HYHG vs. PFIX
HYHG (ProShares High Yield-Interest Rate Hedged) and PFIX (Simplify Interest Rate Hedge ETF) are both exchange-traded funds - HYHG is a High Yield Bonds fund tracking the FTSE High Yield (Treasury Rate-Hedged) Index, while PFIX is a Inverse Bonds fund actively managed by Simplify. HYHG is passively managed, while PFIX is actively managed. Over the past 5 years, HYHG returned 7.24%/yr vs 23.05%/yr for PFIX. Their -0.01 correlation means they have often moved in opposite directions in the past. Both charge a 0.50% expense ratio.
Performance
HYHG vs. PFIX - Performance Comparison
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Returns By Period
In the year-to-date period, HYHG achieves a 4.22% return, which is significantly lower than PFIX's 8.92% return.
HYHG
- 1D
- -0.17%
- 1M
- 0.39%
- 6M
- 2.85%
- YTD
- 4.22%
- 1Y
- 7.49%
- 3Y*
- 9.01%
- 5Y*
- 7.24%
- 10Y*
- 5.95%
- ALL TIME*
- 4.27%
PFIX
- 1D
- -2.02%
- 1M
- 15.87%
- 6M
- 8.98%
- YTD
- 8.92%
- 1Y
- 5.09%
- 3Y*
- 13.48%
- 5Y*
- 23.05%
- 10Y*
- —
- ALL TIME*
- 16.90%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $2.51M | $1.78M | $1.26M | |
| $9.69M | $6.45M | $16.89M |
HYHG vs. PFIX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
HYHG ProShares High Yield-Interest Rate Hedged | 4.22% | 5.31% | 11.41% | 14.69% | -1.71% | 2.87% |
PFIX Simplify Interest Rate Hedge ETF | 8.92% | 0.42% | 35.94% | 5.67% | 92.05% | -24.98% |
Correlation
The correlation between HYHG and PFIX is 0.02, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.02 |
Correlation (3Y) Balances recent behavior with more history. | 0.00 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.02 |
Correlation (All Time) Calculated using the full available price history since May 11, 2021 | -0.01 |
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Return for Risk
HYHG vs. PFIX — Risk / Return Rank
HYHG
PFIX
HYHG vs. PFIX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares High Yield-Interest Rate Hedged (HYHG) 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.
| HYHG | PFIX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.17 | ||
| Sortino ratioReturn per unit of downside risk | +1.48 | ||
| Omega ratioGain probability vs. loss probability | 1.24 | 1.05 | +0.19 |
| Calmar ratioReturn relative to maximum drawdown | 3.72 | 0.22 | +3.51 |
| Martin ratioReturn relative to average drawdown | 12.44 | 0.33 | +12.11 |
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Drawdowns
HYHG vs. PFIX - Drawdown Comparison
The maximum HYHG drawdown since its inception was -25.71%, smaller than the maximum PFIX drawdown of -36.17%. Use the drawdown chart below to compare losses from any high point for HYHG and PFIX.
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Drawdown Indicators
| HYHG | PFIX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -25.71% | -36.17% | +10.46% |
Max Drawdown (1Y)Largest decline over 1 year | -2.02% | -23.71% | +21.69% |
Max Drawdown (3Y)Largest decline over 3 years | -7.47% | -36.17% | +28.70% |
Max Drawdown (5Y)Largest decline over 5 years | -9.21% | -36.17% | +26.96% |
Max Drawdown (10Y)Largest decline over 10 years | -25.71% | — | — |
Current DrawdownCurrent decline from peak | -0.17% | -10.19% | +10.02% |
Average DrawdownAverage peak-to-trough decline | -3.01% | -17.18% | +14.17% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.60% | 15.41% | -14.81% |
Volatility
HYHG vs. PFIX - Volatility Comparison
The current volatility for ProShares High Yield-Interest Rate Hedged (HYHG) is 1.34%, while Simplify Interest Rate Hedge ETF (PFIX) has a volatility of 8.25%. This indicates that HYHG 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
| HYHG | PFIX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.34% | 8.25% | -6.91% |
Volatility (6M)Calculated over the trailing 6-month period | 3.97% | 21.94% | -17.97% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.58% | 28.96% | -23.38% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.17% | 38.63% | -30.46% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.06% | 38.11% | -29.05% |
HYHG vs. PFIX - Expense Ratio Comparison
Both HYHG and PFIX have an expense ratio of 0.50%.
Dividends
HYHG vs. PFIX - Dividend Comparison
HYHG's dividend yield for the trailing twelve months is around 6.69%, less than PFIX's 7.94% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
HYHG ProShares High Yield-Interest Rate Hedged | 6.69% | 6.97% | 6.57% | 6.07% | 5.58% | 4.54% | 5.21% | 6.06% | 6.45% | 5.57% | 5.37% | 6.37% |
PFIX Simplify Interest Rate Hedge ETF | 7.94% | 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
HYHG and PFIX have a correlation of 0.02, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PFIX has higher volatility (8.25%) compared to HYHG (1.34%). In terms of maximum drawdown, HYHG dropped -25.71% vs PFIX's -36.17%.
On 5-year performance, PFIX leads with 23.05% vs 7.24% for HYHG. Both ETFs have the same 0.50% expense ratio. On volatility, HYHG has been the lower-risk option at 1.34%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, PFIX has performed better with a 23.05% return vs 7.24%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
HYHG and PFIX have the same expense ratio: 0.50% per year.
PFIX has the higher dividend yield at 7.94%, compared with 6.69% for HYHG.
HYHG is categorized as High Yield Bonds, while PFIX is Inverse Bonds. They also come from different issuers: ProShares and Simplify.
HYHG currently has the higher Sharpe Ratio (1.35 vs 0.18), 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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