PFIX vs. TBT
PFIX (Simplify Interest Rate Hedge ETF) and TBT (ProShares UltraShort 20+ Year Treasury) are both exchange-traded funds - PFIX is a Hedge Fund fund actively managed by Simplify, while TBT is a Inverse Bonds fund tracking the ICE U.S. Treasury 20+ Year Bond Index. PFIX is actively managed, while TBT is passively managed. Over the past 5 years, PFIX returned 17.56%/yr vs 16.72%/yr for TBT. Their correlation of 0.85 suggests significant overlap in exposure. PFIX charges 0.50%/yr vs 0.93%/yr for TBT.
Performance
PFIX vs. TBT - Performance Comparison
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Returns By Period
In the year-to-date period, PFIX achieves a -8.21% return, which is significantly lower than TBT's 0.10% return.
PFIX
- 1D
- -0.78%
- 1M
- -13.05%
- YTD
- -8.21%
- 6M
- -8.23%
- 1Y
- -14.96%
- 3Y*
- 14.56%
- 5Y*
- 17.56%
- 10Y*
- —
TBT
- 1D
- -0.77%
- 1M
- -5.79%
- YTD
- 0.10%
- 6M
- 1.26%
- 1Y
- -2.40%
- 3Y*
- 9.74%
- 5Y*
- 16.72%
- 10Y*
- 1.96%
PFIX vs. TBT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
PFIX Simplify Interest Rate Hedge ETF | -8.21% | 0.42% | 35.94% | 5.67% | 92.05% | -24.98% |
TBT ProShares UltraShort 20+ Year Treasury | 0.10% | -1.45% | 27.66% | -2.42% | 93.29% | -18.99% |
Correlation
The correlation between PFIX and TBT is 0.78, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.78 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.88 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.85 |
Correlation (All Time) Calculated using the full available price history since May 11, 2021 | 0.85 |
The correlation between PFIX and TBT shifts across timeframes, from 0.78 (1 year) to 0.88 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
PFIX vs. TBT — Risk / Return Rank
PFIX
TBT
PFIX vs. TBT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Simplify Interest Rate Hedge ETF (PFIX) and ProShares UltraShort 20+ Year Treasury (TBT). 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 | TBT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.38 | ||
| Sortino ratioReturn per unit of downside risk | -0.53 | ||
| Omega ratioGain probability vs. loss probability | 0.94 | 1.00 | -0.06 |
| Calmar ratioReturn relative to maximum drawdown | -0.55 | -0.13 | -0.41 |
| Martin ratioReturn relative to average drawdown | -0.85 | -0.27 | -0.58 |
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Drawdowns
PFIX vs. TBT - Drawdown Comparison
The maximum PFIX drawdown since its inception was -36.17%, smaller than the maximum TBT drawdown of -94.99%. Use the drawdown chart below to compare losses from any high point for PFIX and TBT.
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Drawdown Indicators
| PFIX | TBT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -36.17% | -94.99% | +58.82% |
Max Drawdown (1Y)Largest decline over 1 year | -25.64% | -14.89% | -10.75% |
Max Drawdown (3Y)Largest decline over 3 years | -36.17% | -33.83% | -2.34% |
Max Drawdown (5Y)Largest decline over 5 years | -36.17% | -33.83% | -2.34% |
Max Drawdown (10Y)Largest decline over 10 years | — | -65.09% | — |
Current DrawdownCurrent decline from peak | -24.31% | -86.05% | +61.74% |
Average DrawdownAverage peak-to-trough decline | -17.15% | -77.33% | +60.18% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 16.61% | 7.53% | +9.08% |
Volatility
PFIX vs. TBT - Volatility Comparison
Simplify Interest Rate Hedge ETF (PFIX) has a higher volatility of 6.46% compared to ProShares UltraShort 20+ Year Treasury (TBT) at 4.60%. This indicates that PFIX's price experiences larger fluctuations and is considered to be riskier than TBT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PFIX | TBT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.46% | 4.60% | +1.86% |
Volatility (6M)Calculated over the trailing 6-month period | 21.22% | 13.44% | +7.78% |
Volatility (1Y)Calculated over the trailing 1-year period | 29.14% | 19.13% | +10.01% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 38.48% | 31.34% | +7.14% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 38.25% | 28.79% | +9.46% |
PFIX vs. TBT - Expense Ratio Comparison
PFIX has a 0.50% expense ratio, which is lower than TBT's 0.93% expense ratio.
Dividends
PFIX vs. TBT - Dividend Comparison
PFIX's dividend yield for the trailing twelve months is around 10.58%, more than TBT's 2.98% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
PFIX Simplify Interest Rate Hedge ETF | 10.58% | 9.92% | 3.40% | 87.92% | 0.63% | 0.00% | 0.00% | 0.00% | 0.00% |
TBT ProShares UltraShort 20+ Year Treasury | 2.98% | 3.21% | 4.64% | 4.98% | 0.42% | 0.00% | 0.32% | 2.12% | 0.99% |
Frequently Asked Questions
PFIX and TBT have a correlation of 0.78, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PFIX has higher volatility (6.46%) compared to TBT (4.60%). In terms of maximum drawdown, PFIX dropped -36.17% vs TBT's -94.99%.
On 5-year performance, PFIX leads with 17.56% vs 16.72% for TBT. On fees, PFIX is cheaper at 0.50% per year. On volatility, TBT has been the lower-risk option at 4.60%. 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 17.56% return vs 16.72%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
PFIX is cheaper with a 0.50% expense ratio, compared with 0.93% for TBT.
PFIX has the higher dividend yield at 10.58%, compared with 2.98% for TBT.
PFIX is categorized as Hedge Fund, while TBT is Inverse Bonds. They also come from different issuers: Simplify and ProShares. Their fees differ too: 0.50% for PFIX and 0.93% for TBT.
TBT currently has the higher Sharpe Ratio (-0.10 vs -0.48), 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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