IOPP vs. MTBA

Last updated Jun 23, 2026

IOPP (Simplify Tara India Opportunities ETF) and MTBA (Simplify MBS ETF) are both exchange-traded funds - IOPP is a Asia Pacific Equities fund actively managed by Simplify, while MTBA is a Mortgage Backed Securities fund actively managed by Simplify. Both are actively managed. Over the past year, IOPP returned -0.70% vs 4.63% for MTBA. At a 0.14 correlation, their price movements are largely independent. IOPP charges 0.73%/yr vs 0.15%/yr for MTBA.

Performance

IOPP vs. MTBA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Simplify Tara India Opportunities ETF (IOPP) 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, IOPP achieves a -3.61% return, which is significantly lower than MTBA's -0.06% return.

IOPP

• 1D: 0.87%
• 1M: 5.24%
• YTD: -3.61%
• 6M: -3.29%
• 1Y: -0.70%
• 3Y*: —
• 5Y*: —
• 10Y*: —

MTBA

• 1D: -0.12%
• 1M: 0.59%
• YTD: -0.06%
• 6M: 0.09%
• 1Y: 4.63%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

IOPP vs. MTBA - Yearly Performance Comparison

	2026 (YTD)	2025	2024
IOPP Simplify Tara India Opportunities ETF	-3.61%	1.86%	14.31%
MTBA Simplify MBS ETF	-0.06%	7.74%	2.91%

Correlation

The correlation between IOPP and MTBA is 0.33, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.33
Correlation (All Time) Calculated using the full available price history since Mar 5, 2024	0.14

The correlation between IOPP and MTBA shifts across timeframes, from 0.14 (all time) to 0.33 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

IOPP vs. MTBA — Risk / Return Rank

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

IOPP

IOPP Risk / Return Rank: 8
IOPP Sharpe Ratio Rank: 8
IOPP Sortino Ratio Rank: 8
IOPP Omega Ratio Rank: 8
IOPP Calmar Ratio Rank: 8
IOPP Martin Ratio Rank: 8

MTBA

MTBA Risk / Return Rank: 40
MTBA Sharpe Ratio Rank: 44
MTBA Sortino Ratio Rank: 43
MTBA Omega Ratio Rank: 46
MTBA Calmar Ratio Rank: 34
MTBA Martin Ratio Rank: 35

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.

IOPP vs. MTBA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Simplify Tara India Opportunities ETF (IOPP) 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	IOPP	MTBA	Difference
Sharpe ratio: Return per unit of total volatility	-0.04	1.50	-1.54
Sortino ratio: Return per unit of downside risk	0.07	2.11	-2.04
Omega ratio: Gain probability vs. loss probability	1.01	1.29	-0.28
Calmar ratio: Return relative to maximum drawdown	-0.04	1.65	-1.69
Martin ratio: Return relative to average drawdown	-0.09	5.22	-5.31

IOPP vs. MTBA - Sharpe Ratio Comparison

The current IOPP Sharpe Ratio is -0.04, which is lower than the MTBA Sharpe Ratio of 1.50. The chart below compares the historical Sharpe Ratios of IOPP 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.

Drawdowns

IOPP vs. MTBA - Drawdown Comparison

The maximum IOPP drawdown since its inception was -23.67%, which is greater than MTBA's maximum drawdown of -3.48%. Use the drawdown chart below to compare losses from any high point for IOPP and MTBA.

Drawdown Indicators

	IOPP	MTBA	Difference
Max Drawdown Largest peak-to-trough decline	-23.67%	-3.48%	-20.19%
Max Drawdown (1Y) Largest decline over 1 year	-19.42%	-2.82%	-16.60%
Current Drawdown Current decline from peak	-11.96%	-1.44%	-10.52%
Average Drawdown Average peak-to-trough decline	-8.96%	-0.80%	-8.16%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.57%	0.89%	+6.68%

Volatility

IOPP vs. MTBA - Volatility Comparison

Simplify Tara India Opportunities ETF (IOPP) has a higher volatility of 4.92% compared to Simplify MBS ETF (MTBA) at 0.97%. This indicates that IOPP'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

	IOPP	MTBA	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.92%	0.97%	+3.95%
Volatility (6M) Calculated over the trailing 6-month period	14.63%	2.58%	+12.05%
Volatility (1Y) Calculated over the trailing 1-year period	17.38%	3.11%	+14.27%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.81%	3.95%	+12.86%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.81%	3.95%	+12.86%

IOPP vs. MTBA - Expense Ratio Comparison

IOPP has a 0.73% expense ratio, which is higher than MTBA's 0.15% expense ratio.

Dividends

IOPP vs. MTBA - Dividend Comparison

IOPP's dividend yield for the trailing twelve months is around 0.19%, less than MTBA's 6.08% yield.

Position	TTM	2025	2024	2023
IOPP Simplify Tara India Opportunities ETF	0.19%	0.29%	6.96%	0.00%
MTBA Simplify MBS ETF	6.08%	5.98%	6.03%	0.48%

Frequently Asked Questions

Can I hold both IOPP and MTBA in my portfolio?

IOPP and MTBA have a correlation of 0.33, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, IOPP or MTBA?

IOPP has higher volatility (4.92%) compared to MTBA (0.97%). In terms of maximum drawdown, IOPP dropped -23.67% vs MTBA's -3.48%.

Which ETF is better, IOPP or MTBA?

On 1-year performance, MTBA leads with 4.63% vs -0.70% for IOPP. On fees, MTBA is cheaper at 0.15% per year. On volatility, MTBA has been the lower-risk option at 0.97%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IOPP or MTBA?

Over the 1-year period, MTBA has performed better with a 4.63% return vs -0.70%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IOPP or MTBA?

MTBA is cheaper with a 0.15% expense ratio, compared with 0.73% for IOPP.

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

MTBA has the higher dividend yield at 6.08%, compared with 0.19% for IOPP.

What is the main difference between IOPP and MTBA?

IOPP is categorized as Asia Pacific Equities, while MTBA is Mortgage Backed Securities. Their fees differ too: 0.73% for IOPP and 0.15% for MTBA.

Which has better risk-adjusted returns?

MTBA currently has the higher Sharpe Ratio (1.50 vs -0.04), 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.