TYO vs. PFIX
TYO (Direxion Daily 7-10 Year Treasury Bear 3X) and PFIX (Simplify Interest Rate Hedge ETF) are both exchange-traded funds - TYO is a Leveraged Bonds fund tracking the NYSE 7-10 Year Treasury Bond Index, while PFIX is a Hedge Fund fund actively managed by Simplify. TYO is passively managed, while PFIX is actively managed. Over the past 5 years, TYO returned 12.78%/yr vs 17.72%/yr for PFIX. A 0.77 correlation means they provide meaningful diversification when combined. TYO charges 1.08%/yr vs 0.50%/yr for PFIX.
Performance
TYO vs. PFIX - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, TYO achieves a 7.50% return, which is significantly higher than PFIX's -6.98% return.
TYO
- 1D
- -0.95%
- 1M
- -1.40%
- YTD
- 7.50%
- 6M
- 7.74%
- 1Y
- 5.39%
- 3Y*
- 7.07%
- 5Y*
- 12.78%
- 10Y*
- 2.13%
PFIX
- 1D
- -0.61%
- 1M
- -11.02%
- YTD
- -6.98%
- 6M
- -6.81%
- 1Y
- -12.36%
- 3Y*
- 15.87%
- 5Y*
- 17.72%
- 10Y*
- —
TYO vs. PFIX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
TYO Direxion Daily 7-10 Year Treasury Bear 3X | 7.50% | -7.64% | 18.94% | 1.06% | 58.83% | -6.92% |
PFIX Simplify Interest Rate Hedge ETF | -6.98% | 0.42% | 35.94% | 5.67% | 92.05% | -24.98% |
Correlation
The correlation between TYO and PFIX is 0.66, 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 | 0.66 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.80 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.77 |
Correlation (All Time) Calculated using the full available price history since May 11, 2021 | 0.77 |
The correlation between TYO and PFIX shifts across timeframes, from 0.66 (1 year) to 0.80 (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
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.
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.
| TYO | PFIX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.80 | ||
| Sortino ratioReturn per unit of downside risk | +1.08 | ||
| Omega ratioGain probability vs. loss probability | 1.07 | 0.95 | +0.12 |
| Calmar ratioReturn relative to maximum drawdown | 0.54 | -0.48 | +1.02 |
| Martin ratioReturn relative to average drawdown | 1.00 | -0.74 | +1.74 |
Loading charts...
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.
Loading charts...
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 | -10.00% | -25.64% | +15.64% |
Max Drawdown (3Y)Largest decline over 3 years | -24.40% | -36.17% | +11.77% |
Max Drawdown (5Y)Largest decline over 5 years | -24.40% | -36.17% | +11.77% |
Max Drawdown (10Y)Largest decline over 10 years | -52.21% | — | — |
Current DrawdownCurrent decline from peak | -77.30% | -23.31% | -53.99% |
Average DrawdownAverage peak-to-trough decline | -71.10% | -17.15% | -53.95% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.42% | 16.70% | -11.28% |
Volatility
TYO vs. PFIX - Volatility Comparison
The current volatility for Direxion Daily 7-10 Year Treasury Bear 3X (TYO) is 4.29%, while Simplify Interest Rate Hedge ETF (PFIX) has a volatility of 6.85%. 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.
Loading charts...
Volatility by Period
| TYO | PFIX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.29% | 6.85% | -2.56% |
Volatility (6M)Calculated over the trailing 6-month period | 10.61% | 21.31% | -10.70% |
Volatility (1Y)Calculated over the trailing 1-year period | 14.36% | 29.19% | -14.83% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 23.23% | 38.46% | -15.23% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.17% | 38.23% | -18.06% |
TYO vs. PFIX - Expense Ratio Comparison
TYO has a 1.08% expense ratio, which is higher than PFIX's 0.50% expense ratio.
Dividends
TYO vs. PFIX - Dividend Comparison
TYO's dividend yield for the trailing twelve months is around 2.83%, 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% |
TYO Direxion Daily 7-10 Year Treasury Bear 3X | 2.83% | 3.69% | 4.22% | 3.62% | 0.09% | 0.00% | 0.36% | 1.58% | 0.32% |
Frequently Asked Questions
TYO and PFIX have a correlation of 0.66, 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 TYO (4.29%). In terms of maximum drawdown, TYO dropped -89.25% vs PFIX's -36.17%.
On 5-year performance, PFIX leads with 17.72% vs 12.78% for TYO. On fees, PFIX is cheaper at 0.50% per year. On volatility, TYO has been the lower-risk option at 4.29%. 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 12.78%. 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 1.08% for TYO.
PFIX has the higher dividend yield at 10.44%, compared with 2.83% for TYO.
TYO is categorized as Leveraged Bonds, while PFIX is Hedge Fund. They also come from different issuers: Direxion and Simplify. Their fees differ too: 1.08% for TYO and 0.50% for PFIX.
TYO currently has the higher Sharpe Ratio (0.38 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.
Find the right allocation for TYO 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