PFIX vs. BYLD
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 20.64%/yr vs 1.98%/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
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Returns By Period
In the year-to-date period, PFIX achieves a -0.95% return, which is significantly lower than BYLD's 0.96% return.
PFIX
- 1D
- 0.47%
- 1M
- 3.10%
- 6M
- 0.73%
- YTD
- -0.95%
- 1Y
- -9.65%
- 3Y*
- 16.45%
- 5Y*
- 20.64%
- 10Y*
- —
BYLD
- 1D
- -0.27%
- 1M
- -0.54%
- 6M
- 0.54%
- YTD
- 0.96%
- 1Y
- 5.36%
- 3Y*
- 6.11%
- 5Y*
- 1.98%
- 10Y*
- 2.81%
PFIX vs. BYLD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
PFIX Simplify Interest Rate Hedge ETF | -0.95% | 0.42% | 35.94% | 5.67% | 92.05% | -24.98% |
BYLD iShares Yield Optimized Bond ETF | 0.96% | 8.41% | 4.17% | 8.30% | -10.33% | 0.74% |
Correlation
The correlation between PFIX and BYLD is -0.61, 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 | -0.61 |
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 11, 2021 | -0.65 |
The correlation between PFIX and BYLD shifts across timeframes, from -0.72 (3 years) to -0.61 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
PFIX vs. BYLD — Risk / Return Rank
PFIX
BYLD
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.
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 | BYLD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.75 | ||
| Sortino ratioReturn per unit of downside risk | -2.39 | ||
| Omega ratioGain probability vs. loss probability | 0.97 | 1.27 | -0.30 |
| Calmar ratioReturn relative to maximum drawdown | -0.38 | 1.98 | -2.36 |
| Martin ratioReturn relative to average drawdown | -0.56 | 8.01 | -8.57 |
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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
| PFIX | BYLD | Difference | |
|---|---|---|---|
Max DrawdownLargest 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 DrawdownCurrent decline from peak | -18.33% | -0.93% | -17.40% |
Average DrawdownAverage peak-to-trough decline | -17.21% | -2.49% | -14.72% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 17.30% | 0.67% | +16.63% |
Volatility
PFIX vs. BYLD - Volatility Comparison
Simplify Interest Rate Hedge ETF (PFIX) has a higher volatility of 9.44% compared to iShares Yield Optimized Bond ETF (BYLD) at 1.04%. 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
| PFIX | BYLD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.44% | 1.04% | +8.40% |
Volatility (6M)Calculated over the trailing 6-month period | 22.16% | 3.08% | +19.08% |
Volatility (1Y)Calculated over the trailing 1-year period | 29.34% | 3.81% | +25.53% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 38.55% | 5.21% | +33.34% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 38.20% | 5.43% | +32.77% |
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 9.78%, more than BYLD's 5.40% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BYLD iShares Yield Optimized Bond ETF | 5.40% | 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 | 9.78% | 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 -0.61, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PFIX has higher volatility (9.44%) compared to BYLD (1.04%). In terms of maximum drawdown, PFIX dropped -36.17% vs BYLD's -14.75%.
On 5-year performance, PFIX leads with 20.64% vs 1.98% for BYLD. On fees, BYLD is cheaper at 0.17% per year. On volatility, BYLD has been the lower-risk option at 1.04%. 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 20.64% return vs 1.98%. 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 9.78%, compared with 5.40% 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 (1.42 vs -0.33), 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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