PFIX vs. JMBS
PFIX (Simplify Interest Rate Hedge ETF) and JMBS (Janus Henderson Mortgage-Backed Securities ETF) are both exchange-traded funds - PFIX is a Hedge Fund fund actively managed by Simplify, while JMBS is a Mortgage Backed Securities fund actively managed by Janus Henderson. Both are actively managed. Over the past 5 years, PFIX returned 21.23%/yr vs 0.73%/yr for JMBS. At a correlation of -0.71, they often move in opposite directions. PFIX charges 0.50%/yr vs 0.32%/yr for JMBS.
Performance
PFIX vs. JMBS - 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 JMBS's 0.58% return.
PFIX
- 1D
- 0.75%
- 1M
- 6.96%
- 6M
- 4.29%
- YTD
- -0.06%
- 1Y
- -14.03%
- 3Y*
- 17.38%
- 5Y*
- 21.23%
- 10Y*
- —
JMBS
- 1D
- -0.11%
- 1M
- -0.61%
- 6M
- 0.03%
- YTD
- 0.58%
- 1Y
- 6.16%
- 3Y*
- 4.52%
- 5Y*
- 0.73%
- 10Y*
- —
PFIX vs. JMBS - 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% |
JMBS Janus Henderson Mortgage-Backed Securities ETF | 0.58% | 8.82% | 1.53% | 5.66% | -11.40% | -0.29% |
Correlation
The correlation between PFIX and JMBS is -0.64, 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 | -0.64 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.77 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.72 |
Correlation (All Time) Calculated using the full available price history since May 11, 2021 | -0.71 |
The correlation between PFIX and JMBS shifts across timeframes, from -0.77 (3 years) to -0.64 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
PFIX vs. JMBS — Risk / Return Rank
PFIX
JMBS
PFIX vs. JMBS - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Simplify Interest Rate Hedge ETF (PFIX) and Janus Henderson Mortgage-Backed Securities ETF (JMBS). 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 | JMBS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.93 | ||
| Sortino ratioReturn per unit of downside risk | -2.69 | ||
| Omega ratioGain probability vs. loss probability | 0.94 | 1.26 | -0.32 |
| Calmar ratioReturn relative to maximum drawdown | -0.55 | 2.02 | -2.57 |
| Martin ratioReturn relative to average drawdown | -0.81 | 6.02 | -6.83 |
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Drawdowns
PFIX vs. JMBS - Drawdown Comparison
The maximum PFIX drawdown since its inception was -36.17%, which is greater than JMBS's maximum drawdown of -16.68%. Use the drawdown chart below to compare losses from any high point for PFIX and JMBS.
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Drawdown Indicators
| PFIX | JMBS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -36.17% | -16.68% | -19.49% |
Max Drawdown (1Y)Largest decline over 1 year | -25.64% | -3.05% | -22.59% |
Max Drawdown (3Y)Largest decline over 3 years | -36.17% | -7.76% | -28.41% |
Max Drawdown (5Y)Largest decline over 5 years | -36.17% | -16.68% | -19.49% |
Current DrawdownCurrent decline from peak | -17.60% | -1.58% | -16.02% |
Average DrawdownAverage peak-to-trough decline | -17.21% | -3.86% | -13.35% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 17.38% | 1.02% | +16.36% |
Volatility
PFIX vs. JMBS - Volatility Comparison
Simplify Interest Rate Hedge ETF (PFIX) has a higher volatility of 8.90% compared to Janus Henderson Mortgage-Backed Securities ETF (JMBS) at 1.34%. This indicates that PFIX's price experiences larger fluctuations and is considered to be riskier than JMBS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PFIX | JMBS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.90% | 1.34% | +7.56% |
Volatility (6M)Calculated over the trailing 6-month period | 21.99% | 3.43% | +18.56% |
Volatility (1Y)Calculated over the trailing 1-year period | 29.10% | 4.28% | +24.82% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 38.53% | 6.53% | +32.00% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 38.16% | 5.51% | +32.65% |
PFIX vs. JMBS - Expense Ratio Comparison
PFIX has a 0.50% expense ratio, which is higher than JMBS's 0.32% expense ratio.
Dividends
PFIX vs. JMBS - Dividend Comparison
PFIX's dividend yield for the trailing twelve months is around 9.70%, more than JMBS's 5.20% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
JMBS Janus Henderson Mortgage-Backed Securities ETF | 5.20% | 5.03% | 5.53% | 4.38% | 2.73% | 1.16% | 2.92% | 3.63% | 0.89% |
PFIX Simplify Interest Rate Hedge ETF | 9.70% | 9.92% | 3.40% | 87.92% | 0.63% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
PFIX and JMBS have a correlation of -0.64, 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 JMBS (1.34%). In terms of maximum drawdown, PFIX dropped -36.17% vs JMBS's -16.68%.
On 5-year performance, PFIX leads with 21.23% vs 0.73% for JMBS. On fees, JMBS is cheaper at 0.32% per year. On volatility, JMBS has been the lower-risk option at 1.34%. 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 0.73%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
JMBS is cheaper with a 0.32% expense ratio, compared with 0.50% for PFIX.
PFIX has the higher dividend yield at 9.70%, compared with 5.20% for JMBS.
PFIX is categorized as Hedge Fund, while JMBS is Mortgage Backed Securities. They also come from different issuers: Simplify and Janus Henderson. Their fees differ too: 0.50% for PFIX and 0.32% for JMBS.
JMBS currently has the higher Sharpe Ratio (1.45 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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