PFIX vs. RFIX

Last updated Jul 31, 2026

PFIX (Simplify Interest Rate Hedge ETF) and RFIX (Simplify Bond Bull ETF) are both exchange-traded funds - PFIX is a Inverse Bonds fund actively managed by Simplify, while RFIX is a Nontraditional Bonds fund actively managed by Simplify. Both are actively managed. Over the past year, PFIX returned -2.54% vs -12.54% for RFIX. Their -0.66 correlation means they have often moved in opposite directions in the past. Both charge a 0.50% expense ratio.

Performance

PFIX vs. RFIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Simplify Interest Rate Hedge ETF (PFIX) and Simplify Bond Bull ETF (RFIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PFIX achieves a 7.38% return, which is significantly higher than RFIX's 4.73% return.

PFIX

• 1D: 2.32%
• 1M: 17.13%
• 6M: 10.24%
• YTD: 7.38%
• 1Y: -2.54%
• 3Y*: 17.55%
• 5Y*: 22.46%
• 10Y*: —
• ALL TIME*: 16.63%

RFIX

• 1D: 1.37%
• 1M: -4.28%
• 6M: 5.10%
• YTD: 4.73%
• 1Y: -12.54%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: -22.60%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
PFIX Simplify Interest Rate Hedge ETF	$5.18M	$5.68M	$17.00M
RFIX Simplify Bond Bull ETF	$7.06M	$8.91M	$17.12M

PFIX vs. RFIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024
PFIX Simplify Interest Rate Hedge ETF	7.38%	0.42%	17.30%
RFIX Simplify Bond Bull ETF	4.73%	-28.43%	-12.22%

Correlation

The correlation between PFIX and RFIX is -0.50, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	-0.50
Correlation (All Time) Calculated using the full available price history since Dec 10, 2024	-0.66

The correlation between PFIX and RFIX shifts across timeframes, from -0.66 (all time) to -0.50 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

PFIX vs. RFIX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

PFIX

PFIX Risk / Return Rank: 10
PFIX Sharpe Ratio Rank: 10
PFIX Sortino Ratio Rank: 10
PFIX Omega Ratio Rank: 10
PFIX Calmar Ratio Rank: 10
PFIX Martin Ratio Rank: 10

RFIX

RFIX Risk / Return Rank: 5
RFIX Sharpe Ratio Rank: 6
RFIX Sortino Ratio Rank: 6
RFIX Omega Ratio Rank: 6
RFIX Calmar Ratio Rank: 5
RFIX Martin Ratio Rank: 4

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

PFIX vs. RFIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Simplify Interest Rate Hedge ETF (PFIX) and Simplify Bond Bull ETF (RFIX). 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	RFIX	Difference
Sharpe ratio: Return per unit of total volatility	-0.09	-0.43	+0.34
Sortino ratio: Return per unit of downside risk	0.08	-0.44	+0.52
Omega ratio: Gain probability vs. loss probability	1.01	0.95	+0.06
Calmar ratio: Return relative to maximum drawdown	-0.11	-0.58	+0.47
Martin ratio: Return relative to average drawdown	-0.17	-1.03	+0.87

PFIX vs. RFIX - Sharpe Ratio Comparison

The current PFIX Sharpe Ratio is -0.09, which is higher than the RFIX Sharpe Ratio of -0.43. The chart below compares the historical Sharpe Ratios of PFIX and RFIX, 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. RFIX - Drawdown Comparison

The maximum PFIX drawdown since its inception was -36.17%, smaller than the maximum RFIX drawdown of -38.79%. Use the drawdown chart below to compare losses from any high point for PFIX and RFIX.

Drawdown Indicators

	PFIX	RFIX	Difference
Max Drawdown Largest peak-to-trough decline	-36.17%	-38.79%	+2.62%
Max Drawdown (1Y) Largest decline over 1 year	-23.71%	-21.63%	-2.08%
Max Drawdown (3Y) Largest decline over 3 years	-36.17%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-36.17%	—	—
Current Drawdown Current decline from peak	-11.47%	-34.29%	+22.82%
Average Drawdown Average peak-to-trough decline	-17.20%	-24.87%	+7.67%
Ulcer Index Depth and duration of drawdowns from previous peaks	15.44%	12.14%	+3.30%

Volatility

PFIX vs. RFIX - Volatility Comparison

Simplify Interest Rate Hedge ETF (PFIX) has a higher volatility of 7.53% compared to Simplify Bond Bull ETF (RFIX) at 6.23%. This indicates that PFIX's price experiences larger fluctuations and is considered to be riskier than RFIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PFIX	RFIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.53%	6.23%	+1.30%
Volatility (6M) Calculated over the trailing 6-month period	21.75%	20.48%	+1.27%
Volatility (1Y) Calculated over the trailing 1-year period	29.15%	29.58%	-0.43%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	38.60%	30.66%	+7.94%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	38.12%	30.66%	+7.46%

PFIX vs. RFIX - Expense Ratio Comparison

Both PFIX and RFIX have an expense ratio of 0.50%.

Dividends

PFIX vs. RFIX - Dividend Comparison

PFIX's dividend yield for the trailing twelve months is around 8.06%, more than RFIX's 4.37% yield.

Position	TTM	2025	2024	2023	2022	2021
PFIX Simplify Interest Rate Hedge ETF	8.06%	9.92%	3.40%	87.92%	0.63%	0.00%
RFIX Simplify Bond Bull ETF	4.37%	5.07%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both PFIX and RFIX in my portfolio?

PFIX and RFIX have a correlation of -0.50, 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 RFIX?

PFIX has higher volatility (7.53%) compared to RFIX (6.23%). In terms of maximum drawdown, PFIX dropped -36.17% vs RFIX's -38.79%.

Which ETF is better, PFIX or RFIX?

On 1-year performance, PFIX leads with -2.54% vs -12.54% for RFIX. Both ETFs have the same 0.50% expense ratio. On volatility, RFIX has been the lower-risk option at 6.23%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PFIX or RFIX?

Over the 1-year period, PFIX has performed better with a -2.54% return vs -12.54%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PFIX or RFIX?

PFIX and RFIX have the same expense ratio: 0.50% per year.

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

PFIX has the higher dividend yield at 8.06%, compared with 4.37% for RFIX.

What is the main difference between PFIX and RFIX?

PFIX is categorized as Inverse Bonds, while RFIX is Nontraditional Bonds.

Which has better risk-adjusted returns?

PFIX currently has the higher Sharpe Ratio (-0.09 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.