UBT vs. PFIX
UBT (ProShares Ultra 20+ Year Treasury) and PFIX (Simplify Interest Rate Hedge ETF) are both exchange-traded funds - UBT is a Leveraged Bonds fund tracking the ICE U.S. Treasury 20+ Year Bond Index (200% Daily), while PFIX is a Inverse Bonds fund actively managed by Simplify. UBT is passively managed, while PFIX is actively managed. Over the past 5 years, UBT returned -21.58%/yr vs 23.80%/yr for PFIX. Their -0.85 correlation means they have often moved in opposite directions in the past. UBT charges 0.95%/yr vs 0.50%/yr for PFIX.
Performance
UBT vs. PFIX - Performance Comparison
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Returns By Period
In the year-to-date period, UBT achieves a -9.14% return, which is significantly lower than PFIX's 11.17% return.
UBT
- 1D
- 0.81%
- 1M
- -7.64%
- 6M
- -8.31%
- YTD
- -9.14%
- 1Y
- -9.25%
- 3Y*
- -9.00%
- 5Y*
- -21.58%
- 10Y*
- -9.58%
- ALL TIME*
- 0.30%
PFIX
- 1D
- 0.46%
- 1M
- 18.26%
- 6M
- 11.37%
- YTD
- 11.17%
- 1Y
- 7.75%
- 3Y*
- 14.25%
- 5Y*
- 23.80%
- 10Y*
- —
- ALL TIME*
- 17.37%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $8.65M | $6.17M | $16.90M | |
| $607.37K | $624.24K | $851.60K |
UBT vs. PFIX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
UBT ProShares Ultra 20+ Year Treasury | -9.14% | 2.03% | -21.81% | -3.68% | -55.54% | 15.06% |
PFIX Simplify Interest Rate Hedge ETF | 11.17% | 0.42% | 35.94% | 5.67% | 92.05% | -24.98% |
Correlation
The correlation between UBT and PFIX is -0.77, 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. | -0.77 |
Correlation (3Y) Balances recent behavior with more history. | -0.88 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.85 |
Correlation (All Time) Calculated using the full available price history since May 11, 2021 | -0.85 |
The correlation between UBT and PFIX shifts across timeframes, from -0.88 (3 years) to -0.77 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
UBT vs. PFIX — Risk / Return Rank
UBT
PFIX
UBT vs. PFIX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra 20+ Year Treasury (UBT) 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.
| UBT | PFIX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.78 | ||
| Sortino ratioReturn per unit of downside risk | -1.23 | ||
| Omega ratioGain probability vs. loss probability | 0.93 | 1.07 | -0.14 |
| Calmar ratioReturn relative to maximum drawdown | -0.51 | 0.33 | -0.84 |
| Martin ratioReturn relative to average drawdown | -1.08 | 0.50 | -1.58 |
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Drawdowns
UBT vs. PFIX - Drawdown Comparison
The maximum UBT drawdown since its inception was -78.90%, which is greater than PFIX's maximum drawdown of -36.17%. Use the drawdown chart below to compare losses from any high point for UBT and PFIX.
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Drawdown Indicators
| UBT | PFIX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -78.90% | -36.17% | -42.73% |
Max Drawdown (1Y)Largest decline over 1 year | -18.25% | -23.71% | +5.46% |
Max Drawdown (3Y)Largest decline over 3 years | -31.18% | -36.17% | +4.99% |
Max Drawdown (5Y)Largest decline over 5 years | -72.49% | -36.17% | -36.32% |
Max Drawdown (10Y)Largest decline over 10 years | -78.90% | — | — |
Current DrawdownCurrent decline from peak | -78.21% | -8.34% | -69.87% |
Average DrawdownAverage peak-to-trough decline | -32.73% | -17.19% | -15.54% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.58% | 15.40% | -6.82% |
Volatility
UBT vs. PFIX - Volatility Comparison
The current volatility for ProShares Ultra 20+ Year Treasury (UBT) is 5.23%, while Simplify Interest Rate Hedge ETF (PFIX) has a volatility of 7.75%. This indicates that UBT 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
| UBT | PFIX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.23% | 7.75% | -2.52% |
Volatility (6M)Calculated over the trailing 6-month period | 13.51% | 21.85% | -8.34% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.34% | 28.94% | -10.60% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 31.09% | 38.62% | -7.53% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 29.18% | 38.12% | -8.94% |
UBT vs. PFIX - Expense Ratio Comparison
UBT has a 0.95% expense ratio, which is higher than PFIX's 0.50% expense ratio.
Dividends
UBT vs. PFIX - Dividend Comparison
UBT's dividend yield for the trailing twelve months is around 3.77%, less than PFIX's 7.78% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PFIX Simplify Interest Rate Hedge ETF | 7.78% | 9.92% | 3.40% | 87.92% | 0.63% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
UBT ProShares Ultra 20+ Year Treasury | 3.77% | 4.26% | 4.50% | 3.54% | 0.30% | 0.00% | 0.26% | 1.50% | 1.55% | 1.37% | 0.75% | 1.56% |
Frequently Asked Questions
UBT and PFIX have a correlation of -0.77, 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 UBT (5.23%). In terms of maximum drawdown, UBT dropped -78.90% vs PFIX's -36.17%.
On 5-year performance, PFIX leads with 23.80% vs -21.58% for UBT. On fees, PFIX is cheaper at 0.50% per year. On volatility, UBT has been the lower-risk option at 5.23%. 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 23.80% return vs -21.58%. 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 UBT.
PFIX has the higher dividend yield at 7.78%, compared with 3.77% for UBT.
UBT is categorized as Leveraged Bonds, while PFIX is Inverse Bonds. They also come from different issuers: ProShares and Simplify. Their fees differ too: 0.95% for UBT and 0.50% for PFIX.
PFIX currently has the higher Sharpe Ratio (0.27 vs -0.51), 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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