TYO vs. PFIX
Compare and contrast key facts about Direxion Daily 7-10 Year Treasury Bear 3X (TYO) and Simplify Interest Rate Hedge ETF (PFIX).
TYO and PFIX are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. TYO is a passively managed fund by Direxion that tracks the performance of the NYSE 7-10 Year Treasury Bond Index. It was launched on Apr 16, 2009. PFIX is an actively managed fund by Simplify. It was launched on May 10, 2021.
Performance
TYO vs. PFIX - Performance Comparison
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TYO vs. PFIX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
TYO Direxion Daily 7-10 Year Treasury Bear 3X | 3.84% | -7.64% | 18.94% | 1.06% | 58.83% | -7.13% |
PFIX Simplify Interest Rate Hedge ETF | -2.90% | 0.42% | 35.94% | 5.67% | 92.05% | -24.95% |
Returns By Period
In the year-to-date period, TYO achieves a 3.84% return, which is significantly higher than PFIX's -2.90% return.
TYO
- 1D
- -0.22%
- 1M
- 8.42%
- YTD
- 3.84%
- 6M
- 5.01%
- 1Y
- 3.53%
- 3Y*
- 8.35%
- 5Y*
- 10.58%
- 10Y*
- 1.01%
PFIX
- 1D
- -3.95%
- 1M
- 11.53%
- YTD
- -2.90%
- 6M
- 2.03%
- 1Y
- 4.58%
- 3Y*
- 17.99%
- 5Y*
- —
- 10Y*
- —
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TYO vs. PFIX - Expense Ratio Comparison
TYO has a 1.08% expense ratio, which is higher than PFIX's 0.50% expense ratio.
Return for Risk
TYO vs. PFIX — Risk / Return Rank
TYO
PFIX
TYO vs. PFIX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily 7-10 Year Treasury Bear 3X (TYO) 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.
| TYO | PFIX | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.22 | 0.13 | +0.08 |
Sortino ratioReturn per unit of downside risk | 0.43 | 0.46 | -0.03 |
Omega ratioGain probability vs. loss probability | 1.05 | 1.05 | 0.00 |
Calmar ratioReturn relative to maximum drawdown | 0.23 | 0.10 | +0.12 |
Martin ratioReturn relative to average drawdown | 0.38 | 0.17 | +0.21 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| TYO | PFIX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.22 | 0.13 | +0.08 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.46 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.05 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.35 | 0.40 | -0.75 |
Correlation
The correlation between TYO and PFIX is 0.77, 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.
Dividends
TYO vs. PFIX - Dividend Comparison
TYO's dividend yield for the trailing twelve months is around 2.93%, less than PFIX's 10.17% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
TYO Direxion Daily 7-10 Year Treasury Bear 3X | 2.93% | 3.69% | 4.22% | 3.62% | 0.09% | 0.00% | 0.36% | 1.58% | 0.32% |
PFIX Simplify Interest Rate Hedge ETF | 10.17% | 9.92% | 3.40% | 87.92% | 0.63% | 0.00% | 0.00% | 0.00% | 0.00% |
Drawdowns
TYO vs. PFIX - Drawdown Comparison
The maximum TYO drawdown since its inception was -89.25%, which is greater than PFIX's maximum drawdown of -36.17%. Use the drawdown chart below to compare losses from any high point for TYO and PFIX.
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Drawdown Indicators
| TYO | PFIX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -89.25% | -36.17% | -53.08% |
Max Drawdown (1Y)Largest decline over 1 year | -11.86% | -28.22% | +16.36% |
Max Drawdown (5Y)Largest decline over 5 years | -24.40% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -52.21% | — | — |
Current DrawdownCurrent decline from peak | -78.07% | -19.94% | -58.13% |
Average DrawdownAverage peak-to-trough decline | -71.03% | -17.07% | -53.96% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.10% | 17.44% | -10.34% |
Volatility
TYO vs. PFIX - Volatility Comparison
The current volatility for Direxion Daily 7-10 Year Treasury Bear 3X (TYO) is 5.92%, while Simplify Interest Rate Hedge ETF (PFIX) has a volatility of 13.71%. This indicates that TYO 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
| TYO | PFIX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.92% | 13.71% | -7.79% |
Volatility (6M)Calculated over the trailing 6-month period | 9.68% | 20.26% | -10.58% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.40% | 35.00% | -18.60% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 23.19% | 38.75% | -15.56% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.22% | 38.75% | -18.53% |