SPUC vs. PFIX
SPUC (Simplify US Equity PLUS Upside Convexity ETF) and PFIX (Simplify Interest Rate Hedge ETF) are both exchange-traded funds - SPUC 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, SPUC returned 12.76%/yr vs 23.80%/yr for PFIX. Their -0.11 correlation means they have often moved in opposite directions in the past. SPUC charges 0.53%/yr vs 0.50%/yr for PFIX.
Performance
SPUC vs. PFIX - Performance Comparison
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Returns By Period
The year-to-date returns for both investments are quite close, with SPUC having a 10.82% return and PFIX slightly higher at 11.17%.
SPUC
- 1D
- 0.83%
- 1M
- 1.91%
- 6M
- 8.10%
- YTD
- 10.82%
- 1Y
- 22.91%
- 3Y*
- 22.30%
- 5Y*
- 12.76%
- 10Y*
- —
- ALL TIME*
- 16.11%
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 | |
| $22.58M | $10.85M | $4.02M |
SPUC vs. PFIX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
SPUC Simplify US Equity PLUS Upside Convexity ETF | 10.82% | 22.64% | 25.37% | 27.50% | -24.76% | 17.92% |
PFIX Simplify Interest Rate Hedge ETF | 11.17% | 0.42% | 35.94% | 5.67% | 92.05% | -24.98% |
Correlation
The correlation between SPUC 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. | -0.16 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.11 |
Correlation (All Time) Calculated using the full available price history since May 11, 2021 | -0.11 |
The correlation between SPUC and PFIX shifts across timeframes, from -0.24 (1 year) to -0.11 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
SPUC vs. PFIX — Risk / Return Rank
SPUC
PFIX
SPUC vs. PFIX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Simplify US Equity PLUS Upside Convexity ETF (SPUC) 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.
| SPUC | PFIX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.11 | ||
| Sortino ratioReturn per unit of downside risk | +1.27 | ||
| Omega ratioGain probability vs. loss probability | 1.24 | 1.07 | +0.17 |
| Calmar ratioReturn relative to maximum drawdown | 1.99 | 0.33 | +1.66 |
| Martin ratioReturn relative to average drawdown | 6.65 | 0.50 | +6.14 |
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Drawdowns
SPUC vs. PFIX - Drawdown Comparison
The maximum SPUC drawdown since its inception was -29.20%, smaller than the maximum PFIX drawdown of -36.17%. Use the drawdown chart below to compare losses from any high point for SPUC and PFIX.
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Drawdown Indicators
| SPUC | PFIX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -29.20% | -36.17% | +6.97% |
Max Drawdown (1Y)Largest decline over 1 year | -11.56% | -23.71% | +12.15% |
Max Drawdown (3Y)Largest decline over 3 years | -28.17% | -36.17% | +8.00% |
Max Drawdown (5Y)Largest decline over 5 years | -29.20% | -36.17% | +6.97% |
Current DrawdownCurrent decline from peak | 0.00% | -8.34% | +8.34% |
Average DrawdownAverage peak-to-trough decline | -8.28% | -17.19% | +8.91% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.46% | 15.40% | -11.94% |
Volatility
SPUC vs. PFIX - Volatility Comparison
The current volatility for Simplify US Equity PLUS Upside Convexity ETF (SPUC) is 4.14%, while Simplify Interest Rate Hedge ETF (PFIX) has a volatility of 7.75%. This indicates that SPUC 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
| SPUC | PFIX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.14% | 7.75% | -3.61% |
Volatility (6M)Calculated over the trailing 6-month period | 10.95% | 21.85% | -10.90% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.76% | 28.94% | -12.18% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 21.96% | 38.62% | -16.66% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 21.33% | 38.12% | -16.79% |
SPUC vs. PFIX - Expense Ratio Comparison
SPUC has a 0.53% expense ratio, which is higher than PFIX's 0.50% expense ratio.
Dividends
SPUC vs. PFIX - Dividend Comparison
SPUC's dividend yield for the trailing twelve months is around 10.99%, more 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% |
SPUC Simplify US Equity PLUS Upside Convexity ETF | 10.99% | 7.70% | 0.94% | 1.33% | 1.53% | 2.00% | 0.75% |
Frequently Asked Questions
SPUC 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 SPUC (4.14%). In terms of maximum drawdown, SPUC dropped -29.20% vs PFIX's -36.17%.
On 5-year performance, PFIX leads with 23.80% vs 12.76% for SPUC. On fees, PFIX is cheaper at 0.50% per year. On volatility, SPUC has been the lower-risk option at 4.14%. 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 12.76%. 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 SPUC.
SPUC has the higher dividend yield at 10.99%, compared with 7.78% for PFIX.
SPUC is categorized as Large Cap Blend Equities, while PFIX is Inverse Bonds. Their fees differ too: 0.53% for SPUC and 0.50% for PFIX.
SPUC currently has the higher Sharpe Ratio (1.38 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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