TBF vs. PFIX
TBF (ProShares Short 20+ Year Treasury) and PFIX (Simplify Interest Rate Hedge ETF) are both Inverse Bonds funds. TBF is passively managed, while PFIX is actively managed. Over the past 5 years, TBF returned 12.07%/yr vs 21.59%/yr for PFIX. Their correlation of 0.85 means they have usually moved in the same direction. TBF charges 0.94%/yr vs 0.50%/yr for PFIX.
Performance
TBF vs. PFIX - Performance Comparison
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Returns By Period
In the year-to-date period, TBF achieves a 5.32% return, which is significantly lower than PFIX's 5.83% return.
TBF
- 1D
- -0.16%
- 1M
- 2.99%
- 6M
- 4.48%
- YTD
- 5.32%
- 1Y
- 7.38%
- 3Y*
- 6.77%
- 5Y*
- 12.07%
- 10Y*
- 3.52%
- ALL TIME*
- -2.94%
PFIX
- 1D
- -2.84%
- 1M
- 12.08%
- 6M
- 6.04%
- YTD
- 5.83%
- 1Y
- 3.37%
- 3Y*
- 12.39%
- 5Y*
- 21.59%
- 10Y*
- —
- ALL TIME*
- 16.25%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $10.34M | $6.64M | $16.82M | |
| $5.03M | $3.82M | $5.32M |
TBF vs. PFIX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
TBF ProShares Short 20+ Year Treasury | 5.32% | 1.27% | 16.33% | 2.43% | 42.37% | -9.97% |
PFIX Simplify Interest Rate Hedge ETF | 5.83% | 0.42% | 35.94% | 5.67% | 92.05% | -24.98% |
Correlation
The correlation between TBF and PFIX is 0.78, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.78 |
Correlation (3Y) Balances recent behavior with more history. | 0.88 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.85 |
Correlation (All Time) Calculated using the full available price history since May 11, 2021 | 0.85 |
The correlation between TBF and PFIX has been stable across timeframes, ranging from 0.78 to 0.88 - a consistent structural relationship.
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Return for Risk
TBF vs. PFIX — Risk / Return Rank
TBF
PFIX
TBF vs. PFIX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Short 20+ Year Treasury (TBF) 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.
| TBF | PFIX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.70 | ||
| Sortino ratioReturn per unit of downside risk | +0.84 | ||
| Omega ratioGain probability vs. loss probability | 1.14 | 1.04 | +0.10 |
| Calmar ratioReturn relative to maximum drawdown | 1.14 | 0.14 | +0.99 |
| Martin ratioReturn relative to average drawdown | 2.57 | 0.22 | +2.35 |
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Drawdowns
TBF vs. PFIX - Drawdown Comparison
The maximum TBF drawdown since its inception was -70.40%, which is greater than PFIX's maximum drawdown of -36.17%. Use the drawdown chart below to compare losses from any high point for TBF and PFIX.
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Drawdown Indicators
| TBF | PFIX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -70.40% | -36.17% | -34.23% |
Max Drawdown (1Y)Largest decline over 1 year | -6.52% | -23.71% | +17.19% |
Max Drawdown (3Y)Largest decline over 3 years | -17.79% | -36.17% | +18.38% |
Max Drawdown (5Y)Largest decline over 5 years | -17.79% | -36.17% | +18.38% |
Max Drawdown (10Y)Largest decline over 10 years | -38.39% | — | — |
Current DrawdownCurrent decline from peak | -41.77% | -12.74% | -29.03% |
Average DrawdownAverage peak-to-trough decline | -47.37% | -17.18% | -30.19% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.88% | 15.41% | -12.53% |
Volatility
TBF vs. PFIX - Volatility Comparison
The current volatility for ProShares Short 20+ Year Treasury (TBF) is 2.56%, while Simplify Interest Rate Hedge ETF (PFIX) has a volatility of 8.24%. This indicates that TBF 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
| TBF | PFIX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.56% | 8.24% | -5.68% |
Volatility (6M)Calculated over the trailing 6-month period | 6.78% | 22.14% | -15.36% |
Volatility (1Y)Calculated over the trailing 1-year period | 9.11% | 29.10% | -19.99% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.60% | 38.65% | -23.05% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 14.44% | 38.12% | -23.68% |
TBF vs. PFIX - Expense Ratio Comparison
TBF has a 0.94% expense ratio, which is higher than PFIX's 0.50% expense ratio.
Dividends
TBF vs. PFIX - Dividend Comparison
TBF's dividend yield for the trailing twelve months is around 2.70%, less than PFIX's 8.18% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
PFIX Simplify Interest Rate Hedge ETF | 8.18% | 9.92% | 3.40% | 87.92% | 0.63% | 0.00% | 0.00% | 0.00% | 0.00% |
TBF ProShares Short 20+ Year Treasury | 2.70% | 3.39% | 4.06% | 4.99% | 0.36% | 0.00% | 0.22% | 1.68% | 0.88% |
Frequently Asked Questions
TBF and PFIX have a correlation of 0.78, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PFIX has higher volatility (8.24%) compared to TBF (2.56%). In terms of maximum drawdown, TBF dropped -70.40% vs PFIX's -36.17%.
On 5-year performance, PFIX leads with 21.59% vs 12.07% for TBF. On fees, PFIX is cheaper at 0.50% per year. On volatility, TBF has been the lower-risk option at 2.56%. 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 21.59% return vs 12.07%. 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 0.94% for TBF.
PFIX has the higher dividend yield at 8.18%, compared with 2.70% for TBF.
They also come from different issuers: ProShares and Simplify. Their fees differ too: 0.94% for TBF and 0.50% for PFIX.
TBF currently has the higher Sharpe Ratio (0.81 vs 0.12), 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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