TBT vs. PFIX
TBT (ProShares UltraShort 20+ Year Treasury) and PFIX (Simplify Interest Rate Hedge ETF) are both exchange-traded funds - TBT is a Inverse Bonds fund tracking the ICE U.S. Treasury 20+ Year Bond Index, while PFIX is a Hedge Fund fund actively managed by Simplify. TBT is passively managed, while PFIX is actively managed. Over the past 5 years, TBT returned 16.22%/yr vs 17.72%/yr for PFIX. Their correlation of 0.85 suggests significant overlap in exposure. TBT charges 0.93%/yr vs 0.50%/yr for PFIX.
Performance
TBT vs. PFIX - Performance Comparison
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Returns By Period
In the year-to-date period, TBT achieves a 1.05% return, which is significantly higher than PFIX's -6.98% return.
TBT
- 1D
- -0.51%
- 1M
- -4.25%
- YTD
- 1.05%
- 6M
- 2.51%
- 1Y
- -0.72%
- 3Y*
- 10.52%
- 5Y*
- 16.22%
- 10Y*
- 2.32%
PFIX
- 1D
- -0.61%
- 1M
- -11.02%
- YTD
- -6.98%
- 6M
- -6.81%
- 1Y
- -12.36%
- 3Y*
- 15.87%
- 5Y*
- 17.72%
- 10Y*
- —
TBT vs. PFIX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
TBT ProShares UltraShort 20+ Year Treasury | 1.05% | -1.45% | 27.66% | -2.42% | 93.29% | -18.99% |
PFIX Simplify Interest Rate Hedge ETF | -6.98% | 0.42% | 35.94% | 5.67% | 92.05% | -24.98% |
Correlation
The correlation between TBT and PFIX is 0.78, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.78 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.88 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.85 |
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 0.78 (1 year) to 0.88 (3 years), reflecting how their relationship changes across market environments.
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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 | +0.39 | ||
| Sortino ratioReturn per unit of downside risk | +0.53 | ||
| Omega ratioGain probability vs. loss probability | 1.01 | 0.95 | +0.06 |
| Calmar ratioReturn relative to maximum drawdown | -0.05 | -0.48 | +0.44 |
| Martin ratioReturn relative to average drawdown | -0.10 | -0.74 | +0.65 |
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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.
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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 | -14.89% | -25.64% | +10.75% |
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 | -85.92% | -23.31% | -62.61% |
Average DrawdownAverage peak-to-trough decline | -77.34% | -17.15% | -60.19% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.55% | 16.70% | -9.15% |
Volatility
TBT vs. PFIX - Volatility Comparison
The current volatility for ProShares UltraShort 20+ Year Treasury (TBT) is 4.53%, while Simplify Interest Rate Hedge ETF (PFIX) has a volatility of 6.85%. 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.
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Volatility by Period
| TBT | PFIX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.53% | 6.85% | -2.32% |
Volatility (6M)Calculated over the trailing 6-month period | 13.49% | 21.31% | -7.82% |
Volatility (1Y)Calculated over the trailing 1-year period | 19.19% | 29.19% | -10.00% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 31.32% | 38.46% | -7.14% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 28.75% | 38.23% | -9.48% |
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 2.95%, less than PFIX's 10.44% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
PFIX Simplify Interest Rate Hedge ETF | 10.44% | 9.92% | 3.40% | 87.92% | 0.63% | 0.00% | 0.00% | 0.00% | 0.00% |
TBT ProShares UltraShort 20+ Year Treasury | 2.95% | 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 0.78, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PFIX has higher volatility (6.85%) compared to TBT (4.53%). In terms of maximum drawdown, TBT dropped -94.99% vs PFIX's -36.17%.
On 5-year performance, PFIX leads with 17.72% vs 16.22% for TBT. On fees, PFIX is cheaper at 0.50% per year. On volatility, TBT has been the lower-risk option at 4.53%. 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 17.72% return vs 16.22%. 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 10.44%, compared with 2.95% for TBT.
TBT is categorized as Inverse Bonds, while PFIX is Hedge Fund. 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 (-0.04 vs -0.43), 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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