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PFIX vs. BYLD
Performance
Return for Risk
Drawdowns
Volatility
Dividends

PFIX vs. BYLD

Last updated Jun 4, 2026

PFIX (Simplify Interest Rate Hedge ETF) and BYLD (iShares Yield Optimized Bond ETF) are both exchange-traded funds - PFIX is a Hedge Fund fund actively managed by Simplify, while BYLD is a Intermediate Core-Plus Bond fund tracking the Morningstar U.S. Bond Market Yield-Optimized Index. PFIX is actively managed, while BYLD is passively managed. Over the past 5 years, PFIX returned 16.86%/yr vs 2.21%/yr for BYLD. At a correlation of -0.65, they often move in opposite directions. PFIX charges 0.50%/yr vs 0.17%/yr for BYLD.

Performance

PFIX vs. BYLD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Simplify Interest Rate Hedge ETF (PFIX) and iShares Yield Optimized Bond ETF (BYLD). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, PFIX achieves a -2.55% return, which is significantly lower than BYLD's 1.23% return.

PFIX

1D
0.36%
1M
-3.76%
YTD
-2.55%
6M
1.53%
1Y
-15.57%
3Y*
14.54%
5Y*
16.86%
10Y*
—

BYLD

1D
-0.18%
1M
0.61%
YTD
1.23%
6M
1.35%
1Y
7.01%
3Y*
6.49%
5Y*
2.21%
10Y*
3.01%
*Multi-year figures are annualized to reflect compound growth (CAGR)

PFIX vs. BYLD - Yearly Performance Comparison

2026 (YTD)20252024202320222021
PFIX
Simplify Interest Rate Hedge ETF		-2.55%0.42%35.94%5.67%92.05%-24.95%
BYLD
iShares Yield Optimized Bond ETF		1.23%8.41%4.17%8.30%-10.33%0.92%

Correlation

The correlation between PFIX and BYLD is -0.65, 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

-0.65

Correlation (3Y)
Calculated over the trailing 3-year period

-0.72

Correlation (5Y)
Calculated over the trailing 5-year period

-0.65

Correlation (All Time)
Calculated using the full available price history since May 12, 2021

-0.65

The correlation between PFIX and BYLD has been stable across timeframes, ranging from -0.72 to -0.65 - a consistent structural relationship.

PFIX vs. BYLD - Sectors Allocation Comparison

Sectors
PFIX
BYLD

Financial Services

32.2%

-

Basic Materials

-

-

Communication Services

-

-

Consumer Cyclical

-

-

Consumer Defensive

-

-

Energy

-

99.2%

Healthcare

-

-

Industrials

-

-

Real Estate

-

0.8%

Technology

-

-

Utilities

-

-

Financial Services

PFIX
32.2%
BYLD

-

Basic Materials

PFIX

-

BYLD

-

Communication Services

PFIX

-

BYLD

-

Consumer Cyclical

PFIX

-

BYLD

-

Consumer Defensive

PFIX

-

BYLD

-

Energy

PFIX

-

BYLD
99.2%

Healthcare

PFIX

-

BYLD

-

Industrials

PFIX

-

BYLD

-

Real Estate

PFIX

-

BYLD
0.8%

Technology

PFIX

-

BYLD

-

Utilities

PFIX

-

BYLD

-

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

Simplify Interest Rate Hedge ETF

iShares Yield Optimized Bond ETF

Often compared with PFIX:
PFIX vs. TBTPFIX vs. RFIXPFIX vs. DBMFPFIX vs. YCSPFIX vs. SPYPFIX vs. SGOVPFIX vs. TTT
Often compared with BYLD:
BYLD vs. IGEBBYLD vs. FBNDBYLD vs. BONDBYLD vs. TOTLBYLD vs. BNDBYLD vs. USHYBYLD vs. AGG

Return for Risk

PFIX vs. BYLD — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
PFIX
PFIX Risk / Return Rank: 44
Overall Rank
PFIX Sharpe Ratio Rank: 44
Sharpe Ratio Rank
PFIX Sortino Ratio Rank: 44
Sortino Ratio Rank
PFIX Omega Ratio Rank: 44
Omega Ratio Rank
PFIX Calmar Ratio Rank: 44
Calmar Ratio Rank
PFIX Martin Ratio Rank: 44
Martin Ratio Rank
BYLD
BYLD Risk / Return Rank: 5555
Overall Rank
BYLD Sharpe Ratio Rank: 5353
Sharpe Ratio Rank
BYLD Sortino Ratio Rank: 5757
Sortino Ratio Rank
BYLD Omega Ratio Rank: 5656
Omega Ratio Rank
BYLD Calmar Ratio Rank: 5252
Calmar Ratio Rank
BYLD Martin Ratio Rank: 5959
Martin Ratio Rank
The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

PFIX vs. BYLD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Simplify Interest Rate Hedge ETF (PFIX) and iShares Yield Optimized Bond ETF (BYLD). 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.

