HYBI vs. PFIX

Last updated Aug 4, 2026

HYBI (NEOS Enhanced Income Credit Select ETF) and PFIX (Simplify Interest Rate Hedge ETF) are both exchange-traded funds - HYBI is a Nontraditional Bonds fund actively managed by Neos, while PFIX is a Inverse Bonds fund actively managed by Simplify. Both are actively managed. Over the past year, HYBI returned 5.93% vs 7.75% for PFIX. Their -0.33 correlation means they have often moved in opposite directions in the past. HYBI charges 0.68%/yr vs 0.50%/yr for PFIX.

Performance

HYBI vs. PFIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in NEOS Enhanced Income Credit Select ETF (HYBI) 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, HYBI achieves a 2.12% return, which is significantly lower than PFIX's 11.17% return.

HYBI

• 1D: 0.12%
• 1M: -0.02%
• 6M: 1.29%
• YTD: 2.12%
• 1Y: 5.93%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 4.62%

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)
HYBI NEOS Enhanced Income Credit Select ETF	$1.44M	$1.37M	$1.62M
PFIX Simplify Interest Rate Hedge ETF	$8.65M	$6.17M	$16.90M

HYBI vs. PFIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024
HYBI NEOS Enhanced Income Credit Select ETF	2.12%	6.97%	-0.53%
PFIX Simplify Interest Rate Hedge ETF	11.17%	0.42%	26.80%

Correlation

The correlation between HYBI and PFIX is -0.36, 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.	-0.36
Correlation (All Time) Calculated using the full available price history since Sep 30, 2024	-0.33

Return for Risk

HYBI vs. PFIX — Risk / Return Rank

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

HYBI

HYBI Risk / Return Rank: 82
HYBI Sharpe Ratio Rank: 75
HYBI Sortino Ratio Rank: 80
HYBI Omega Ratio Rank: 78
HYBI Calmar Ratio Rank: 91
HYBI Martin Ratio Rank: 87

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.

HYBI vs. PFIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for NEOS Enhanced Income Credit Select ETF (HYBI) 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.

	HYBI	PFIX	Difference
Sharpe ratio: Return per unit of total volatility	1.76	0.27	+1.49
Sortino ratio: Return per unit of downside risk	2.68	0.62	+2.06
Omega ratio: Gain probability vs. loss probability	1.34	1.07	+0.27
Calmar ratio: Return relative to maximum drawdown	4.17	0.33	+3.84
Martin ratio: Return relative to average drawdown	13.00	0.50	+12.49

HYBI vs. PFIX - Sharpe Ratio Comparison

The current HYBI Sharpe Ratio is 1.76, which is higher than the PFIX Sharpe Ratio of 0.27. The chart below compares the historical Sharpe Ratios of HYBI 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

HYBI vs. PFIX - Drawdown Comparison

The maximum HYBI drawdown since its inception was -4.68%, smaller than the maximum PFIX drawdown of -36.17%. Use the drawdown chart below to compare losses from any high point for HYBI and PFIX.

Drawdown Indicators

	HYBI	PFIX	Difference
Max Drawdown Largest peak-to-trough decline	-4.68%	-36.17%	+31.49%
Max Drawdown (1Y) Largest decline over 1 year	-1.43%	-23.71%	+22.28%
Max Drawdown (3Y) Largest decline over 3 years	—	-36.17%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-36.17%	—
Current Drawdown Current decline from peak	-0.22%	-8.34%	+8.12%
Average Drawdown Average peak-to-trough decline	-0.59%	-17.19%	+16.60%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.46%	15.40%	-14.94%

Volatility

HYBI vs. PFIX - Volatility Comparison

The current volatility for NEOS Enhanced Income Credit Select ETF (HYBI) is 0.88%, while Simplify Interest Rate Hedge ETF (PFIX) has a volatility of 7.75%. This indicates that HYBI 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

	HYBI	PFIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.88%	7.75%	-6.87%
Volatility (6M) Calculated over the trailing 6-month period	2.40%	21.85%	-19.45%
Volatility (1Y) Calculated over the trailing 1-year period	3.38%	28.94%	-25.56%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.84%	38.62%	-33.78%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.84%	38.12%	-33.28%

HYBI vs. PFIX - Expense Ratio Comparison

HYBI has a 0.68% expense ratio, which is higher than PFIX's 0.50% expense ratio.

Dividends

HYBI vs. PFIX - Dividend Comparison

HYBI's dividend yield for the trailing twelve months is around 8.30%, more than PFIX's 7.78% yield.

Position	TTM	2025	2024	2023	2022	2021
HYBI NEOS Enhanced Income Credit Select ETF	8.30%	8.48%	2.21%	0.00%	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 HYBI and PFIX in my portfolio?

HYBI and PFIX have a correlation of -0.36, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, HYBI or PFIX?

PFIX has higher volatility (7.75%) compared to HYBI (0.88%). In terms of maximum drawdown, HYBI dropped -4.68% vs PFIX's -36.17%.

Which ETF is better, HYBI or PFIX?

On 1-year performance, PFIX leads with 7.75% vs 5.93% for HYBI. On fees, PFIX is cheaper at 0.50% per year. On volatility, HYBI has been the lower-risk option at 0.88%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, HYBI or PFIX?

Over the 1-year period, PFIX has performed better with a 7.75% return vs 5.93%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, HYBI or PFIX?

PFIX is cheaper with a 0.50% expense ratio, compared with 0.68% for HYBI.

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

HYBI has the higher dividend yield at 8.30%, compared with 7.78% for PFIX.

What is the main difference between HYBI and PFIX?

HYBI is categorized as Nontraditional Bonds, while PFIX is Inverse Bonds. They also come from different issuers: Neos and Simplify. Their fees differ too: 0.68% for HYBI and 0.50% for PFIX.

Which has better risk-adjusted returns?

HYBI currently has the higher Sharpe Ratio (1.76 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.