relative to maximum drawdown	0.98	-0.40	+1.37
Martin ratio: Return relative to average drawdown	2.81	-0.62	+3.43

GLD vs. PFIX - Sharpe Ratio Comparison

The current GLD Sharpe Ratio is 0.87, which is higher than the PFIX Sharpe Ratio of -0.34. The chart below compares the historical Sharpe Ratios of GLD 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

GLD vs. PFIX - Drawdown Comparison

The maximum GLD drawdown since its inception was -45.56%, which is greater than PFIX's maximum drawdown of -36.17%. Use the drawdown chart below to compare losses from any high point for GLD and PFIX.

Drawdown Indicators

	GLD	PFIX	Difference
Max Drawdown Largest peak-to-trough decline	-45.56%	-36.17%	-9.39%
Max Drawdown (1Y) Largest decline over 1 year	-24.46%	-25.64%	+1.18%
Max Drawdown (3Y) Largest decline over 3 years	-24.46%	-36.17%	+11.71%
Max Drawdown (5Y) Largest decline over 5 years	-24.46%	-36.17%	+11.71%
Max Drawdown (10Y) Largest decline over 10 years	-24.46%	—	—
Current Drawdown Current decline from peak	-22.05%	-20.78%	-1.27%
Average Drawdown Average peak-to-trough decline	-16.16%	-17.13%	+0.97%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.49%	16.52%	-8.03%

Volatility

GLD vs. PFIX - Volatility Comparison

The current volatility for SPDR Gold Shares (GLD) is 7.79%, while Simplify Interest Rate Hedge ETF (PFIX) has a volatility of 8.38%. This indicates that GLD 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

	GLD	PFIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.79%	8.38%	-0.59%
Volatility (6M) Calculated over the trailing 6-month period	24.10%	21.22%	+2.88%
Volatility (1Y) Calculated over the trailing 1-year period	27.37%	30.44%	-3.07%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.22%	38.52%	-20.30%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.08%	38.29%	-22.21%

GLD vs. PFIX - Expense Ratio Comparison

GLD has a 0.40% expense ratio, which is lower than PFIX's 0.50% expense ratio.

Dividends

GLD vs. PFIX - Dividend Comparison

GLD has not paid dividends to shareholders, while PFIX's dividend yield for the trailing twelve months is around 10.11%.

Position	TTM	2025	2024	2023	2022	2021
GLD SPDR Gold Shares	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
PFIX Simplify Interest Rate Hedge ETF	10.11%	9.92%	3.40%	87.92%	0.63%	0.00%

Frequently Asked Questions

Can I hold both GLD and PFIX in my portfolio?

GLD and PFIX have a correlation of -0.12, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GLD or PFIX?

PFIX has higher volatility (8.38%) compared to GLD (7.79%). In terms of maximum drawdown, GLD dropped -45.56% vs PFIX's -36.17%.

Which ETF is better, GLD or PFIX?

On 5-year performance, PFIX leads with 17.43% vs 17.08% for GLD. On fees, GLD is cheaper at 0.40% per year. On volatility, GLD has been the lower-risk option at 7.79%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GLD or PFIX?

Over the 5-year period, PFIX has performed better with a 17.43% return vs 17.08%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GLD or PFIX?

GLD is cheaper with a 0.40% expense ratio, compared with 0.50% for PFIX.

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

PFIX has the higher dividend yield at 10.11%, compared with 0.00% for GLD.

What is the main difference between GLD and PFIX?

GLD is categorized as Gold, while PFIX is Hedge Fund. They also come from different issuers: State Street and Simplify. Their fees differ too: 0.40% for GLD and 0.50% for PFIX.

Which has better risk-adjusted returns?

GLD currently has the higher Sharpe Ratio (0.87 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.