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PFIX vs. HYHG
Performance
Return for Risk
Drawdowns
Volatility
Dividends

PFIX vs. HYHG

Last updated Jun 4, 2026

PFIX (Simplify Interest Rate Hedge ETF) and HYHG (ProShares High Yield-Interest Rate Hedged) are both exchange-traded funds - PFIX is a Hedge Fund fund actively managed by Simplify, while HYHG is a High Yield Bonds fund tracking the Citi High Yield (Treasury Rate-Hedged) Index. PFIX is actively managed, while HYHG is passively managed. Over the past 5 years, PFIX returned 16.86%/yr vs 6.96%/yr for HYHG. At a correlation of -0.02, they often move in opposite directions. Both charge a 0.50% expense ratio.

Performance

PFIX vs. HYHG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Simplify Interest Rate Hedge ETF (PFIX) and ProShares High Yield-Interest Rate Hedged (HYHG). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, PFIX achieves a -2.55% return, which is significantly lower than HYHG's 2.90% return.

PFIX

1D
0.36%
1M
-3.76%
YTD
-2.55%
6M
1.53%
1Y
-15.57%
3Y*
14.54%
5Y*
16.86%
10Y*
—

HYHG

1D
-0.45%
1M
0.22%
YTD
2.90%
6M
3.60%
1Y
7.32%
3Y*
9.69%
5Y*
6.96%
10Y*
6.17%
*Multi-year figures are annualized to reflect compound growth (CAGR)

PFIX vs. HYHG - Yearly Performance Comparison

2026 (YTD)20252024202320222021
PFIX
Simplify Interest Rate Hedge ETF		-2.55%0.42%35.94%5.67%92.05%-24.95%
HYHG
ProShares High Yield-Interest Rate Hedged		2.90%5.31%11.41%14.69%-1.71%2.80%

Correlation

The correlation between PFIX and HYHG is -0.00, 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

-0.00

Correlation (3Y)
Calculated over the trailing 3-year period

-0.02

Correlation (5Y)
Calculated over the trailing 5-year period

-0.02

Correlation (All Time)
Calculated using the full available price history since May 12, 2021

-0.02

PFIX vs. HYHG - Sectors Allocation Comparison

Sectors
PFIX
HYHG

Financial Services

32.2%

-

Basic Materials

-

-

Communication Services

-

1.1%

Consumer Cyclical

-

-

Consumer Defensive

-

-

Energy

-

-

Healthcare

-

0.6%

Industrials

-

-

Real Estate

-

-

Technology

-

-

Utilities

-

-

Financial Services

PFIX
32.2%
HYHG

-

Basic Materials

PFIX

-

HYHG

-

Communication Services

PFIX

-

HYHG
1.1%

Consumer Cyclical

PFIX

-

HYHG

-

Consumer Defensive

PFIX

-

HYHG

-

Energy

PFIX

-

HYHG

-

Healthcare

PFIX

-

HYHG
0.6%

Industrials

PFIX

-

HYHG

-

Real Estate

PFIX

-

HYHG

-

Technology

PFIX

-

HYHG

-

Utilities

PFIX

-

HYHG

-

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

Simplify Interest Rate Hedge ETF

ProShares High Yield-Interest Rate Hedged

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Often compared with HYHG:
HYHG vs. HYGHHYHG vs. HYGHYHG vs. IGHGHYHG vs. SCHDHYHG vs. EIFAXHYHG vs. AOHYHYHG vs. PDI

Return for Risk

PFIX vs. HYHG — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
PFIX
PFIX Risk / Return Rank: 44
Overall Rank
PFIX Sharpe Ratio Rank: 44
Sharpe Ratio Rank
PFIX Sortino Ratio Rank: 44
Sortino Ratio Rank
PFIX Omega Ratio Rank: 44
Omega Ratio Rank
PFIX Calmar Ratio Rank: 44
Calmar Ratio Rank
PFIX Martin Ratio Rank: 44
Martin Ratio Rank
HYHG
HYHG Risk / Return Rank: 4949
Overall Rank
HYHG Sharpe Ratio Rank: 3636
Sharpe Ratio Rank
HYHG Sortino Ratio Rank: 3636
Sortino Ratio Rank
HYHG Omega Ratio Rank: 3535
Omega Ratio Rank
HYHG Calmar Ratio Rank: 7272
Calmar Ratio Rank
HYHG Martin Ratio Rank: 6565
Martin Ratio Rank
The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

PFIX vs. HYHG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Simplify Interest Rate Hedge ETF (PFIX) and ProShares High Yield-Interest Rate Hedged (HYHG). 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.

