VIXY vs. PFIX
VIXY (ProShares VIX Short-Term Futures ETF) and PFIX (Simplify Interest Rate Hedge ETF) are both exchange-traded funds - VIXY is a Volatility fund tracking the S&P 500 VIX Short-Term Futures Index, while PFIX is a Hedge Fund fund actively managed by Simplify. VIXY is passively managed, while PFIX is actively managed. Over the past 5 years, VIXY returned -46.62%/yr vs 20.92%/yr for PFIX. At a 0.06 correlation, their price movements are largely independent. VIXY charges 0.85%/yr vs 0.50%/yr for PFIX.
Performance
VIXY vs. PFIX - Performance Comparison
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Returns By Period
In the year-to-date period, VIXY achieves a -17.20% return, which is significantly lower than PFIX's 0.09% return.
VIXY
- 1D
- -1.94%
- 1M
- -3.06%
- 6M
- -17.07%
- YTD
- -17.20%
- 1Y
- -51.71%
- 3Y*
- -39.30%
- 5Y*
- -46.62%
- 10Y*
- -46.88%
- ALL TIME*
- -48.47%
PFIX
- 1D
- 1.37%
- 1M
- 9.04%
- 6M
- 3.57%
- YTD
- 0.09%
- 1Y
- -14.09%
- 3Y*
- 17.00%
- 5Y*
- 20.92%
- 10Y*
- —
- ALL TIME*
- 15.15%
VIXY vs. PFIX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
VIXY ProShares VIX Short-Term Futures ETF | -17.20% | -43.05% | -27.43% | -72.74% | -24.98% | -51.56% |
PFIX Simplify Interest Rate Hedge ETF | 0.09% | 0.42% | 35.94% | 5.67% | 92.05% | -24.98% |
Correlation
The correlation between VIXY and PFIX is 0.18, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.18 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.11 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.06 |
Correlation (All Time) Calculated using the full available price history since May 11, 2021 | 0.06 |
The correlation between VIXY and PFIX shifts across timeframes, from 0.06 (all time) to 0.18 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
VIXY vs. PFIX — Risk / Return Rank
VIXY
PFIX
VIXY vs. PFIX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares VIX Short-Term Futures ETF (VIXY) 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.
| VIXY | PFIX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.43 | ||
| Sortino ratioReturn per unit of downside risk | -0.88 | ||
| Omega ratioGain probability vs. loss probability | 0.84 | 0.94 | -0.10 |
| Calmar ratioReturn relative to maximum drawdown | -0.94 | -0.56 | -0.38 |
| Martin ratioReturn relative to average drawdown | -1.49 | -0.84 | -0.65 |
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Drawdowns
VIXY vs. PFIX - Drawdown Comparison
The maximum VIXY drawdown since its inception was -100.00%, which is greater than PFIX's maximum drawdown of -36.17%. Use the drawdown chart below to compare losses from any high point for VIXY and PFIX.
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Drawdown Indicators
| VIXY | PFIX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -100.00% | -36.17% | -63.83% |
Max Drawdown (1Y)Largest decline over 1 year | -55.18% | -25.09% | -30.09% |
Max Drawdown (3Y)Largest decline over 3 years | -81.45% | -36.17% | -45.28% |
Max Drawdown (5Y)Largest decline over 5 years | -96.09% | -36.17% | -59.92% |
Max Drawdown (10Y)Largest decline over 10 years | -99.83% | — | — |
Current DrawdownCurrent decline from peak | -100.00% | -17.48% | -82.52% |
Average DrawdownAverage peak-to-trough decline | -92.22% | -17.21% | -75.01% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 34.75% | 17.04% | +17.71% |
Volatility
VIXY vs. PFIX - Volatility Comparison
ProShares VIX Short-Term Futures ETF (VIXY) has a higher volatility of 12.30% compared to Simplify Interest Rate Hedge ETF (PFIX) at 8.63%. This indicates that VIXY's price experiences larger fluctuations and is considered to be riskier 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
| VIXY | PFIX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 12.30% | 8.63% | +3.67% |
Volatility (6M)Calculated over the trailing 6-month period | 44.49% | 22.05% | +22.44% |
Volatility (1Y)Calculated over the trailing 1-year period | 56.84% | 29.16% | +27.68% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 69.94% | 38.51% | +31.43% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 71.86% | 38.14% | +33.72% |
VIXY vs. PFIX - Expense Ratio Comparison
VIXY has a 0.85% expense ratio, which is higher than PFIX's 0.50% expense ratio.
Dividends
VIXY vs. PFIX - Dividend Comparison
VIXY has not paid dividends to shareholders, while PFIX's dividend yield for the trailing twelve months is around 9.68%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
PFIX Simplify Interest Rate Hedge ETF | 9.68% | 9.92% | 3.40% | 87.92% | 0.63% | 0.00% |
VIXY ProShares VIX Short-Term Futures ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
VIXY and PFIX have a correlation of 0.18, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
VIXY has higher volatility (12.30%) compared to PFIX (8.63%). In terms of maximum drawdown, VIXY dropped -100.00% vs PFIX's -36.17%.
On 5-year performance, PFIX leads with 20.92% vs -46.62% for VIXY. On fees, PFIX is cheaper at 0.50% per year. On volatility, PFIX has been the lower-risk option at 8.63%. 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 20.92% return vs -46.62%. 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 0.85% for VIXY.
PFIX has the higher dividend yield at 9.68%, compared with 0.00% for VIXY.
VIXY is categorized as Volatility, while PFIX is Hedge Fund. They also come from different issuers: ProShares and Simplify. Their fees differ too: 0.85% for VIXY and 0.50% for PFIX.
PFIX currently has the higher Sharpe Ratio (-0.49 vs -0.91), 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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