IEF vs. PFIX
IEF (iShares 7-10 Year Treasury Bond ETF) and PFIX (Simplify Interest Rate Hedge ETF) are both exchange-traded funds - IEF is a Government Bonds fund tracking the ICE U.S. Treasury 7-10 Year Bond Index, while PFIX is a Hedge Fund fund actively managed by Simplify. IEF is passively managed, while PFIX is actively managed. Over the past 5 years, IEF returned -1.24%/yr vs 17.43%/yr for PFIX. At a correlation of -0.78, they often move in opposite directions. IEF charges 0.15%/yr vs 0.50%/yr for PFIX.
Performance
IEF vs. PFIX - Performance Comparison
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Returns By Period
In the year-to-date period, IEF achieves a -0.47% return, which is significantly higher than PFIX's -3.92% return.
IEF
- 1D
- -0.17%
- 1M
- 0.25%
- YTD
- -0.47%
- 6M
- -0.18%
- 1Y
- 3.78%
- 3Y*
- 2.86%
- 5Y*
- -1.24%
- 10Y*
- 0.59%
PFIX
- 1D
- -1.32%
- 1M
- -5.62%
- YTD
- -3.92%
- 6M
- -5.54%
- 1Y
- -12.06%
- 3Y*
- 15.02%
- 5Y*
- 17.43%
- 10Y*
- —
IEF vs. PFIX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
IEF iShares 7-10 Year Treasury Bond ETF | -0.47% | 8.03% | -0.63% | 3.64% | -15.15% | 1.23% |
PFIX Simplify Interest Rate Hedge ETF | -3.92% | 0.42% | 35.94% | 5.67% | 92.05% | -24.98% |
Correlation
The correlation between IEF and PFIX is -0.67, 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 | -0.67 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.81 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.78 |
Correlation (All Time) Calculated using the full available price history since May 11, 2021 | -0.78 |
The correlation between IEF and PFIX shifts across timeframes, from -0.81 (3 years) to -0.67 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
IEF vs. PFIX — Risk / Return Rank
IEF
PFIX
IEF vs. PFIX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares 7-10 Year Treasury Bond ETF (IEF) 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.
| IEF | PFIX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.06 | ||
| Sortino ratioReturn per unit of downside risk | +1.40 | ||
| Omega ratioGain probability vs. loss probability | 1.12 | 0.97 | +0.16 |
| Calmar ratioReturn relative to maximum drawdown | 0.84 | -0.40 | +1.23 |
| Martin ratioReturn relative to average drawdown | 2.35 | -0.62 | +2.96 |
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Drawdowns
IEF vs. PFIX - Drawdown Comparison
The maximum IEF drawdown since its inception was -23.93%, smaller than the maximum PFIX drawdown of -36.17%. Use the drawdown chart below to compare losses from any high point for IEF and PFIX.
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Drawdown Indicators
| IEF | PFIX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -23.93% | -36.17% | +12.24% |
Max Drawdown (1Y)Largest decline over 1 year | -4.07% | -25.64% | +21.57% |
Max Drawdown (3Y)Largest decline over 3 years | -7.74% | -36.17% | +28.43% |
Max Drawdown (5Y)Largest decline over 5 years | -21.40% | -36.17% | +14.77% |
Max Drawdown (10Y)Largest decline over 10 years | -23.93% | — | — |
Current DrawdownCurrent decline from peak | -11.18% | -20.78% | +9.60% |
Average DrawdownAverage peak-to-trough decline | -5.35% | -17.13% | +11.78% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.45% | 16.52% | -15.07% |
Volatility
IEF vs. PFIX - Volatility Comparison
The current volatility for iShares 7-10 Year Treasury Bond ETF (IEF) is 1.62%, while Simplify Interest Rate Hedge ETF (PFIX) has a volatility of 8.38%. This indicates that IEF 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
| IEF | PFIX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.62% | 8.38% | -6.76% |
Volatility (6M)Calculated over the trailing 6-month period | 3.42% | 21.22% | -17.80% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.72% | 30.44% | -25.72% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.71% | 38.52% | -30.81% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.63% | 38.29% | -31.66% |
IEF vs. PFIX - Expense Ratio Comparison
IEF has a 0.15% expense ratio, which is lower than PFIX's 0.50% expense ratio.
Dividends
IEF vs. PFIX - Dividend Comparison
IEF's dividend yield for the trailing twelve months is around 3.89%, less than PFIX's 10.11% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IEF iShares 7-10 Year Treasury Bond ETF | 3.89% | 3.77% | 3.62% | 2.91% | 1.96% | 0.83% | 1.08% | 2.08% | 2.24% | 1.82% | 1.81% | 1.90% |
PFIX Simplify Interest Rate Hedge ETF | 10.11% | 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
IEF and PFIX have a correlation of -0.67, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PFIX has higher volatility (8.38%) compared to IEF (1.62%). In terms of maximum drawdown, IEF dropped -23.93% vs PFIX's -36.17%.
On 5-year performance, PFIX leads with 17.43% vs -1.24% for IEF. On fees, IEF is cheaper at 0.15% per year. On volatility, IEF has been the lower-risk option at 1.62%. 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 17.43% return vs -1.24%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IEF is cheaper with a 0.15% expense ratio, compared with 0.50% for PFIX.
PFIX has the higher dividend yield at 10.11%, compared with 3.89% for IEF.
IEF is categorized as Government Bonds, while PFIX is Hedge Fund. They also come from different issuers: iShares and Simplify. Their fees differ too: 0.15% for IEF and 0.50% for PFIX.
IEF currently has the higher Sharpe Ratio (0.72 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.
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