WAVLX vs. PFIX

Last updated Aug 1, 2026

WAVLX (Wavelength Fund) and PFIX (Simplify Interest Rate Hedge ETF) are both funds - WAVLX is a Nontraditional Bonds fund managed by Wavelength, while PFIX is a Inverse Bonds fund actively managed by Simplify. Over the past 5 years, WAVLX returned 2.28%/yr vs 23.20%/yr for PFIX. Their -0.54 correlation means they have often moved in opposite directions in the past. WAVLX charges 0.99%/yr vs 0.50%/yr for PFIX.

Performance

WAVLX vs. PFIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Wavelength Fund (WAVLX) and Simplify Interest Rate Hedge ETF (PFIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, WAVLX achieves a 1.96% return, which is significantly lower than PFIX's 10.66% return.

WAVLX

• 1D: 0.50%
• 1M: -0.49%
• 6M: 0.71%
• YTD: 1.96%
• 1Y: 6.43%
• 3Y*: 6.90%
• 5Y*: 2.28%
• 10Y*: 3.82%
• ALL TIME*: 3.29%

PFIX

• 1D: 3.06%
• 1M: 17.72%
• 6M: 11.49%
• YTD: 10.66%
• 1Y: 7.25%
• 3Y*: 17.57%
• 5Y*: 23.20%
• 10Y*: —
• ALL TIME*: 17.29%

*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
PFIX Simplify Interest Rate Hedge ETF	$6.29M	$5.62M	$16.95M
WAVLX Wavelength Fund	$0.00	$0.00	$0.00

WAVLX vs. PFIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
WAVLX Wavelength Fund	1.96%	9.86%	5.21%	7.02%	-11.34%	1.90%
PFIX Simplify Interest Rate Hedge ETF	10.66%	0.42%	35.94%	5.67%	92.05%	-24.98%

Correlation

The correlation between WAVLX and PFIX is -0.49, 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.	-0.49
Correlation (3Y) Balances recent behavior with more history.	-0.59
Correlation (5Y) Shows whether the relationship held over a longer period.	-0.55
Correlation (All Time) Calculated using the full available price history since May 11, 2021	-0.54

The correlation between WAVLX and PFIX shifts across timeframes, from -0.59 (3 years) to -0.49 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

WAVLX vs. PFIX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

WAVLX

WAVLX Risk / Return Rank: 63
WAVLX Sharpe Ratio Rank: 61
WAVLX Sortino Ratio Rank: 61
WAVLX Omega Ratio Rank: 64
WAVLX Calmar Ratio Rank: 65
WAVLX Martin Ratio Rank: 64

PFIX

PFIX Risk / Return Rank: 13
PFIX Sharpe Ratio Rank: 13
PFIX Sortino Ratio Rank: 14
PFIX Omega Ratio Rank: 13
PFIX Calmar Ratio Rank: 13
PFIX Martin Ratio Rank: 12

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

WAVLX vs. PFIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Wavelength 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 ratio: Return per unit of total volatility	1.54	0.08	+1.46
Sortino ratio: Return per unit of downside risk	2.23	0.34	+1.89
Omega ratio: Gain probability vs. loss probability	1.29	1.04	+0.26
Calmar ratio: Return relative to maximum drawdown	2.22	0.10	+2.12
Martin ratio: Return relative to average drawdown	8.41	0.15	+8.26

WAVLX vs. PFIX - Sharpe Ratio Comparison

The current WAVLX Sharpe Ratio is 1.54, which is higher than the PFIX Sharpe Ratio of 0.08. The chart below compares the historical Sharpe Ratios of WAVLX and PFIX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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.

Drawdown Indicators

	WAVLX	PFIX	Difference
Max Drawdown Largest peak-to-trough decline	-14.39%	-36.17%	+21.78%
Max Drawdown (1Y) Largest decline over 1 year	-3.03%	-23.71%	+20.68%
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 Drawdown Current decline from peak	-1.41%	-8.76%	+7.35%
Average Drawdown Average peak-to-trough decline	-2.96%	-17.19%	+14.23%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.80%	15.42%	-14.62%

Volatility

WAVLX vs. PFIX - Volatility Comparison

The current volatility for Wavelength Fund (WAVLX) is 1.15%, while Simplify Interest Rate Hedge ETF (PFIX) has a volatility of 7.75%. 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.

Volatility by Period

	WAVLX	PFIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.15%	7.75%	-6.60%
Volatility (6M) Calculated over the trailing 6-month period	3.48%	21.92%	-18.44%
Volatility (1Y) Calculated over the trailing 1-year period	4.36%	29.31%	-24.95%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.63%	38.61%	-32.98%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.31%	38.13%	-32.82%

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 3.55%, less than PFIX's 7.82% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PFIX Simplify Interest Rate Hedge ETF	7.82%	9.92%	3.40%	87.92%	0.63%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
WAVLX Wavelength Fund	3.55%	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

Can I hold both WAVLX and PFIX in my portfolio?

WAVLX and PFIX have a correlation of -0.49, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, WAVLX or PFIX?

PFIX has higher volatility (7.75%) compared to WAVLX (1.15%). In terms of maximum drawdown, WAVLX dropped -14.39% vs PFIX's -36.17%.

Which has better risk-adjusted returns?

WAVLX currently has the higher Sharpe Ratio (1.54 vs 0.08), 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.