PFIX vs. FEZ
PFIX (Simplify Interest Rate Hedge ETF) and FEZ (State Street SPDR EURO STOXX 50 ETF) are both exchange-traded funds - PFIX is a Hedge Fund fund actively managed by Simplify, while FEZ is a Europe Equities fund tracking the EURO STOXX 50 Index. PFIX is actively managed, while FEZ is passively managed. Over the past 5 years, PFIX returned 17.43%/yr vs 10.21%/yr for FEZ. At a correlation of -0.13, they often move in opposite directions. PFIX charges 0.50%/yr vs 0.29%/yr for FEZ.
Performance
PFIX vs. FEZ - 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 FEZ's 7.29% return.
PFIX
- 1D
- -1.32%
- 1M
- -9.30%
- YTD
- -3.92%
- 6M
- -5.54%
- 1Y
- -12.06%
- 3Y*
- 15.02%
- 5Y*
- 17.43%
- 10Y*
- —
FEZ
- 1D
- 0.09%
- 1M
- 6.20%
- YTD
- 7.29%
- 6M
- 8.07%
- 1Y
- 19.95%
- 3Y*
- 17.98%
- 5Y*
- 10.21%
- 10Y*
- 11.34%
PFIX vs. FEZ - 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% |
FEZ State Street SPDR EURO STOXX 50 ETF | 7.29% | 37.81% | 3.57% | 27.16% | -14.27% | 0.89% |
Correlation
The correlation between PFIX and FEZ is -0.25, 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 | -0.25 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.19 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.13 |
Correlation (All Time) Calculated using the full available price history since May 11, 2021 | -0.13 |
The correlation between PFIX and FEZ shifts across timeframes, from -0.25 (1 year) to -0.13 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
PFIX vs. FEZ — Risk / Return Rank
PFIX
FEZ
PFIX vs. FEZ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Simplify Interest Rate Hedge ETF (PFIX) and State Street SPDR EURO STOXX 50 ETF (FEZ). 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 | FEZ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.29 | ||
| Sortino ratioReturn per unit of downside risk | -1.74 | ||
| Omega ratioGain probability vs. loss probability | 0.97 | 1.17 | -0.21 |
| Calmar ratioReturn relative to maximum drawdown | -0.40 | 1.29 | -1.69 |
| Martin ratioReturn relative to average drawdown | -0.62 | 4.40 | -5.01 |
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Drawdowns
PFIX vs. FEZ - Drawdown Comparison
The maximum PFIX drawdown since its inception was -36.17%, smaller than the maximum FEZ drawdown of -64.21%. Use the drawdown chart below to compare losses from any high point for PFIX and FEZ.
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Drawdown Indicators
| PFIX | FEZ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -36.17% | -64.21% | +28.04% |
Max Drawdown (1Y)Largest decline over 1 year | -25.64% | -13.63% | -12.01% |
Max Drawdown (3Y)Largest decline over 3 years | -36.17% | -15.85% | -20.32% |
Max Drawdown (5Y)Largest decline over 5 years | -36.17% | -35.05% | -1.12% |
Max Drawdown (10Y)Largest decline over 10 years | — | -39.69% | — |
Current DrawdownCurrent decline from peak | -20.78% | -0.37% | -20.41% |
Average DrawdownAverage peak-to-trough decline | -17.13% | -17.05% | -0.08% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 16.52% | 4.01% | +12.51% |
Volatility
PFIX vs. FEZ - Volatility Comparison
Simplify Interest Rate Hedge ETF (PFIX) has a higher volatility of 8.38% compared to State Street SPDR EURO STOXX 50 ETF (FEZ) at 6.57%. This indicates that PFIX's price experiences larger fluctuations and is considered to be riskier than FEZ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PFIX | FEZ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.38% | 6.57% | +1.81% |
Volatility (6M)Calculated over the trailing 6-month period | 21.22% | 15.48% | +5.74% |
Volatility (1Y)Calculated over the trailing 1-year period | 30.44% | 18.45% | +11.99% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 38.52% | 20.70% | +17.82% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 38.29% | 21.11% | +17.18% |
PFIX vs. FEZ - Expense Ratio Comparison
PFIX has a 0.50% expense ratio, which is higher than FEZ's 0.29% expense ratio.
Dividends
PFIX vs. FEZ - Dividend Comparison
PFIX's dividend yield for the trailing twelve months is around 10.11%, more than FEZ's 2.52% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FEZ State Street SPDR EURO STOXX 50 ETF | 2.52% | 2.78% | 2.94% | 2.75% | 3.06% | 2.61% | 2.13% | 2.61% | 3.45% | 2.44% | 3.35% | 3.03% |
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 FEZ have a correlation of -0.25, 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 FEZ (6.57%). In terms of maximum drawdown, PFIX dropped -36.17% vs FEZ's -64.21%.
On 5-year performance, PFIX leads with 17.43% vs 10.21% for FEZ. On fees, FEZ is cheaper at 0.29% per year. On volatility, FEZ has been the lower-risk option at 6.57%. 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 17.43% return vs 10.21%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FEZ is cheaper with a 0.29% expense ratio, compared with 0.50% for PFIX.
PFIX has the higher dividend yield at 10.11%, compared with 2.52% for FEZ.
PFIX is categorized as Hedge Fund, while FEZ is Europe Equities. They also come from different issuers: Simplify and State Street. Their fees differ too: 0.50% for PFIX and 0.29% for FEZ.
FEZ currently has the higher Sharpe Ratio (0.96 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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