TBX vs. PFIX
TBX (ProShares Short 7-10 Year Treasury) and PFIX (Simplify Interest Rate Hedge ETF) are both Inverse Bonds funds. TBX is passively managed, while PFIX is actively managed. Over the past 5 years, TBX returned 6.92%/yr vs 23.20%/yr for PFIX. Their 0.74 correlation means they have sometimes moved together and sometimes differently. TBX charges 0.95%/yr vs 0.50%/yr for PFIX.
Performance
TBX vs. PFIX - Performance Comparison
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Returns By Period
In the year-to-date period, TBX achieves a 4.71% return, which is significantly lower than PFIX's 10.66% return.
TBX
- 1D
- 0.17%
- 1M
- 1.73%
- 6M
- 4.03%
- YTD
- 4.71%
- 1Y
- 5.30%
- 3Y*
- 4.21%
- 5Y*
- 6.92%
- 10Y*
- 2.33%
- ALL TIME*
- -1.00%
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 | |
| $818.03K | $918.65K | $792.72K |
TBX vs. PFIX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
TBX ProShares Short 7-10 Year Treasury | 4.71% | -1.15% | 8.52% | 3.99% | 18.31% | -2.27% |
PFIX Simplify Interest Rate Hedge ETF | 10.66% | 0.42% | 35.94% | 5.67% | 92.05% | -24.98% |
Correlation
The correlation between TBX and PFIX is 0.63, 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. | 0.63 |
Correlation (3Y) Balances recent behavior with more history. | 0.75 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.74 |
Correlation (All Time) Calculated using the full available price history since May 11, 2021 | 0.74 |
The correlation between TBX and PFIX shifts across timeframes, from 0.63 (1 year) to 0.75 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
TBX vs. PFIX — Risk / Return Rank
TBX
PFIX
TBX vs. PFIX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Short 7-10 Year Treasury (TBX) 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.
| TBX | PFIX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.80 | ||
| Sortino ratioReturn per unit of downside risk | +0.97 | ||
| Omega ratioGain probability vs. loss probability | 1.15 | 1.04 | +0.11 |
| Calmar ratioReturn relative to maximum drawdown | 1.88 | 0.10 | +1.78 |
| Martin ratioReturn relative to average drawdown | 4.19 | 0.15 | +4.03 |
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Drawdowns
TBX vs. PFIX - Drawdown Comparison
The maximum TBX drawdown since its inception was -41.04%, which is greater than PFIX's maximum drawdown of -36.17%. Use the drawdown chart below to compare losses from any high point for TBX and PFIX.
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Drawdown Indicators
| TBX | PFIX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -41.04% | -36.17% | -4.87% |
Max Drawdown (1Y)Largest decline over 1 year | -2.21% | -23.71% | +21.50% |
Max Drawdown (3Y)Largest decline over 3 years | -7.77% | -36.17% | +28.40% |
Max Drawdown (5Y)Largest decline over 5 years | -7.77% | -36.17% | +28.40% |
Max Drawdown (10Y)Largest decline over 10 years | -19.46% | — | — |
Current DrawdownCurrent decline from peak | -15.77% | -8.76% | -7.01% |
Average DrawdownAverage peak-to-trough decline | -26.53% | -17.19% | -9.34% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.12% | 15.42% | -14.30% |
Volatility
TBX vs. PFIX - Volatility Comparison
The current volatility for ProShares Short 7-10 Year Treasury (TBX) is 1.27%, while Simplify Interest Rate Hedge ETF (PFIX) has a volatility of 7.75%. This indicates that TBX 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
| TBX | PFIX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.27% | 7.75% | -6.48% |
Volatility (6M)Calculated over the trailing 6-month period | 3.69% | 21.92% | -18.23% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.69% | 29.31% | -24.62% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.42% | 38.61% | -30.19% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.11% | 38.13% | -31.02% |
TBX vs. PFIX - Expense Ratio Comparison
TBX has a 0.95% expense ratio, which is higher than PFIX's 0.50% expense ratio.
Dividends
TBX vs. PFIX - Dividend Comparison
TBX's dividend yield for the trailing twelve months is around 2.84%, 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% |
TBX ProShares Short 7-10 Year Treasury | 2.84% | 3.45% | 6.58% | 4.07% | 0.40% | 0.00% | 0.10% | 1.53% | 0.72% |
Frequently Asked Questions
TBX and PFIX have a correlation of 0.63, 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 TBX (1.27%). In terms of maximum drawdown, TBX dropped -41.04% vs PFIX's -36.17%.
On 5-year performance, PFIX leads with 23.20% vs 6.92% for TBX. On fees, PFIX is cheaper at 0.50% per year. On volatility, TBX has been the lower-risk option at 1.27%. 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 6.92%. 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 0.95% for TBX.
PFIX has the higher dividend yield at 7.82%, compared with 2.84% for TBX.
They also come from different issuers: ProShares and Simplify. Their fees differ too: 0.95% for TBX and 0.50% for PFIX.
TBX currently has the higher Sharpe Ratio (0.89 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.
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