SPD vs. PFIX
SPD (Simplify US Equity PLUS Downside Convexity ETF) and PFIX (Simplify Interest Rate Hedge ETF) are both exchange-traded funds - SPD is a Large Cap Blend Equities fund actively managed by Simplify, while PFIX is a Inverse Bonds fund actively managed by Simplify. Both are actively managed. Over the past 5 years, SPD returned 7.54%/yr vs 23.80%/yr for PFIX. Their -0.10 correlation means they have often moved in opposite directions in the past. SPD charges 0.53%/yr vs 0.50%/yr for PFIX.
Performance
SPD vs. PFIX - Performance Comparison
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Returns By Period
In the year-to-date period, SPD achieves a 7.33% return, which is significantly lower than PFIX's 11.17% return.
SPD
- 1D
- 1.80%
- 1M
- 1.36%
- 6M
- 6.17%
- YTD
- 7.33%
- 1Y
- 13.84%
- 3Y*
- 16.41%
- 5Y*
- 7.54%
- 10Y*
- —
- ALL TIME*
- 10.56%
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 | |
| $297.15K | $312.14K | $351.11K |
SPD vs. PFIX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
SPD Simplify US Equity PLUS Downside Convexity ETF | 7.33% | 18.86% | 17.49% | 20.94% | -25.96% | 13.22% |
PFIX Simplify Interest Rate Hedge ETF | 11.17% | 0.42% | 35.94% | 5.67% | 92.05% | -24.98% |
Correlation
The correlation between SPD and PFIX is -0.24, 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. | -0.24 |
Correlation (3Y) Balances recent behavior with more history. | -0.15 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.10 |
Correlation (All Time) Calculated using the full available price history since May 11, 2021 | -0.10 |
The correlation between SPD and PFIX shifts across timeframes, from -0.24 (1 year) to -0.10 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
SPD vs. PFIX — Risk / Return Rank
SPD
PFIX
SPD vs. PFIX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Simplify US Equity PLUS Downside Convexity ETF (SPD) 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.
| SPD | PFIX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.78 | ||
| Sortino ratioReturn per unit of downside risk | +0.94 | ||
| Omega ratioGain probability vs. loss probability | 1.18 | 1.07 | +0.11 |
| Calmar ratioReturn relative to maximum drawdown | 1.17 | 0.33 | +0.84 |
| Martin ratioReturn relative to average drawdown | 3.68 | 0.50 | +3.17 |
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Drawdowns
SPD vs. PFIX - Drawdown Comparison
The maximum SPD drawdown since its inception was -27.38%, smaller than the maximum PFIX drawdown of -36.17%. Use the drawdown chart below to compare losses from any high point for SPD and PFIX.
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Drawdown Indicators
| SPD | PFIX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -27.38% | -36.17% | +8.79% |
Max Drawdown (1Y)Largest decline over 1 year | -11.90% | -23.71% | +11.81% |
Max Drawdown (3Y)Largest decline over 3 years | -15.18% | -36.17% | +20.99% |
Max Drawdown (5Y)Largest decline over 5 years | -27.38% | -36.17% | +8.79% |
Current DrawdownCurrent decline from peak | -0.11% | -8.34% | +8.23% |
Average DrawdownAverage peak-to-trough decline | -7.56% | -17.19% | +9.63% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.77% | 15.40% | -11.63% |
Volatility
SPD vs. PFIX - Volatility Comparison
The current volatility for Simplify US Equity PLUS Downside Convexity ETF (SPD) is 4.12%, while Simplify Interest Rate Hedge ETF (PFIX) has a volatility of 7.75%. This indicates that SPD 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
| SPD | PFIX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.12% | 7.75% | -3.63% |
Volatility (6M)Calculated over the trailing 6-month period | 9.54% | 21.85% | -12.31% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.29% | 28.94% | -15.65% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.18% | 38.62% | -22.44% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.95% | 38.12% | -22.17% |
SPD vs. PFIX - Expense Ratio Comparison
SPD has a 0.53% expense ratio, which is higher than PFIX's 0.50% expense ratio.
Dividends
SPD vs. PFIX - Dividend Comparison
SPD's dividend yield for the trailing twelve months is around 0.95%, less than PFIX's 7.78% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
PFIX Simplify Interest Rate Hedge ETF | 7.78% | 9.92% | 3.40% | 87.92% | 0.63% | 0.00% | 0.00% |
SPD Simplify US Equity PLUS Downside Convexity ETF | 0.95% | 0.97% | 1.14% | 1.91% | 1.64% | 0.88% | 0.43% |
Frequently Asked Questions
SPD 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.
PFIX has higher volatility (7.75%) compared to SPD (4.12%). In terms of maximum drawdown, SPD dropped -27.38% vs PFIX's -36.17%.
On 5-year performance, PFIX leads with 23.80% vs 7.54% for SPD. On fees, PFIX is cheaper at 0.50% per year. On volatility, SPD has been the lower-risk option at 4.12%. 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 7.54%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
PFIX is cheaper with a 0.50% expense ratio, compared with 0.53% for SPD.
PFIX has the higher dividend yield at 7.78%, compared with 0.95% for SPD.
SPD is categorized as Large Cap Blend Equities, while PFIX is Inverse Bonds. Their fees differ too: 0.53% for SPD and 0.50% for PFIX.
SPD currently has the higher Sharpe Ratio (1.05 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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