PFIX vs. SBS

Last updated Jun 14, 2026

PFIX (Simplify Interest Rate Hedge ETF) is Hedge Fund fund actively managed by Simplify, while SBS (Companhia de Saneamento Básico do Estado de São Paulo - SABESP) is a stock. Over the past 5 years, PFIX returned 17.43%/yr vs 32.68%/yr for SBS. At a correlation of -0.14, they often move in opposite directions.

Performance

PFIX vs. SBS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Simplify Interest Rate Hedge ETF (PFIX) and Companhia de Saneamento Básico do Estado de São Paulo - SABESP (SBS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PFIX achieves a -3.92% return, which is significantly lower than SBS's 15.28% return.

PFIX

• 1D: -1.32%
• 1M: -9.30%
• YTD: -3.92%
• 6M: -5.54%
• 1Y: -12.06%
• 3Y*: 15.02%
• 5Y*: 17.43%
• 10Y*: —

SBS

• 1D: -0.18%
• 1M: -4.55%
• YTD: 15.28%
• 6M: 14.60%
• 1Y: 38.60%
• 3Y*: 40.12%
• 5Y*: 32.68%
• 10Y*: 16.43%

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

PFIX vs. SBS - 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%
SBS Companhia de Saneamento Básico do Estado de São Paulo - SABESP	15.28%	80.60%	-4.21%	46.89%	48.42%	-6.85%

Correlation

The correlation between PFIX and SBS is -0.14, 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	-0.14
Correlation (3Y) Calculated over the trailing 3-year period	-0.20
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	-0.14

Return for Risk

PFIX vs. SBS — Risk / Return Rank

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

PFIX

PFIX Risk / Return Rank: 6
PFIX Sharpe Ratio Rank: 6
PFIX Sortino Ratio Rank: 7
PFIX Omega Ratio Rank: 7
PFIX Calmar Ratio Rank: 6
PFIX Martin Ratio Rank: 7

SBS

SBS Risk / Return Rank: 73
SBS Sharpe Ratio Rank: 77
SBS Sortino Ratio Rank: 73
SBS Omega Ratio Rank: 69
SBS Calmar Ratio Rank: 71
SBS Martin Ratio Rank: 76

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. SBS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Simplify Interest Rate Hedge ETF (PFIX) and Companhia de Saneamento Básico do Estado de São Paulo - SABESP (SBS). 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	SBS	Difference
Sharpe ratio: Return per unit of total volatility	-0.34	1.14	-1.48
Sortino ratio: Return per unit of downside risk	-0.29	1.76	-2.05
Omega ratio: Gain probability vs. loss probability	0.97	1.21	-0.24
Calmar ratio: Return relative to maximum drawdown	-0.40	1.55	-1.95
Martin ratio: Return relative to average drawdown	-0.62	4.65	-5.27

PFIX vs. SBS - Sharpe Ratio Comparison

The current PFIX Sharpe Ratio is -0.34, which is lower than the SBS Sharpe Ratio of 1.14. The chart below compares the historical Sharpe Ratios of PFIX and SBS, 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. SBS - Drawdown Comparison

The maximum PFIX drawdown since its inception was -36.17%, smaller than the maximum SBS drawdown of -76.49%. Use the drawdown chart below to compare losses from any high point for PFIX and SBS.

Drawdown Indicators

	PFIX	SBS	Difference
Max Drawdown Largest peak-to-trough decline	-36.17%	-76.49%	+40.32%
Max Drawdown (1Y) Largest decline over 1 year	-25.64%	-24.88%	-0.76%
Max Drawdown (3Y) Largest decline over 3 years	-36.17%	-24.88%	-11.29%
Max Drawdown (5Y) Largest decline over 5 years	-36.17%	-30.35%	-5.82%
Max Drawdown (10Y) Largest decline over 10 years	—	-61.91%	—
Current Drawdown Current decline from peak	-20.78%	-22.90%	+2.12%
Average Drawdown Average peak-to-trough decline	-17.13%	-25.70%	+8.57%
Ulcer Index Depth and duration of drawdowns from previous peaks	16.52%	8.28%	+8.24%

Volatility

PFIX vs. SBS - Volatility Comparison

The current volatility for Simplify Interest Rate Hedge ETF (PFIX) is 8.38%, while Companhia de Saneamento Básico do Estado de São Paulo - SABESP (SBS) has a volatility of 8.92%. This indicates that PFIX experiences smaller price fluctuations and is considered to be less risky than SBS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PFIX	SBS	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.38%	8.92%	-0.54%
Volatility (6M) Calculated over the trailing 6-month period	21.22%	24.61%	-3.39%
Volatility (1Y) Calculated over the trailing 1-year period	30.44%	33.86%	-3.42%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	38.52%	36.90%	+1.62%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	38.29%	43.51%	-5.22%

Dividends

PFIX vs. SBS - Dividend Comparison

PFIX's dividend yield for the trailing twelve months is around 10.11%, more than SBS's 2.33% 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%
SBS Companhia de Saneamento Básico do Estado de São Paulo - SABESP	2.33%	4.68%	1.96%	1.66%	1.88%	0.97%	2.93%	1.99%	3.86%	2.76%	0.65%	1.91%

Frequently Asked Questions

Can I hold both PFIX and SBS in my portfolio?

PFIX and SBS have a correlation of -0.14, 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 SBS?

SBS has higher volatility (8.92%) compared to PFIX (8.38%). In terms of maximum drawdown, PFIX dropped -36.17% vs SBS's -76.49%.

Which has better risk-adjusted returns?

SBS currently has the higher Sharpe Ratio (1.14 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.