PFIX vs. LQDW
PFIX (Simplify Interest Rate Hedge ETF) and LQDW (iShares Investment Grade Corporate Bond Buywrite Strategy ETF) are both exchange-traded funds - PFIX is a Hedge Fund fund actively managed by Simplify, while LQDW is a Corporate Bonds fund tracking the CBOE LQD BuyWrite Index. PFIX is actively managed, while LQDW is passively managed. Over the past 3 years, PFIX returned 15.87%/yr vs 3.70%/yr for LQDW. At a correlation of -0.65, they often move in opposite directions. PFIX charges 0.50%/yr vs 0.34%/yr for LQDW.
Performance
PFIX vs. LQDW - Performance Comparison
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Returns By Period
In the year-to-date period, PFIX achieves a -6.98% return, which is significantly lower than LQDW's 1.88% return.
PFIX
- 1D
- -0.61%
- 1M
- -11.02%
- YTD
- -6.98%
- 6M
- -6.81%
- 1Y
- -12.36%
- 3Y*
- 15.87%
- 5Y*
- 17.72%
- 10Y*
- —
LQDW
- 1D
- 0.18%
- 1M
- 1.36%
- YTD
- 1.88%
- 6M
- 2.02%
- 1Y
- 6.49%
- 3Y*
- 3.70%
- 5Y*
- —
- 10Y*
- —
PFIX vs. LQDW - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
PFIX Simplify Interest Rate Hedge ETF | -6.98% | 0.42% | 35.94% | 5.67% | 29.46% |
LQDW iShares Investment Grade Corporate Bond Buywrite Strategy ETF | 1.88% | 9.05% | 2.60% | 3.99% | -6.78% |
Correlation
The correlation between PFIX and LQDW is -0.62, 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 | -0.62 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.65 |
Correlation (All Time) Calculated using the full available price history since Aug 22, 2022 | -0.65 |
The correlation between PFIX and LQDW has been stable across timeframes, ranging from -0.65 to -0.62 - a consistent structural relationship.
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Return for Risk
PFIX vs. LQDW — Risk / Return Rank
PFIX
LQDW
PFIX vs. LQDW - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Simplify Interest Rate Hedge ETF (PFIX) and iShares Investment Grade Corporate Bond Buywrite Strategy ETF (LQDW). 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 | LQDW | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.23 | ||
| Sortino ratioReturn per unit of downside risk | -3.00 | ||
| Omega ratioGain probability vs. loss probability | 0.95 | 1.36 | -0.41 |
| Calmar ratioReturn relative to maximum drawdown | -0.48 | 2.52 | -3.00 |
| Martin ratioReturn relative to average drawdown | -0.74 | 9.34 | -10.09 |
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Drawdowns
PFIX vs. LQDW - Drawdown Comparison
The maximum PFIX drawdown since its inception was -36.17%, which is greater than LQDW's maximum drawdown of -9.20%. Use the drawdown chart below to compare losses from any high point for PFIX and LQDW.
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Drawdown Indicators
| PFIX | LQDW | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -36.17% | -9.20% | -26.97% |
Max Drawdown (1Y)Largest decline over 1 year | -25.64% | -2.59% | -23.05% |
Max Drawdown (3Y)Largest decline over 3 years | -36.17% | -6.74% | -29.43% |
Max Drawdown (5Y)Largest decline over 5 years | -36.17% | — | — |
Current DrawdownCurrent decline from peak | -23.31% | -0.04% | -23.27% |
Average DrawdownAverage peak-to-trough decline | -17.15% | -2.32% | -14.83% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 16.70% | 0.70% | +16.00% |
Volatility
PFIX vs. LQDW - Volatility Comparison
Simplify Interest Rate Hedge ETF (PFIX) has a higher volatility of 6.85% compared to iShares Investment Grade Corporate Bond Buywrite Strategy ETF (LQDW) at 1.00%. This indicates that PFIX's price experiences larger fluctuations and is considered to be riskier than LQDW based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PFIX | LQDW | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.85% | 1.00% | +5.85% |
Volatility (6M)Calculated over the trailing 6-month period | 21.31% | 3.12% | +18.19% |
Volatility (1Y)Calculated over the trailing 1-year period | 29.19% | 3.62% | +25.57% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 38.46% | 5.47% | +32.99% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 38.23% | 5.47% | +32.76% |
PFIX vs. LQDW - Expense Ratio Comparison
PFIX has a 0.50% expense ratio, which is higher than LQDW's 0.34% expense ratio.
Dividends
PFIX vs. LQDW - Dividend Comparison
PFIX's dividend yield for the trailing twelve months is around 10.44%, less than LQDW's 12.49% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
LQDW iShares Investment Grade Corporate Bond Buywrite Strategy ETF | 12.49% | 16.02% | 15.74% | 19.28% | 8.85% | 0.00% |
PFIX Simplify Interest Rate Hedge ETF | 10.44% | 9.92% | 3.40% | 87.92% | 0.63% | 0.00% |
Frequently Asked Questions
PFIX and LQDW have a correlation of -0.62, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PFIX has higher volatility (6.85%) compared to LQDW (1.00%). In terms of maximum drawdown, PFIX dropped -36.17% vs LQDW's -9.20%.
On 3-year performance, PFIX leads with 15.87% vs 3.70% for LQDW. On fees, LQDW is cheaper at 0.34% per year. On volatility, LQDW has been the lower-risk option at 1.00%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, PFIX has performed better with a 15.87% return vs 3.70%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
LQDW is cheaper with a 0.34% expense ratio, compared with 0.50% for PFIX.
LQDW has the higher dividend yield at 12.49%, compared with 10.44% for PFIX.
PFIX is categorized as Hedge Fund, while LQDW is Corporate Bonds. They also come from different issuers: Simplify and iShares. Their fees differ too: 0.50% for PFIX and 0.34% for LQDW.
LQDW currently has the higher Sharpe Ratio (1.80 vs -0.43), 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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