PFIX vs. KMLM

Last updated Jul 21, 2026

PFIX (Simplify Interest Rate Hedge ETF) and KMLM (KFA Mount Lucas Index Strategy ETF) are both exchange-traded funds - PFIX is a Hedge Fund fund actively managed by Simplify, while KMLM is a Systematic Trend fund tracking the KFA MLM Index. PFIX is actively managed, while KMLM is passively managed. Over the past 5 years, PFIX returned 20.92%/yr vs 6.06%/yr for KMLM. At a 0.29 correlation, their price movements are largely independent. PFIX charges 0.50%/yr vs 0.90%/yr for KMLM.

Performance

PFIX vs. KMLM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Simplify Interest Rate Hedge ETF (PFIX) and KFA Mount Lucas Index Strategy ETF (KMLM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PFIX achieves a 0.09% return, which is significantly lower than KMLM's 12.72% return.

PFIX

• 1D: 1.37%
• 1M: 9.04%
• 6M: 3.57%
• YTD: 0.09%
• 1Y: -14.09%
• 3Y*: 17.00%
• 5Y*: 20.92%
• 10Y*: —
• ALL TIME*: 15.15%

KMLM

• 1D: 0.91%
• 1M: 5.14%
• 6M: 10.80%
• YTD: 12.72%
• 1Y: 15.01%
• 3Y*: 0.26%
• 5Y*: 6.06%
• 10Y*: —
• ALL TIME*: 7.46%

*Multi-year figures are annualized to reflect compound growth (CAGR)

PFIX vs. KMLM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
PFIX Simplify Interest Rate Hedge ETF	0.09%	0.42%	35.94%	5.67%	92.05%	-24.98%
KMLM KFA Mount Lucas Index Strategy ETF	12.72%	-2.98%	-1.69%	-5.66%	30.61%	-3.94%

Correlation

The correlation between PFIX and KMLM is 0.28, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.28
Correlation (3Y) Calculated over the trailing 3-year period	0.26
Correlation (5Y) Calculated over the trailing 5-year period	0.29
Correlation (All Time) Calculated using the full available price history since May 11, 2021	0.29

Return for Risk

PFIX vs. KMLM — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

PFIX

PFIX Risk / Return Rank: 5
PFIX Sharpe Ratio Rank: 6
PFIX Sortino Ratio Rank: 6
PFIX Omega Ratio Rank: 6
PFIX Calmar Ratio Rank: 5
PFIX Martin Ratio Rank: 6

KMLM

KMLM Risk / Return Rank: 46
KMLM Sharpe Ratio Rank: 50
KMLM Sortino Ratio Rank: 47
KMLM Omega Ratio Rank: 49
KMLM Calmar Ratio Rank: 40
KMLM Martin Ratio Rank: 41

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. KMLM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Simplify Interest Rate Hedge ETF (PFIX) and KFA Mount Lucas Index Strategy ETF (KMLM). 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	KMLM	Difference
Sharpe ratio: Return per unit of total volatility	-0.49	1.31	-1.80
Sortino ratio: Return per unit of downside risk	-0.55	1.82	-2.37
Omega ratio: Gain probability vs. loss probability	0.94	1.24	-0.30
Calmar ratio: Return relative to maximum drawdown	-0.56	1.57	-2.13
Martin ratio: Return relative to average drawdown	-0.84	4.90	-5.74

PFIX vs. KMLM - Sharpe Ratio Comparison

The current PFIX Sharpe Ratio is -0.49, which is lower than the KMLM Sharpe Ratio of 1.31. The chart below compares the historical Sharpe Ratios of PFIX and KMLM, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

PFIX vs. KMLM - Drawdown Comparison

The maximum PFIX drawdown since its inception was -36.17%, which is greater than KMLM's maximum drawdown of -27.47%. Use the drawdown chart below to compare losses from any high point for PFIX and KMLM.

Drawdown Indicators

	PFIX	KMLM	Difference
Max Drawdown Largest peak-to-trough decline	-36.17%	-27.47%	-8.70%
Max Drawdown (1Y) Largest decline over 1 year	-25.09%	-9.61%	-15.48%
Max Drawdown (3Y) Largest decline over 3 years	-36.17%	-22.28%	-13.89%
Max Drawdown (5Y) Largest decline over 5 years	-36.17%	-27.47%	-8.70%
Current Drawdown Current decline from peak	-17.48%	-12.11%	-5.37%
Average Drawdown Average peak-to-trough decline	-17.21%	-12.79%	-4.42%
Ulcer Index Depth and duration of drawdowns from previous peaks	17.04%	3.07%	+13.97%

Volatility

PFIX vs. KMLM - Volatility Comparison

Simplify Interest Rate Hedge ETF (PFIX) has a higher volatility of 8.63% compared to KFA Mount Lucas Index Strategy ETF (KMLM) at 3.60%. This indicates that PFIX's price experiences larger fluctuations and is considered to be riskier than KMLM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PFIX	KMLM	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.63%	3.60%	+5.03%
Volatility (6M) Calculated over the trailing 6-month period	22.05%	10.12%	+11.93%
Volatility (1Y) Calculated over the trailing 1-year period	29.16%	11.52%	+17.64%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	38.51%	14.53%	+23.98%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	38.14%	14.67%	+23.47%

PFIX vs. KMLM - Expense Ratio Comparison

PFIX has a 0.50% expense ratio, which is lower than KMLM's 0.90% expense ratio.

Dividends

PFIX vs. KMLM - Dividend Comparison

PFIX's dividend yield for the trailing twelve months is around 9.68%, more than KMLM's 4.46% yield.

Position	TTM	2025	2024	2023	2022	2021
KMLM KFA Mount Lucas Index Strategy ETF	4.46%	5.02%	0.82%	0.00%	13.22%	6.94%
PFIX Simplify Interest Rate Hedge ETF	9.68%	9.92%	3.40%	87.92%	0.63%	0.00%

Frequently Asked Questions

Can I hold both PFIX and KMLM in my portfolio?

PFIX and KMLM have a correlation of 0.28, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PFIX or KMLM?

PFIX has higher volatility (8.63%) compared to KMLM (3.60%). In terms of maximum drawdown, PFIX dropped -36.17% vs KMLM's -27.47%.

Which ETF is better, PFIX or KMLM?

On 5-year performance, PFIX leads with 20.92% vs 6.06% for KMLM. On fees, PFIX is cheaper at 0.50% per year. On volatility, KMLM has been the lower-risk option at 3.60%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PFIX or KMLM?

Over the 5-year period, PFIX has performed better with a 20.92% return vs 6.06%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PFIX or KMLM?

PFIX is cheaper with a 0.50% expense ratio, compared with 0.90% for KMLM.

Which ETF pays a higher dividend yield, PFIX or KMLM?

PFIX has the higher dividend yield at 9.68%, compared with 4.46% for KMLM.

What is the main difference between PFIX and KMLM?

PFIX is categorized as Hedge Fund, while KMLM is Systematic Trend. They also come from different issuers: Simplify and KraneShares. Their fees differ too: 0.50% for PFIX and 0.90% for KMLM.

Which has better risk-adjusted returns?

KMLM currently has the higher Sharpe Ratio (1.31 vs -0.49), 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.