TBT vs. PFIX
Compare and contrast key facts about ProShares UltraShort 20+ Year Treasury (TBT) and Simplify Interest Rate Hedge ETF (PFIX).
TBT and PFIX are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. TBT is a passively managed fund by ProShares that tracks the performance of the U.S. Treasury 20+ Year Index (-200%). It was launched on May 1, 2008. PFIX is an actively managed fund by Simplify Asset Management Inc.. It was launched on May 10, 2021.
Scroll down to visually compare performance, riskiness, drawdowns, and other indicators and decide which better suits your portfolio: TBT or PFIX.
Key characteristics
| TBT | PFIX | |
|---|---|---|
| YTD Return | 26.89% | 36.69% |
| 1Y Return | 35.01% | 44.25% |
| Sharpe Ratio | 1.26 | 1.32 |
| Daily Std Dev | 33.91% | 40.52% |
| Max Drawdown | -94.99% | -39.17% |
| Current Drawdown | -85.95% | -14.17% |
Correlation
The correlation between TBT 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.
Performance
TBT vs. PFIX - Performance Comparison
In the year-to-date period, TBT achieves a 26.89% return, which is significantly lower than PFIX's 36.69% return. The chart below displays the growth of a $10,000 investment in both assets, with all prices adjusted for splits and dividends.
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TBT vs. PFIX - Expense Ratio Comparison
TBT has a 0.92% expense ratio, which is higher than PFIX's 0.50% expense ratio.
Risk-Adjusted Performance
TBT vs. PFIX - Risk-Adjusted Performance Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort 20+ Year Treasury (TBT) 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.
Dividends
TBT vs. PFIX - Dividend Comparison
TBT's dividend yield for the trailing twelve months is around 4.05%, less than PFIX's 60.08% yield.
| TTM | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|
TBT ProShares UltraShort 20+ Year Treasury | 4.05% | 4.98% | 0.42% | 0.00% | 0.27% | 2.12% | 0.99% |
PFIX Simplify Interest Rate Hedge ETF | 60.08% | 80.99% | 0.63% | 0.00% | 0.00% | 0.00% | 0.00% |
Drawdowns
TBT vs. PFIX - Drawdown Comparison
The maximum TBT drawdown since its inception was -94.99%, which is greater than PFIX's maximum drawdown of -39.17%. Use the drawdown chart below to compare losses from any high point for TBT and PFIX. For additional features, visit the drawdowns tool.
Volatility
TBT vs. PFIX - Volatility Comparison
The current volatility for ProShares UltraShort 20+ Year Treasury (TBT) is 7.97%, while Simplify Interest Rate Hedge ETF (PFIX) has a volatility of 13.31%. This indicates that TBT 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.