RLY vs. PFIX

Last updated Jun 4, 2026

RLY (SPDR SSgA Multi-Asset Real Return ETF) and PFIX (Simplify Interest Rate Hedge ETF) are both Hedge Fund funds. Both are actively managed. Over the past 5 years, RLY returned 10.43%/yr vs 16.86%/yr for PFIX. At a correlation of -0.07, they often move in opposite directions. Both charge a 0.50% expense ratio.

Performance

RLY vs. PFIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR SSgA Multi-Asset Real Return ETF (RLY) and Simplify Interest Rate Hedge ETF (PFIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, RLY achieves a 17.13% return, which is significantly higher than PFIX's -2.55% return.

RLY

• 1D: -0.30%
• 1M: -0.30%
• YTD: 17.13%
• 6M: 18.27%
• 1Y: 31.78%
• 3Y*: 15.11%
• 5Y*: 10.43%
• 10Y*: 8.56%

PFIX

• 1D: 0.36%
• 1M: -3.76%
• YTD: -2.55%
• 6M: 1.53%
• 1Y: -15.57%
• 3Y*: 14.54%
• 5Y*: 16.86%
• 10Y*: —

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

RLY vs. PFIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
RLY SPDR SSgA Multi-Asset Real Return ETF	17.13%	20.26%	2.53%	2.56%	7.86%	4.50%
PFIX Simplify Interest Rate Hedge ETF	-2.55%	0.42%	35.94%	5.67%	92.05%	-24.95%

Correlation

The correlation between RLY and PFIX is -0.03, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.03
Correlation (3Y) Calculated over the trailing 3-year period	-0.09
Correlation (5Y) Calculated over the trailing 5-year period	-0.06
Correlation (All Time) Calculated using the full available price history since May 12, 2021	-0.07

RLY vs. PFIX - Sectors Allocation Comparison

Sectors	RLY	PFIX
Energy	30.1%	-
Basic Materials	25.1%	-
Industrials	16.5%	-
Utilities	15.9%	-
Real Estate	5.4%	-
Consumer Defensive	3.6%	-
Consumer Cyclical	2.6%	-
Healthcare	0.8%	-
Financial Services	0.0%	32.2%
Communication Services	-	-
Technology	-	-

Return for Risk

RLY vs. PFIX — Risk / Return Rank

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

RLY

RLY Risk / Return Rank: 92
RLY Sharpe Ratio Rank: 90
RLY Sortino Ratio Rank: 91
RLY Omega Ratio Rank: 90
RLY Calmar Ratio Rank: 95
RLY Martin Ratio Rank: 95

PFIX

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

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.

RLY vs. PFIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR SSgA Multi-Asset Real Return ETF (RLY) and Simplify Interest Rate Hedge ETF (PFIX). 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.

	RLY	PFIX	Difference
Sharpe ratio Return per unit of total volatility	3.17	-0.52	+3.69
Sortino ratio Return per unit of downside risk	4.33	-0.58	+4.92
Omega ratio Gain probability vs. loss probability	1.60	0.93	+0.66
Calmar ratio Return relative to maximum drawdown	8.60	-0.61	+9.21
Martin ratio Return relative to average drawdown	31.17	-0.96	+32.13
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

RLY vs. PFIX - Sharpe Ratio Comparison

The current RLY Sharpe Ratio is 3.17, which is higher than the PFIX Sharpe Ratio of -0.52. The chart below compares the historical Sharpe Ratios of RLY and PFIX, 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

	RLY	PFIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.17	-0.52	+3.69
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.77	0.44	+0.33
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.62	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.38	0.39	-0.02

Drawdowns

RLY vs. PFIX - Drawdown Comparison

The maximum RLY drawdown since its inception was -37.75%, roughly equal to the maximum PFIX drawdown of -36.17%. Use the drawdown chart below to compare losses from any high point for RLY and PFIX.

Drawdown Indicators

	RLY	PFIX	Difference
Max Drawdown Largest peak-to-trough decline	-37.75%	-36.17%	-1.58%
Max Drawdown (1Y) Largest decline over 1 year	-3.71%	-25.64%	+21.93%
Max Drawdown (3Y) Largest decline over 3 years	-10.08%	-36.17%	+26.09%
Max Drawdown (5Y) Largest decline over 5 years	-18.94%	-36.17%	+17.23%
Max Drawdown (10Y) Largest decline over 10 years	-34.17%	—	—
Current Drawdown Current decline from peak	-1.60%	-19.65%	+18.05%
Average Drawdown Average peak-to-trough decline	-9.46%	-17.13%	+7.67%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.02%	16.35%	-15.33%

Volatility

RLY vs. PFIX - Volatility Comparison

The current volatility for SPDR SSgA Multi-Asset Real Return ETF (RLY) is 3.00%, while Simplify Interest Rate Hedge ETF (PFIX) has a volatility of 7.51%. This indicates that RLY experiences smaller price fluctuations and is considered to be less risky than PFIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	RLY	PFIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.00%	7.51%	-4.51%
Volatility (6M) Calculated over the trailing 6-month period	8.15%	20.89%	-12.74%
Volatility (1Y) Calculated over the trailing 1-year period	10.06%	30.32%	-20.26%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.54%	38.50%	-24.96%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.81%	38.35%	-24.54%

RLY vs. PFIX - Expense Ratio Comparison

Both RLY and PFIX have an expense ratio of 0.50%.

Dividends

RLY vs. PFIX - Dividend Comparison

RLY's dividend yield for the trailing twelve months is around 2.86%, less than PFIX's 9.96% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PFIX Simplify Interest Rate Hedge ETF	9.96%	9.92%	3.40%	87.92%	0.63%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
RLY SPDR SSgA Multi-Asset Real Return ETF	2.86%	3.24%	3.31%	3.71%	5.66%	12.15%	2.16%	3.45%	2.76%	1.85%	2.07%	1.80%

Frequently Asked Questions

Can I hold both RLY and PFIX in my portfolio?

RLY and PFIX have a correlation of -0.03, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, RLY or PFIX?

PFIX has higher volatility (7.51%) compared to RLY (3.00%). In terms of maximum drawdown, RLY dropped -37.75% vs PFIX's -36.17%.

Which ETF is better, RLY or PFIX?

On 5-year performance, PFIX leads with 16.86% vs 10.43% for RLY. Both ETFs have the same 0.50% expense ratio. On volatility, RLY has been the lower-risk option at 3.00%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, RLY or PFIX?

Over the 5-year period, PFIX has performed better with a 16.86% return vs 10.43%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, RLY or PFIX?

RLY and PFIX have the same expense ratio: 0.50% per year.

Which ETF pays a higher dividend yield, RLY or PFIX?

PFIX has the higher dividend yield at 9.96%, compared with 2.86% for RLY.

What is the main difference between RLY and PFIX?

They also come from different issuers: State Street and Simplify.

Which has better risk-adjusted returns?

RLY currently has the higher Sharpe Ratio (3.17 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.