PFIX vs. SVOL

Last updated Jun 4, 2026

PFIX (Simplify Interest Rate Hedge ETF) and SVOL (Simplify Volatility Premium ETF) are both exchange-traded funds - PFIX is a Hedge Fund fund actively managed by Simplify, while SVOL is a Volatility fund actively managed by Simplify. Both are actively managed. Over the past 5 years, PFIX returned 16.86%/yr vs 6.70%/yr for SVOL. At a correlation of -0.13, they often move in opposite directions. Both charge a 0.50% expense ratio.

Performance

PFIX vs. SVOL - Performance Comparison

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

Returns By Period

In the year-to-date period, PFIX achieves a -2.55% return, which is significantly lower than SVOL's -0.40% return.

PFIX

• 1D: 0.36%
• 1M: -3.76%
• YTD: -2.55%
• 6M: 1.53%
• 1Y: -15.57%
• 3Y*: 14.54%
• 5Y*: 16.86%
• 10Y*: —

SVOL

• 1D: -0.12%
• 1M: 2.98%
• YTD: -0.40%
• 6M: 1.29%
• 1Y: 10.62%
• 3Y*: 6.58%
• 5Y*: 6.70%
• 10Y*: —

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

PFIX vs. SVOL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
PFIX Simplify Interest Rate Hedge ETF	-2.55%	0.42%	35.94%	5.67%	92.05%	-24.98%
SVOL Simplify Volatility Premium ETF	-0.40%	2.41%	6.77%	22.88%	-3.30%	12.25%

Correlation

The correlation between PFIX and SVOL is -0.24, 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	-0.24
Correlation (3Y) Calculated over the trailing 3-year period	-0.22
Correlation (5Y) Calculated over the trailing 5-year period	-0.13
Correlation (All Time) Calculated using the full available price history since May 14, 2021	-0.13

The correlation between PFIX and SVOL shifts across timeframes, from -0.24 (1 year) to -0.13 (5 years), reflecting how their relationship changes across market environments.

PFIX vs. SVOL - Sectors Allocation Comparison

Sectors	PFIX	SVOL
Financial Services	32.2%	11.4%
Basic Materials	-	2.5%
Communication Services	-	7.4%
Consumer Cyclical	-	9.4%
Consumer Defensive	-	5.1%
Energy	-	4.8%
Healthcare	-	11.0%
Industrials	-	11.4%
Real Estate	-	2.8%
Technology	-	31.9%
Utilities	-	2.3%

Return for Risk

PFIX vs. SVOL — Risk / Return Rank

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

PFIX

PFIX Risk / Return Rank: 4
PFIX Sharpe Ratio Rank: 4
PFIX Sortino Ratio Rank: 4
PFIX Omega Ratio Rank: 4
PFIX Calmar Ratio Rank: 4
PFIX Martin Ratio Rank: 4

SVOL

SVOL Risk / Return Rank: 18
SVOL Sharpe Ratio Rank: 16
SVOL Sortino Ratio Rank: 16
SVOL Omega Ratio Rank: 18
SVOL Calmar Ratio Rank: 19
SVOL Martin Ratio Rank: 18

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. SVOL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Simplify Interest Rate Hedge ETF (PFIX) and Simplify Volatility Premium ETF (SVOL). 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.

	PFIX	SVOL	Difference
Sharpe ratio: Return per unit of total volatility	-0.52	0.51	-1.03
Sortino ratio: Return per unit of downside risk	-0.58	0.85	-1.43
Omega ratio: Gain probability vs. loss probability	0.93	1.12	-0.18
Calmar ratio: Return relative to maximum drawdown	-0.61	0.82	-1.43
Martin ratio: Return relative to average drawdown	-0.96	1.94	-2.90
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PFIX vs. SVOL - Sharpe Ratio Comparison

The current PFIX Sharpe Ratio is -0.52, which is lower than the SVOL Sharpe Ratio of 0.51. The chart below compares the historical Sharpe Ratios of PFIX and SVOL, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	PFIX	SVOL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.52	0.51	-1.03
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.44	0.31	+0.13
Sharpe Ratio (All Time) Calculated using the full available price history	0.39	0.35	+0.04

Drawdowns

PFIX vs. SVOL - Drawdown Comparison

The maximum PFIX drawdown since its inception was -36.17%, which is greater than SVOL's maximum drawdown of -33.50%. Use the drawdown chart below to compare losses from any high point for PFIX and SVOL.

Drawdown Indicators

	PFIX	SVOL	Difference
Max Drawdown Largest peak-to-trough decline	-36.17%	-33.50%	-2.67%
Max Drawdown (1Y) Largest decline over 1 year	-25.64%	-13.01%	-12.63%
Max Drawdown (3Y) Largest decline over 3 years	-36.17%	-33.50%	-2.67%
Max Drawdown (5Y) Largest decline over 5 years	-36.17%	-33.50%	-2.67%
Current Drawdown Current decline from peak	-19.65%	-2.98%	-16.67%
Average Drawdown Average peak-to-trough decline	-17.13%	-4.77%	-12.36%
Ulcer Index Depth and duration of drawdowns from previous peaks	16.35%	5.49%	+10.86%

Volatility

PFIX vs. SVOL - Volatility Comparison

Simplify Interest Rate Hedge ETF (PFIX) has a higher volatility of 7.51% compared to Simplify Volatility Premium ETF (SVOL) at 1.41%. This indicates that PFIX's price experiences larger fluctuations and is considered to be riskier than SVOL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PFIX	SVOL	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.51%	1.41%	+6.10%
Volatility (6M) Calculated over the trailing 6-month period	20.89%	9.57%	+11.32%
Volatility (1Y) Calculated over the trailing 1-year period	30.32%	20.90%	+9.42%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	38.50%	21.99%	+16.51%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	38.35%	21.92%	+16.43%

PFIX vs. SVOL - Expense Ratio Comparison

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

Dividends

PFIX vs. SVOL - Dividend Comparison

PFIX's dividend yield for the trailing twelve months is around 9.96%, less than SVOL's 22.10% yield.

Position	TTM	2025	2024	2023	2022	2021
PFIX Simplify Interest Rate Hedge ETF	9.96%	9.92%	3.40%	87.92%	0.63%	0.00%
SVOL Simplify Volatility Premium ETF	22.10%	19.82%	16.79%	16.36%	18.32%	4.65%

Frequently Asked Questions

Can I hold both PFIX and SVOL in my portfolio?

PFIX and SVOL have a correlation of -0.24, 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 SVOL?

PFIX has higher volatility (7.51%) compared to SVOL (1.41%). In terms of maximum drawdown, PFIX dropped -36.17% vs SVOL's -33.50%.

Which ETF is better, PFIX or SVOL?

On 5-year performance, PFIX leads with 16.86% vs 6.70% for SVOL. Both ETFs have the same 0.50% expense ratio. On volatility, SVOL has been the lower-risk option at 1.41%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PFIX or SVOL?

Over the 5-year period, PFIX has performed better with a 16.86% return vs 6.70%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PFIX or SVOL?

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

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

SVOL has the higher dividend yield at 22.10%, compared with 9.96% for PFIX.

What is the main difference between PFIX and SVOL?

PFIX is categorized as Hedge Fund, while SVOL is Volatility.

Which has better risk-adjusted returns?

SVOL currently has the higher Sharpe Ratio (0.51 vs -0.52), 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.