PFIX vs. YCS
PFIX (Simplify Interest Rate Hedge ETF) and YCS (ProShares UltraShort Yen) are both exchange-traded funds - PFIX is a Inverse Bonds fund actively managed by Simplify, while YCS is a Leveraged Currency fund tracking the USD/JPY Exchange Rate (-200%). PFIX is actively managed, while YCS is passively managed. Over the past 5 years, PFIX returned 22.46%/yr vs 23.75%/yr for YCS. Their 0.36 correlation means their historical movements had little consistent relationship. PFIX charges 0.50%/yr vs 1.00%/yr for YCS.
Performance
PFIX vs. YCS - 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 YCS's 8.19% 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%
YCS
- 1D
- -4.39%
- 1M
- -2.74%
- 6M
- 12.80%
- YTD
- 8.19%
- 1Y
- 22.76%
- 3Y*
- 18.26%
- 5Y*
- 23.75%
- 10Y*
- 13.51%
- ALL TIME*
- 6.49%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $5.18M | $5.68M | $17.00M | |
| $1.31M | $2.46M | $1.40M |
PFIX vs. YCS - 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% |
YCS ProShares UltraShort Yen | 8.19% | 9.04% | 35.41% | 28.70% | 29.09% | 10.78% |
Correlation
The correlation between PFIX and YCS is 0.24, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.24 |
Correlation (3Y) Balances recent behavior with more history. | 0.36 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.36 |
Correlation (All Time) Calculated using the full available price history since May 11, 2021 | 0.36 |
The correlation between PFIX and YCS shifts across timeframes, from 0.24 (1 year) to 0.36 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
PFIX vs. YCS — Risk / Return Rank
PFIX
YCS
PFIX vs. YCS - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Simplify Interest Rate Hedge ETF (PFIX) and ProShares UltraShort Yen (YCS). 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 | YCS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.45 | ||
| Sortino ratioReturn per unit of downside risk | -1.66 | ||
| Omega ratioGain probability vs. loss probability | 1.01 | 1.27 | -0.26 |
| Calmar ratioReturn relative to maximum drawdown | -0.11 | 2.75 | -2.86 |
| Martin ratioReturn relative to average drawdown | -0.17 | 8.71 | -8.88 |
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Drawdowns
PFIX vs. YCS - Drawdown Comparison
The maximum PFIX drawdown since its inception was -36.17%, smaller than the maximum YCS drawdown of -49.56%. Use the drawdown chart below to compare losses from any high point for PFIX and YCS.
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Drawdown Indicators
| PFIX | YCS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -36.17% | -49.56% | +13.39% |
Max Drawdown (1Y)Largest decline over 1 year | -23.71% | -8.30% | -15.41% |
Max Drawdown (3Y)Largest decline over 3 years | -36.17% | -23.05% | -13.12% |
Max Drawdown (5Y)Largest decline over 5 years | -36.17% | -27.32% | -8.85% |
Max Drawdown (10Y)Largest decline over 10 years | — | -27.32% | — |
Current DrawdownCurrent decline from peak | -11.47% | -4.89% | -6.58% |
Average DrawdownAverage peak-to-trough decline | -17.20% | -19.76% | +2.56% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 15.44% | 2.62% | +12.82% |
Volatility
PFIX vs. YCS - Volatility Comparison
Simplify Interest Rate Hedge ETF (PFIX) has a higher volatility of 7.53% compared to ProShares UltraShort Yen (YCS) at 5.26%. This indicates that PFIX's price experiences larger fluctuations and is considered to be riskier than YCS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PFIX | YCS | 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% | 11.62% | +10.13% |
Volatility (1Y)Calculated over the trailing 1-year period | 29.15% | 16.87% | +12.28% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 38.60% | 21.17% | +17.43% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 38.12% | 18.60% | +19.52% |
PFIX vs. YCS - Expense Ratio Comparison
PFIX has a 0.50% expense ratio, which is lower than YCS's 1.00% expense ratio.
Dividends
PFIX vs. YCS - Dividend Comparison
PFIX's dividend yield for the trailing twelve months is around 8.06%, while YCS has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
PFIX Simplify Interest Rate Hedge ETF | 8.06% | 9.92% | 3.40% | 87.92% | 0.63% | 0.00% |
YCS ProShares UltraShort Yen | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
PFIX and YCS have a correlation of 0.24, 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 YCS (5.26%). In terms of maximum drawdown, PFIX dropped -36.17% vs YCS's -49.56%.
On 5-year performance, YCS leads with 23.75% vs 22.46% for PFIX. On fees, PFIX is cheaper at 0.50% per year. On volatility, YCS 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, YCS has performed better with a 23.75% return vs 22.46%. 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 1.00% for YCS.
PFIX has the higher dividend yield at 8.06%, compared with 0.00% for YCS.
PFIX is categorized as Inverse Bonds, while YCS is Leveraged Currency. They also come from different issuers: Simplify and ProShares. Their fees differ too: 0.50% for PFIX and 1.00% for YCS.
YCS currently has the higher Sharpe Ratio (1.36 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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