PFIX vs. TBT
PFIX (Simplify Interest Rate Hedge ETF) and TBT (ProShares UltraShort 20+ Year Treasury) are both Inverse Bonds funds. PFIX is actively managed, while TBT is passively managed. Over the past 5 years, PFIX returned 22.46%/yr vs 20.44%/yr for TBT. Their correlation of 0.85 means they have usually moved in the same direction. 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 7.38% return, which is significantly lower than TBT's 9.76% 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%
TBT
- 1D
- -0.08%
- 1M
- 8.59%
- 6M
- 10.49%
- YTD
- 9.76%
- 1Y
- 7.42%
- 3Y*
- 11.17%
- 5Y*
- 20.44%
- 10Y*
- 3.96%
- ALL TIME*
- -9.35%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $5.18M | $5.68M | $17.00M | |
| $11.09M | $11.81M | $17.40M |
PFIX vs. TBT - 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% |
TBT ProShares UltraShort 20+ Year Treasury | 9.76% | -1.45% | 27.66% | -2.42% | 93.29% | -18.99% |
Correlation
The correlation between PFIX and TBT is 0.77, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.77 |
Correlation (3Y) Balances recent behavior with more history. | 0.88 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.86 |
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 0.77 (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 | -0.48 | ||
| Sortino ratioReturn per unit of downside risk | -0.60 | ||
| Omega ratioGain probability vs. loss probability | 1.01 | 1.08 | -0.07 |
| Calmar ratioReturn relative to maximum drawdown | -0.11 | 0.56 | -0.67 |
| Martin ratioReturn relative to average drawdown | -0.17 | 1.17 | -1.34 |
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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 | -23.71% | -13.23% | -10.48% |
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 | -11.47% | -84.71% | +73.24% |
Average DrawdownAverage peak-to-trough decline | -17.20% | -77.38% | +60.18% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 15.44% | 6.34% | +9.10% |
Volatility
PFIX vs. TBT - Volatility Comparison
Simplify Interest Rate Hedge ETF (PFIX) has a higher volatility of 7.53% compared to ProShares UltraShort 20+ Year Treasury (TBT) at 5.26%. 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 | 7.53% | 5.26% | +2.27% |
Volatility (6M)Calculated over the trailing 6-month period | 21.75% | 13.94% | +7.81% |
Volatility (1Y)Calculated over the trailing 1-year period | 29.15% | 18.93% | +10.22% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 38.60% | 31.19% | +7.41% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 38.12% | 28.66% | +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 8.06%, more than TBT's 2.55% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
PFIX Simplify Interest Rate Hedge ETF | 8.06% | 9.92% | 3.40% | 87.92% | 0.63% | 0.00% | 0.00% | 0.00% | 0.00% |
TBT ProShares UltraShort 20+ Year Treasury | 2.55% | 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 0.77, 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 TBT (5.26%). In terms of maximum drawdown, PFIX dropped -36.17% vs TBT's -94.99%.
On 5-year performance, PFIX leads with 22.46% vs 20.44% for TBT. On fees, PFIX is cheaper at 0.50% per year. On volatility, TBT has been the lower-risk option at 5.26%. 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 20.44%. 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 8.06%, compared with 2.55% for TBT.
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 (0.39 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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