SPBC vs. PFIX

Last updated Jun 24, 2026

SPBC (Simplify US Equity PLUS GBTC ETF) and PFIX (Simplify Interest Rate Hedge ETF) are both exchange-traded funds - SPBC is a Diversified Portfolio fund actively managed by Simplify, while PFIX is a Hedge Fund fund actively managed by Simplify. Both are actively managed. Over the past 5 years, SPBC returned 15.20%/yr vs 17.72%/yr for PFIX. At a correlation of -0.07, they often move in opposite directions. Both charge a 0.50% expense ratio.

Performance

SPBC vs. PFIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Simplify US Equity PLUS GBTC ETF (SPBC) 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, SPBC achieves a 4.82% return, which is significantly higher than PFIX's -6.98% return.

SPBC

• 1D: -1.56%
• 1M: -2.89%
• YTD: 4.82%
• 6M: 3.92%
• 1Y: 17.62%
• 3Y*: 25.41%
• 5Y*: 15.20%
• 10Y*: —

PFIX

• 1D: -0.61%
• 1M: -11.02%
• YTD: -6.98%
• 6M: -6.81%
• 1Y: -12.36%
• 3Y*: 15.87%
• 5Y*: 17.72%
• 10Y*: —

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

SPBC vs. PFIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
SPBC Simplify US Equity PLUS GBTC ETF	4.82%	16.83%	37.32%	48.04%	-28.00%	13.87%
PFIX Simplify Interest Rate Hedge ETF	-6.98%	0.42%	35.94%	5.67%	92.05%	-25.35%

Correlation

The correlation between SPBC and PFIX is -0.24, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.24
Correlation (3Y) Calculated over the trailing 3-year period	-0.14
Correlation (5Y) Calculated over the trailing 5-year period	-0.08
Correlation (All Time) Calculated using the full available price history since May 25, 2021	-0.07

The correlation between SPBC and PFIX shifts across timeframes, from -0.24 (1 year) to -0.07 (all time), reflecting how their relationship changes across market environments.

Return for Risk

SPBC vs. PFIX — Risk / Return Rank

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

SPBC

SPBC Risk / Return Rank: 33
SPBC Sharpe Ratio Rank: 35
SPBC Sortino Ratio Rank: 33
SPBC Omega Ratio Rank: 33
SPBC Calmar Ratio Rank: 30
SPBC Martin Ratio Rank: 36

PFIX

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

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.

SPBC vs. PFIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Simplify US Equity PLUS GBTC ETF (SPBC) 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.

	SPBC	PFIX	Difference
Sharpe ratio: Return per unit of total volatility	1.18	-0.43	+1.61
Sortino ratio: Return per unit of downside risk	1.67	-0.45	+2.12
Omega ratio: Gain probability vs. loss probability	1.21	0.95	+0.26
Calmar ratio: Return relative to maximum drawdown	1.45	-0.48	+1.93
Martin ratio: Return relative to average drawdown	5.13	-0.74	+5.87

SPBC vs. PFIX - Sharpe Ratio Comparison

The current SPBC Sharpe Ratio is 1.18, which is higher than the PFIX Sharpe Ratio of -0.43. The chart below compares the historical Sharpe Ratios of SPBC 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.

Drawdowns

SPBC vs. PFIX - Drawdown Comparison

The maximum SPBC drawdown since its inception was -33.99%, smaller than the maximum PFIX drawdown of -36.17%. Use the drawdown chart below to compare losses from any high point for SPBC and PFIX.

Drawdown Indicators

	SPBC	PFIX	Difference
Max Drawdown Largest peak-to-trough decline	-33.99%	-36.17%	+2.18%
Max Drawdown (1Y) Largest decline over 1 year	-12.24%	-25.64%	+13.40%
Max Drawdown (3Y) Largest decline over 3 years	-21.00%	-36.17%	+15.17%
Max Drawdown (5Y) Largest decline over 5 years	-33.99%	-36.17%	+2.18%
Current Drawdown Current decline from peak	-3.93%	-23.31%	+19.38%
Average Drawdown Average peak-to-trough decline	-8.58%	-17.15%	+8.57%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.44%	16.70%	-13.26%

Volatility

SPBC vs. PFIX - Volatility Comparison

The current volatility for Simplify US Equity PLUS GBTC ETF (SPBC) is 5.19%, while Simplify Interest Rate Hedge ETF (PFIX) has a volatility of 6.85%. This indicates that SPBC 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

	SPBC	PFIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.19%	6.85%	-1.66%
Volatility (6M) Calculated over the trailing 6-month period	11.78%	21.31%	-9.53%
Volatility (1Y) Calculated over the trailing 1-year period	15.02%	29.19%	-14.17%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.52%	38.46%	-17.94%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.40%	38.23%	-17.83%

SPBC vs. PFIX - Expense Ratio Comparison

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

Dividends

SPBC vs. PFIX - Dividend Comparison

SPBC's dividend yield for the trailing twelve months is around 0.86%, less than PFIX's 10.44% yield.

Position	TTM	2025	2024	2023	2022	2021
PFIX Simplify Interest Rate Hedge ETF	10.44%	9.92%	3.40%	87.92%	0.63%	0.00%
SPBC Simplify US Equity PLUS GBTC ETF	0.86%	0.85%	0.98%	3.79%	0.60%	1.41%

Frequently Asked Questions

Can I hold both SPBC and PFIX in my portfolio?

SPBC and PFIX 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.

Which is riskier, SPBC or PFIX?

PFIX has higher volatility (6.85%) compared to SPBC (5.19%). In terms of maximum drawdown, SPBC dropped -33.99% vs PFIX's -36.17%.

Which ETF is better, SPBC or PFIX?

On 5-year performance, PFIX leads with 17.72% vs 15.20% for SPBC. Both ETFs have the same 0.50% expense ratio. On volatility, SPBC has been the lower-risk option at 5.19%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPBC or PFIX?

Over the 5-year period, PFIX has performed better with a 17.72% return vs 15.20%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPBC or PFIX?

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

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

PFIX has the higher dividend yield at 10.44%, compared with 0.86% for SPBC.

What is the main difference between SPBC and PFIX?

SPBC is categorized as Diversified Portfolio, while PFIX is Hedge Fund.

Which has better risk-adjusted returns?

SPBC currently has the higher Sharpe Ratio (1.18 vs -0.43), 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.