MTBA vs. GAEM

Last updated Jun 4, 2026

MTBA (Simplify MBS ETF) and GAEM (Simplify Gamma Emerging Market Bond ETF) are both exchange-traded funds - MTBA is a Mortgage Backed Securities fund actively managed by Simplify, while GAEM is a Emerging Markets Bonds fund actively managed by Simplify. Both are actively managed. Over the past year, MTBA returned 5.18% vs 13.15% for GAEM. A 0.50 correlation means they provide meaningful diversification when combined. MTBA charges 0.15%/yr vs 0.76%/yr for GAEM.

Performance

MTBA vs. GAEM - Performance Comparison

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

Returns By Period

In the year-to-date period, MTBA achieves a -0.23% return, which is significantly lower than GAEM's 3.26% return.

MTBA

• 1D: -0.12%
• 1M: 0.21%
• YTD: -0.23%
• 6M: 0.18%
• 1Y: 5.18%
• 3Y*: —
• 5Y*: —
• 10Y*: —

GAEM

• 1D: -0.20%
• 1M: 0.20%
• YTD: 3.26%
• 6M: 4.63%
• 1Y: 13.15%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

MTBA vs. GAEM - Yearly Performance Comparison

	2026 (YTD)	2025	2024
MTBA Simplify MBS ETF	-0.23%	7.74%	-0.76%
GAEM Simplify Gamma Emerging Market Bond ETF	3.26%	13.55%	3.72%

Correlation

The correlation between MTBA and GAEM is 0.56, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.56
Correlation (All Time) Calculated using the full available price history since Aug 14, 2024	0.50

The correlation between MTBA and GAEM has been stable across timeframes, ranging from 0.50 to 0.56 - a consistent structural relationship.

Return for Risk

MTBA vs. GAEM — Risk / Return Rank

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

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

GAEM

GAEM Risk / Return Rank: 84
GAEM Sharpe Ratio Rank: 85
GAEM Sortino Ratio Rank: 92
GAEM Omega Ratio Rank: 89
GAEM Calmar Ratio Rank: 73
GAEM Martin Ratio Rank: 83

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. GAEM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Simplify MBS ETF (MTBA) and Simplify Gamma Emerging Market Bond ETF (GAEM). 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.

	MTBA	GAEM	Difference
Sharpe ratio: Return per unit of total volatility	1.68	2.81	-1.13
Sortino ratio: Return per unit of downside risk	2.38	4.48	-2.09
Omega ratio: Gain probability vs. loss probability	1.32	1.57	-0.25
Calmar ratio: Return relative to maximum drawdown	1.84	3.66	-1.81
Martin ratio: Return relative to average drawdown	6.28	16.69	-10.41
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MTBA vs. GAEM - Sharpe Ratio Comparison

The current MTBA Sharpe Ratio is 1.68, which is lower than the GAEM Sharpe Ratio of 2.81. The chart below compares the historical Sharpe Ratios of MTBA and GAEM, 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

	MTBA	GAEM	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.68	2.81	-1.13
Sharpe Ratio (All Time) Calculated using the full available price history	1.30	2.33	-1.03

Drawdowns

MTBA vs. GAEM - Drawdown Comparison

The maximum MTBA drawdown since its inception was -3.48%, smaller than the maximum GAEM drawdown of -3.84%. Use the drawdown chart below to compare losses from any high point for MTBA and GAEM.

Drawdown Indicators

	MTBA	GAEM	Difference
Max Drawdown Largest peak-to-trough decline	-3.48%	-3.84%	+0.36%
Max Drawdown (1Y) Largest decline over 1 year	-2.82%	-3.61%	+0.79%
Current Drawdown Current decline from peak	-1.60%	-0.20%	-1.40%
Average Drawdown Average peak-to-trough decline	-0.79%	-0.52%	-0.27%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.83%	0.79%	+0.04%

Volatility

MTBA vs. GAEM - Volatility Comparison

Simplify MBS ETF (MTBA) and Simplify Gamma Emerging Market Bond ETF (GAEM) have volatilities of 1.33% and 1.33%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MTBA	GAEM	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.33%	1.33%	0.00%
Volatility (6M) Calculated over the trailing 6-month period	2.47%	3.74%	-1.27%
Volatility (1Y) Calculated over the trailing 1-year period	3.10%	4.71%	-1.61%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.95%	4.96%	-1.01%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.95%	4.96%	-1.01%

MTBA vs. GAEM - Expense Ratio Comparison

MTBA has a 0.15% expense ratio, which is lower than GAEM's 0.76% expense ratio.

Dividends

MTBA vs. GAEM - Dividend Comparison

MTBA's dividend yield for the trailing twelve months is around 6.09%, less than GAEM's 7.54% yield.

Position	TTM	2025	2024	2023
GAEM Simplify Gamma Emerging Market Bond ETF	7.54%	6.50%	3.78%	0.00%
MTBA Simplify MBS ETF	6.09%	5.98%	6.03%	0.48%

Frequently Asked Questions

Can I hold both MTBA and GAEM in my portfolio?

MTBA and GAEM have a correlation of 0.56, 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 GAEM?

GAEM has higher volatility (1.33%) compared to MTBA (1.33%). In terms of maximum drawdown, MTBA dropped -3.48% vs GAEM's -3.84%.

Which ETF is better, MTBA or GAEM?

On 1-year performance, GAEM leads with 13.15% vs 5.18% for MTBA. On fees, MTBA is cheaper at 0.15% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MTBA or GAEM?

Over the 1-year period, GAEM has performed better with a 13.15% return vs 5.18%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MTBA or GAEM?

MTBA is cheaper with a 0.15% expense ratio, compared with 0.76% for GAEM.

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

GAEM has the higher dividend yield at 7.54%, compared with 6.09% for MTBA.

What is the main difference between MTBA and GAEM?

MTBA is categorized as Mortgage Backed Securities, while GAEM is Emerging Markets Bonds. Their fees differ too: 0.15% for MTBA and 0.76% for GAEM.

Which has better risk-adjusted returns?

GAEM currently has the higher Sharpe Ratio (2.81 vs 1.68), 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.