PFIXBYLDDifference
Sharpe ratioReturn per unit of total volatility
-0.52
1.85

-2.36

Sortino ratioReturn per unit of downside risk
-0.58
2.76

-3.34

Omega ratioGain probability vs. loss probability

0.93

1.35

-0.41

Calmar ratioReturn relative to maximum drawdown

-0.61

2.60

-3.21

Martin ratioReturn relative to average drawdown

-0.96

10.54

-11.49

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PFIX vs. BYLD - Sharpe Ratio Comparison

The current PFIX Sharpe Ratio is -0.52, which is lower than the BYLD Sharpe Ratio of 1.85. The chart below compares the historical Sharpe Ratios of PFIX and BYLD, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

PFIXBYLDDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

-0.52

1.85

-2.36

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.44

0.43

+0.01

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

—

0.56

—

Sharpe Ratio (All Time)

Calculated using the full available price history

0.39

0.57

-0.18

Drawdowns

PFIX vs. BYLD - Drawdown Comparison

The maximum PFIX drawdown since its inception was -36.17%, which is greater than BYLD's maximum drawdown of -14.75%. Use the drawdown chart below to compare losses from any high point for PFIX and BYLD.

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Drawdown Indicators

PFIXBYLDDifference

Max Drawdown

Largest peak-to-trough decline

-36.17%

-14.75%

-21.42%

Max Drawdown (1Y)

Largest decline over 1 year

-25.64%

-2.71%

-22.93%

Max Drawdown (3Y)

Largest decline over 3 years

-36.17%

-3.94%

-32.23%

Max Drawdown (5Y)

Largest decline over 5 years

-36.17%

-14.65%

-21.52%

Max Drawdown (10Y)

Largest decline over 10 years

—

-14.75%

—

Current Drawdown

Current decline from peak

-19.65%

-0.34%

-19.31%

Average Drawdown

Average peak-to-trough decline

-17.13%

-2.51%

-14.62%

Ulcer Index

Depth and duration of drawdowns from previous peaks

16.35%

0.67%

+15.68%

Volatility

PFIX vs. BYLD - Volatility Comparison

Simplify Interest Rate Hedge ETF (PFIX) has a higher volatility of 7.51% compared to iShares Yield Optimized Bond ETF (BYLD) at 1.42%. This indicates that PFIX's price experiences larger fluctuations and is considered to be riskier than BYLD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

PFIXBYLDDifference

Volatility (1M)

Calculated over the trailing 1-month period

7.51%

1.42%

+6.09%

Volatility (6M)

Calculated over the trailing 6-month period

20.89%

2.94%

+17.95%

Volatility (1Y)

Calculated over the trailing 1-year period

30.32%

3.82%

+26.50%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

38.50%

5.20%

+33.30%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

38.35%

5.43%

+32.92%

PFIX vs. BYLD - Expense Ratio Comparison

PFIX has a 0.50% expense ratio, which is higher than BYLD's 0.17% expense ratio.

Dividends

PFIX vs. BYLD - Dividend Comparison

PFIX's dividend yield for the trailing twelve months is around 9.96%, more than BYLD's 5.36% yield.

PositionTTM20252024202320222021202020192018201720162015
BYLD
iShares Yield Optimized Bond ETF		5.36%5.32%5.31%4.45%3.39%2.18%3.41%3.67%4.22%3.22%3.14%3.37%
PFIX
Simplify Interest Rate Hedge ETF		9.96%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

PFIX and BYLD have a correlation of -0.65, 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 BYLD (1.42%). In terms of maximum drawdown, PFIX dropped -36.17% vs BYLD's -14.75%.

On 5-year performance, PFIX leads with 16.86% vs 2.21% for BYLD. On fees, BYLD is cheaper at 0.17% per year. On volatility, BYLD has been the lower-risk option at 1.42%. 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 2.21%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

BYLD is cheaper with a 0.17% expense ratio, compared with 0.50% for PFIX.

PFIX has the higher dividend yield at 9.96%, compared with 5.36% for BYLD.

PFIX is categorized as Hedge Fund, while BYLD is Intermediate Core-Plus Bond. They also come from different issuers: Simplify and iShares. Their fees differ too: 0.50% for PFIX and 0.17% for BYLD.

BYLD currently has the higher Sharpe Ratio (1.85 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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