PFIX vs SPY
Simplify Interest Rate Hedge ETF vs State Street SPDR S&P 500 ETF Trust
Quick Verdict
SPY has a lower expense ratio. SPY delivered stronger 1-year returns. SPY offers more diversification with 503 holdings.
Side-by-Side Comparison
| Metric | PFIX | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 0.50% | 0.09% | |
| AUM | $170M | $789.1B | |
| Dividend Yield | 10.55% | 1.01% | |
| Holdings | 31 | 505 | |
| YTD Return | +3.84% | +13.79% | |
| 1Y Return | +1.06% | +23.66% | |
| 3Y Return (annualized) | +12.65% | +21.40% | |
| 5Y Return (annualized) | +21.96% | +13.37% | |
| Volatility (annualized) | 36.3% | 15.3% | |
| Max Drawdown | -36.2% | -56.5% | |
| Fund Family | Simplify Exchange Traded Funds | State Street Investment Management | |
| Category | Equity | Equity | |
| Inception | May 10, 2021 | Jan 22, 1993 |
PFIX vs SPY Performance
Simplify Interest Rate Hedge ETF (PFIX) is a ETF from Simplify Exchange Traded Funds and State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management. Over the past year PFIX returned +1.06% while SPY returned +23.66%. Year to date, PFIX is up 3.84% versus a gain of 13.79% for SPY.
Over three years, PFIX compounded at +12.65% per year against +21.40% for SPY; over five years the annualized figures are +21.96% and +13.37% respectively. Across the full 5-year window we track, PFIX has the edge at +16.35% annualized vs +8.85%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
PFIX has been the more volatile fund, with annualized monthly volatility of 36.3% compared with 15.3% for SPY. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.
The deepest peak-to-trough decline in our data was -36.2% for PFIX and -56.5% for SPY. Drawdown depth is worth weighing if you expect to sell during market stress rather than ride it out.
The two funds' monthly returns correlate at -0.54. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
PFIX charges 0.50% per year while SPY charges 0.09%. On a $10,000 position that is $50 vs $9 annually, a gap of $41 per year that compounds over a long holding period. On income, PFIX currently yields 10.55% against 1.01% for SPY.
Holdings Overlap
PFIX and SPY share 0 holdings out of 504 unique holdings combined, representing a 0.0% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
Frequently Asked Questions
Which is cheaper, PFIX or SPY?
PFIX has an expense ratio of 0.50% while SPY charges 0.09%. SPY is the cheaper option. On a $10,000 investment, that is $41 per year of difference.
Which performed better, PFIX or SPY?
Over the past year PFIX returned +1.06% vs +23.66% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (5 years), PFIX annualized +16.35% vs +8.85% for SPY. Past performance does not guarantee future results.
Which is riskier, PFIX or SPY?
PFIX has been the more volatile fund at 36.3% annualized versus 15.3% for SPY. Worst drawdown: PFIX -36.2% vs SPY -56.5%.
Should I hold both PFIX and SPY?
PFIX and SPY have a monthly-return correlation of -0.54, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between PFIX and SPY?
PFIX and SPY share 0 common holdings with a 0.0% weight overlap. Combined, they hold 504 unique securities.
Which pays a higher dividend, PFIX or SPY?
PFIX yields 10.55% while SPY yields 1.01%, so PFIX currently pays the higher dividend yield.
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