PFIX vs. FMF
PFIX (Simplify Interest Rate Hedge ETF) and FMF (First Trust Managed Futures Strategy Fund) are both Hedge Fund funds. Both are actively managed. Over the past 5 years, PFIX returned 16.86%/yr vs 4.62%/yr for FMF. At a 0.12 correlation, their price movements are largely independent. PFIX charges 0.50%/yr vs 0.95%/yr for FMF.
Performance
PFIX vs. FMF - Performance Comparison
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Returns By Period
In the year-to-date period, PFIX achieves a -2.55% return, which is significantly lower than FMF's 10.96% return.
PFIX
- 1D
- 0.36%
- 1M
- -3.76%
- YTD
- -2.55%
- 6M
- 1.53%
- 1Y
- -15.57%
- 3Y*
- 14.54%
- 5Y*
- 16.86%
- 10Y*
- —
FMF
- 1D
- 0.33%
- 1M
- 1.08%
- YTD
- 10.96%
- 6M
- 11.47%
- 1Y
- 22.22%
- 3Y*
- 6.78%
- 5Y*
- 4.62%
- 10Y*
- 3.17%
PFIX vs. FMF - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
PFIX Simplify Interest Rate Hedge ETF | -2.55% | 0.42% | 35.94% | 5.67% | 92.05% | -24.95% |
FMF First Trust Managed Futures Strategy Fund | 10.96% | 4.54% | 8.17% | -0.18% | 5.24% | -5.18% |
Correlation
The correlation between PFIX and FMF is 0.07, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.07 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.07 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.12 |
Correlation (All Time) Calculated using the full available price history since May 12, 2021 | 0.12 |
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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 | -2.83 | ||
| Sortino ratioReturn per unit of downside risk | -3.89 | ||
| Omega ratioGain probability vs. loss probability | 0.93 | 1.42 | -0.48 |
| Calmar ratioReturn relative to maximum drawdown | -0.61 | 6.52 | -7.13 |
| Martin ratioReturn relative to average drawdown | -0.96 | 18.49 | -19.44 |
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 | -0.52 | 2.31 | -2.83 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.44 | 0.43 | +0.01 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.27 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.39 | 0.17 | +0.22 |
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 | -25.64% | -3.42% | -22.22% |
Max Drawdown (3Y)Largest decline over 3 years | -36.17% | -7.25% | -28.92% |
Max Drawdown (5Y)Largest decline over 5 years | -36.17% | -14.98% | -21.19% |
Max Drawdown (10Y)Largest decline over 10 years | — | -16.89% | — |
Current DrawdownCurrent decline from peak | -19.65% | -0.07% | -19.58% |
Average DrawdownAverage peak-to-trough decline | -17.13% | -9.86% | -7.27% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 16.35% | 1.20% | +15.15% |
Volatility
PFIX vs. FMF - Volatility Comparison
Simplify Interest Rate Hedge ETF (PFIX) has a higher volatility of 7.51% compared to First Trust Managed Futures Strategy Fund (FMF) at 1.89%. 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 | 7.51% | 1.89% | +5.62% |
Volatility (6M)Calculated over the trailing 6-month period | 20.89% | 7.11% | +13.78% |
Volatility (1Y)Calculated over the trailing 1-year period | 30.32% | 9.66% | +20.66% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 38.50% | 10.74% | +27.76% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 38.35% | 11.72% | +26.63% |
PFIX vs. FMF - Expense Ratio Comparison
PFIX has a 0.50% expense ratio, which is lower than FMF's 0.95% expense ratio.
Dividends
PFIX vs. FMF - Dividend Comparison
PFIX's dividend yield for the trailing twelve months is around 9.96%, more than FMF's 4.96% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
FMF First Trust Managed Futures Strategy Fund | 4.96% | 5.60% | 4.85% | 3.09% | 0.41% | 3.29% | 0.02% | 1.05% | 1.56% | 0.82% |
PFIX Simplify Interest Rate Hedge ETF | 9.96% | 9.92% | 3.40% | 87.92% | 0.63% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
PFIX and FMF have a correlation of 0.07, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PFIX has higher volatility (7.51%) compared to FMF (1.89%). In terms of maximum drawdown, PFIX dropped -36.17% vs FMF's -22.21%.
On 5-year performance, PFIX leads with 16.86% vs 4.62% for FMF. On fees, PFIX is cheaper at 0.50% per year. On volatility, FMF has been the lower-risk option at 1.89%. 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 16.86% return vs 4.62%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
PFIX is cheaper with a 0.50% expense ratio, compared with 0.95% for FMF.
PFIX has the higher dividend yield at 9.96%, compared with 4.96% for FMF.
They also come from different issuers: Simplify and First Trust. Their fees differ too: 0.50% for PFIX and 0.95% for FMF.
FMF currently has the higher Sharpe Ratio (2.31 vs -0.52), 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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