EQLS vs. MTBA

Last updated Jun 4, 2026

EQLS (Simplify Market Neutral Equity Long/Short ETF) and MTBA (Simplify MBS ETF) are both exchange-traded funds - EQLS is a Long-Short fund actively managed by Simplify, while MTBA is a Mortgage Backed Securities fund actively managed by Simplify. Both are actively managed. At a correlation of -0.14, they often move in opposite directions. EQLS charges 1.00%/yr vs 0.15%/yr for MTBA.

Performance

EQLS vs. MTBA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Simplify Market Neutral Equity Long/Short ETF (EQLS) and Simplify MBS ETF (MTBA). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

EQLS

• 1D: —
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

MTBA

• 1D: -0.12%
• 1M: 0.21%
• YTD: -0.23%
• 6M: 0.18%
• 1Y: 5.18%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

EQLS vs. MTBA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
EQLS Simplify Market Neutral Equity Long/Short ETF	0.00%	6.82%	-4.82%	-2.74%
MTBA Simplify MBS ETF	-0.23%	7.74%	1.99%	3.64%

Correlation

The correlation between EQLS and MTBA is -0.14, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (All Time) Calculated using the full available price history since Nov 8, 2023	-0.14

Return for Risk

EQLS 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: 45
MTBA Sharpe Ratio Rank: 48
MTBA Sortino Ratio Rank: 48
MTBA Omega Ratio Rank: 51
MTBA Calmar Ratio Rank: 37
MTBA Martin Ratio Rank: 39

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.

EQLS vs. MTBA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Simplify Market Neutral Equity Long/Short ETF (EQLS) 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

	EQLS	MTBA	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	1.68	—
Sharpe Ratio (All Time) Calculated using the full available price history	—	1.30	—

Drawdowns

Drawdown Indicators

	EQLS	MTBA	Difference
Max Drawdown Largest peak-to-trough decline	—	-3.48%	—
Max Drawdown (1Y) Largest decline over 1 year	—	-2.82%	—
Current Drawdown Current decline from peak	—	-1.60%	—
Average Drawdown Average peak-to-trough decline	—	-0.79%	—
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.83%	—

Volatility

Volatility by Period

	EQLS	MTBA	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	1.33%	—
Volatility (6M) Calculated over the trailing 6-month period	—	2.47%	—
Volatility (1Y) Calculated over the trailing 1-year period	—	3.10%	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	—	3.95%	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	—	3.95%	—

EQLS vs. MTBA - Expense Ratio Comparison

EQLS has a 1.00% expense ratio, which is higher than MTBA's 0.15% expense ratio.

Dividends

EQLS vs. MTBA - Dividend Comparison

EQLS has not paid dividends to shareholders, while MTBA's dividend yield for the trailing twelve months is around 6.09%.

Position	TTM	2025	2024	2023
EQLS Simplify Market Neutral Equity Long/Short ETF	0.00%	0.45%	0.95%	8.50%
MTBA Simplify MBS ETF	6.09%	5.98%	6.03%	0.48%

Frequently Asked Questions

Can I hold both EQLS and MTBA in my portfolio?

EQLS and MTBA have a correlation of -0.14, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, EQLS 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, EQLS or MTBA?

MTBA is cheaper with a 0.15% expense ratio, compared with 1.00% for EQLS.

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

MTBA has the higher dividend yield at 6.09%, compared with 0.00% for EQLS.

What is the main difference between EQLS and MTBA?

EQLS is categorized as Long-Short, while MTBA is Mortgage Backed Securities. Their fees differ too: 1.00% for EQLS and 0.15% for MTBA.