IBTL vs. MTBA

Last updated Jun 4, 2026

IBTL (iShares iBonds Dec 2031 Term Treasury ETF) and MTBA (Simplify MBS ETF) are both exchange-traded funds - IBTL is a Government Bonds fund tracking the ICE 2031 Maturity US Treasury Index, while MTBA is a Mortgage Backed Securities fund actively managed by Simplify. IBTL is passively managed, while MTBA is actively managed. Over the past year, IBTL returned 3.77% vs 5.18% for MTBA. Their correlation of 0.88 suggests significant overlap in exposure. IBTL charges 0.07%/yr vs 0.15%/yr for MTBA.

Performance

IBTL vs. MTBA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares iBonds Dec 2031 Term Treasury ETF (IBTL) 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, IBTL achieves a -0.47% return, which is significantly lower than MTBA's -0.23% return.

IBTL

• 1D: -0.15%
• 1M: -0.21%
• YTD: -0.47%
• 6M: -0.69%
• 1Y: 3.77%
• 3Y*: 2.83%
• 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)

IBTL vs. MTBA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
IBTL iShares iBonds Dec 2031 Term Treasury ETF	-0.47%	7.85%	0.36%	5.49%
MTBA Simplify MBS ETF	-0.23%	7.74%	1.99%	3.64%

Correlation

The correlation between IBTL and MTBA is 0.86, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.86
Correlation (All Time) Calculated using the full available price history since Nov 8, 2023	0.88

The correlation between IBTL and MTBA has been stable across timeframes, ranging from 0.86 to 0.88 - a consistent structural relationship.

Return for Risk

IBTL vs. MTBA — Risk / Return Rank

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

IBTL

IBTL Risk / Return Rank: 28
IBTL Sharpe Ratio Rank: 28
IBTL Sortino Ratio Rank: 29
IBTL Omega Ratio Rank: 27
IBTL Calmar Ratio Rank: 27
IBTL Martin Ratio Rank: 28

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.

IBTL vs. MTBA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares iBonds Dec 2031 Term Treasury ETF (IBTL) 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.

	IBTL	MTBA	Difference
Sharpe ratio Return per unit of total volatility	1.05	1.68	-0.63
Sortino ratio Return per unit of downside risk	1.60	2.38	-0.78
Omega ratio Gain probability vs. loss probability	1.18	1.32	-0.14
Calmar ratio Return relative to maximum drawdown	1.34	1.84	-0.51
Martin ratio Return relative to average drawdown	3.90	6.28	-2.38
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IBTL vs. MTBA - Sharpe Ratio Comparison

The current IBTL Sharpe Ratio is 1.05, which is lower than the MTBA Sharpe Ratio of 1.68. The chart below compares the historical Sharpe Ratios of IBTL 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.

Sharpe Ratios by Period

	IBTL	MTBA	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.05	1.68	-0.63
Sharpe Ratio (All Time) Calculated using the full available price history	-0.21	1.30	-1.51

Drawdowns

IBTL vs. MTBA - Drawdown Comparison

The maximum IBTL drawdown since its inception was -20.93%, which is greater than MTBA's maximum drawdown of -3.48%. Use the drawdown chart below to compare losses from any high point for IBTL and MTBA.

Drawdown Indicators

	IBTL	MTBA	Difference
Max Drawdown Largest peak-to-trough decline	-20.93%	-3.48%	-17.45%
Max Drawdown (1Y) Largest decline over 1 year	-2.83%	-2.82%	-0.01%
Max Drawdown (3Y) Largest decline over 3 years	-7.38%	—	—
Current Drawdown Current decline from peak	-7.25%	-1.60%	-5.65%
Average Drawdown Average peak-to-trough decline	-11.47%	-0.79%	-10.68%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.97%	0.83%	+0.14%

Volatility

IBTL vs. MTBA - Volatility Comparison

The current volatility for iShares iBonds Dec 2031 Term Treasury ETF (IBTL) is 1.08%, while Simplify MBS ETF (MTBA) has a volatility of 1.33%. This indicates that IBTL experiences smaller price fluctuations and is considered to be less risky than MTBA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IBTL	MTBA	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.08%	1.33%	-0.25%
Volatility (6M) Calculated over the trailing 6-month period	2.39%	2.47%	-0.08%
Volatility (1Y) Calculated over the trailing 1-year period	3.62%	3.10%	+0.52%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.46%	3.95%	+3.51%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.46%	3.95%	+3.51%

IBTL vs. MTBA - Expense Ratio Comparison

IBTL has a 0.07% 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%.

Dividends

IBTL vs. MTBA - Dividend Comparison

IBTL's dividend yield for the trailing twelve months is around 3.97%, less than MTBA's 6.09% yield.

Position	TTM	2025	2024	2023	2022	2021
IBTL iShares iBonds Dec 2031 Term Treasury ETF	3.97%	3.93%	4.07%	3.04%	2.36%	0.70%
MTBA Simplify MBS ETF	6.09%	5.98%	6.03%	0.48%	0.00%	0.00%

Frequently Asked Questions

Can I hold both IBTL and MTBA in my portfolio?

IBTL and MTBA have a correlation of 0.86, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, IBTL or MTBA?

MTBA has higher volatility (1.33%) compared to IBTL (1.08%). In terms of maximum drawdown, IBTL dropped -20.93% vs MTBA's -3.48%.

Which ETF is better, IBTL or MTBA?

On 1-year performance, MTBA leads with 5.18% vs 3.77% for IBTL. On fees, IBTL is cheaper at 0.07% per year. On volatility, IBTL has been the lower-risk option at 1.08%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IBTL or MTBA?

Over the 1-year period, MTBA has performed better with a 5.18% return vs 3.77%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IBTL or MTBA?

IBTL is cheaper with a 0.07% expense ratio, compared with 0.15% for MTBA.

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

MTBA has the higher dividend yield at 6.09%, compared with 3.97% for IBTL.

What is the main difference between IBTL and MTBA?

IBTL is categorized as Government Bonds, while MTBA is Mortgage Backed Securities. They also come from different issuers: iShares and Simplify. Their fees differ too: 0.07% for IBTL and 0.15% for MTBA.

Which has better risk-adjusted returns?

MTBA currently has the higher Sharpe Ratio (1.68 vs 1.05), 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.