PFIX vs. TYO
PFIX (Simplify Interest Rate Hedge ETF) and TYO (Direxion Daily 7-10 Year Treasury Bear 3X) are both exchange-traded funds - PFIX is a Hedge Fund fund actively managed by Simplify, while TYO is a Leveraged Bonds fund tracking the NYSE 7-10 Year Treasury Bond Index. PFIX is actively managed, while TYO is passively managed. Over the past 5 years, PFIX returned 16.86%/yr vs 12.51%/yr for TYO. A 0.77 correlation means they provide meaningful diversification when combined. PFIX charges 0.50%/yr vs 1.08%/yr for TYO.
Performance
PFIX vs. TYO - Performance Comparison
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Returns By Period
In the year-to-date period, PFIX achieves a -2.55% return, which is significantly lower than TYO's 8.03% return.
PFIX
- 1D
- 0.36%
- 1M
- -3.76%
- YTD
- -2.55%
- 6M
- 1.53%
- 1Y
- -15.57%
- 3Y*
- 14.54%
- 5Y*
- 16.86%
- 10Y*
- —
TYO
- 1D
- 1.07%
- 1M
- 1.54%
- YTD
- 8.03%
- 6M
- 11.18%
- 1Y
- 3.00%
- 3Y*
- 7.71%
- 5Y*
- 12.51%
- 10Y*
- 1.79%
PFIX vs. TYO - 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% | -24.95% |
TYO Direxion Daily 7-10 Year Treasury Bear 3X | 8.03% | -7.64% | 18.94% | 1.06% | 58.83% | -7.13% |
Correlation
The correlation between PFIX and TYO is 0.68, 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 | 0.68 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.80 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.77 |
Correlation (All Time) Calculated using the full available price history since May 12, 2021 | 0.77 |
The correlation between PFIX and TYO shifts across timeframes, from 0.68 (1 year) to 0.80 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
PFIX vs. TYO — Risk / Return Rank
PFIX
TYO
PFIX vs. TYO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Simplify Interest Rate Hedge ETF (PFIX) and Direxion Daily 7-10 Year Treasury Bear 3X (TYO). 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 | TYO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.72 | ||
| Sortino ratioReturn per unit of downside risk | -0.98 | ||
| Omega ratioGain probability vs. loss probability | 0.93 | 1.05 | -0.11 |
| Calmar ratioReturn relative to maximum drawdown | -0.61 | 0.29 | -0.90 |
| Martin ratioReturn relative to average drawdown | -0.96 | 0.51 | -1.47 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| PFIX | TYO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.52 | 0.21 | -0.72 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.44 | 0.54 | -0.10 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.09 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.39 | -0.34 | +0.73 |
Drawdowns
PFIX vs. TYO - Drawdown Comparison
The maximum PFIX drawdown since its inception was -36.17%, smaller than the maximum TYO drawdown of -89.25%. Use the drawdown chart below to compare losses from any high point for PFIX and TYO.
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Drawdown Indicators
| PFIX | TYO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -36.17% | -89.25% | +53.08% |
Max Drawdown (1Y)Largest decline over 1 year | -25.64% | -10.48% | -15.16% |
Max Drawdown (3Y)Largest decline over 3 years | -36.17% | -24.40% | -11.77% |
Max Drawdown (5Y)Largest decline over 5 years | -36.17% | -24.40% | -11.77% |
Max Drawdown (10Y)Largest decline over 10 years | — | -52.21% | — |
Current DrawdownCurrent decline from peak | -19.65% | -77.19% | +57.54% |
Average DrawdownAverage peak-to-trough decline | -17.13% | -71.09% | +53.96% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 16.35% | 5.85% | +10.50% |
Volatility
PFIX vs. TYO - Volatility Comparison
Simplify Interest Rate Hedge ETF (PFIX) has a higher volatility of 7.51% compared to Direxion Daily 7-10 Year Treasury Bear 3X (TYO) at 4.94%. This indicates that PFIX's price experiences larger fluctuations and is considered to be riskier than TYO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PFIX | TYO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.51% | 4.94% | +2.57% |
Volatility (6M)Calculated over the trailing 6-month period | 20.89% | 10.14% | +10.75% |
Volatility (1Y)Calculated over the trailing 1-year period | 30.32% | 14.56% | +15.76% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 38.50% | 23.23% | +15.27% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 38.35% | 20.19% | +18.16% |
PFIX vs. TYO - Expense Ratio Comparison
PFIX has a 0.50% expense ratio, which is lower than TYO's 1.08% expense ratio.
Dividends
PFIX vs. TYO - Dividend Comparison
PFIX's dividend yield for the trailing twelve months is around 9.96%, more than TYO's 2.82% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
PFIX Simplify Interest Rate Hedge ETF | 9.96% | 9.92% | 3.40% | 87.92% | 0.63% | 0.00% | 0.00% | 0.00% | 0.00% |
TYO Direxion Daily 7-10 Year Treasury Bear 3X | 2.82% | 3.69% | 4.22% | 3.62% | 0.09% | 0.00% | 0.36% | 1.58% | 0.32% |
Frequently Asked Questions
PFIX and TYO have a correlation of 0.68, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PFIX has higher volatility (7.51%) compared to TYO (4.94%). In terms of maximum drawdown, PFIX dropped -36.17% vs TYO's -89.25%.
On 5-year performance, PFIX leads with 16.86% vs 12.51% for TYO. On fees, PFIX is cheaper at 0.50% per year. On volatility, TYO has been the lower-risk option at 4.94%. 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 16.86% return vs 12.51%. 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 1.08% for TYO.
PFIX has the higher dividend yield at 9.96%, compared with 2.82% for TYO.
PFIX is categorized as Hedge Fund, while TYO is Leveraged Bonds. They also come from different issuers: Simplify and Direxion. Their fees differ too: 0.50% for PFIX and 1.08% for TYO.
TYO currently has the higher Sharpe Ratio (0.21 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.
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