PFIX vs. BUCK

Last updated Aug 2, 2026

PFIX (Simplify Interest Rate Hedge ETF) and BUCK (Simplify Treasury Option Income ETF) are both exchange-traded funds - PFIX is a Inverse Bonds fund actively managed by Simplify, while BUCK is a Government Bonds fund actively managed by Simplify. Both are actively managed. Over the past 3 years, PFIX returned 17.57%/yr vs 5.15%/yr for BUCK. Their -0.15 correlation means they have often moved in opposite directions in the past. PFIX charges 0.50%/yr vs 0.35%/yr for BUCK.

Performance

PFIX vs. BUCK - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Simplify Interest Rate Hedge ETF (PFIX) and Simplify Treasury Option Income ETF (BUCK). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PFIX achieves a 10.66% return, which is significantly higher than BUCK's 2.42% return.

PFIX

• 1D: 3.06%
• 1M: 17.72%
• 6M: 11.49%
• YTD: 10.66%
• 1Y: 7.25%
• 3Y*: 17.57%
• 5Y*: 23.20%
• 10Y*: —
• ALL TIME*: 17.29%

BUCK

• 1D: -0.04%
• 1M: 0.17%
• 6M: 1.84%
• YTD: 2.42%
• 1Y: 5.36%
• 3Y*: 5.15%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 5.06%

*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)
BUCK Simplify Treasury Option Income ETF	$3.71M	$3.63M	$3.94M
PFIX Simplify Interest Rate Hedge ETF	$6.29M	$5.62M	$16.95M

PFIX vs. BUCK - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
PFIX Simplify Interest Rate Hedge ETF	10.66%	0.42%	35.94%	5.67%	-2.79%
BUCK Simplify Treasury Option Income ETF	2.42%	4.13%	7.25%	4.63%	0.59%

Correlation

The correlation between PFIX and BUCK is -0.16, 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.	-0.16
Correlation (3Y) Balances recent behavior with more history.	-0.19
Correlation (All Time) Calculated using the full available price history since Oct 28, 2022	-0.15

Return for Risk

PFIX vs. BUCK — Risk / Return Rank

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

PFIX

PFIX Risk / Return Rank: 13
PFIX Sharpe Ratio Rank: 13
PFIX Sortino Ratio Rank: 14
PFIX Omega Ratio Rank: 13
PFIX Calmar Ratio Rank: 13
PFIX Martin Ratio Rank: 12

BUCK

BUCK Risk / Return Rank: 95
BUCK Sharpe Ratio Rank: 92
BUCK Sortino Ratio Rank: 93
BUCK Omega Ratio Rank: 94
BUCK Calmar Ratio Rank: 97
BUCK Martin Ratio Rank: 97

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.

PFIX vs. BUCK - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Simplify Interest Rate Hedge ETF (PFIX) and Simplify Treasury Option Income ETF (BUCK). 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.

	PFIX	BUCK	Difference
Sharpe ratio: Return per unit of total volatility	0.08	2.41	-2.33
Sortino ratio: Return per unit of downside risk	0.34	3.58	-3.24
Omega ratio: Gain probability vs. loss probability	1.04	1.52	-0.48
Calmar ratio: Return relative to maximum drawdown	0.10	7.39	-7.29
Martin ratio: Return relative to average drawdown	0.15	34.83	-34.67

PFIX vs. BUCK - Sharpe Ratio Comparison

The current PFIX Sharpe Ratio is 0.08, which is lower than the BUCK Sharpe Ratio of 2.41. The chart below compares the historical Sharpe Ratios of PFIX and BUCK, 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

PFIX vs. BUCK - Drawdown Comparison

The maximum PFIX drawdown since its inception was -36.17%, which is greater than BUCK's maximum drawdown of -5.43%. Use the drawdown chart below to compare losses from any high point for PFIX and BUCK.

Drawdown Indicators

	PFIX	BUCK	Difference
Max Drawdown Largest peak-to-trough decline	-36.17%	-5.43%	-30.74%
Max Drawdown (1Y) Largest decline over 1 year	-23.71%	-0.84%	-22.87%
Max Drawdown (3Y) Largest decline over 3 years	-36.17%	-5.43%	-30.74%
Max Drawdown (5Y) Largest decline over 5 years	-36.17%	—	—
Current Drawdown Current decline from peak	-8.76%	-0.11%	-8.65%
Average Drawdown Average peak-to-trough decline	-17.19%	-0.47%	-16.72%
Ulcer Index Depth and duration of drawdowns from previous peaks	15.42%	0.18%	+15.24%

Volatility

PFIX vs. BUCK - Volatility Comparison

Simplify Interest Rate Hedge ETF (PFIX) has a higher volatility of 7.75% compared to Simplify Treasury Option Income ETF (BUCK) at 0.39%. This indicates that PFIX's price experiences larger fluctuations and is considered to be riskier than BUCK based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PFIX	BUCK	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.75%	0.39%	+7.36%
Volatility (6M) Calculated over the trailing 6-month period	21.92%	1.24%	+20.68%
Volatility (1Y) Calculated over the trailing 1-year period	29.31%	2.59%	+26.72%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	38.61%	3.42%	+35.19%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	38.13%	3.42%	+34.71%

PFIX vs. BUCK - Expense Ratio Comparison

PFIX has a 0.50% expense ratio, which is higher than BUCK's 0.35% expense ratio.

Dividends

PFIX vs. BUCK - Dividend Comparison

PFIX's dividend yield for the trailing twelve months is around 7.82%, more than BUCK's 7.20% yield.

Position	TTM	2025	2024	2023	2022	2021
BUCK Simplify Treasury Option Income ETF	7.20%	7.59%	8.84%	4.84%	0.59%	0.00%
PFIX Simplify Interest Rate Hedge ETF	7.82%	9.92%	3.40%	87.92%	0.63%	0.00%

Frequently Asked Questions

Can I hold both PFIX and BUCK in my portfolio?

PFIX and BUCK have a correlation of -0.16, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PFIX or BUCK?

PFIX has higher volatility (7.75%) compared to BUCK (0.39%). In terms of maximum drawdown, PFIX dropped -36.17% vs BUCK's -5.43%.

Which ETF is better, PFIX or BUCK?

On 3-year performance, PFIX leads with 17.57% vs 5.15% for BUCK. On fees, BUCK is cheaper at 0.35% per year. On volatility, BUCK has been the lower-risk option at 0.39%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PFIX or BUCK?

Over the 3-year period, PFIX has performed better with a 17.57% return vs 5.15%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PFIX or BUCK?

BUCK is cheaper with a 0.35% expense ratio, compared with 0.50% for PFIX.

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

PFIX has the higher dividend yield at 7.82%, compared with 7.20% for BUCK.

What is the main difference between PFIX and BUCK?

PFIX is categorized as Inverse Bonds, while BUCK is Government Bonds. Their fees differ too: 0.50% for PFIX and 0.35% for BUCK.

Which has better risk-adjusted returns?

BUCK currently has the higher Sharpe Ratio (2.41 vs 0.08), 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.