SPY vs. PFIX
SPY (State Street SPDR S&P 500 ETF) and PFIX (Simplify Interest Rate Hedge ETF) are both exchange-traded funds - SPY is a S&P 500 fund tracking the S&P 500 Index, while PFIX is a Hedge Fund fund actively managed by Simplify. SPY is passively managed, while PFIX is actively managed. Over the past 5 years, SPY returned 13.36%/yr vs 17.43%/yr for PFIX. At a correlation of -0.10, they often move in opposite directions. SPY charges 0.09%/yr vs 0.50%/yr for PFIX.
Performance
SPY vs. PFIX - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, SPY achieves a 9.07% return, which is significantly higher than PFIX's -3.92% return.
SPY
- 1D
- 0.54%
- 1M
- -0.86%
- YTD
- 9.07%
- 6M
- 9.42%
- 1Y
- 25.67%
- 3Y*
- 20.86%
- 5Y*
- 13.36%
- 10Y*
- 15.42%
PFIX
- 1D
- -1.32%
- 1M
- -5.62%
- YTD
- -3.92%
- 6M
- -5.54%
- 1Y
- -12.06%
- 3Y*
- 15.02%
- 5Y*
- 17.43%
- 10Y*
- —
SPY vs. PFIX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
SPY State Street SPDR S&P 500 ETF | 9.07% | 17.72% | 24.89% | 26.18% | -18.18% | 14.78% |
PFIX Simplify Interest Rate Hedge ETF | -3.92% | 0.42% | 35.94% | 5.67% | 92.05% | -24.98% |
Correlation
The correlation between SPY and PFIX is -0.26, 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 | -0.26 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.17 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.10 |
Correlation (All Time) Calculated using the full available price history since May 11, 2021 | -0.10 |
The correlation between SPY and PFIX shifts across timeframes, from -0.26 (1 year) to -0.10 (5 years), reflecting how their relationship changes across market environments.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
SPY vs. PFIX — Risk / Return Rank
SPY
PFIX
SPY vs. PFIX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for State Street SPDR S&P 500 ETF (SPY) 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.
| SPY | PFIX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.32 | ||
| Sortino ratioReturn per unit of downside risk | +2.98 | ||
| Omega ratioGain probability vs. loss probability | 1.36 | 0.97 | +0.39 |
| Calmar ratioReturn relative to maximum drawdown | 2.74 | -0.40 | +3.14 |
| Martin ratioReturn relative to average drawdown | 12.39 | -0.62 | +13.01 |
Loading charts...
Drawdowns
SPY vs. PFIX - Drawdown Comparison
The maximum SPY drawdown since its inception was -55.19%, which is greater than PFIX's maximum drawdown of -36.17%. Use the drawdown chart below to compare losses from any high point for SPY and PFIX.
Loading charts...
Drawdown Indicators
| SPY | PFIX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -55.19% | -36.17% | -19.02% |
Max Drawdown (1Y)Largest decline over 1 year | -8.88% | -25.64% | +16.76% |
Max Drawdown (3Y)Largest decline over 3 years | -18.76% | -36.17% | +17.41% |
Max Drawdown (5Y)Largest decline over 5 years | -24.50% | -36.17% | +11.67% |
Max Drawdown (10Y)Largest decline over 10 years | -33.72% | — | — |
Current DrawdownCurrent decline from peak | -2.35% | -20.78% | +18.43% |
Average DrawdownAverage peak-to-trough decline | -9.04% | -17.13% | +8.09% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.97% | 16.52% | -14.55% |
Volatility
SPY vs. PFIX - Volatility Comparison
The current volatility for State Street SPDR S&P 500 ETF (SPY) is 4.34%, while Simplify Interest Rate Hedge ETF (PFIX) has a volatility of 8.38%. This indicates that SPY 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.
Loading charts...
Volatility by Period
| SPY | PFIX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.34% | 8.38% | -4.04% |
Volatility (6M)Calculated over the trailing 6-month period | 9.58% | 21.22% | -11.64% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.29% | 30.44% | -18.15% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.12% | 38.52% | -21.40% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.96% | 38.29% | -20.33% |
SPY vs. PFIX - Expense Ratio Comparison
SPY has a 0.09% expense ratio, which is lower than PFIX's 0.50% expense ratio.
Dividends
SPY vs. PFIX - Dividend Comparison
SPY's dividend yield for the trailing twelve months is around 1.00%, less than PFIX's 10.11% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PFIX Simplify Interest Rate Hedge ETF | 10.11% | 9.92% | 3.40% | 87.92% | 0.63% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
SPY State Street SPDR S&P 500 ETF | 1.00% | 1.07% | 1.21% | 1.40% | 1.65% | 1.20% | 1.52% | 1.75% | 2.04% | 1.80% | 2.03% | 2.06% |
Frequently Asked Questions
SPY and PFIX have a correlation of -0.26, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PFIX has higher volatility (8.38%) compared to SPY (4.34%). In terms of maximum drawdown, SPY dropped -55.19% vs PFIX's -36.17%.
On 5-year performance, PFIX leads with 17.43% vs 13.36% for SPY. On fees, SPY is cheaper at 0.09% per year. On volatility, SPY has been the lower-risk option at 4.34%. 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 17.43% return vs 13.36%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPY is cheaper with a 0.09% expense ratio, compared with 0.50% for PFIX.
PFIX has the higher dividend yield at 10.11%, compared with 1.00% for SPY.
SPY is categorized as S&P 500, while PFIX is Hedge Fund. They also come from different issuers: State Street and Simplify. Their fees differ too: 0.09% for SPY and 0.50% for PFIX.
SPY currently has the higher Sharpe Ratio (1.98 vs -0.34), 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.
Find the right allocation for SPY and PFIX
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer