PFIX vs. PCY
PFIX (Simplify Interest Rate Hedge ETF) and PCY (Invesco Emerging Markets Sovereign Debt ETF) are both exchange-traded funds - PFIX is a Hedge Fund fund actively managed by Simplify, while PCY is a Emerging Markets Bonds fund tracking the DB Emerging Market USD Liquid Balanced Index. PFIX is actively managed, while PCY is passively managed. Over the past 5 years, PFIX returned 20.64%/yr vs 1.17%/yr for PCY. At a correlation of -0.57, they often move in opposite directions. Both charge a 0.50% expense ratio.
Performance
PFIX vs. PCY - 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 PCY's 1.41% return.
PFIX
- 1D
- 0.47%
- 1M
- 3.10%
- 6M
- 0.73%
- YTD
- -0.95%
- 1Y
- -9.65%
- 3Y*
- 16.45%
- 5Y*
- 20.64%
- 10Y*
- —
PCY
- 1D
- -0.88%
- 1M
- -1.19%
- 6M
- 1.50%
- YTD
- 1.41%
- 1Y
- 11.62%
- 3Y*
- 9.56%
- 5Y*
- 1.17%
- 10Y*
- 2.11%
PFIX vs. PCY - 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% |
PCY Invesco Emerging Markets Sovereign Debt ETF | 1.41% | 16.31% | 2.55% | 18.48% | -24.47% | -1.32% |
Correlation
The correlation between PFIX and PCY 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 | -0.67 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.57 |
Correlation (All Time) Calculated using the full available price history since May 11, 2021 | -0.57 |
The correlation between PFIX and PCY shifts across timeframes, from -0.67 (3 years) to -0.57 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
PFIX vs. PCY — Risk / Return Rank
PFIX
PCY
PFIX vs. PCY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Simplify Interest Rate Hedge ETF (PFIX) and Invesco Emerging Markets Sovereign Debt ETF (PCY). 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 | PCY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.92 | ||
| Sortino ratioReturn per unit of downside risk | -2.58 | ||
| Omega ratioGain probability vs. loss probability | 0.97 | 1.29 | -0.32 |
| Calmar ratioReturn relative to maximum drawdown | -0.38 | 1.98 | -2.35 |
| Martin ratioReturn relative to average drawdown | -0.56 | 8.01 | -8.57 |
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Drawdowns
PFIX vs. PCY - Drawdown Comparison
The maximum PFIX drawdown since its inception was -36.17%, smaller than the maximum PCY drawdown of -49.13%. Use the drawdown chart below to compare losses from any high point for PFIX and PCY.
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Drawdown Indicators
| PFIX | PCY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -36.17% | -49.13% | +12.96% |
Max Drawdown (1Y)Largest decline over 1 year | -25.64% | -5.91% | -19.73% |
Max Drawdown (3Y)Largest decline over 3 years | -36.17% | -11.52% | -24.65% |
Max Drawdown (5Y)Largest decline over 5 years | -36.17% | -37.17% | +1.00% |
Max Drawdown (10Y)Largest decline over 10 years | — | -37.78% | — |
Current DrawdownCurrent decline from peak | -18.33% | -1.91% | -16.42% |
Average DrawdownAverage peak-to-trough decline | -17.21% | -6.94% | -10.27% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 17.30% | 1.46% | +15.84% |
Volatility
PFIX vs. PCY - Volatility Comparison
Simplify Interest Rate Hedge ETF (PFIX) has a higher volatility of 9.44% compared to Invesco Emerging Markets Sovereign Debt ETF (PCY) at 2.14%. This indicates that PFIX's price experiences larger fluctuations and is considered to be riskier than PCY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PFIX | PCY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.44% | 2.14% | +7.30% |
Volatility (6M)Calculated over the trailing 6-month period | 22.16% | 6.08% | +16.08% |
Volatility (1Y)Calculated over the trailing 1-year period | 29.34% | 7.34% | +22.00% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 38.55% | 13.19% | +25.36% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 38.20% | 12.94% | +25.26% |
PFIX vs. PCY - Expense Ratio Comparison
Both PFIX and PCY have an expense ratio of 0.50%.
Dividends
PFIX vs. PCY - Dividend Comparison
PFIX's dividend yield for the trailing twelve months is around 9.78%, more than PCY's 5.92% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PCY Invesco Emerging Markets Sovereign Debt ETF | 5.92% | 5.93% | 6.65% | 6.48% | 6.81% | 4.80% | 4.45% | 4.78% | 4.93% | 4.80% | 5.19% | 5.46% |
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 PCY 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 (9.44%) compared to PCY (2.14%). In terms of maximum drawdown, PFIX dropped -36.17% vs PCY's -49.13%.
On 5-year performance, PFIX leads with 20.64% vs 1.17% for PCY. Both ETFs have the same 0.50% expense ratio. On volatility, PCY has been the lower-risk option at 2.14%. 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 1.17%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
PFIX and PCY have the same expense ratio: 0.50% per year.
PFIX has the higher dividend yield at 9.78%, compared with 5.92% for PCY.
PFIX is categorized as Hedge Fund, while PCY is Emerging Markets Bonds. They also come from different issuers: Simplify and Invesco.
PCY currently has the higher Sharpe Ratio (1.59 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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