RLY vs. PFIX
RLY (State Street Multi-Asset Real Return ETF) and PFIX (Simplify Interest Rate Hedge ETF) are both exchange-traded funds - RLY is a Global Allocation fund tracking the Bloomberg U.S. Government Inflation-Linked Bond Index, while PFIX is a Inverse Bonds fund actively managed by Simplify. RLY is passively managed, while PFIX is actively managed. Over the past 5 years, RLY returned 10.64%/yr vs 23.80%/yr for PFIX. Their -0.06 correlation means they have often moved in opposite directions in the past. Both charge a 0.50% expense ratio.
Performance
RLY vs. PFIX - Performance Comparison
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Returns By Period
In the year-to-date period, RLY achieves a 15.29% return, which is significantly higher than PFIX's 11.17% return.
RLY
- 1D
- -0.42%
- 1M
- 3.64%
- 6M
- 8.40%
- YTD
- 15.29%
- 1Y
- 27.11%
- 3Y*
- 12.93%
- 5Y*
- 10.64%
- 10Y*
- 8.16%
- ALL TIME*
- 4.75%
PFIX
- 1D
- 0.46%
- 1M
- 18.26%
- 6M
- 11.37%
- YTD
- 11.17%
- 1Y
- 7.75%
- 3Y*
- 14.25%
- 5Y*
- 23.80%
- 10Y*
- —
- ALL TIME*
- 17.37%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $8.65M | $6.17M | $16.90M | |
| $5.13M | $7.99M | $7.88M |
RLY vs. PFIX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
RLY State Street Multi-Asset Real Return ETF | 15.29% | 20.26% | 2.53% | 2.56% | 7.86% | 4.27% |
PFIX Simplify Interest Rate Hedge ETF | 11.17% | 0.42% | 35.94% | 5.67% | 92.05% | -24.98% |
Correlation
The correlation between RLY and PFIX is -0.01, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.01 |
Correlation (3Y) Balances recent behavior with more history. | -0.08 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.07 |
Correlation (All Time) Calculated using the full available price history since May 11, 2021 | -0.06 |
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Return for Risk
RLY vs. PFIX — Risk / Return Rank
RLY
PFIX
RLY vs. PFIX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for State Street 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.
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.
| RLY | PFIX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.30 | ||
| Sortino ratioReturn per unit of downside risk | +2.89 | ||
| Omega ratioGain probability vs. loss probability | 1.47 | 1.07 | +0.40 |
| Calmar ratioReturn relative to maximum drawdown | 3.61 | 0.33 | +3.28 |
| Martin ratioReturn relative to average drawdown | 12.56 | 0.50 | +12.05 |
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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.
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Drawdown Indicators
| RLY | PFIX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -37.75% | -36.17% | -1.58% |
Max Drawdown (1Y)Largest decline over 1 year | -7.54% | -23.71% | +16.17% |
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 DrawdownCurrent decline from peak | -3.15% | -8.34% | +5.19% |
Average DrawdownAverage peak-to-trough decline | -9.40% | -17.19% | +7.79% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.16% | 15.40% | -13.24% |
Volatility
RLY vs. PFIX - Volatility Comparison
The current volatility for State Street Multi-Asset Real Return ETF (RLY) is 2.61%, while Simplify Interest Rate Hedge ETF (PFIX) has a volatility of 7.75%. 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.
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Volatility by Period
| RLY | PFIX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.61% | 7.75% | -5.14% |
Volatility (6M)Calculated over the trailing 6-month period | 8.06% | 21.85% | -13.79% |
Volatility (1Y)Calculated over the trailing 1-year period | 10.61% | 28.94% | -18.33% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.46% | 38.62% | -25.16% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 13.80% | 38.12% | -24.32% |
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 3.07%, less than PFIX's 7.78% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PFIX Simplify Interest Rate Hedge ETF | 7.78% | 9.92% | 3.40% | 87.92% | 0.63% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
RLY State Street Multi-Asset Real Return ETF | 3.07% | 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
RLY and PFIX have a correlation of -0.01, 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 RLY (2.61%). In terms of maximum drawdown, RLY dropped -37.75% vs PFIX's -36.17%.
On 5-year performance, PFIX leads with 23.80% vs 10.64% for RLY. Both ETFs have the same 0.50% expense ratio. On volatility, RLY has been the lower-risk option at 2.61%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, PFIX has performed better with a 23.80% return vs 10.64%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
RLY and PFIX have the same expense ratio: 0.50% per year.
PFIX has the higher dividend yield at 7.78%, compared with 3.07% for RLY.
RLY is categorized as Global Allocation, while PFIX is Inverse Bonds. They also come from different issuers: State Street and Simplify.
RLY currently has the higher Sharpe Ratio (2.57 vs 0.27), 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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