PFIX vs. GTO
PFIX (Simplify Interest Rate Hedge ETF) and GTO (Invesco Total Return Bond ETF) are both exchange-traded funds - PFIX is a Hedge Fund fund actively managed by Simplify, while GTO is a Intermediate Core-Plus Bond fund actively managed by Invesco. Both are actively managed. Over the past 5 years, PFIX returned 21.23%/yr vs -0.19%/yr for GTO. At a correlation of -0.77, they often move in opposite directions. PFIX charges 0.50%/yr vs 0.35%/yr for GTO.
Performance
PFIX vs. GTO - Performance Comparison
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Returns By Period
In the year-to-date period, PFIX achieves a -0.06% return, which is significantly lower than GTO's 0.55% return.
PFIX
- 1D
- 0.75%
- 1M
- 6.96%
- 6M
- 4.29%
- YTD
- -0.06%
- 1Y
- -14.03%
- 3Y*
- 17.38%
- 5Y*
- 21.23%
- 10Y*
- —
GTO
- 1D
- -0.05%
- 1M
- -0.58%
- 6M
- 0.04%
- YTD
- 0.55%
- 1Y
- 5.10%
- 3Y*
- 4.63%
- 5Y*
- -0.19%
- 10Y*
- 2.73%
PFIX vs. GTO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
PFIX Simplify Interest Rate Hedge ETF | -0.06% | 0.42% | 35.94% | 5.67% | 92.05% | -24.98% |
GTO Invesco Total Return Bond ETF | 0.55% | 7.17% | 2.63% | 5.95% | -14.77% | 0.97% |
Correlation
The correlation between PFIX and GTO is -0.69, 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 | -0.69 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.82 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.77 |
Correlation (All Time) Calculated using the full available price history since May 11, 2021 | -0.77 |
The correlation between PFIX and GTO shifts across timeframes, from -0.82 (3 years) to -0.69 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
PFIX vs. GTO — Risk / Return Rank
PFIX
GTO
PFIX vs. GTO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Simplify Interest Rate Hedge ETF (PFIX) and Invesco Total Return Bond ETF (GTO). 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 | GTO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.00 | ||
| Sortino ratioReturn per unit of downside risk | -2.78 | ||
| Omega ratioGain probability vs. loss probability | 0.94 | 1.28 | -0.34 |
| Calmar ratioReturn relative to maximum drawdown | -0.55 | 1.88 | -2.43 |
| Martin ratioReturn relative to average drawdown | -0.81 | 5.52 | -6.33 |
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Drawdowns
PFIX vs. GTO - Drawdown Comparison
The maximum PFIX drawdown since its inception was -36.17%, which is greater than GTO's maximum drawdown of -20.61%. Use the drawdown chart below to compare losses from any high point for PFIX and GTO.
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Drawdown Indicators
| PFIX | GTO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -36.17% | -20.61% | -15.56% |
Max Drawdown (1Y)Largest decline over 1 year | -25.64% | -2.73% | -22.91% |
Max Drawdown (3Y)Largest decline over 3 years | -36.17% | -5.98% | -30.19% |
Max Drawdown (5Y)Largest decline over 5 years | -36.17% | -20.61% | -15.56% |
Max Drawdown (10Y)Largest decline over 10 years | — | -20.61% | — |
Current DrawdownCurrent decline from peak | -17.60% | -1.76% | -15.84% |
Average DrawdownAverage peak-to-trough decline | -17.21% | -4.76% | -12.45% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 17.38% | 0.93% | +16.45% |
Volatility
PFIX vs. GTO - Volatility Comparison
Simplify Interest Rate Hedge ETF (PFIX) has a higher volatility of 8.90% compared to Invesco Total Return Bond ETF (GTO) at 1.01%. This indicates that PFIX's price experiences larger fluctuations and is considered to be riskier than GTO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PFIX | GTO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.90% | 1.01% | +7.89% |
Volatility (6M)Calculated over the trailing 6-month period | 21.99% | 2.67% | +19.32% |
Volatility (1Y)Calculated over the trailing 1-year period | 29.10% | 3.38% | +25.72% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 38.53% | 5.67% | +32.86% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 38.16% | 5.52% | +32.64% |
PFIX vs. GTO - Expense Ratio Comparison
PFIX has a 0.50% expense ratio, which is higher than GTO's 0.35% expense ratio.
Dividends
PFIX vs. GTO - Dividend Comparison
PFIX's dividend yield for the trailing twelve months is around 9.70%, more than GTO's 4.83% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
GTO Invesco Total Return Bond ETF | 4.83% | 4.70% | 4.42% | 4.05% | 3.47% | 1.93% | 4.04% | 2.97% | 5.25% | 2.81% | 2.57% |
PFIX Simplify Interest Rate Hedge ETF | 9.70% | 9.92% | 3.40% | 87.92% | 0.63% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
PFIX and GTO have a correlation of -0.69, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PFIX has higher volatility (8.90%) compared to GTO (1.01%). In terms of maximum drawdown, PFIX dropped -36.17% vs GTO's -20.61%.
On 5-year performance, PFIX leads with 21.23% vs -0.19% for GTO. On fees, GTO is cheaper at 0.35% per year. On volatility, GTO has been the lower-risk option at 1.01%. 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 21.23% return vs -0.19%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
GTO is cheaper with a 0.35% expense ratio, compared with 0.50% for PFIX.
PFIX has the higher dividend yield at 9.70%, compared with 4.83% for GTO.
PFIX is categorized as Hedge Fund, while GTO is Intermediate Core-Plus Bond. They also come from different issuers: Simplify and Invesco. Their fees differ too: 0.50% for PFIX and 0.35% for GTO.
GTO currently has the higher Sharpe Ratio (1.52 vs -0.48), 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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