TBF vs. PFIX
Compare and contrast key facts about ProShares Short 20+ Year Treasury (TBF) and Simplify Interest Rate Hedge ETF (PFIX).
TBF and PFIX are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. TBF is a passively managed fund by ProShares that tracks the performance of the U.S. Treasury 20+ Year Index (-100%). It was launched on Aug 20, 2009. PFIX is an actively managed fund by Simplify. It was launched on May 10, 2021.
Performance
TBF vs. PFIX - Performance Comparison
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TBF vs. PFIX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
TBF ProShares Short 20+ Year Treasury | 0.84% | 1.27% | 16.33% | 2.43% | 42.37% | -10.42% |
PFIX Simplify Interest Rate Hedge ETF | -2.90% | 0.42% | 35.94% | 5.67% | 92.05% | -24.95% |
Returns By Period
In the year-to-date period, TBF achieves a 0.84% return, which is significantly higher than PFIX's -2.90% return.
TBF
- 1D
- 0.00%
- 1M
- 4.48%
- YTD
- 0.84%
- 6M
- 3.47%
- 1Y
- 5.68%
- 3Y*
- 8.96%
- 5Y*
- 9.16%
- 10Y*
- 2.34%
PFIX
- 1D
- -3.95%
- 1M
- 11.53%
- YTD
- -2.90%
- 6M
- 2.03%
- 1Y
- 4.58%
- 3Y*
- 17.99%
- 5Y*
- —
- 10Y*
- —
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TBF vs. PFIX - Expense Ratio Comparison
TBF has a 0.94% expense ratio, which is higher than PFIX's 0.50% expense ratio.
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.
| TBF | PFIX | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.52 | 0.13 | +0.39 |
Sortino ratioReturn per unit of downside risk | 0.84 | 0.46 | +0.38 |
Omega ratioGain probability vs. loss probability | 1.10 | 1.05 | +0.04 |
Calmar ratioReturn relative to maximum drawdown | 0.59 | 0.10 | +0.48 |
Martin ratioReturn relative to average drawdown | 1.18 | 0.17 | +1.01 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| TBF | PFIX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.52 | 0.13 | +0.39 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.59 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.16 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.22 | 0.40 | -0.62 |
Correlation
The correlation between TBF and PFIX is 0.85, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.
Dividends
TBF vs. PFIX - Dividend Comparison
TBF's dividend yield for the trailing twelve months is around 2.88%, less than PFIX's 10.17% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
TBF ProShares Short 20+ Year Treasury | 2.88% | 3.39% | 4.06% | 4.99% | 0.36% | 0.00% | 0.22% | 1.68% | 0.88% |
PFIX Simplify Interest Rate Hedge ETF | 10.17% | 9.92% | 3.40% | 87.92% | 0.63% | 0.00% | 0.00% | 0.00% | 0.00% |
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 | -8.11% | -28.22% | +20.11% |
Max Drawdown (5Y)Largest decline over 5 years | -17.79% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -38.39% | — | — |
Current DrawdownCurrent decline from peak | -44.25% | -19.94% | -24.31% |
Average DrawdownAverage peak-to-trough decline | -47.47% | -17.07% | -30.40% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.04% | 17.44% | -13.40% |
Volatility
TBF vs. PFIX - Volatility Comparison
The current volatility for ProShares Short 20+ Year Treasury (TBF) is 3.61%, while Simplify Interest Rate Hedge ETF (PFIX) has a volatility of 13.71%. 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 | 3.61% | 13.71% | -10.10% |
Volatility (6M)Calculated over the trailing 6-month period | 6.47% | 20.26% | -13.79% |
Volatility (1Y)Calculated over the trailing 1-year period | 11.07% | 35.00% | -23.93% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.75% | 38.75% | -23.00% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 14.54% | 38.75% | -24.21% |