TBT vs. PFIX
TBT (ProShares UltraShort 20+ Year Treasury) and PFIX (Simplify Interest Rate Hedge ETF) are both Inverse Bonds funds. TBT is passively managed, while PFIX is actively managed. Over the past 5 years, TBT returned 20.76%/yr vs 23.20%/yr for PFIX. Their correlation of 0.85 means they have usually moved in the same direction. TBT charges 0.93%/yr vs 0.50%/yr for PFIX.
Performance
TBT vs. PFIX - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, TBT achieves a 11.24% return, which is significantly higher than PFIX's 10.66% return.
TBT
- 1D
- 1.34%
- 1M
- 8.74%
- 6M
- 10.70%
- YTD
- 11.24%
- 1Y
- 12.71%
- 3Y*
- 10.40%
- 5Y*
- 20.76%
- 10Y*
- 3.87%
- ALL TIME*
- -9.28%
PFIX
- 1D
- 3.06%
- 1M
- 17.72%
- 6M
- 11.49%
- YTD
- 10.66%
- 1Y
- 7.25%
- 3Y*
- 17.57%
- 5Y*
- 23.20%
- 10Y*
- —
- ALL TIME*
- 17.29%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $6.29M | $5.62M | $16.95M | |
| $10.97M | $11.74M | $17.37M |
TBT vs. PFIX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
TBT ProShares UltraShort 20+ Year Treasury | 11.24% | -1.45% | 27.66% | -2.42% | 93.29% | -18.99% |
PFIX Simplify Interest Rate Hedge ETF | 10.66% | 0.42% | 35.94% | 5.67% | 92.05% | -24.98% |
Correlation
The correlation between TBT and PFIX is 0.77, 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. | 0.77 |
Correlation (3Y) Balances recent behavior with more history. | 0.88 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.86 |
Correlation (All Time) Calculated using the full available price history since May 11, 2021 | 0.85 |
The correlation between TBT and PFIX shifts across timeframes, from 0.77 (1 year) to 0.88 (3 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
TBT vs. PFIX — Risk / Return Rank
TBT
PFIX
TBT vs. PFIX - Risk-Adjusted Trends 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.
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.
| TBT | PFIX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.42 | ||
| Sortino ratioReturn per unit of downside risk | +0.49 | ||
| Omega ratioGain probability vs. loss probability | 1.10 | 1.04 | +0.06 |
| Calmar ratioReturn relative to maximum drawdown | 0.72 | 0.10 | +0.62 |
| Martin ratioReturn relative to average drawdown | 1.51 | 0.15 | +1.35 |
Loading charts...
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 -36.17%. Use the drawdown chart below to compare losses from any high point for TBT and PFIX.
Loading charts...
Drawdown Indicators
| TBT | PFIX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -94.99% | -36.17% | -58.82% |
Max Drawdown (1Y)Largest decline over 1 year | -13.23% | -23.71% | +10.48% |
Max Drawdown (3Y)Largest decline over 3 years | -33.83% | -36.17% | +2.34% |
Max Drawdown (5Y)Largest decline over 5 years | -33.83% | -36.17% | +2.34% |
Max Drawdown (10Y)Largest decline over 10 years | -65.09% | — | — |
Current DrawdownCurrent decline from peak | -84.50% | -8.76% | -75.74% |
Average DrawdownAverage peak-to-trough decline | -77.38% | -17.19% | -60.19% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.33% | 15.42% | -9.09% |
Volatility
TBT vs. PFIX - Volatility Comparison
The current volatility for ProShares UltraShort 20+ Year Treasury (TBT) is 5.28%, while Simplify Interest Rate Hedge ETF (PFIX) has a volatility of 7.75%. 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.
Loading charts...
Volatility by Period
| TBT | PFIX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.28% | 7.75% | -2.47% |
Volatility (6M)Calculated over the trailing 6-month period | 14.00% | 21.92% | -7.92% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.92% | 29.31% | -10.39% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 31.19% | 38.61% | -7.42% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 28.66% | 38.13% | -9.47% |
TBT vs. PFIX - Expense Ratio Comparison
TBT has a 0.93% expense ratio, which is higher than PFIX's 0.50% expense ratio.
Dividends
TBT vs. PFIX - Dividend Comparison
TBT's dividend yield for the trailing twelve months is around 2.52%, less than PFIX's 7.82% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
PFIX Simplify Interest Rate Hedge ETF | 7.82% | 9.92% | 3.40% | 87.92% | 0.63% | 0.00% | 0.00% | 0.00% | 0.00% |
TBT ProShares UltraShort 20+ Year Treasury | 2.52% | 3.21% | 4.64% | 4.98% | 0.42% | 0.00% | 0.32% | 2.12% | 0.99% |
Frequently Asked Questions
TBT and PFIX have a correlation of 0.77, 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 TBT (5.28%). In terms of maximum drawdown, TBT dropped -94.99% vs PFIX's -36.17%.
On 5-year performance, PFIX leads with 23.20% vs 20.76% for TBT. On fees, PFIX is cheaper at 0.50% per year. On volatility, TBT has been the lower-risk option at 5.28%. 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 23.20% return vs 20.76%. 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 0.93% for TBT.
PFIX has the higher dividend yield at 7.82%, compared with 2.52% for TBT.
They also come from different issuers: ProShares and Simplify. Their fees differ too: 0.93% for TBT and 0.50% for PFIX.
TBT currently has the higher Sharpe Ratio (0.50 vs 0.08), 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 TBT 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