PFIX vs. WAVLX
PFIX (Simplify Interest Rate Hedge ETF) and WAVLX (Wavelength Fund) are both funds - PFIX is a Inverse Bonds fund actively managed by Simplify, while WAVLX is a Nontraditional Bonds fund managed by Wavelength. Over the past 5 years, PFIX returned 23.20%/yr vs 2.28%/yr for WAVLX. Their -0.54 correlation means they have often moved in opposite directions in the past. PFIX charges 0.50%/yr vs 0.99%/yr for WAVLX.
Performance
PFIX vs. WAVLX - Performance Comparison
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Returns By Period
In the year-to-date period, PFIX achieves a 10.66% return, which is significantly higher than WAVLX's 1.96% 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%
WAVLX
- 1D
- 0.50%
- 1M
- -0.49%
- 6M
- 0.71%
- YTD
- 1.96%
- 1Y
- 6.43%
- 3Y*
- 6.90%
- 5Y*
- 2.28%
- 10Y*
- 3.82%
- ALL TIME*
- 3.29%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $6.29M | $5.62M | $16.95M | |
WAVLX Wavelength Fund | $0.00 | $0.00 | $0.00 |
PFIX vs. WAVLX - 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% |
WAVLX Wavelength Fund | 1.96% | 9.86% | 5.21% | 7.02% | -11.34% | 1.90% |
Correlation
The correlation between PFIX and WAVLX is -0.49, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.49 |
Correlation (3Y) Balances recent behavior with more history. | -0.59 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.55 |
Correlation (All Time) Calculated using the full available price history since May 11, 2021 | -0.54 |
The correlation between PFIX and WAVLX shifts across timeframes, from -0.59 (3 years) to -0.49 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
PFIX vs. WAVLX — Risk / Return Rank
PFIX
WAVLX
PFIX vs. WAVLX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Simplify Interest Rate Hedge ETF (PFIX) and Wavelength Fund (WAVLX). 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 | WAVLX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.46 | ||
| Sortino ratioReturn per unit of downside risk | -1.89 | ||
| Omega ratioGain probability vs. loss probability | 1.04 | 1.29 | -0.26 |
| Calmar ratioReturn relative to maximum drawdown | 0.10 | 2.22 | -2.12 |
| Martin ratioReturn relative to average drawdown | 0.15 | 8.41 | -8.26 |
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Drawdowns
PFIX vs. WAVLX - Drawdown Comparison
The maximum PFIX drawdown since its inception was -36.17%, which is greater than WAVLX's maximum drawdown of -14.39%. Use the drawdown chart below to compare losses from any high point for PFIX and WAVLX.
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Drawdown Indicators
| PFIX | WAVLX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -36.17% | -14.39% | -21.78% |
Max Drawdown (1Y)Largest decline over 1 year | -23.71% | -3.03% | -20.68% |
Max Drawdown (3Y)Largest decline over 3 years | -36.17% | -5.33% | -30.84% |
Max Drawdown (5Y)Largest decline over 5 years | -36.17% | -14.39% | -21.78% |
Max Drawdown (10Y)Largest decline over 10 years | — | -14.39% | — |
Current DrawdownCurrent decline from peak | -8.76% | -1.41% | -7.35% |
Average DrawdownAverage peak-to-trough decline | -17.19% | -2.96% | -14.23% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 15.42% | 0.80% | +14.62% |
Volatility
PFIX vs. WAVLX - Volatility Comparison
Simplify Interest Rate Hedge ETF (PFIX) has a higher volatility of 7.75% compared to Wavelength Fund (WAVLX) at 1.15%. This indicates that PFIX's price experiences larger fluctuations and is considered to be riskier than WAVLX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PFIX | WAVLX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.75% | 1.15% | +6.60% |
Volatility (6M)Calculated over the trailing 6-month period | 21.92% | 3.48% | +18.44% |
Volatility (1Y)Calculated over the trailing 1-year period | 29.31% | 4.36% | +24.95% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 38.61% | 5.63% | +32.98% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 38.13% | 5.31% | +32.82% |
PFIX vs. WAVLX - Expense Ratio Comparison
PFIX has a 0.50% expense ratio, which is lower than WAVLX's 0.99% expense ratio.
Dividends
PFIX vs. WAVLX - Dividend Comparison
PFIX's dividend yield for the trailing twelve months is around 7.82%, more than WAVLX's 3.55% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PFIX Simplify Interest Rate Hedge ETF | 7.82% | 9.92% | 3.40% | 87.92% | 0.63% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
WAVLX Wavelength Fund | 3.55% | 3.67% | 4.41% | 4.83% | 3.63% | 2.83% | 2.21% | 4.96% | 2.65% | 2.09% | 2.13% | 2.18% |
Frequently Asked Questions
PFIX and WAVLX have a correlation of -0.49, 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 WAVLX (1.15%). In terms of maximum drawdown, PFIX dropped -36.17% vs WAVLX's -14.39%.
WAVLX currently has the higher Sharpe Ratio (1.54 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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