PFIX vs. CDX

Last updated Aug 2, 2026

PFIX (Simplify Interest Rate Hedge ETF) and CDX (Simplify High Yield ETF) are both exchange-traded funds - PFIX is a Inverse Bonds fund actively managed by Simplify, while CDX is a High Yield Bonds fund actively managed by Simplify. Both are actively managed. Over the past 3 years, PFIX returned 17.57%/yr vs 7.17%/yr for CDX. Their -0.30 correlation means they have often moved in opposite directions in the past. PFIX charges 0.50%/yr vs 0.25%/yr for CDX.

Performance

PFIX vs. CDX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Simplify Interest Rate Hedge ETF (PFIX) and Simplify High Yield ETF (CDX). 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 CDX's -3.00% 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%

CDX

• 1D: 0.10%
• 1M: -0.57%
• 6M: -3.06%
• YTD: -3.00%
• 1Y: -3.26%
• 3Y*: 7.17%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 3.85%

*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)
CDX Simplify High Yield ETF	$2.23M	$2.17M	$2.98M
PFIX Simplify Interest Rate Hedge ETF	$6.29M	$5.62M	$16.95M

PFIX vs. CDX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
PFIX Simplify Interest Rate Hedge ETF	10.66%	0.42%	35.94%	5.67%	59.68%
CDX Simplify High Yield ETF	-3.00%	9.51%	7.71%	12.74%	-8.26%

Correlation

The correlation between PFIX and CDX is -0.21, 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.	-0.21
Correlation (3Y) Balances recent behavior with more history.	-0.28
Correlation (All Time) Calculated using the full available price history since Feb 15, 2022	-0.30

Return for Risk

PFIX vs. CDX — 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

CDX

CDX Risk / Return Rank: 4
CDX Sharpe Ratio Rank: 5
CDX Sortino Ratio Rank: 4
CDX Omega Ratio Rank: 4
CDX Calmar Ratio Rank: 4
CDX Martin Ratio Rank: 0

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. CDX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Simplify Interest Rate Hedge ETF (PFIX) and Simplify High Yield ETF (CDX). 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	CDX	Difference
Sharpe ratio: Return per unit of total volatility	0.08	-0.54	+0.62
Sortino ratio: Return per unit of downside risk	0.34	-0.74	+1.08
Omega ratio: Gain probability vs. loss probability	1.04	0.92	+0.12
Calmar ratio: Return relative to maximum drawdown	0.10	-0.60	+0.70
Martin ratio: Return relative to average drawdown	0.15	-1.44	+1.59

PFIX vs. CDX - Sharpe Ratio Comparison

The current PFIX Sharpe Ratio is 0.08, which is higher than the CDX Sharpe Ratio of -0.54. The chart below compares the historical Sharpe Ratios of PFIX and CDX, 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. CDX - Drawdown Comparison

The maximum PFIX drawdown since its inception was -36.17%, which is greater than CDX's maximum drawdown of -13.24%. Use the drawdown chart below to compare losses from any high point for PFIX and CDX.

Drawdown Indicators

	PFIX	CDX	Difference
Max Drawdown Largest peak-to-trough decline	-36.17%	-13.24%	-22.93%
Max Drawdown (1Y) Largest decline over 1 year	-23.71%	-5.37%	-18.34%
Max Drawdown (3Y) Largest decline over 3 years	-36.17%	-8.97%	-27.20%
Max Drawdown (5Y) Largest decline over 5 years	-36.17%	—	—
Current Drawdown Current decline from peak	-8.76%	-7.94%	-0.82%
Average Drawdown Average peak-to-trough decline	-17.19%	-4.44%	-12.75%
Ulcer Index Depth and duration of drawdowns from previous peaks	15.42%	2.24%	+13.18%

Volatility

PFIX vs. CDX - Volatility Comparison

Simplify Interest Rate Hedge ETF (PFIX) has a higher volatility of 7.75% compared to Simplify High Yield ETF (CDX) at 2.02%. This indicates that PFIX's price experiences larger fluctuations and is considered to be riskier than CDX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PFIX	CDX	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.75%	2.02%	+5.73%
Volatility (6M) Calculated over the trailing 6-month period	21.92%	5.16%	+16.76%
Volatility (1Y) Calculated over the trailing 1-year period	29.31%	5.98%	+23.33%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	38.61%	10.97%	+27.64%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	38.13%	10.97%	+27.16%

PFIX vs. CDX - Expense Ratio Comparison

PFIX has a 0.50% expense ratio, which is higher than CDX's 0.25% expense ratio.

Dividends

PFIX vs. CDX - Dividend Comparison

PFIX's dividend yield for the trailing twelve months is around 7.82%, less than CDX's 8.33% yield.

Position	TTM	2025	2024	2023	2022	2021
CDX Simplify High Yield ETF	8.33%	7.18%	12.60%	5.26%	7.51%	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 CDX in my portfolio?

PFIX and CDX have a correlation of -0.21, 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 CDX?

PFIX has higher volatility (7.75%) compared to CDX (2.02%). In terms of maximum drawdown, PFIX dropped -36.17% vs CDX's -13.24%.

Which ETF is better, PFIX or CDX?

On 3-year performance, PFIX leads with 17.57% vs 7.17% for CDX. On fees, CDX is cheaper at 0.25% per year. On volatility, CDX has been the lower-risk option at 2.02%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PFIX or CDX?

Over the 3-year period, PFIX has performed better with a 17.57% return vs 7.17%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PFIX or CDX?

CDX is cheaper with a 0.25% expense ratio, compared with 0.50% for PFIX.

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

CDX has the higher dividend yield at 8.33%, compared with 7.82% for PFIX.

What is the main difference between PFIX and CDX?

PFIX is categorized as Inverse Bonds, while CDX is High Yield Bonds. Their fees differ too: 0.50% for PFIX and 0.25% for CDX.

Which has better risk-adjusted returns?

PFIX currently has the higher Sharpe Ratio (0.08 vs -0.54), 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.