PFIX vs. RING
PFIX (Simplify Interest Rate Hedge ETF) and RING (iShares MSCI Global Gold Miners ETF) are both exchange-traded funds - PFIX is a Hedge Fund fund actively managed by Simplify, while RING is a Gold fund tracking the MSCI ACWI Select Gold Miners Investable Market Index. PFIX is actively managed, while RING is passively managed. Over the past 5 years, PFIX returned 17.43%/yr vs 18.76%/yr for RING. At a correlation of -0.15, they often move in opposite directions. PFIX charges 0.50%/yr vs 0.39%/yr for RING.
Performance
PFIX vs. RING - Performance Comparison
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Returns By Period
In the year-to-date period, PFIX achieves a -3.92% return, which is significantly higher than RING's -5.54% return.
PFIX
- 1D
- -1.32%
- 1M
- -9.30%
- YTD
- -3.92%
- 6M
- -5.54%
- 1Y
- -12.06%
- 3Y*
- 15.02%
- 5Y*
- 17.43%
- 10Y*
- —
RING
- 1D
- 3.20%
- 1M
- -8.50%
- YTD
- -5.54%
- 6M
- -4.18%
- 1Y
- 54.08%
- 3Y*
- 44.87%
- 5Y*
- 18.76%
- 10Y*
- 13.85%
PFIX vs. RING - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
PFIX Simplify Interest Rate Hedge ETF | -3.92% | 0.42% | 35.94% | 5.67% | 92.05% | -24.98% |
RING iShares MSCI Global Gold Miners ETF | -5.54% | 164.72% | 15.98% | 12.29% | -15.40% | -11.92% |
Correlation
The correlation between PFIX and RING is -0.16, 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 | -0.16 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.15 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.14 |
Correlation (All Time) Calculated using the full available price history since May 11, 2021 | -0.15 |
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Return for Risk
PFIX vs. RING — Risk / Return Rank
PFIX
RING
PFIX vs. RING - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Simplify Interest Rate Hedge ETF (PFIX) and iShares MSCI Global Gold Miners ETF (RING). 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 | RING | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.54 | ||
| Sortino ratioReturn per unit of downside risk | -1.91 | ||
| Omega ratioGain probability vs. loss probability | 0.97 | 1.23 | -0.26 |
| Calmar ratioReturn relative to maximum drawdown | -0.40 | 1.59 | -1.99 |
| Martin ratioReturn relative to average drawdown | -0.62 | 4.45 | -5.07 |
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Drawdowns
PFIX vs. RING - Drawdown Comparison
The maximum PFIX drawdown since its inception was -36.17%, smaller than the maximum RING drawdown of -79.47%. Use the drawdown chart below to compare losses from any high point for PFIX and RING.
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Drawdown Indicators
| PFIX | RING | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -36.17% | -79.47% | +43.30% |
Max Drawdown (1Y)Largest decline over 1 year | -25.64% | -35.72% | +10.08% |
Max Drawdown (3Y)Largest decline over 3 years | -36.17% | -35.72% | -0.45% |
Max Drawdown (5Y)Largest decline over 5 years | -36.17% | -47.94% | +11.77% |
Max Drawdown (10Y)Largest decline over 10 years | — | -52.04% | — |
Current DrawdownCurrent decline from peak | -20.78% | -30.03% | +9.25% |
Average DrawdownAverage peak-to-trough decline | -17.13% | -47.36% | +30.23% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 16.52% | 12.74% | +3.78% |
Volatility
PFIX vs. RING - Volatility Comparison
The current volatility for Simplify Interest Rate Hedge ETF (PFIX) is 8.38%, while iShares MSCI Global Gold Miners ETF (RING) has a volatility of 16.83%. This indicates that PFIX experiences smaller price fluctuations and is considered to be less risky than RING based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PFIX | RING | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.38% | 16.83% | -8.45% |
Volatility (6M)Calculated over the trailing 6-month period | 21.22% | 39.11% | -17.89% |
Volatility (1Y)Calculated over the trailing 1-year period | 30.44% | 47.31% | -16.87% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 38.52% | 36.81% | +1.71% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 38.29% | 36.70% | +1.59% |
PFIX vs. RING - Expense Ratio Comparison
PFIX has a 0.50% expense ratio, which is higher than RING's 0.39% expense ratio.
Dividends
PFIX vs. RING - Dividend Comparison
PFIX's dividend yield for the trailing twelve months is around 10.11%, more than RING's 0.89% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PFIX Simplify Interest Rate Hedge ETF | 10.11% | 9.92% | 3.40% | 87.92% | 0.63% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
RING iShares MSCI Global Gold Miners ETF | 0.89% | 0.84% | 1.43% | 2.01% | 2.29% | 2.38% | 0.83% | 0.83% | 0.70% | 0.42% | 1.41% | 0.96% |
Frequently Asked Questions
PFIX and RING have a correlation of -0.16, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
RING has higher volatility (16.83%) compared to PFIX (8.38%). In terms of maximum drawdown, PFIX dropped -36.17% vs RING's -79.47%.
On 5-year performance, RING leads with 18.76% vs 17.43% for PFIX. On fees, RING is cheaper at 0.39% per year. On volatility, PFIX has been the lower-risk option at 8.38%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, RING has performed better with a 18.76% return vs 17.43%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
RING is cheaper with a 0.39% expense ratio, compared with 0.50% for PFIX.
PFIX has the higher dividend yield at 10.11%, compared with 0.89% for RING.
PFIX is categorized as Hedge Fund, while RING is Gold. They also come from different issuers: Simplify and iShares. Their fees differ too: 0.50% for PFIX and 0.39% for RING.
RING currently has the higher Sharpe Ratio (1.20 vs -0.34), 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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