MBSX vs. FOXY

Last updated Jun 5, 2026

MBSX (Regan Fixed Rate MBS ETF) and FOXY (Simplify Currency Strategy ETF) are both exchange-traded funds - MBSX is a Mortgage Backed Securities fund actively managed by Regan, while FOXY is a Leveraged Currency fund actively managed by Simplify. Both are actively managed. Over the past year, MBSX returned 4.56% vs 22.46% for FOXY. At a correlation of -0.09, they often move in opposite directions. MBSX charges 0.40%/yr vs 0.81%/yr for FOXY.

Performance

MBSX vs. FOXY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Regan Fixed Rate MBS ETF (MBSX) and Simplify Currency Strategy ETF (FOXY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MBSX achieves a -1.98% return, which is significantly lower than FOXY's 12.20% return.

MBSX

• 1D: -7.71%
• 1M: -4.80%
• YTD: -1.98%
• 6M: -1.53%
• 1Y: 4.56%
• 3Y*: —
• 5Y*: —
• 10Y*: —

FOXY

• 1D: 0.58%
• 1M: 2.49%
• YTD: 12.20%
• 6M: 7.84%
• 1Y: 22.46%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

MBSX vs. FOXY - Yearly Performance Comparison

	2026 (YTD)	2025
MBSX Regan Fixed Rate MBS ETF	-1.98%	8.23%
FOXY Simplify Currency Strategy ETF	12.20%	10.81%

Correlation

The correlation between MBSX and FOXY is -0.12, 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 (1Y) Calculated over the trailing 1-year period	-0.12
Correlation (All Time) Calculated using the full available price history since May 2, 2025	-0.09

Return for Risk

MBSX vs. FOXY — Risk / Return Rank

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

MBSX

MBSX Risk / Return Rank: 13
MBSX Sharpe Ratio Rank: 10
MBSX Sortino Ratio Rank: 13
MBSX Omega Ratio Rank: 17
MBSX Calmar Ratio Rank: 11
MBSX Martin Ratio Rank: 12

FOXY

FOXY Risk / Return Rank: 77
FOXY Sharpe Ratio Rank: 71
FOXY Sortino Ratio Rank: 76
FOXY Omega Ratio Rank: 70
FOXY Calmar Ratio Rank: 89
FOXY Martin Ratio Rank: 77

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.

MBSX vs. FOXY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Regan Fixed Rate MBS ETF (MBSX) and Simplify Currency Strategy ETF (FOXY). 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.

	MBSX	FOXY	Difference
Sharpe ratio: Return per unit of total volatility	0.08	2.29	-2.20
Sortino ratio: Return per unit of downside risk	0.51	3.38	-2.87
Omega ratio: Gain probability vs. loss probability	1.10	1.41	-0.31
Calmar ratio: Return relative to maximum drawdown	0.17	5.22	-5.05
Martin ratio: Return relative to average drawdown	0.67	14.61	-13.94
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MBSX vs. FOXY - Sharpe Ratio Comparison

The current MBSX Sharpe Ratio is 0.08, which is lower than the FOXY Sharpe Ratio of 2.29. The chart below compares the historical Sharpe Ratios of MBSX and FOXY, 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

	MBSX	FOXY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.08	2.29	-2.20
Sharpe Ratio (All Time) Calculated using the full available price history	0.10	1.40	-1.30

Drawdowns

MBSX vs. FOXY - Drawdown Comparison

The maximum MBSX drawdown since its inception was -27.57%, which is greater than FOXY's maximum drawdown of -13.09%. Use the drawdown chart below to compare losses from any high point for MBSX and FOXY.

Drawdown Indicators

	MBSX	FOXY	Difference
Max Drawdown Largest peak-to-trough decline	-27.57%	-13.09%	-14.48%
Max Drawdown (1Y) Largest decline over 1 year	-27.57%	-4.32%	-23.25%
Current Drawdown Current decline from peak	-26.68%	-0.74%	-25.94%
Average Drawdown Average peak-to-trough decline	-6.10%	-2.11%	-3.99%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.85%	1.54%	+5.31%

Volatility

MBSX vs. FOXY - Volatility Comparison

Regan Fixed Rate MBS ETF (MBSX) has a higher volatility of 42.25% compared to Simplify Currency Strategy ETF (FOXY) at 2.18%. This indicates that MBSX's price experiences larger fluctuations and is considered to be riskier than FOXY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MBSX	FOXY	Difference
Volatility (1M) Calculated over the trailing 1-month period	42.25%	2.18%	+40.07%
Volatility (6M) Calculated over the trailing 6-month period	51.45%	7.43%	+44.02%
Volatility (1Y) Calculated over the trailing 1-year period	53.97%	9.90%	+44.07%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	55.11%	15.05%	+40.06%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	55.11%	15.05%	+40.06%

MBSX vs. FOXY - Expense Ratio Comparison

MBSX has a 0.40% expense ratio, which is lower than FOXY's 0.81% expense ratio.

Dividends

MBSX vs. FOXY - Dividend Comparison

MBSX's dividend yield for the trailing twelve months is around 3.64%, less than FOXY's 8.09% yield.

Position	TTM	2025
FOXY Simplify Currency Strategy ETF	8.09%	5.51%
MBSX Regan Fixed Rate MBS ETF	3.64%	2.77%

Frequently Asked Questions

Can I hold both MBSX and FOXY in my portfolio?

MBSX and FOXY have a correlation of -0.12, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MBSX or FOXY?

MBSX has higher volatility (42.25%) compared to FOXY (2.18%). In terms of maximum drawdown, MBSX dropped -27.57% vs FOXY's -13.09%.

Which ETF is better, MBSX or FOXY?

On 1-year performance, FOXY leads with 22.46% vs 4.56% for MBSX. On fees, MBSX is cheaper at 0.40% per year. On volatility, FOXY has been the lower-risk option at 2.18%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MBSX or FOXY?

Over the 1-year period, FOXY has performed better with a 22.46% return vs 4.56%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MBSX or FOXY?

MBSX is cheaper with a 0.40% expense ratio, compared with 0.81% for FOXY.

Which ETF pays a higher dividend yield, MBSX or FOXY?

FOXY has the higher dividend yield at 8.09%, compared with 3.64% for MBSX.

What is the main difference between MBSX and FOXY?

MBSX is categorized as Mortgage Backed Securities, while FOXY is Leveraged Currency. They also come from different issuers: Regan and Simplify. Their fees differ too: 0.40% for MBSX and 0.81% for FOXY.

Which has better risk-adjusted returns?

FOXY currently has the higher Sharpe Ratio (2.29 vs 0.08), 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.