CDX vs. MTBA

Last updated Aug 2, 2026

CDX (Simplify High Yield ETF) and MTBA (Simplify MBS ETF) are both exchange-traded funds - CDX is a High Yield Bonds fund actively managed by Simplify, while MTBA is a Mortgage Backed Securities fund actively managed by Simplify. Both are actively managed. Over the past year, CDX returned -3.26% vs 2.60% for MTBA. Their 0.35 correlation means their historical movements had little consistent relationship. CDX charges 0.25%/yr vs 0.15%/yr for MTBA.

Performance

CDX vs. MTBA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Simplify High Yield ETF (CDX) and Simplify MBS ETF (MTBA). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CDX achieves a -3.00% return, which is significantly lower than MTBA's -0.64% return.

CDX

• 1D: 0.10%
• 1M: -0.57%
• 6M: -3.06%
• YTD: -3.00%
• 1Y: -3.26%
• 3Y*: 7.17%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 3.85%

MTBA

• 1D: -0.31%
• 1M: -0.83%
• 6M: -1.11%
• YTD: -0.64%
• 1Y: 2.60%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 4.64%

*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)
CDX Simplify High Yield ETF	$2.23M	$2.17M	$2.98M
MTBA Simplify MBS ETF	$6.73M	$6.03M	$8.90M

CDX vs. MTBA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
CDX Simplify High Yield ETF	-3.00%	9.51%	7.71%	2.99%
MTBA Simplify MBS ETF	-0.64%	7.74%	1.99%	3.67%

Correlation

The correlation between CDX and MTBA is 0.42, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.42
Correlation (All Time) Calculated using the full available price history since Nov 7, 2023	0.35

Return for Risk

CDX vs. MTBA — Risk / Return Rank

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

CDX

CDX Risk / Return Rank: 4
CDX Sharpe Ratio Rank: 5
CDX Sortino Ratio Rank: 4
CDX Omega Ratio Rank: 4
CDX Calmar Ratio Rank: 4
CDX Martin Ratio Rank: 0

MTBA

MTBA Risk / Return Rank: 37
MTBA Sharpe Ratio Rank: 41
MTBA Sortino Ratio Rank: 38
MTBA Omega Ratio Rank: 40
MTBA Calmar Ratio Rank: 34
MTBA Martin Ratio Rank: 33

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.

CDX vs. MTBA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Simplify High Yield ETF (CDX) 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.

	CDX	MTBA	Difference
Sharpe ratio: Return per unit of total volatility	-0.54	1.02	-1.56
Sortino ratio: Return per unit of downside risk	-0.74	1.42	-2.16
Omega ratio: Gain probability vs. loss probability	0.92	1.19	-0.27
Calmar ratio: Return relative to maximum drawdown	-0.60	1.13	-1.73
Martin ratio: Return relative to average drawdown	-1.44	3.16	-4.60

CDX vs. MTBA - Sharpe Ratio Comparison

The current CDX Sharpe Ratio is -0.54, which is lower than the MTBA Sharpe Ratio of 1.02. The chart below compares the historical Sharpe Ratios of CDX and MTBA, 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

CDX vs. MTBA - Drawdown Comparison

The maximum CDX drawdown since its inception was -13.24%, which is greater than MTBA's maximum drawdown of -3.48%. Use the drawdown chart below to compare losses from any high point for CDX and MTBA.

Drawdown Indicators

	CDX	MTBA	Difference
Max Drawdown Largest peak-to-trough decline	-13.24%	-3.48%	-9.76%
Max Drawdown (1Y) Largest decline over 1 year	-5.37%	-2.82%	-2.55%
Max Drawdown (3Y) Largest decline over 3 years	-8.97%	—	—
Current Drawdown Current decline from peak	-7.94%	-2.01%	-5.93%
Average Drawdown Average peak-to-trough decline	-4.44%	-0.83%	-3.61%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.24%	1.01%	+1.23%

Volatility

CDX vs. MTBA - Volatility Comparison

Simplify High Yield ETF (CDX) has a higher volatility of 2.02% compared to Simplify MBS ETF (MTBA) at 0.84%. This indicates that CDX's price experiences larger fluctuations and is considered to be riskier than MTBA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CDX	MTBA	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.02%	0.84%	+1.18%
Volatility (6M) Calculated over the trailing 6-month period	5.16%	2.71%	+2.45%
Volatility (1Y) Calculated over the trailing 1-year period	5.98%	3.14%	+2.84%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.97%	3.92%	+7.05%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.97%	3.92%	+7.05%

CDX vs. MTBA - Expense Ratio Comparison

CDX has a 0.25% expense ratio, which is higher than MTBA's 0.15% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

CDX vs. MTBA - Dividend Comparison

CDX's dividend yield for the trailing twelve months is around 8.33%, more than MTBA's 6.09% yield.

Position	TTM	2025	2024	2023	2022
CDX Simplify High Yield ETF	8.33%	7.18%	12.60%	5.26%	7.51%
MTBA Simplify MBS ETF	6.09%	5.98%	6.03%	0.48%	0.00%

Frequently Asked Questions

Can I hold both CDX and MTBA in my portfolio?

CDX and MTBA have a correlation of 0.42, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CDX or MTBA?

CDX has higher volatility (2.02%) compared to MTBA (0.84%). In terms of maximum drawdown, CDX dropped -13.24% vs MTBA's -3.48%.

Which ETF is better, CDX or MTBA?

On 1-year performance, MTBA leads with 2.60% vs -3.26% for CDX. On fees, MTBA is cheaper at 0.15% per year. On volatility, MTBA has been the lower-risk option at 0.84%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CDX or MTBA?

Over the 1-year period, MTBA has performed better with a 2.60% return vs -3.26%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CDX or MTBA?

MTBA is cheaper with a 0.15% expense ratio, compared with 0.25% for CDX.

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

CDX has the higher dividend yield at 8.33%, compared with 6.09% for MTBA.

What is the main difference between CDX and MTBA?

CDX is categorized as High Yield Bonds, while MTBA is Mortgage Backed Securities. Their fees differ too: 0.25% for CDX and 0.15% for MTBA.

Which has better risk-adjusted returns?

MTBA currently has the higher Sharpe Ratio (1.02 vs -0.54), 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.