RFIX vs. HYHG

Last updated Aug 2, 2026

RFIX (Simplify Bond Bull ETF) and HYHG (ProShares High Yield-Interest Rate Hedged) are both exchange-traded funds - RFIX is a Nontraditional Bonds fund actively managed by Simplify, while HYHG is a High Yield Bonds fund tracking the FTSE High Yield (Treasury Rate-Hedged) Index. RFIX is actively managed, while HYHG is passively managed. Over the past year, RFIX returned -15.77% vs 7.70% for HYHG. Their -0.15 correlation means they have often moved in opposite directions in the past. Both charge a 0.50% expense ratio.

Performance

RFIX vs. HYHG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Simplify Bond Bull ETF (RFIX) and ProShares High Yield-Interest Rate Hedged (HYHG). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, RFIX achieves a 4.85% return, which is significantly higher than HYHG's 4.07% return.

RFIX

• 1D: 0.12%
• 1M: -2.47%
• 6M: 5.09%
• YTD: 4.85%
• 1Y: -15.77%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: -22.51%

HYHG

• 1D: 0.32%
• 1M: 0.25%
• 6M: 2.95%
• YTD: 4.07%
• 1Y: 7.70%
• 3Y*: 8.94%
• 5Y*: 7.14%
• 10Y*: 6.15%
• ALL TIME*: 4.26%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
HYHG ProShares High Yield-Interest Rate Hedged	$2.06M	$1.52M	$1.17M
RFIX Simplify Bond Bull ETF	$6.74M	$8.71M	$16.93M

RFIX vs. HYHG - Yearly Performance Comparison

	2026 (YTD)	2025	2024
RFIX Simplify Bond Bull ETF	4.85%	-28.43%	-12.22%
HYHG ProShares High Yield-Interest Rate Hedged	4.07%	5.31%	0.30%

Correlation

The correlation between RFIX and HYHG is -0.18, 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.	-0.18
Correlation (All Time) Calculated using the full available price history since Dec 10, 2024	-0.15

Return for Risk

RFIX vs. HYHG — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

RFIX

RFIX Risk / Return Rank: 4
RFIX Sharpe Ratio Rank: 5
RFIX Sortino Ratio Rank: 5
RFIX Omega Ratio Rank: 5
RFIX Calmar Ratio Rank: 4
RFIX Martin Ratio Rank: 3

HYHG

HYHG Risk / Return Rank: 63
HYHG Sharpe Ratio Rank: 49
HYHG Sortino Ratio Rank: 49
HYHG Omega Ratio Rank: 47
HYHG Calmar Ratio Rank: 87
HYHG Martin Ratio Rank: 83

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

RFIX vs. HYHG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Simplify Bond Bull ETF (RFIX) and ProShares High Yield-Interest Rate Hedged (HYHG). 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.

	RFIX	HYHG	Difference
Sharpe ratio: Return per unit of total volatility	-0.50	1.21	-1.71
Sortino ratio: Return per unit of downside risk	-0.55	1.75	-2.31
Omega ratio: Gain probability vs. loss probability	0.94	1.22	-0.28
Calmar ratio: Return relative to maximum drawdown	-0.68	3.38	-4.06
Martin ratio: Return relative to average drawdown	-1.20	11.30	-12.50

RFIX vs. HYHG - Sharpe Ratio Comparison

The current RFIX Sharpe Ratio is -0.50, which is lower than the HYHG Sharpe Ratio of 1.21. The chart below compares the historical Sharpe Ratios of RFIX and HYHG, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

RFIX vs. HYHG - Drawdown Comparison

The maximum RFIX drawdown since its inception was -38.79%, which is greater than HYHG's maximum drawdown of -25.71%. Use the drawdown chart below to compare losses from any high point for RFIX and HYHG.

Drawdown Indicators

	RFIX	HYHG	Difference
Max Drawdown Largest peak-to-trough decline	-38.79%	-25.71%	-13.08%
Max Drawdown (1Y) Largest decline over 1 year	-21.63%	-2.02%	-19.61%
Max Drawdown (3Y) Largest decline over 3 years	—	-7.47%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-9.21%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-25.71%	—
Current Drawdown Current decline from peak	-34.21%	-0.14%	-34.07%
Average Drawdown Average peak-to-trough decline	-24.89%	-3.01%	-21.88%
Ulcer Index Depth and duration of drawdowns from previous peaks	12.18%	0.61%	+11.57%

Volatility

RFIX vs. HYHG - Volatility Comparison

Simplify Bond Bull ETF (RFIX) has a higher volatility of 6.23% compared to ProShares High Yield-Interest Rate Hedged (HYHG) at 1.31%. This indicates that RFIX's price experiences larger fluctuations and is considered to be riskier than HYHG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	RFIX	HYHG	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.23%	1.31%	+4.92%
Volatility (6M) Calculated over the trailing 6-month period	20.46%	3.96%	+16.50%
Volatility (1Y) Calculated over the trailing 1-year period	29.41%	5.64%	+23.77%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	30.63%	8.17%	+22.46%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	30.63%	9.06%	+21.57%

RFIX vs. HYHG - Expense Ratio Comparison

Both RFIX and HYHG have an expense ratio of 0.50%.

Dividends

RFIX vs. HYHG - Dividend Comparison

RFIX's dividend yield for the trailing twelve months is around 4.36%, less than HYHG's 6.71% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HYHG ProShares High Yield-Interest Rate Hedged	6.14%	6.97%	6.57%	6.07%	5.58%	4.54%	5.21%	6.06%	6.45%	5.57%	5.37%	6.37%
RFIX Simplify Bond Bull ETF	4.36%	5.07%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both RFIX and HYHG in my portfolio?

RFIX and HYHG have a correlation of -0.18, 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 HYHG?

RFIX has higher volatility (6.23%) compared to HYHG (1.31%). In terms of maximum drawdown, RFIX dropped -38.79% vs HYHG's -25.71%.

Which ETF is better, RFIX or HYHG?

On 1-year performance, HYHG leads with 7.70% vs -15.77% for RFIX. Both ETFs have the same 0.50% expense ratio. On volatility, HYHG has been the lower-risk option at 1.31%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, RFIX or HYHG?

Over the 1-year period, HYHG has performed better with a 7.70% return vs -15.77%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, RFIX or HYHG?

RFIX and HYHG have the same expense ratio: 0.50% per year.

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

HYHG has the higher dividend yield at 6.14%, compared with 4.36% for RFIX.

What is the main difference between RFIX and HYHG?

RFIX is categorized as Nontraditional Bonds, while HYHG is High Yield Bonds. They also come from different issuers: Simplify and ProShares.

Which has better risk-adjusted returns?

HYHG currently has the higher Sharpe Ratio (1.21 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.