EVMO vs. MTBA

Last updated Jun 5, 2026

EVMO (Eaton Vance Mortgage Opportunities ETF) and MTBA (Simplify MBS ETF) are both Mortgage Backed Securities funds. Both are actively managed. A 0.61 correlation means they provide meaningful diversification when combined. EVMO charges 0.45%/yr vs 0.15%/yr for MTBA.

Performance

EVMO vs. MTBA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Eaton Vance Mortgage Opportunities ETF (EVMO) 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, EVMO achieves a 0.83% return, which is significantly higher than MTBA's -0.13% return.

EVMO

• 1D: 0.10%
• 1M: 0.18%
• YTD: 0.83%
• 6M: 1.04%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

MTBA

• 1D: 0.10%
• 1M: 0.23%
• YTD: -0.13%
• 6M: 0.34%
• 1Y: 4.76%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

EVMO vs. MTBA - Yearly Performance Comparison

	2026 (YTD)	2025
EVMO Eaton Vance Mortgage Opportunities ETF	0.83%	3.33%
MTBA Simplify MBS ETF	-0.13%	3.10%

Correlation

The correlation between EVMO and MTBA is 0.61, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (All Time) Calculated using the full available price history since Aug 5, 2025	0.61

Return for Risk

EVMO 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: 42
MTBA Sharpe Ratio Rank: 46
MTBA Sortino Ratio Rank: 45
MTBA Omega Ratio Rank: 48
MTBA Calmar Ratio Rank: 35
MTBA Martin Ratio Rank: 38

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.

EVMO vs. MTBA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Eaton Vance Mortgage Opportunities ETF (EVMO) 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

	EVMO	MTBA	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	1.56	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.79	1.31	+0.49

Drawdowns

EVMO vs. MTBA - Drawdown Comparison

The maximum EVMO drawdown since its inception was -1.89%, smaller than the maximum MTBA drawdown of -3.48%. Use the drawdown chart below to compare losses from any high point for EVMO and MTBA.

Drawdown Indicators

	EVMO	MTBA	Difference
Max Drawdown Largest peak-to-trough decline	-1.89%	-3.48%	+1.59%
Max Drawdown (1Y) Largest decline over 1 year	—	-2.82%	—
Current Drawdown Current decline from peak	-0.81%	-1.50%	+0.69%
Average Drawdown Average peak-to-trough decline	-0.39%	-0.79%	+0.40%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.83%	—

Volatility

Volatility by Period

	EVMO	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	2.82%	3.10%	-0.28%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.82%	3.95%	-1.13%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.82%	3.95%	-1.13%

EVMO vs. MTBA - Expense Ratio Comparison

EVMO has a 0.45% expense ratio, which is higher than MTBA's 0.15% expense ratio.

Dividends

EVMO vs. MTBA - Dividend Comparison

EVMO's dividend yield for the trailing twelve months is around 4.07%, less than MTBA's 6.08% yield.

Position	TTM	2025	2024	2023
EVMO Eaton Vance Mortgage Opportunities ETF	4.07%	1.95%	0.00%	0.00%
MTBA Simplify MBS ETF	6.08%	5.98%	6.03%	0.48%

Frequently Asked Questions

Can I hold both EVMO and MTBA in my portfolio?

EVMO and MTBA have a correlation of 0.61, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, EVMO 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, EVMO or MTBA?

MTBA is cheaper with a 0.15% expense ratio, compared with 0.45% for EVMO.

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

MTBA has the higher dividend yield at 6.08%, compared with 4.07% for EVMO.

What is the main difference between EVMO and MTBA?

They also come from different issuers: Eaton Vance and Simplify. Their fees differ too: 0.45% for EVMO and 0.15% for MTBA.