PFIX vs. EWP
PFIX (Simplify Interest Rate Hedge ETF) and EWP (iShares MSCI Spain ETF) are both exchange-traded funds - PFIX is a Hedge Fund fund actively managed by Simplify, while EWP is a Europe Equities fund tracking the MSCI Spain Index. PFIX is actively managed, while EWP is passively managed. Over the past 5 years, PFIX returned 17.43%/yr vs 17.57%/yr for EWP. At a correlation of -0.14, they often move in opposite directions. Both charge a 0.50% expense ratio.
Performance
PFIX vs. EWP - Performance Comparison
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Returns By Period
In the year-to-date period, PFIX achieves a -3.92% return, which is significantly lower than EWP's 8.89% return.
PFIX
- 1D
- -1.32%
- 1M
- -9.30%
- YTD
- -3.92%
- 6M
- -5.54%
- 1Y
- -12.06%
- 3Y*
- 15.02%
- 5Y*
- 17.43%
- 10Y*
- —
EWP
- 1D
- 0.63%
- 1M
- 5.52%
- YTD
- 8.89%
- 6M
- 11.54%
- 1Y
- 39.17%
- 3Y*
- 32.21%
- 5Y*
- 17.57%
- 10Y*
- 12.33%
PFIX vs. EWP - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
PFIX Simplify Interest Rate Hedge ETF | -3.92% | 0.42% | 35.94% | 5.67% | 92.05% | -24.98% |
EWP iShares MSCI Spain ETF | 8.89% | 78.03% | 5.70% | 30.26% | -5.18% | -9.61% |
Correlation
The correlation between PFIX and EWP is -0.24, 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 | -0.24 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.24 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.14 |
Correlation (All Time) Calculated using the full available price history since May 11, 2021 | -0.14 |
The correlation between PFIX and EWP shifts across timeframes, from -0.24 (1 year) to -0.14 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
PFIX vs. EWP — Risk / Return Rank
PFIX
EWP
PFIX vs. EWP - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Simplify Interest Rate Hedge ETF (PFIX) and iShares MSCI Spain ETF (EWP). 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 | EWP | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.28 | ||
| Sortino ratioReturn per unit of downside risk | -2.91 | ||
| Omega ratioGain probability vs. loss probability | 0.97 | 1.34 | -0.37 |
| Calmar ratioReturn relative to maximum drawdown | -0.40 | 3.26 | -3.65 |
| Martin ratioReturn relative to average drawdown | -0.62 | 11.51 | -12.12 |
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Drawdowns
PFIX vs. EWP - Drawdown Comparison
The maximum PFIX drawdown since its inception was -36.17%, smaller than the maximum EWP drawdown of -61.19%. Use the drawdown chart below to compare losses from any high point for PFIX and EWP.
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Drawdown Indicators
| PFIX | EWP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -36.17% | -61.19% | +25.02% |
Max Drawdown (1Y)Largest decline over 1 year | -25.64% | -11.38% | -14.26% |
Max Drawdown (3Y)Largest decline over 3 years | -36.17% | -12.19% | -23.98% |
Max Drawdown (5Y)Largest decline over 5 years | -36.17% | -32.96% | -3.21% |
Max Drawdown (10Y)Largest decline over 10 years | — | -46.36% | — |
Current DrawdownCurrent decline from peak | -20.78% | 0.00% | -20.78% |
Average DrawdownAverage peak-to-trough decline | -17.13% | -21.41% | +4.28% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 16.52% | 3.22% | +13.30% |
Volatility
PFIX vs. EWP - Volatility Comparison
Simplify Interest Rate Hedge ETF (PFIX) has a higher volatility of 8.38% compared to iShares MSCI Spain ETF (EWP) at 6.21%. This indicates that PFIX's price experiences larger fluctuations and is considered to be riskier than EWP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PFIX | EWP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.38% | 6.21% | +2.17% |
Volatility (6M)Calculated over the trailing 6-month period | 21.22% | 16.09% | +5.13% |
Volatility (1Y)Calculated over the trailing 1-year period | 30.44% | 19.13% | +11.31% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 38.52% | 20.31% | +18.21% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 38.29% | 22.22% | +16.07% |
PFIX vs. EWP - Expense Ratio Comparison
Both PFIX and EWP have an expense ratio of 0.50%.
Dividends
PFIX vs. EWP - Dividend Comparison
PFIX's dividend yield for the trailing twelve months is around 10.11%, more than EWP's 2.09% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
EWP iShares MSCI Spain ETF | 2.09% | 2.27% | 4.35% | 2.70% | 3.07% | 3.29% | 2.56% | 3.72% | 3.69% | 2.72% | 4.65% | 3.85% |
PFIX Simplify Interest Rate Hedge ETF | 10.11% | 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 EWP have a correlation of -0.24, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PFIX has higher volatility (8.38%) compared to EWP (6.21%). In terms of maximum drawdown, PFIX dropped -36.17% vs EWP's -61.19%.
On 5-year performance, EWP leads with 17.57% vs 17.43% for PFIX. Both ETFs have the same 0.50% expense ratio. On volatility, EWP has been the lower-risk option at 6.21%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, EWP has performed better with a 17.57% return vs 17.43%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
PFIX and EWP have the same expense ratio: 0.50% per year.
PFIX has the higher dividend yield at 10.11%, compared with 2.09% for EWP.
PFIX is categorized as Hedge Fund, while EWP is Europe Equities. They also come from different issuers: Simplify and iShares.
EWP currently has the higher Sharpe Ratio (1.94 vs -0.34), 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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