CAS vs. MTBA

Last updated Jul 17, 2026

CAS (Simplify China A Shares PLUS Income ETF) and MTBA (Simplify MBS ETF) are both exchange-traded funds - CAS is a China Equities fund actively managed by Simplify, while MTBA is a Mortgage Backed Securities fund actively managed by Simplify. Both are actively managed. At a 0.40 correlation, their price movements are largely independent. CAS charges 0.88%/yr vs 0.15%/yr for MTBA.

Performance

CAS vs. MTBA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Simplify China A Shares PLUS Income ETF (CAS) and Simplify MBS ETF (MTBA). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

CAS

• 1D: -3.09%
• 1M: -7.28%
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

MTBA

• 1D: -0.10%
• 1M: -0.35%
• 6M: -0.42%
• YTD: 0.02%
• 1Y: 4.40%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

CAS vs. MTBA - Yearly Performance Comparison

	2026 (YTD)
CAS Simplify China A Shares PLUS Income ETF	-7.21%
MTBA Simplify MBS ETF	0.37%

Correlation

The correlation between CAS and MTBA is 0.40, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since May 28, 2026	0.40

Return for Risk

CAS vs. MTBA — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

CAS

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

MTBA

MTBA Risk / Return Rank: 45
MTBA Sharpe Ratio Rank: 50
MTBA Sortino Ratio Rank: 48
MTBA Omega Ratio Rank: 53
MTBA Calmar Ratio Rank: 37
MTBA Martin Ratio Rank: 37

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

CAS vs. MTBA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Simplify China A Shares PLUS Income ETF (CAS) and Simplify MBS ETF (MTBA). 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.

	CAS	MTBA	Difference
Sharpe ratio: Return per unit of total volatility	—	1.42	—
Sortino ratio: Return per unit of downside risk	—	1.98	—
Omega ratio: Gain probability vs. loss probability	—	1.27	—
Calmar ratio: Return relative to maximum drawdown	—	1.57	—
Martin ratio: Return relative to average drawdown	—	4.68	—

Drawdowns

CAS vs. MTBA - Drawdown Comparison

The maximum CAS drawdown since its inception was -10.52%, which is greater than MTBA's maximum drawdown of -3.48%. Use the drawdown chart below to compare losses from any high point for CAS and MTBA.

Drawdown Indicators

	CAS	MTBA	Difference
Max Drawdown Largest peak-to-trough decline	-10.52%	-3.48%	-7.04%
Max Drawdown (1Y) Largest decline over 1 year	—	-2.82%	—
Current Drawdown Current decline from peak	-10.52%	-1.36%	-9.16%
Average Drawdown Average peak-to-trough decline	-3.57%	-0.81%	-2.76%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.94%	—

Volatility

Volatility by Period

	CAS	MTBA	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	1.01%	—
Volatility (6M) Calculated over the trailing 6-month period	—	2.67%	—
Volatility (1Y) Calculated over the trailing 1-year period	32.80%	3.12%	+29.68%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	32.80%	3.93%	+28.87%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	32.80%	3.93%	+28.87%

CAS vs. MTBA - Expense Ratio Comparison

CAS has a 0.88% expense ratio, which is higher than MTBA's 0.15% expense ratio.

Dividends

CAS vs. MTBA - Dividend Comparison

CAS's dividend yield for the trailing twelve months is around 0.38%, less than MTBA's 6.06% yield.

Position	TTM	2025	2024	2023
CAS Simplify China A Shares PLUS Income ETF	0.38%	0.00%	0.00%	0.00%
MTBA Simplify MBS ETF	6.06%	5.98%	6.03%	0.48%

Frequently Asked Questions

Can I hold both CAS and MTBA in my portfolio?

CAS and MTBA have a correlation of 0.40, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, CAS or MTBA?

On fees, MTBA is cheaper at 0.15% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, CAS or MTBA?

MTBA is cheaper with a 0.15% expense ratio, compared with 0.88% for CAS.

Which ETF pays a higher dividend yield, CAS or MTBA?

MTBA has the higher dividend yield at 6.06%, compared with 0.38% for CAS.

What is the main difference between CAS and MTBA?

CAS is categorized as China Equities, while MTBA is Mortgage Backed Securities. Their fees differ too: 0.88% for CAS and 0.15% for MTBA.