PFIX vs. TTT
PFIX (Simplify Interest Rate Hedge ETF) and TTT (UltraPro Short 20+ Year Treasury) are both exchange-traded funds - PFIX is a Inverse Bonds fund actively managed by Simplify, while TTT is a Leveraged Bonds fund tracking the Barclays Capital U.S. 20+ Year Treasury Index (-300%). PFIX is actively managed, while TTT is passively managed. Over the past 5 years, PFIX returned 23.20%/yr vs 25.60%/yr for TTT. Their correlation of 0.85 means they have usually moved in the same direction. PFIX charges 0.50%/yr vs 0.95%/yr for TTT.
Performance
PFIX vs. TTT - Performance Comparison
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Returns By Period
In the year-to-date period, PFIX achieves a 10.66% return, which is significantly lower than TTT's 16.17% 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%
TTT
- 1D
- 2.51%
- 1M
- 13.81%
- 6M
- 14.99%
- YTD
- 16.17%
- 1Y
- 16.61%
- 3Y*
- 10.12%
- 5Y*
- 25.60%
- 10Y*
- 1.47%
- ALL TIME*
- -8.89%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $6.29M | $5.62M | $16.95M | |
| $399.02K | $307.25K | $386.76K |
PFIX vs. TTT - 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% |
TTT UltraPro Short 20+ Year Treasury | 16.17% | -7.89% | 38.07% | -11.25% | 150.17% | -27.81% |
Correlation
The correlation between PFIX and TTT is 0.78, 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. | 0.78 |
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 TTT 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. TTT — Risk / Return Rank
PFIX
TTT
PFIX vs. TTT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Simplify Interest Rate Hedge ETF (PFIX) and UltraPro Short 20+ Year Treasury (TTT). 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 | TTT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.35 | ||
| Sortino ratioReturn per unit of downside risk | -0.46 | ||
| Omega ratioGain probability vs. loss probability | 1.04 | 1.09 | -0.05 |
| Calmar ratioReturn relative to maximum drawdown | 0.10 | 0.62 | -0.52 |
| Martin ratioReturn relative to average drawdown | 0.15 | 1.24 | -1.08 |
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Drawdowns
PFIX vs. TTT - Drawdown Comparison
The maximum PFIX drawdown since its inception was -36.17%, smaller than the maximum TTT drawdown of -94.00%. Use the drawdown chart below to compare losses from any high point for PFIX and TTT.
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Drawdown Indicators
| PFIX | TTT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -36.17% | -94.00% | +57.83% |
Max Drawdown (1Y)Largest decline over 1 year | -23.71% | -19.51% | -4.20% |
Max Drawdown (3Y)Largest decline over 3 years | -36.17% | -49.69% | +13.52% |
Max Drawdown (5Y)Largest decline over 5 years | -36.17% | -49.69% | +13.52% |
Max Drawdown (10Y)Largest decline over 10 years | — | -81.76% | — |
Current DrawdownCurrent decline from peak | -8.76% | -75.64% | +66.88% |
Average DrawdownAverage peak-to-trough decline | -17.19% | -70.43% | +53.24% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 15.42% | 9.78% | +5.64% |
Volatility
PFIX vs. TTT - Volatility Comparison
Simplify Interest Rate Hedge ETF (PFIX) has a higher volatility of 7.75% compared to UltraPro Short 20+ Year Treasury (TTT) at 7.13%. This indicates that PFIX's price experiences larger fluctuations and is considered to be riskier than TTT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PFIX | TTT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.75% | 7.13% | +0.62% |
Volatility (6M)Calculated over the trailing 6-month period | 21.92% | 20.38% | +1.54% |
Volatility (1Y)Calculated over the trailing 1-year period | 29.31% | 27.76% | +1.55% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 38.61% | 46.79% | -8.18% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 38.13% | 43.16% | -5.03% |
PFIX vs. TTT - Expense Ratio Comparison
PFIX has a 0.50% expense ratio, which is lower than TTT's 0.95% expense ratio.
Dividends
PFIX vs. TTT - Dividend Comparison
PFIX's dividend yield for the trailing twelve months is around 7.82%, less than TTT's 8.35% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
PFIX Simplify Interest Rate Hedge ETF | 7.82% | 9.92% | 3.40% | 87.92% | 0.63% | 0.00% | 0.00% | 0.00% | 0.00% |
TTT UltraPro Short 20+ Year Treasury | 8.35% | 9.87% | 4.86% | 12.15% | 0.34% | 0.00% | 0.29% | 1.88% | 0.44% |
Frequently Asked Questions
PFIX and TTT 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 (7.75%) compared to TTT (7.13%). In terms of maximum drawdown, PFIX dropped -36.17% vs TTT's -94.00%.
On 5-year performance, TTT leads with 25.60% vs 23.20% for PFIX. On fees, PFIX is cheaper at 0.50% per year. On volatility, TTT has been the lower-risk option at 7.13%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, TTT has performed better with a 25.60% return vs 23.20%. 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 0.95% for TTT.
TTT has the higher dividend yield at 8.35%, compared with 7.82% for PFIX.
PFIX is categorized as Inverse Bonds, while TTT is Leveraged Bonds. They also come from different issuers: Simplify and ProShares. Their fees differ too: 0.50% for PFIX and 0.95% for TTT.
TTT currently has the higher Sharpe Ratio (0.44 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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