PFIX vs. SPY
PFIX (Simplify Interest Rate Hedge ETF) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - PFIX is a Inverse Bonds fund actively managed by Simplify, while SPY is a S&P 500 fund tracking the S&P 500 Index. PFIX is actively managed, while SPY is passively managed. Over the past 5 years, PFIX returned 22.46%/yr vs 12.60%/yr for SPY. Their -0.10 correlation means they have often moved in opposite directions in the past. PFIX charges 0.50%/yr vs 0.09%/yr for SPY.
Performance
PFIX vs. SPY - Performance Comparison
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Returns By Period
In the year-to-date period, PFIX achieves a 7.38% return, which is significantly lower than SPY's 9.34% 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%
SPY
- 1D
- 1.68%
- 1M
- -0.68%
- 6M
- 7.43%
- YTD
- 9.34%
- 1Y
- 18.20%
- 3Y*
- 18.92%
- 5Y*
- 12.60%
- 10Y*
- 14.91%
- ALL TIME*
- 10.77%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $5.18M | $5.68M | $17.00M | |
| $36.82B | $35.23B | $39.04B |
PFIX vs. SPY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
PFIX Simplify Interest Rate Hedge ETF | 7.38% | 0.42% | 35.94% | 5.67% | 92.05% | -24.98% |
SPY State Street SPDR S&P 500 ETF | 9.34% | 17.72% | 24.89% | 26.18% | -18.18% | 14.78% |
Correlation
The correlation between PFIX and SPY is -0.26, 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. | -0.26 |
Correlation (3Y) Balances recent behavior with more history. | -0.16 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.10 |
Correlation (All Time) Calculated using the full available price history since May 11, 2021 | -0.10 |
The correlation between PFIX and SPY shifts across timeframes, from -0.26 (1 year) to -0.10 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
PFIX vs. SPY — Risk / Return Rank
PFIX
SPY
PFIX vs. SPY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Simplify Interest Rate Hedge ETF (PFIX) and State Street SPDR S&P 500 ETF (SPY). 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 | SPY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.51 | ||
| Sortino ratioReturn per unit of downside risk | -1.90 | ||
| Omega ratioGain probability vs. loss probability | 1.01 | 1.25 | -0.25 |
| Calmar ratioReturn relative to maximum drawdown | -0.11 | 2.06 | -2.16 |
| Martin ratioReturn relative to average drawdown | -0.17 | 8.77 | -8.93 |
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Drawdowns
PFIX vs. SPY - Drawdown Comparison
The maximum PFIX drawdown since its inception was -36.17%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for PFIX and SPY.
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Drawdown Indicators
| PFIX | SPY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -36.17% | -55.19% | +19.02% |
Max Drawdown (1Y)Largest decline over 1 year | -23.71% | -8.88% | -14.83% |
Max Drawdown (3Y)Largest decline over 3 years | -36.17% | -18.76% | -17.41% |
Max Drawdown (5Y)Largest decline over 5 years | -36.17% | -24.50% | -11.67% |
Max Drawdown (10Y)Largest decline over 10 years | — | -33.72% | — |
Current DrawdownCurrent decline from peak | -11.47% | -2.10% | -9.37% |
Average DrawdownAverage peak-to-trough decline | -17.20% | -9.01% | -8.19% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 15.44% | 2.08% | +13.36% |
Volatility
PFIX vs. SPY - Volatility Comparison
Simplify Interest Rate Hedge ETF (PFIX) has a higher volatility of 7.53% compared to State Street SPDR S&P 500 ETF (SPY) at 3.50%. This indicates that PFIX's price experiences larger fluctuations and is considered to be riskier than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PFIX | SPY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.53% | 3.50% | +4.03% |
Volatility (6M)Calculated over the trailing 6-month period | 21.75% | 10.13% | +11.62% |
Volatility (1Y)Calculated over the trailing 1-year period | 29.15% | 12.88% | +16.27% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 38.60% | 17.18% | +21.42% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 38.12% | 17.95% | +20.17% |
PFIX vs. SPY - Expense Ratio Comparison
PFIX has a 0.50% expense ratio, which is higher than SPY's 0.09% expense ratio.
Dividends
PFIX vs. SPY - Dividend Comparison
PFIX's dividend yield for the trailing twelve months is around 8.06%, more than SPY's 1.01% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PFIX Simplify Interest Rate Hedge ETF | 8.06% | 9.92% | 3.40% | 87.92% | 0.63% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
SPY State Street SPDR S&P 500 ETF | 1.01% | 1.07% | 1.21% | 1.40% | 1.65% | 1.20% | 1.52% | 1.75% | 2.04% | 1.80% | 2.03% | 2.06% |
Frequently Asked Questions
PFIX and SPY have a correlation of -0.26, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PFIX has higher volatility (7.53%) compared to SPY (3.50%). In terms of maximum drawdown, PFIX dropped -36.17% vs SPY's -55.19%.
On 5-year performance, PFIX leads with 22.46% vs 12.60% for SPY. On fees, SPY is cheaper at 0.09% per year. On volatility, SPY has been the lower-risk option at 3.50%. 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 22.46% return vs 12.60%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPY is cheaper with a 0.09% expense ratio, compared with 0.50% for PFIX.
PFIX has the higher dividend yield at 8.06%, compared with 1.01% for SPY.
PFIX is categorized as Inverse Bonds, while SPY is S&P 500. They also come from different issuers: Simplify and State Street. Their fees differ too: 0.50% for PFIX and 0.09% for SPY.
SPY currently has the higher Sharpe Ratio (1.42 vs -0.09), 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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