PFIX vs. FMF
Compare and contrast key facts about Simplify Interest Rate Hedge ETF (PFIX) and First Trust Managed Futures Strategy Fund (FMF).
PFIX and FMF are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. PFIX is an actively managed fund by Simplify. It was launched on May 10, 2021. FMF is an actively managed fund by First Trust. It was launched on Aug 1, 2013.
Performance
PFIX vs. FMF - Performance Comparison
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PFIX vs. FMF - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
PFIX Simplify Interest Rate Hedge ETF | -2.90% | 0.42% | 35.94% | 5.67% | 92.05% | -24.95% |
FMF First Trust Managed Futures Strategy Fund | 8.00% | 4.54% | 8.17% | -0.18% | 5.24% | -5.18% |
Returns By Period
In the year-to-date period, PFIX achieves a -2.90% return, which is significantly lower than FMF's 8.00% return.
PFIX
- 1D
- -3.95%
- 1M
- 11.53%
- YTD
- -2.90%
- 6M
- 2.03%
- 1Y
- 4.58%
- 3Y*
- 17.99%
- 5Y*
- —
- 10Y*
- —
FMF
- 1D
- 0.26%
- 1M
- 0.77%
- YTD
- 8.00%
- 6M
- 8.42%
- 1Y
- 15.86%
- 3Y*
- 7.05%
- 5Y*
- 4.85%
- 10Y*
- 2.60%
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PFIX vs. FMF - Expense Ratio Comparison
PFIX has a 0.50% expense ratio, which is lower than FMF's 0.95% expense ratio.
Return for Risk
PFIX vs. FMF — Risk / Return Rank
PFIX
FMF
PFIX vs. FMF - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Simplify Interest Rate Hedge ETF (PFIX) and First Trust Managed Futures Strategy Fund (FMF). 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.
| PFIX | FMF | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.13 | 1.60 | -1.47 |
Sortino ratioReturn per unit of downside risk | 0.46 | 2.29 | -1.83 |
Omega ratioGain probability vs. loss probability | 1.05 | 1.28 | -0.23 |
Calmar ratioReturn relative to maximum drawdown | 0.10 | 4.55 | -4.44 |
Martin ratioReturn relative to average drawdown | 0.17 | 9.22 | -9.06 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| PFIX | FMF | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.13 | 1.60 | -1.47 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.45 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.22 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.40 | 0.16 | +0.24 |
Correlation
The correlation between PFIX and FMF is 0.11, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.
Dividends
PFIX vs. FMF - Dividend Comparison
PFIX's dividend yield for the trailing twelve months is around 10.17%, more than FMF's 5.09% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PFIX Simplify Interest Rate Hedge ETF | 10.17% | 9.92% | 3.40% | 87.92% | 0.63% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
FMF First Trust Managed Futures Strategy Fund | 5.09% | 5.60% | 4.85% | 3.09% | 0.41% | 3.29% | 0.02% | 1.05% | 1.56% | 0.82% |
Drawdowns
PFIX vs. FMF - Drawdown Comparison
The maximum PFIX drawdown since its inception was -36.17%, which is greater than FMF's maximum drawdown of -22.21%. Use the drawdown chart below to compare losses from any high point for PFIX and FMF.
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Drawdown Indicators
| PFIX | FMF | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -36.17% | -22.21% | -13.96% |
Max Drawdown (1Y)Largest decline over 1 year | -28.22% | -3.47% | -24.75% |
Max Drawdown (5Y)Largest decline over 5 years | — | -14.98% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -16.89% | — |
Current DrawdownCurrent decline from peak | -19.94% | -0.66% | -19.28% |
Average DrawdownAverage peak-to-trough decline | -17.07% | -9.99% | -7.08% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 17.44% | 1.71% | +15.73% |
Volatility
PFIX vs. FMF - Volatility Comparison
Simplify Interest Rate Hedge ETF (PFIX) has a higher volatility of 13.71% compared to First Trust Managed Futures Strategy Fund (FMF) at 3.76%. This indicates that PFIX's price experiences larger fluctuations and is considered to be riskier than FMF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PFIX | FMF | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 13.71% | 3.76% | +9.95% |
Volatility (6M)Calculated over the trailing 6-month period | 20.26% | 7.41% | +12.85% |
Volatility (1Y)Calculated over the trailing 1-year period | 35.00% | 9.94% | +25.06% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 38.75% | 10.76% | +27.99% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 38.75% | 11.83% | +26.92% |