PFIX vs. SGOV
PFIX (Simplify Interest Rate Hedge ETF) and SGOV (iShares 0-3 Month Treasury Bond ETF) are both exchange-traded funds - PFIX is a Inverse Bonds fund actively managed by Simplify, while SGOV is a Ultrashort Bond fund tracking the ICE 0-3 Month US Treasury Securities Index. PFIX is actively managed, while SGOV is passively managed. Over the past 5 years, PFIX returned 23.20%/yr vs 3.66%/yr for SGOV. Their 0.00 correlation means their historical movements had little consistent relationship. PFIX charges 0.50%/yr vs 0.09%/yr for SGOV.
Performance
PFIX vs. SGOV - Performance Comparison
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Returns By Period
In the year-to-date period, PFIX achieves a 10.66% return, which is significantly higher than SGOV's 2.11% return.
PFIX
- 1D
- 3.06%
- 1M
- 17.72%
- 6M
- 11.49%
- YTD
- 10.66%
- 1Y
- 7.25%
- 3Y*
- 17.57%
- 5Y*
- 23.20%
- 10Y*
- —
- ALL TIME*
- 17.29%
SGOV
- 1D
- 0.02%
- 1M
- 0.27%
- 6M
- 1.81%
- YTD
- 2.11%
- 1Y
- 3.83%
- 3Y*
- 4.64%
- 5Y*
- 3.66%
- 10Y*
- —
- ALL TIME*
- 2.96%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $6.29M | $5.62M | $16.95M | |
| $1.83B | $1.81B | $2.03B |
PFIX vs. SGOV - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
PFIX Simplify Interest Rate Hedge ETF | 10.66% | 0.42% | 35.94% | 5.67% | 92.05% | -24.98% |
SGOV iShares 0-3 Month Treasury Bond ETF | 2.11% | 4.24% | 5.27% | 5.12% | 1.58% | 0.02% |
Correlation
The correlation between PFIX and SGOV is 0.05, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.05 |
Correlation (3Y) Balances recent behavior with more history. | 0.01 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.01 |
Correlation (All Time) Calculated using the full available price history since May 11, 2021 | 0.00 |
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Return for Risk
PFIX vs. SGOV — Risk / Return Rank
PFIX
SGOV
PFIX vs. SGOV - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Simplify Interest Rate Hedge ETF (PFIX) and iShares 0-3 Month Treasury Bond ETF (SGOV). 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 | SGOV | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -20.70 | ||
| Sortino ratioReturn per unit of downside risk | -381.47 | ||
| Omega ratioGain probability vs. loss probability | 1.04 | 382.06 | -381.02 |
| Calmar ratioReturn relative to maximum drawdown | 0.10 | 389.90 | -389.80 |
| Martin ratioReturn relative to average drawdown | 0.15 | 6,177.21 | -6,177.05 |
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Drawdowns
PFIX vs. SGOV - Drawdown Comparison
The maximum PFIX drawdown since its inception was -36.17%, which is greater than SGOV's maximum drawdown of -0.03%. Use the drawdown chart below to compare losses from any high point for PFIX and SGOV.
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Drawdown Indicators
| PFIX | SGOV | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -36.17% | -0.03% | -36.14% |
Max Drawdown (1Y)Largest decline over 1 year | -23.71% | -0.01% | -23.70% |
Max Drawdown (3Y)Largest decline over 3 years | -36.17% | -0.01% | -36.16% |
Max Drawdown (5Y)Largest decline over 5 years | -36.17% | -0.03% | -36.14% |
Current DrawdownCurrent decline from peak | -8.76% | 0.00% | -8.76% |
Average DrawdownAverage peak-to-trough decline | -17.19% | 0.00% | -17.19% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 15.42% | 0.00% | +15.42% |
Volatility
PFIX vs. SGOV - Volatility Comparison
Simplify Interest Rate Hedge ETF (PFIX) has a higher volatility of 7.75% compared to iShares 0-3 Month Treasury Bond ETF (SGOV) at 0.05%. This indicates that PFIX's price experiences larger fluctuations and is considered to be riskier than SGOV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PFIX | SGOV | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.75% | 0.05% | +7.70% |
Volatility (6M)Calculated over the trailing 6-month period | 21.92% | 0.13% | +21.79% |
Volatility (1Y)Calculated over the trailing 1-year period | 29.31% | 0.19% | +29.12% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 38.61% | 0.24% | +38.37% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 38.13% | 0.23% | +37.90% |
PFIX vs. SGOV - Expense Ratio Comparison
PFIX has a 0.50% expense ratio, which is higher than SGOV's 0.09% expense ratio.
Dividends
PFIX vs. SGOV - Dividend Comparison
PFIX's dividend yield for the trailing twelve months is around 7.82%, more than SGOV's 3.79% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
PFIX Simplify Interest Rate Hedge ETF | 7.82% | 9.92% | 3.40% | 87.92% | 0.63% | 0.00% | 0.00% |
SGOV iShares 0-3 Month Treasury Bond ETF | 3.43% | 4.10% | 5.10% | 4.87% | 1.45% | 0.03% | 0.05% |
Frequently Asked Questions
PFIX and SGOV have a correlation of 0.05, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PFIX has higher volatility (7.75%) compared to SGOV (0.05%). In terms of maximum drawdown, PFIX dropped -36.17% vs SGOV's -0.03%.
On 5-year performance, PFIX leads with 23.20% vs 3.66% for SGOV. On fees, SGOV is cheaper at 0.09% per year. On volatility, SGOV has been the lower-risk option at 0.05%. 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 23.20% return vs 3.66%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SGOV is cheaper with a 0.09% expense ratio, compared with 0.50% for PFIX.
PFIX has the higher dividend yield at 7.82%, compared with 3.43% for SGOV.
PFIX is categorized as Inverse Bonds, while SGOV is Ultrashort Bond. They also come from different issuers: Simplify and iShares. Their fees differ too: 0.50% for PFIX and 0.09% for SGOV.
SGOV currently has the higher Sharpe Ratio (20.78 vs 0.08), 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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