PFIX vs. IEF
PFIX (Simplify Interest Rate Hedge ETF) and IEF (iShares 7-10 Year Treasury Bond ETF) are both exchange-traded funds - PFIX is a Hedge Fund fund actively managed by Simplify, while IEF is a Government Bonds fund tracking the ICE U.S. Treasury 7-10 Year Bond Index. PFIX is actively managed, while IEF is passively managed. Over the past 5 years, PFIX returned 17.43%/yr vs -1.24%/yr for IEF. At a correlation of -0.78, they often move in opposite directions. PFIX charges 0.50%/yr vs 0.15%/yr for IEF.
Performance
PFIX vs. IEF - Performance Comparison
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Returns By Period
In the year-to-date period, PFIX achieves a -3.92% return, which is significantly lower than IEF's -0.47% return.
PFIX
- 1D
- -1.32%
- 1M
- -5.62%
- YTD
- -3.92%
- 6M
- -5.54%
- 1Y
- -12.06%
- 3Y*
- 15.02%
- 5Y*
- 17.43%
- 10Y*
- —
IEF
- 1D
- -0.17%
- 1M
- 1.05%
- YTD
- -0.47%
- 6M
- -0.18%
- 1Y
- 3.78%
- 3Y*
- 2.86%
- 5Y*
- -1.24%
- 10Y*
- 0.59%
PFIX vs. IEF - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
PFIX Simplify Interest Rate Hedge ETF | -3.92% | 0.42% | 35.94% | 5.67% | 92.05% | -24.98% |
IEF iShares 7-10 Year Treasury Bond ETF | -0.47% | 8.03% | -0.63% | 3.64% | -15.15% | 1.23% |
Correlation
The correlation between PFIX and IEF is -0.67, 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 | -0.67 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.81 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.78 |
Correlation (All Time) Calculated using the full available price history since May 11, 2021 | -0.78 |
The correlation between PFIX and IEF shifts across timeframes, from -0.81 (3 years) to -0.67 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
PFIX vs. IEF — Risk / Return Rank
PFIX
IEF
PFIX vs. IEF - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Simplify Interest Rate Hedge ETF (PFIX) and iShares 7-10 Year Treasury Bond ETF (IEF). 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 | IEF | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.06 | ||
| Sortino ratioReturn per unit of downside risk | -1.40 | ||
| Omega ratioGain probability vs. loss probability | 0.97 | 1.12 | -0.16 |
| Calmar ratioReturn relative to maximum drawdown | -0.40 | 0.84 | -1.23 |
| Martin ratioReturn relative to average drawdown | -0.62 | 2.35 | -2.96 |
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Drawdowns
PFIX vs. IEF - Drawdown Comparison
The maximum PFIX drawdown since its inception was -36.17%, which is greater than IEF's maximum drawdown of -23.93%. Use the drawdown chart below to compare losses from any high point for PFIX and IEF.
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Drawdown Indicators
| PFIX | IEF | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -36.17% | -23.93% | -12.24% |
Max Drawdown (1Y)Largest decline over 1 year | -25.64% | -4.07% | -21.57% |
Max Drawdown (3Y)Largest decline over 3 years | -36.17% | -7.74% | -28.43% |
Max Drawdown (5Y)Largest decline over 5 years | -36.17% | -21.40% | -14.77% |
Max Drawdown (10Y)Largest decline over 10 years | — | -23.93% | — |
Current DrawdownCurrent decline from peak | -20.78% | -11.18% | -9.60% |
Average DrawdownAverage peak-to-trough decline | -17.13% | -5.35% | -11.78% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 16.52% | 1.45% | +15.07% |
Volatility
PFIX vs. IEF - Volatility Comparison
Simplify Interest Rate Hedge ETF (PFIX) has a higher volatility of 8.38% compared to iShares 7-10 Year Treasury Bond ETF (IEF) at 1.62%. This indicates that PFIX's price experiences larger fluctuations and is considered to be riskier than IEF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PFIX | IEF | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.38% | 1.62% | +6.76% |
Volatility (6M)Calculated over the trailing 6-month period | 21.22% | 3.42% | +17.80% |
Volatility (1Y)Calculated over the trailing 1-year period | 30.44% | 4.72% | +25.72% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 38.52% | 7.71% | +30.81% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 38.29% | 6.63% | +31.66% |
PFIX vs. IEF - Expense Ratio Comparison
PFIX has a 0.50% expense ratio, which is higher than IEF's 0.15% expense ratio.
Dividends
PFIX vs. IEF - Dividend Comparison
PFIX's dividend yield for the trailing twelve months is around 10.11%, more than IEF's 3.89% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IEF iShares 7-10 Year Treasury Bond ETF | 3.89% | 3.77% | 3.62% | 2.91% | 1.96% | 0.83% | 1.08% | 2.08% | 2.24% | 1.82% | 1.81% | 1.90% |
PFIX Simplify Interest Rate Hedge ETF | 10.11% | 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 IEF have a correlation of -0.67, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PFIX has higher volatility (8.38%) compared to IEF (1.62%). In terms of maximum drawdown, PFIX dropped -36.17% vs IEF's -23.93%.
On 5-year performance, PFIX leads with 17.43% vs -1.24% for IEF. On fees, IEF is cheaper at 0.15% per year. On volatility, IEF has been the lower-risk option at 1.62%. 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 17.43% return vs -1.24%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IEF is cheaper with a 0.15% expense ratio, compared with 0.50% for PFIX.
PFIX has the higher dividend yield at 10.11%, compared with 3.89% for IEF.
PFIX is categorized as Hedge Fund, while IEF is Government Bonds. They also come from different issuers: Simplify and iShares. Their fees differ too: 0.50% for PFIX and 0.15% for IEF.
IEF currently has the higher Sharpe Ratio (0.72 vs -0.34), 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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