WAVLX vs. PFIX
WAVLX (Wavelength Interest Rate Neutral Fund) and PFIX (Simplify Interest Rate Hedge ETF) are both funds - WAVLX is a Nontraditional Bonds fund managed by Wavelength Funds, while PFIX is a Hedge Fund fund actively managed by Simplify. Over the past 5 years, WAVLX returned 2.69%/yr vs 17.72%/yr for PFIX. At a correlation of -0.55, they often move in opposite directions. WAVLX charges 0.99%/yr vs 0.50%/yr for PFIX.
Performance
WAVLX vs. PFIX - Performance Comparison
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Returns By Period
In the year-to-date period, WAVLX achieves a 2.83% return, which is significantly higher than PFIX's -6.98% return.
WAVLX
- 1D
- -0.29%
- 1M
- 0.32%
- YTD
- 2.83%
- 6M
- 2.77%
- 1Y
- 9.09%
- 3Y*
- 7.53%
- 5Y*
- 2.69%
- 10Y*
- 4.19%
PFIX
- 1D
- -0.61%
- 1M
- -11.02%
- YTD
- -6.98%
- 6M
- -6.81%
- 1Y
- -12.36%
- 3Y*
- 15.87%
- 5Y*
- 17.72%
- 10Y*
- —
WAVLX vs. PFIX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
WAVLX Wavelength Interest Rate Neutral Fund | 2.83% | 9.86% | 5.21% | 7.02% | -11.34% | 1.90% |
PFIX Simplify Interest Rate Hedge ETF | -6.98% | 0.42% | 35.94% | 5.67% | 92.05% | -24.98% |
Correlation
The correlation between WAVLX and PFIX is -0.51, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.51 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.60 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.55 |
Correlation (All Time) Calculated using the full available price history since May 11, 2021 | -0.55 |
The correlation between WAVLX and PFIX has been stable across timeframes, ranging from -0.60 to -0.51 - a consistent structural relationship.
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Return for Risk
WAVLX vs. PFIX — Risk / Return Rank
WAVLX
PFIX
WAVLX vs. PFIX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Wavelength Interest Rate Neutral Fund (WAVLX) 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.
| WAVLX | PFIX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.59 | ||
| Sortino ratioReturn per unit of downside risk | +3.60 | ||
| Omega ratioGain probability vs. loss probability | 1.42 | 0.95 | +0.47 |
| Calmar ratioReturn relative to maximum drawdown | 3.13 | -0.48 | +3.61 |
| Martin ratioReturn relative to average drawdown | 13.29 | -0.74 | +14.03 |
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Drawdowns
WAVLX vs. PFIX - Drawdown Comparison
The maximum WAVLX drawdown since its inception was -14.39%, smaller than the maximum PFIX drawdown of -36.17%. Use the drawdown chart below to compare losses from any high point for WAVLX and PFIX.
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Drawdown Indicators
| WAVLX | PFIX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -14.39% | -36.17% | +21.78% |
Max Drawdown (1Y)Largest decline over 1 year | -3.03% | -25.64% | +22.61% |
Max Drawdown (3Y)Largest decline over 3 years | -5.33% | -36.17% | +30.84% |
Max Drawdown (5Y)Largest decline over 5 years | -14.39% | -36.17% | +21.78% |
Max Drawdown (10Y)Largest decline over 10 years | -14.39% | — | — |
Current DrawdownCurrent decline from peak | -0.58% | -23.31% | +22.73% |
Average DrawdownAverage peak-to-trough decline | -2.97% | -17.15% | +14.18% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.71% | 16.70% | -15.99% |
Volatility
WAVLX vs. PFIX - Volatility Comparison
The current volatility for Wavelength Interest Rate Neutral Fund (WAVLX) is 1.52%, while Simplify Interest Rate Hedge ETF (PFIX) has a volatility of 6.85%. This indicates that WAVLX 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
| WAVLX | PFIX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.52% | 6.85% | -5.33% |
Volatility (6M)Calculated over the trailing 6-month period | 3.39% | 21.31% | -17.92% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.38% | 29.19% | -24.81% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.61% | 38.46% | -32.85% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.32% | 38.23% | -32.91% |
WAVLX vs. PFIX - Expense Ratio Comparison
WAVLX has a 0.99% expense ratio, which is higher than PFIX's 0.50% expense ratio.
Dividends
WAVLX vs. PFIX - Dividend Comparison
WAVLX's dividend yield for the trailing twelve months is around 4.34%, less than PFIX's 10.44% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PFIX Simplify Interest Rate Hedge ETF | 10.44% | 9.92% | 3.40% | 87.92% | 0.63% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
WAVLX Wavelength Interest Rate Neutral Fund | 4.34% | 3.67% | 4.41% | 4.83% | 3.63% | 2.83% | 2.21% | 4.96% | 2.65% | 2.09% | 2.13% | 2.18% |
Frequently Asked Questions
WAVLX and PFIX have a correlation of -0.51, 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 WAVLX (1.52%). In terms of maximum drawdown, WAVLX dropped -14.39% vs PFIX's -36.17%.
WAVLX currently has the higher Sharpe Ratio (2.16 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.
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