RFIX vs. BUCK

Last updated Jun 4, 2026

RFIX (Simplify Bond Bull ETF) and BUCK (Simplify Treasury Option Income ETF) are both exchange-traded funds - RFIX is a Nontraditional Bonds fund actively managed by Simplify, while BUCK is a Government Bonds fund actively managed by Simplify. Both are actively managed. Over the past year, RFIX returned -14.76% vs 7.95% for BUCK. At a 0.24 correlation, their price movements are largely independent. RFIX charges 0.50%/yr vs 0.35%/yr for BUCK.

Performance

RFIX vs. BUCK - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Simplify Bond Bull ETF (RFIX) and Simplify Treasury Option Income ETF (BUCK). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, RFIX achieves a 7.97% return, which is significantly higher than BUCK's 1.90% return.

RFIX

• 1D: 0.99%
• 1M: -2.56%
• YTD: 7.97%
• 6M: -2.48%
• 1Y: -14.76%
• 3Y*: —
• 5Y*: —
• 10Y*: —

BUCK

• 1D: 0.02%
• 1M: 0.38%
• YTD: 1.90%
• 6M: 2.09%
• 1Y: 7.95%
• 3Y*: 5.27%
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

RFIX vs. BUCK - Yearly Performance Comparison

	2026 (YTD)	2025	2024
RFIX Simplify Bond Bull ETF	7.97%	-28.43%	-12.32%
BUCK Simplify Treasury Option Income ETF	1.90%	4.13%	0.16%

Correlation

The correlation between RFIX and BUCK is 0.14, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.14
Correlation (All Time) Calculated using the full available price history since Dec 11, 2024	0.24

Return for Risk

RFIX vs. BUCK — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

RFIX

RFIX Risk / Return Rank: 4
RFIX Sharpe Ratio Rank: 4
RFIX Sortino Ratio Rank: 4
RFIX Omega Ratio Rank: 5
RFIX Calmar Ratio Rank: 4
RFIX Martin Ratio Rank: 4

BUCK

BUCK Risk / Return Rank: 87
BUCK Sharpe Ratio Rank: 77
BUCK Sortino Ratio Rank: 84
BUCK Omega Ratio Rank: 86
BUCK Calmar Ratio Rank: 92
BUCK Martin Ratio Rank: 95

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

RFIX vs. BUCK - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Simplify Bond Bull ETF (RFIX) and Simplify Treasury Option Income ETF (BUCK). 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.

	RFIX	BUCK	Difference
Sharpe ratio: Return per unit of total volatility	-0.50	2.54	-3.04
Sortino ratio: Return per unit of downside risk	-0.55	3.83	-4.37
Omega ratio: Gain probability vs. loss probability	0.94	1.54	-0.60
Calmar ratio: Return relative to maximum drawdown	-0.58	6.11	-6.69
Martin ratio: Return relative to average drawdown	-1.01	32.31	-33.32
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

RFIX vs. BUCK - Sharpe Ratio Comparison

The current RFIX Sharpe Ratio is -0.50, which is lower than the BUCK Sharpe Ratio of 2.54. The chart below compares the historical Sharpe Ratios of RFIX and BUCK, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	RFIX	BUCK	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.50	2.54	-3.04
Sharpe Ratio (All Time) Calculated using the full available price history	-0.76	1.47	-2.23

Drawdowns

RFIX vs. BUCK - Drawdown Comparison

The maximum RFIX drawdown since its inception was -38.79%, which is greater than BUCK's maximum drawdown of -5.43%. Use the drawdown chart below to compare losses from any high point for RFIX and BUCK.

Drawdown Indicators

	RFIX	BUCK	Difference
Max Drawdown Largest peak-to-trough decline	-38.79%	-5.43%	-33.36%
Max Drawdown (1Y) Largest decline over 1 year	-25.48%	-1.31%	-24.17%
Max Drawdown (3Y) Largest decline over 3 years	—	-5.43%	—
Current Drawdown Current decline from peak	-32.25%	-0.04%	-32.21%
Average Drawdown Average peak-to-trough decline	-24.11%	-0.49%	-23.62%
Ulcer Index Depth and duration of drawdowns from previous peaks	14.70%	0.25%	+14.45%

Volatility

RFIX vs. BUCK - Volatility Comparison

Simplify Bond Bull ETF (RFIX) has a higher volatility of 5.47% compared to Simplify Treasury Option Income ETF (BUCK) at 0.70%. This indicates that RFIX's price experiences larger fluctuations and is considered to be riskier than BUCK based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	RFIX	BUCK	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.47%	0.70%	+4.77%
Volatility (6M) Calculated over the trailing 6-month period	20.35%	1.53%	+18.82%
Volatility (1Y) Calculated over the trailing 1-year period	29.75%	3.14%	+26.61%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	30.90%	3.49%	+27.41%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	30.90%	3.49%	+27.41%

RFIX vs. BUCK - Expense Ratio Comparison

RFIX has a 0.50% expense ratio, which is higher than BUCK's 0.35% expense ratio.

Dividends

RFIX vs. BUCK - Dividend Comparison

RFIX's dividend yield for the trailing twelve months is around 4.63%, less than BUCK's 7.42% yield.

Position	TTM	2025	2024	2023	2022
BUCK Simplify Treasury Option Income ETF	7.42%	7.59%	8.84%	4.84%	0.59%
RFIX Simplify Bond Bull ETF	4.63%	5.07%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both RFIX and BUCK in my portfolio?

RFIX and BUCK have a correlation of 0.14, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, RFIX or BUCK?

RFIX has higher volatility (5.47%) compared to BUCK (0.70%). In terms of maximum drawdown, RFIX dropped -38.79% vs BUCK's -5.43%.

Which ETF is better, RFIX or BUCK?

On 1-year performance, BUCK leads with 7.95% vs -14.76% for RFIX. On fees, BUCK is cheaper at 0.35% per year. On volatility, BUCK has been the lower-risk option at 0.70%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, RFIX or BUCK?

Over the 1-year period, BUCK has performed better with a 7.95% return vs -14.76%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, RFIX or BUCK?

BUCK is cheaper with a 0.35% expense ratio, compared with 0.50% for RFIX.

Which ETF pays a higher dividend yield, RFIX or BUCK?

BUCK has the higher dividend yield at 7.42%, compared with 4.63% for RFIX.

What is the main difference between RFIX and BUCK?

RFIX is categorized as Nontraditional Bonds, while BUCK is Government Bonds. Their fees differ too: 0.50% for RFIX and 0.35% for BUCK.

Which has better risk-adjusted returns?

BUCK currently has the higher Sharpe Ratio (2.54 vs -0.50), 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.