TYA vs. PFIX
TYA (Simplify Intermediate Term Treasury Futures Strategy ETF) and PFIX (Simplify Interest Rate Hedge ETF) are both exchange-traded funds - TYA is a Government Bonds fund actively managed by Simplify, while PFIX is a Inverse Bonds fund actively managed by Simplify. Both are actively managed. Over the past 3 years, TYA returned -0.87%/yr vs 17.57%/yr for PFIX. Their -0.73 correlation means they have often moved in opposite directions in the past. TYA charges 0.15%/yr vs 0.50%/yr for PFIX.
Performance
TYA vs. PFIX - Performance Comparison
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Returns By Period
In the year-to-date period, TYA achieves a -7.86% return, which is significantly lower than PFIX's 10.66% return.
TYA
- 1D
- -0.73%
- 1M
- -3.46%
- 6M
- -7.00%
- YTD
- -7.86%
- 1Y
- -6.50%
- 3Y*
- -0.87%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- -10.77%
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 | |
| $285.08K | $301.16K | $687.50K |
TYA vs. PFIX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
TYA Simplify Intermediate Term Treasury Futures Strategy ETF | -7.86% | 14.38% | -9.63% | -2.23% | -37.62% | -0.80% |
PFIX Simplify Interest Rate Hedge ETF | 10.66% | 0.42% | 35.94% | 5.67% | 92.05% | -5.80% |
Correlation
The correlation between TYA and PFIX is -0.57, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.58 |
Correlation (3Y) Balances recent behavior with more history. | -0.77 |
Correlation (All Time) Calculated using the full available price history since Sep 28, 2021 | -0.73 |
The correlation between TYA and PFIX shifts across timeframes, from -0.77 (3 years) to -0.57 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
TYA vs. PFIX — Risk / Return Rank
TYA
PFIX
TYA vs. PFIX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Simplify Intermediate Term Treasury Futures Strategy ETF (TYA) 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.
| TYA | PFIX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.35 | ||
| Sortino ratioReturn per unit of downside risk | -0.64 | ||
| Omega ratioGain probability vs. loss probability | 0.97 | 1.04 | -0.07 |
| Calmar ratioReturn relative to maximum drawdown | -0.27 | 0.10 | -0.37 |
| Martin ratioReturn relative to average drawdown | -0.58 | 0.15 | -0.74 |
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Drawdowns
TYA vs. PFIX - Drawdown Comparison
The maximum TYA drawdown since its inception was -51.15%, which is greater than PFIX's maximum drawdown of -36.17%. Use the drawdown chart below to compare losses from any high point for TYA and PFIX.
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Drawdown Indicators
| TYA | PFIX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -51.15% | -36.17% | -14.98% |
Max Drawdown (1Y)Largest decline over 1 year | -12.24% | -23.71% | +11.47% |
Max Drawdown (3Y)Largest decline over 3 years | -19.13% | -36.17% | +17.04% |
Max Drawdown (5Y)Largest decline over 5 years | — | -36.17% | — |
Current DrawdownCurrent decline from peak | -43.21% | -8.76% | -34.45% |
Average DrawdownAverage peak-to-trough decline | -36.02% | -17.19% | -18.83% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.63% | 15.42% | -9.79% |
Volatility
TYA vs. PFIX - Volatility Comparison
The current volatility for Simplify Intermediate Term Treasury Futures Strategy ETF (TYA) is 3.24%, while Simplify Interest Rate Hedge ETF (PFIX) has a volatility of 7.75%. This indicates that TYA 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
| TYA | PFIX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.24% | 7.75% | -4.51% |
Volatility (6M)Calculated over the trailing 6-month period | 9.62% | 21.92% | -12.30% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.44% | 29.31% | -16.87% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 20.35% | 38.61% | -18.26% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.35% | 38.13% | -17.78% |
TYA vs. PFIX - Expense Ratio Comparison
TYA has a 0.15% expense ratio, which is lower than PFIX's 0.50% expense ratio.
Dividends
TYA vs. PFIX - Dividend Comparison
TYA's dividend yield for the trailing twelve months is around 3.76%, less than PFIX's 7.82% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
PFIX Simplify Interest Rate Hedge ETF | 7.82% | 9.92% | 3.40% | 87.92% | 0.63% | 0.00% |
TYA Simplify Intermediate Term Treasury Futures Strategy ETF | 3.76% | 3.85% | 4.84% | 4.28% | 2.23% | 0.11% |
Frequently Asked Questions
TYA and PFIX have a correlation of -0.57, 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 TYA (3.24%). In terms of maximum drawdown, TYA dropped -51.15% vs PFIX's -36.17%.
On 3-year performance, PFIX leads with 17.57% vs -0.87% for TYA. On fees, TYA is cheaper at 0.15% per year. On volatility, TYA has been the lower-risk option at 3.24%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, PFIX has performed better with a 17.57% return vs -0.87%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
TYA is cheaper with a 0.15% expense ratio, compared with 0.50% for PFIX.
PFIX has the higher dividend yield at 7.82%, compared with 3.76% for TYA.
TYA is categorized as Government Bonds, while PFIX is Inverse Bonds. Their fees differ too: 0.15% for TYA and 0.50% for PFIX.
PFIX currently has the higher Sharpe Ratio (0.08 vs -0.27), 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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