MTBA vs. CDX

Last updated Jul 14, 2026

MTBA (Simplify MBS ETF) and CDX (Simplify High Yield ETF) are both exchange-traded funds - MTBA is a Mortgage Backed Securities fund actively managed by Simplify, while CDX is a High Yield Bonds fund actively managed by Simplify. Both are actively managed. Over the past year, MTBA returned 3.85% vs -1.92% for CDX. At a 0.35 correlation, their price movements are largely independent. MTBA charges 0.15%/yr vs 0.25%/yr for CDX.

Performance

MTBA vs. CDX - Performance Comparison

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

Returns By Period

In the year-to-date period, MTBA achieves a -0.33% return, which is significantly higher than CDX's -2.68% return.

MTBA

• 1D: -0.26%
• 1M: -0.35%
• 6M: -0.71%
• YTD: -0.33%
• 1Y: 3.85%
• 3Y*: —
• 5Y*: —
• 10Y*: —

CDX

• 1D: -0.38%
• 1M: -1.14%
• 6M: -2.81%
• YTD: -2.68%
• 1Y: -1.92%
• 3Y*: 7.14%
• 5Y*: —
• 10Y*: —

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

MTBA vs. CDX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
MTBA Simplify MBS ETF	-0.33%	7.74%	1.99%	3.67%
CDX Simplify High Yield ETF	-2.68%	9.51%	7.71%	2.99%

Correlation

The correlation between MTBA and CDX is 0.41, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.41
Correlation (All Time) Calculated using the full available price history since Nov 7, 2023	0.35

Return for Risk

MTBA vs. CDX — Risk / Return Rank

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

MTBA

MTBA Risk / Return Rank: 40
MTBA Sharpe Ratio Rank: 44
MTBA Sortino Ratio Rank: 41
MTBA Omega Ratio Rank: 45
MTBA Calmar Ratio Rank: 34
MTBA Martin Ratio Rank: 35

CDX

CDX Risk / Return Rank: 6
CDX Sharpe Ratio Rank: 6
CDX Sortino Ratio Rank: 6
CDX Omega Ratio Rank: 6
CDX Calmar Ratio Rank: 5
CDX Martin Ratio Rank: 5

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.

MTBA vs. CDX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Simplify MBS ETF (MTBA) and Simplify High Yield ETF (CDX). 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.

	MTBA	CDX	Difference
Sharpe ratio: Return per unit of total volatility	1.24	-0.33	+1.57
Sortino ratio: Return per unit of downside risk	1.74	-0.43	+2.17
Omega ratio: Gain probability vs. loss probability	1.24	0.95	+0.29
Calmar ratio: Return relative to maximum drawdown	1.37	-0.46	+1.83
Martin ratio: Return relative to average drawdown	4.15	-0.96	+5.11

MTBA vs. CDX - Sharpe Ratio Comparison

The current MTBA Sharpe Ratio is 1.24, which is higher than the CDX Sharpe Ratio of -0.33. The chart below compares the historical Sharpe Ratios of MTBA and CDX, 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

MTBA vs. CDX - Drawdown Comparison

The maximum MTBA drawdown since its inception was -3.48%, smaller than the maximum CDX drawdown of -13.24%. Use the drawdown chart below to compare losses from any high point for MTBA and CDX.

Drawdown Indicators

	MTBA	CDX	Difference
Max Drawdown Largest peak-to-trough decline	-3.48%	-13.24%	+9.76%
Max Drawdown (1Y) Largest decline over 1 year	-2.82%	-4.18%	+1.36%
Max Drawdown (3Y) Largest decline over 3 years	—	-8.88%	—
Current Drawdown Current decline from peak	-1.70%	-7.63%	+5.93%
Average Drawdown Average peak-to-trough decline	-0.81%	-4.39%	+3.58%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.93%	2.02%	-1.09%

Volatility

MTBA vs. CDX - Volatility Comparison

The current volatility for Simplify MBS ETF (MTBA) is 1.09%, while Simplify High Yield ETF (CDX) has a volatility of 1.79%. This indicates that MTBA experiences smaller price fluctuations and is considered to be less risky than CDX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MTBA	CDX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.09%	1.79%	-0.70%
Volatility (6M) Calculated over the trailing 6-month period	2.67%	4.98%	-2.31%
Volatility (1Y) Calculated over the trailing 1-year period	3.12%	5.83%	-2.71%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.94%	11.01%	-7.07%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.94%	11.01%	-7.07%

MTBA vs. CDX - Expense Ratio Comparison

MTBA has a 0.15% expense ratio, which is lower than CDX's 0.25% 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

MTBA vs. CDX - Dividend Comparison

MTBA's dividend yield for the trailing twelve months is around 6.08%, less than CDX's 8.35% yield.

Position	TTM	2025	2024	2023	2022
CDX Simplify High Yield ETF	8.35%	7.18%	12.60%	5.26%	7.51%
MTBA Simplify MBS ETF	6.08%	5.98%	6.03%	0.48%	0.00%

Frequently Asked Questions

Can I hold both MTBA and CDX in my portfolio?

MTBA and CDX have a correlation of 0.41, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MTBA or CDX?

CDX has higher volatility (1.79%) compared to MTBA (1.09%). In terms of maximum drawdown, MTBA dropped -3.48% vs CDX's -13.24%.

Which ETF is better, MTBA or CDX?

On 1-year performance, MTBA leads with 3.85% vs -1.92% for CDX. On fees, MTBA is cheaper at 0.15% per year. On volatility, MTBA has been the lower-risk option at 1.09%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MTBA or CDX?

Over the 1-year period, MTBA has performed better with a 3.85% return vs -1.92%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MTBA or CDX?

MTBA is cheaper with a 0.15% expense ratio, compared with 0.25% for CDX.

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

CDX has the higher dividend yield at 8.35%, compared with 6.08% for MTBA.

What is the main difference between MTBA and CDX?

MTBA is categorized as Mortgage Backed Securities, while CDX is High Yield Bonds. Their fees differ too: 0.15% for MTBA and 0.25% for CDX.

Which has better risk-adjusted returns?

MTBA currently has the higher Sharpe Ratio (1.24 vs -0.33), 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.