PFIXHYHGDifference
Sharpe ratioReturn per unit of total volatility
-0.52
1.32

-1.84

Sortino ratioReturn per unit of downside risk
-0.58
1.93

-2.51

Omega ratioGain probability vs. loss probability

0.93

1.24

-0.30

Calmar ratioReturn relative to maximum drawdown

-0.61

3.64

-4.25

Martin ratioReturn relative to average drawdown

-0.96

11.96

-12.92

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PFIX vs. HYHG - Sharpe Ratio Comparison

The current PFIX Sharpe Ratio is -0.52, which is lower than the HYHG Sharpe Ratio of 1.32. The chart below compares the historical Sharpe Ratios of PFIX and HYHG, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

PFIXHYHGDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

-0.52

1.32

-1.84

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.44

0.86

-0.42

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

—

0.68

—

Sharpe Ratio (All Time)

Calculated using the full available price history

0.39

0.46

-0.07

Drawdowns

PFIX vs. HYHG - Drawdown Comparison

The maximum PFIX drawdown since its inception was -36.17%, which is greater than HYHG's maximum drawdown of -25.71%. Use the drawdown chart below to compare losses from any high point for PFIX and HYHG.

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Drawdown Indicators

PFIXHYHGDifference

Max Drawdown

Largest peak-to-trough decline

-36.17%

-25.71%

-10.46%

Max Drawdown (1Y)

Largest decline over 1 year

-25.64%

-2.02%

-23.62%

Max Drawdown (3Y)

Largest decline over 3 years

-36.17%

-7.47%

-28.70%

Max Drawdown (5Y)

Largest decline over 5 years

-36.17%

-9.21%

-26.96%

Max Drawdown (10Y)

Largest decline over 10 years

—

-25.71%

—

Current Drawdown

Current decline from peak

-19.65%

-0.45%

-19.20%

Average Drawdown

Average peak-to-trough decline

-17.13%

-3.04%

-14.09%

Ulcer Index

Depth and duration of drawdowns from previous peaks

16.35%

0.61%

+15.74%

Volatility

PFIX vs. HYHG - Volatility Comparison

Simplify Interest Rate Hedge ETF (PFIX) has a higher volatility of 7.51% compared to ProShares High Yield-Interest Rate Hedged (HYHG) at 1.45%. This indicates that PFIX's price experiences larger fluctuations and is considered to be riskier than HYHG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

PFIXHYHGDifference

Volatility (1M)

Calculated over the trailing 1-month period

7.51%

1.45%

+6.06%

Volatility (6M)

Calculated over the trailing 6-month period

20.89%

4.33%

+16.56%

Volatility (1Y)

Calculated over the trailing 1-year period

30.32%

5.56%

+24.76%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

38.50%

8.16%

+30.34%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

38.35%

9.15%

+29.20%

PFIX vs. HYHG - Expense Ratio Comparison

Both PFIX and HYHG have an expense ratio of 0.50%.

Dividends

PFIX vs. HYHG - Dividend Comparison

PFIX's dividend yield for the trailing twelve months is around 9.96%, more than HYHG's 6.79% yield.

PositionTTM20252024202320222021202020192018201720162015
HYHG
ProShares High Yield-Interest Rate Hedged		6.79%6.97%6.57%6.07%5.58%4.54%5.21%6.06%6.45%5.57%5.37%6.37%
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%0.00%0.00%

Frequently Asked Questions

PFIX and HYHG have a correlation of -0.00, 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 HYHG (1.45%). In terms of maximum drawdown, PFIX dropped -36.17% vs HYHG's -25.71%.

On 5-year performance, PFIX leads with 16.86% vs 6.96% for HYHG. Both ETFs have the same 0.50% expense ratio. On volatility, HYHG has been the lower-risk option at 1.45%. 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 6.96%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

PFIX and HYHG have the same expense ratio: 0.50% per year.

PFIX has the higher dividend yield at 9.96%, compared with 6.79% for HYHG.

PFIX is categorized as Hedge Fund, while HYHG is High Yield Bonds. They also come from different issuers: Simplify and ProShares.

HYHG currently has the higher Sharpe Ratio (1.32 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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