CTAP vs. MTBA

Last updated Apr 1, 2026

Compare and contrast key facts about Simplify US Equity PLUS Managed Futures Strategy ETF (CTAP) and Simplify MBS ETF (MTBA).

CTAP and MTBA are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. CTAP is an actively managed fund by Simplify. It was launched on Dec 8, 2025. MTBA is an actively managed fund by Simplify. It was launched on Nov 6, 2023.

Performance

CTAP vs. MTBA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Simplify US Equity PLUS Managed Futures Strategy ETF (CTAP) and Simplify MBS ETF (MTBA). The values are adjusted to include any dividend payments, if applicable.

CTAP vs. MTBA - Yearly Performance Comparison

	2026 (YTD)	2025
CTAP Simplify US Equity PLUS Managed Futures Strategy ETF	5.36%	2.44%
MTBA Simplify MBS ETF	-0.43%	0.73%

Returns By Period

In the year-to-date period, CTAP achieves a 5.36% return, which is significantly higher than MTBA's -0.43% return.

CTAP

• 1D: 1.18%
• 1M: -5.40%
• YTD: 5.36%
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

MTBA

• 1D: 0.28%
• 1M: -1.80%
• YTD: -0.43%
• 6M: 1.22%
• 1Y: 4.74%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

CTAP vs. MTBA - Expense Ratio Comparison

CTAP has a 0.10% expense ratio, which is lower than MTBA's 0.15% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

MTBA

Simplify MBS ETF

CTAP

Simplify US Equity PLUS Managed Futures Strategy ETF

Return for Risk

CTAP vs. MTBA — Risk / Return Rank

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

MTBA

MTBA Risk / Return Rank: 76
MTBA Sharpe Ratio Rank: 79
MTBA Sortino Ratio Rank: 79
MTBA Omega Ratio Rank: 75
MTBA Calmar Ratio Rank: 73
MTBA Martin Ratio Rank: 74

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.

CTAP vs. MTBA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Simplify US Equity PLUS Managed Futures Strategy ETF (CTAP) 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.

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

Sharpe Ratios by Period

	CTAP	MTBA	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	1.43	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.31	1.37	-0.06

Correlation

The correlation between CTAP and MTBA is 0.24, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

CTAP vs. MTBA - Dividend Comparison

CTAP's dividend yield for the trailing twelve months is around 0.75%, less than MTBA's 6.08% yield.

	TTM	2025	2024	2023
CTAP Simplify US Equity PLUS Managed Futures Strategy ETF	0.75%	0.00%	0.00%	0.00%
MTBA Simplify MBS ETF	6.08%	5.98%	6.03%	0.48%

Drawdowns

CTAP vs. MTBA - Drawdown Comparison

The maximum CTAP drawdown since its inception was -9.02%, which is greater than MTBA's maximum drawdown of -3.48%. Use the drawdown chart below to compare losses from any high point for CTAP and MTBA.

Drawdown Indicators

	CTAP	MTBA	Difference
Max Drawdown Largest peak-to-trough decline	-9.02%	-3.48%	-5.54%
Max Drawdown (1Y) Largest decline over 1 year	—	-2.69%	—
Current Drawdown Current decline from peak	-5.64%	-1.80%	-3.84%
Average Drawdown Average peak-to-trough decline	-2.15%	-0.74%	-1.41%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.66%	—

Volatility

Volatility by Period

	CTAP	MTBA	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	1.65%	—
Volatility (6M) Calculated over the trailing 6-month period	—	2.09%	—
Volatility (1Y) Calculated over the trailing 1-year period	22.12%	3.33%	+18.79%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.12%	3.97%	+18.15%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.12%	3.97%	+18.15%