MTBA vs. EPRF

Last updated Aug 4, 2026

MTBA (Simplify MBS ETF) and EPRF (Innovator S&P High Quality Preferred ETF) are both exchange-traded funds - MTBA is a Mortgage Backed Securities fund actively managed by Simplify, while EPRF is a Preferred Stock fund tracking the S&P U.S. High Quality Preferred Stock Index. MTBA is actively managed, while EPRF is passively managed. Over the past year, MTBA returned 2.79% vs -1.06% for EPRF. Their 0.44 correlation means their historical movements had little consistent relationship. MTBA charges 0.15%/yr vs 0.47%/yr for EPRF.

Performance

MTBA vs. EPRF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Simplify MBS ETF (MTBA) and Innovator S&P High Quality Preferred ETF (EPRF). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MTBA achieves a -0.45% return, which is significantly higher than EPRF's -1.56% return.

MTBA

• 1D: 0.19%
• 1M: -0.64%
• 6M: -0.81%
• YTD: -0.45%
• 1Y: 2.79%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 4.70%

EPRF

• 1D: 0.82%
• 1M: 1.20%
• 6M: -2.43%
• YTD: -1.56%
• 1Y: -1.06%
• 3Y*: 3.18%
• 5Y*: -2.02%
• 10Y*: —
• ALL TIME*: 1.17%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
EPRF Innovator S&P High Quality Preferred ETF	$163.32K	$138.74K	$176.01K
MTBA Simplify MBS ETF	$6.79M	$6.04M	$8.72M

MTBA vs. EPRF - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
MTBA Simplify MBS ETF	-0.45%	7.74%	1.99%	3.67%
EPRF Innovator S&P High Quality Preferred ETF	-1.56%	2.69%	3.46%	6.52%

Correlation

The correlation between MTBA and EPRF is 0.35, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.35
Correlation (All Time) Calculated using the full available price history since Nov 7, 2023	0.44

Return for Risk

MTBA vs. EPRF — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

MTBA

MTBA Risk / Return Rank: 33
MTBA Sharpe Ratio Rank: 36
MTBA Sortino Ratio Rank: 33
MTBA Omega Ratio Rank: 34
MTBA Calmar Ratio Rank: 30
MTBA Martin Ratio Rank: 31

EPRF

EPRF Risk / Return Rank: 9
EPRF Sharpe Ratio Rank: 9
EPRF Sortino Ratio Rank: 8
EPRF Omega Ratio Rank: 8
EPRF Calmar Ratio Rank: 9
EPRF Martin Ratio Rank: 9

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

MTBA vs. EPRF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Simplify MBS ETF (MTBA) and Innovator S&P High Quality Preferred ETF (EPRF). 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	EPRF	Difference
Sharpe ratio: Return per unit of total volatility	0.91	-0.14	+1.05
Sortino ratio: Return per unit of downside risk	1.25	-0.15	+1.40
Omega ratio: Gain probability vs. loss probability	1.17	0.98	+0.18
Calmar ratio: Return relative to maximum drawdown	0.99	-0.12	+1.12
Martin ratio: Return relative to average drawdown	2.76	-0.22	+2.97

MTBA vs. EPRF - Sharpe Ratio Comparison

The current MTBA Sharpe Ratio is 0.91, which is higher than the EPRF Sharpe Ratio of -0.14. The chart below compares the historical Sharpe Ratios of MTBA and EPRF, 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. EPRF - Drawdown Comparison

The maximum MTBA drawdown since its inception was -3.48%, smaller than the maximum EPRF drawdown of -26.82%. Use the drawdown chart below to compare losses from any high point for MTBA and EPRF.

Drawdown Indicators

	MTBA	EPRF	Difference
Max Drawdown Largest peak-to-trough decline	-3.48%	-26.82%	+23.34%
Max Drawdown (1Y) Largest decline over 1 year	-2.82%	-8.59%	+5.77%
Max Drawdown (3Y) Largest decline over 3 years	—	-12.29%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-25.23%	—
Current Drawdown Current decline from peak	-1.82%	-10.30%	+8.48%
Average Drawdown Average peak-to-trough decline	-0.83%	-7.44%	+6.61%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.01%	4.84%	-3.83%

Volatility

MTBA vs. EPRF - Volatility Comparison

The current volatility for Simplify MBS ETF (MTBA) is 0.86%, while Innovator S&P High Quality Preferred ETF (EPRF) has a volatility of 2.07%. This indicates that MTBA experiences smaller price fluctuations and is considered to be less risky than EPRF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MTBA	EPRF	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.86%	2.07%	-1.21%
Volatility (6M) Calculated over the trailing 6-month period	2.72%	5.57%	-2.85%
Volatility (1Y) Calculated over the trailing 1-year period	3.10%	7.49%	-4.39%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.92%	11.86%	-7.94%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.92%	13.39%	-9.47%

MTBA vs. EPRF - Expense Ratio Comparison

MTBA has a 0.15% expense ratio, which is lower than EPRF's 0.47% expense ratio.

Dividends

MTBA vs. EPRF - Dividend Comparison

MTBA's dividend yield for the trailing twelve months is around 6.07%, which matches EPRF's 6.13% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
EPRF Innovator S&P High Quality Preferred ETF	6.13%	6.03%	6.13%	5.71%	5.67%	4.70%	4.92%	5.01%	5.27%	2.59%
MTBA Simplify MBS ETF	6.07%	5.98%	6.03%	0.48%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both MTBA and EPRF in my portfolio?

MTBA and EPRF have a correlation of 0.35, 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 EPRF?

EPRF has higher volatility (2.07%) compared to MTBA (0.86%). In terms of maximum drawdown, MTBA dropped -3.48% vs EPRF's -26.82%.

Which ETF is better, MTBA or EPRF?

On 1-year performance, MTBA leads with 2.79% vs -1.06% for EPRF. On fees, MTBA is cheaper at 0.15% per year. On volatility, MTBA has been the lower-risk option at 0.86%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MTBA or EPRF?

Over the 1-year period, MTBA has performed better with a 2.79% return vs -1.06%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MTBA or EPRF?

MTBA is cheaper with a 0.15% expense ratio, compared with 0.47% for EPRF.

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

EPRF has the higher dividend yield at 6.13%, compared with 6.07% for MTBA.

What is the main difference between MTBA and EPRF?

MTBA is categorized as Mortgage Backed Securities, while EPRF is Preferred Stock. They also come from different issuers: Simplify and Innovator. Their fees differ too: 0.15% for MTBA and 0.47% for EPRF.

Which has better risk-adjusted returns?

MTBA currently has the higher Sharpe Ratio (0.91 vs -0.14), 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.