GAEM vs. MTBA

Last updated Apr 1, 2026

Compare and contrast key facts about Simplify Gamma Emerging Market Bond ETF (GAEM) and Simplify MBS ETF (MTBA).

GAEM and MTBA are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. GAEM is an actively managed fund by Simplify. It was launched on Aug 12, 2024. MTBA is an actively managed fund by Simplify. It was launched on Nov 6, 2023.

Performance

GAEM vs. MTBA - Performance Comparison

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

GAEM vs. MTBA - Yearly Performance Comparison

	2026 (YTD)	2025	2024
GAEM Simplify Gamma Emerging Market Bond ETF	-1.25%	13.55%	3.72%
MTBA Simplify MBS ETF	-0.43%	7.74%	-0.76%

Returns By Period

In the year-to-date period, GAEM achieves a -1.25% return, which is significantly lower than MTBA's -0.43% return.

GAEM

• 1D: 0.58%
• 1M: -2.64%
• YTD: -1.25%
• 6M: 1.75%
• 1Y: 9.73%
• 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)

GAEM vs. MTBA - Expense Ratio Comparison

GAEM has a 0.76% expense ratio, which is higher than MTBA's 0.15% expense ratio.

GAEM

Simplify Gamma Emerging Market Bond ETF

MTBA

Simplify MBS ETF

Return for Risk

GAEM vs. MTBA — Risk / Return Rank

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

GAEM

GAEM Risk / Return Rank: 89
GAEM Sharpe Ratio Rank: 86
GAEM Sortino Ratio Rank: 91
GAEM Omega Ratio Rank: 88
GAEM Calmar Ratio Rank: 88
GAEM Martin Ratio Rank: 90

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.

GAEM vs. MTBA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Simplify Gamma Emerging Market Bond ETF (GAEM) 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.

	GAEM	MTBA	Difference
Sharpe ratio Return per unit of total volatility	1.78	1.43	+0.35
Sortino ratio Return per unit of downside risk	2.67	1.97	+0.70
Omega ratio Gain probability vs. loss probability	1.36	1.27	+0.09
Calmar ratio Return relative to maximum drawdown	2.79	1.80	+0.99
Martin ratio Return relative to average drawdown	11.88	7.36	+4.51
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

GAEM vs. MTBA - Sharpe Ratio Comparison

The current GAEM Sharpe Ratio is 1.78, which is comparable to the MTBA Sharpe Ratio of 1.43. The chart below compares the historical Sharpe Ratios of GAEM and MTBA, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	GAEM	MTBA	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.78	1.43	+0.35
Sharpe Ratio (All Time) Calculated using the full available price history	2.00	1.37	+0.63

Correlation

The correlation between GAEM and MTBA is 0.49, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

GAEM vs. MTBA - Dividend Comparison

GAEM's dividend yield for the trailing twelve months is around 6.72%, more than MTBA's 6.08% yield.

	TTM	2025	2024	2023
GAEM Simplify Gamma Emerging Market Bond ETF	6.72%	6.50%	3.78%	0.00%
MTBA Simplify MBS ETF	6.08%	5.98%	6.03%	0.48%

Drawdowns

GAEM vs. MTBA - Drawdown Comparison

The maximum GAEM drawdown since its inception was -3.84%, which is greater than MTBA's maximum drawdown of -3.48%. Use the drawdown chart below to compare losses from any high point for GAEM and MTBA.

Drawdown Indicators

	GAEM	MTBA	Difference
Max Drawdown Largest peak-to-trough decline	-3.84%	-3.48%	-0.36%
Max Drawdown (1Y) Largest decline over 1 year	-3.61%	-2.69%	-0.92%
Current Drawdown Current decline from peak	-2.80%	-1.80%	-1.00%
Average Drawdown Average peak-to-trough decline	-0.51%	-0.74%	+0.23%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.85%	0.66%	+0.19%

Volatility

GAEM vs. MTBA - Volatility Comparison

Simplify Gamma Emerging Market Bond ETF (GAEM) has a higher volatility of 2.27% compared to Simplify MBS ETF (MTBA) at 1.65%. This indicates that GAEM'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

	GAEM	MTBA	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.27%	1.65%	+0.62%
Volatility (6M) Calculated over the trailing 6-month period	3.37%	2.09%	+1.28%
Volatility (1Y) Calculated over the trailing 1-year period	5.50%	3.33%	+2.17%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.88%	3.97%	+0.91%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.88%	3.97%	+0.91%