PFIX vs. HYHG
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 20.64%/yr vs 7.06%/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
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Returns By Period
In the year-to-date period, PFIX achieves a -0.95% return, which is significantly lower than HYHG's 4.22% return.
PFIX
- 1D
- 0.47%
- 1M
- 3.10%
- 6M
- 0.73%
- YTD
- -0.95%
- 1Y
- -9.65%
- 3Y*
- 16.45%
- 5Y*
- 20.64%
- 10Y*
- —
HYHG
- 1D
- 0.40%
- 1M
- 0.73%
- 6M
- 3.88%
- YTD
- 4.22%
- 1Y
- 7.23%
- 3Y*
- 9.18%
- 5Y*
- 7.06%
- 10Y*
- 5.94%
PFIX vs. HYHG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
PFIX Simplify Interest Rate Hedge ETF | -0.95% | 0.42% | 35.94% | 5.67% | 92.05% | -24.98% |
HYHG ProShares High Yield-Interest Rate Hedged | 4.22% | 5.31% | 11.41% | 14.69% | -1.71% | 2.87% |
Correlation
The correlation between PFIX and HYHG is -0.01, 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 | -0.01 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.01 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.02 |
Correlation (All Time) Calculated using the full available price history since May 11, 2021 | -0.02 |
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Return for Risk
PFIX vs. HYHG — Risk / Return Rank
PFIX
HYHG
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.
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 | HYHG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.62 | ||
| Sortino ratioReturn per unit of downside risk | -2.17 | ||
| Omega ratioGain probability vs. loss probability | 0.97 | 1.23 | -0.26 |
| Calmar ratioReturn relative to maximum drawdown | -0.38 | 3.59 | -3.97 |
| Martin ratioReturn relative to average drawdown | -0.56 | 11.96 | -12.52 |
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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
| PFIX | HYHG | Difference | |
|---|---|---|---|
Max DrawdownLargest 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 DrawdownCurrent decline from peak | -18.33% | 0.00% | -18.33% |
Average DrawdownAverage peak-to-trough decline | -17.21% | -3.02% | -14.19% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 17.30% | 0.61% | +16.69% |
Volatility
PFIX vs. HYHG - Volatility Comparison
Simplify Interest Rate Hedge ETF (PFIX) has a higher volatility of 9.44% compared to ProShares High Yield-Interest Rate Hedged (HYHG) at 1.16%. 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
| PFIX | HYHG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.44% | 1.16% | +8.28% |
Volatility (6M)Calculated over the trailing 6-month period | 22.16% | 4.01% | +18.15% |
Volatility (1Y)Calculated over the trailing 1-year period | 29.34% | 5.63% | +23.71% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 38.55% | 8.18% | +30.37% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 38.20% | 9.07% | +29.13% |
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 9.78%, more than HYHG's 6.70% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
HYHG ProShares High Yield-Interest Rate Hedged | 6.70% | 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 | 9.78% | 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 -0.01, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PFIX has higher volatility (9.44%) compared to HYHG (1.16%). In terms of maximum drawdown, PFIX dropped -36.17% vs HYHG's -25.71%.
On 5-year performance, PFIX leads with 20.64% vs 7.06% for HYHG. Both ETFs have the same 0.50% expense ratio. On volatility, HYHG has been the lower-risk option at 1.16%. 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 20.64% return vs 7.06%. 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 9.78%, compared with 6.70% 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 (1.29 vs -0.33), 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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