PFIX vs. BGRN
PFIX (Simplify Interest Rate Hedge ETF) and BGRN (iShares USD Green Bond ETF) are both exchange-traded funds - PFIX is a Hedge Fund fund actively managed by Simplify, while BGRN is a Global Bonds fund tracking the Bloomberg MSCI USD Green Bond Select Index. PFIX is actively managed, while BGRN is passively managed. Over the past 5 years, PFIX returned 16.86%/yr vs 0.54%/yr for BGRN. At a correlation of -0.71, they often move in opposite directions. PFIX charges 0.50%/yr vs 0.20%/yr for BGRN.
Performance
PFIX vs. BGRN - Performance Comparison
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Returns By Period
In the year-to-date period, PFIX achieves a -2.55% return, which is significantly lower than BGRN's 0.43% return.
PFIX
- 1D
- 0.36%
- 1M
- -3.76%
- YTD
- -2.55%
- 6M
- 1.53%
- 1Y
- -15.57%
- 3Y*
- 14.54%
- 5Y*
- 16.86%
- 10Y*
- —
BGRN
- 1D
- -0.20%
- 1M
- 0.31%
- YTD
- 0.43%
- 6M
- 0.49%
- 1Y
- 5.19%
- 3Y*
- 4.75%
- 5Y*
- 0.54%
- 10Y*
- —
PFIX vs. BGRN - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
PFIX Simplify Interest Rate Hedge ETF | -2.55% | 0.42% | 35.94% | 5.67% | 92.05% | -24.95% |
BGRN iShares USD Green Bond ETF | 0.43% | 7.27% | 2.77% | 6.50% | -13.06% | 0.73% |
Correlation
The correlation between PFIX and BGRN is -0.66, 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 | -0.66 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.76 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.71 |
Correlation (All Time) Calculated using the full available price history since May 12, 2021 | -0.71 |
The correlation between PFIX and BGRN has been stable across timeframes, ranging from -0.76 to -0.66 - a consistent structural relationship.
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Return for Risk
PFIX vs. BGRN — Risk / Return Rank
PFIX
BGRN
PFIX vs. BGRN - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Simplify Interest Rate Hedge ETF (PFIX) and iShares USD Green Bond ETF (BGRN). 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.
| PFIX | BGRN | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.27 | ||
| Sortino ratioReturn per unit of downside risk | -3.27 | ||
| Omega ratioGain probability vs. loss probability | 0.93 | 1.32 | -0.38 |
| Calmar ratioReturn relative to maximum drawdown | -0.61 | 2.34 | -2.95 |
| Martin ratioReturn relative to average drawdown | -0.96 | 7.85 | -8.80 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| PFIX | BGRN | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.52 | 1.76 | -2.27 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.44 | 0.10 | +0.34 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.39 | 0.45 | -0.06 |
Drawdowns
PFIX vs. BGRN - Drawdown Comparison
The maximum PFIX drawdown since its inception was -36.17%, which is greater than BGRN's maximum drawdown of -19.16%. Use the drawdown chart below to compare losses from any high point for PFIX and BGRN.
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Drawdown Indicators
| PFIX | BGRN | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -36.17% | -19.16% | -17.01% |
Max Drawdown (1Y)Largest decline over 1 year | -25.64% | -2.23% | -23.41% |
Max Drawdown (3Y)Largest decline over 3 years | -36.17% | -4.55% | -31.62% |
Max Drawdown (5Y)Largest decline over 5 years | -36.17% | -18.73% | -17.44% |
Current DrawdownCurrent decline from peak | -19.65% | -0.83% | -18.82% |
Average DrawdownAverage peak-to-trough decline | -17.13% | -5.79% | -11.34% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 16.35% | 0.66% | +15.69% |
Volatility
PFIX vs. BGRN - Volatility Comparison
Simplify Interest Rate Hedge ETF (PFIX) has a higher volatility of 7.51% compared to iShares USD Green Bond ETF (BGRN) at 1.06%. This indicates that PFIX's price experiences larger fluctuations and is considered to be riskier than BGRN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PFIX | BGRN | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.51% | 1.06% | +6.45% |
Volatility (6M)Calculated over the trailing 6-month period | 20.89% | 2.24% | +18.65% |
Volatility (1Y)Calculated over the trailing 1-year period | 30.32% | 2.97% | +27.35% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 38.50% | 5.46% | +33.04% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 38.35% | 5.00% | +33.35% |
PFIX vs. BGRN - Expense Ratio Comparison
PFIX has a 0.50% expense ratio, which is higher than BGRN's 0.20% expense ratio.
Dividends
PFIX vs. BGRN - Dividend Comparison
PFIX's dividend yield for the trailing twelve months is around 9.96%, more than BGRN's 4.29% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
BGRN iShares USD Green Bond ETF | 4.29% | 4.21% | 4.07% | 3.52% | 2.66% | 0.78% | 1.82% | 3.66% | 0.21% |
PFIX Simplify Interest Rate Hedge ETF | 9.96% | 9.92% | 3.40% | 87.92% | 0.63% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
PFIX and BGRN have a correlation of -0.66, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PFIX has higher volatility (7.51%) compared to BGRN (1.06%). In terms of maximum drawdown, PFIX dropped -36.17% vs BGRN's -19.16%.
On 5-year performance, PFIX leads with 16.86% vs 0.54% for BGRN. On fees, BGRN is cheaper at 0.20% per year. On volatility, BGRN has been the lower-risk option at 1.06%. 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 16.86% return vs 0.54%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BGRN is cheaper with a 0.20% expense ratio, compared with 0.50% for PFIX.
PFIX has the higher dividend yield at 9.96%, compared with 4.29% for BGRN.
PFIX is categorized as Hedge Fund, while BGRN is Global Bonds. They also come from different issuers: Simplify and iShares. Their fees differ too: 0.50% for PFIX and 0.20% for BGRN.
BGRN currently has the higher Sharpe Ratio (1.76 vs -0.52), 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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