MTBA vs. IBTL

Last updated Jun 4, 2026

MTBA (Simplify MBS ETF) and IBTL (iShares iBonds Dec 2031 Term Treasury ETF) are both exchange-traded funds - MTBA is a Mortgage Backed Securities fund actively managed by Simplify, while IBTL is a Government Bonds fund tracking the ICE 2031 Maturity US Treasury Index. MTBA is actively managed, while IBTL is passively managed. Over the past year, MTBA returned 5.18% vs 3.77% for IBTL. Their correlation of 0.88 suggests significant overlap in exposure. MTBA charges 0.15%/yr vs 0.07%/yr for IBTL.

Performance

MTBA vs. IBTL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Simplify MBS ETF (MTBA) and iShares iBonds Dec 2031 Term Treasury ETF (IBTL). 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 higher than IBTL's -0.47% return.

MTBA

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

IBTL

• 1D: -0.15%
• 1M: -0.21%
• YTD: -0.47%
• 6M: -0.69%
• 1Y: 3.77%
• 3Y*: 2.83%
• 5Y*: —
• 10Y*: —

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

MTBA vs. IBTL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
MTBA Simplify MBS ETF	-0.23%	7.74%	1.99%	3.64%
IBTL iShares iBonds Dec 2031 Term Treasury ETF	-0.47%	7.85%	0.36%	5.49%

Correlation

The correlation between MTBA and IBTL is 0.86, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.86
Correlation (All Time) Calculated using the full available price history since Nov 8, 2023	0.88

The correlation between MTBA and IBTL has been stable across timeframes, ranging from 0.86 to 0.88 - a consistent structural relationship.

Return for Risk

MTBA vs. IBTL — 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

IBTL

IBTL Risk / Return Rank: 28
IBTL Sharpe Ratio Rank: 28
IBTL Sortino Ratio Rank: 29
IBTL Omega Ratio Rank: 27
IBTL Calmar Ratio Rank: 27
IBTL Martin Ratio Rank: 28

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. IBTL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Simplify MBS ETF (MTBA) and iShares iBonds Dec 2031 Term Treasury ETF (IBTL). 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	IBTL	Difference
Sharpe ratio: Return per unit of total volatility	1.68	1.05	+0.63
Sortino ratio: Return per unit of downside risk	2.38	1.60	+0.78
Omega ratio: Gain probability vs. loss probability	1.32	1.18	+0.14
Calmar ratio: Return relative to maximum drawdown	1.84	1.34	+0.51
Martin ratio: Return relative to average drawdown	6.28	3.90	+2.38
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. IBTL - Sharpe Ratio Comparison

The current MTBA Sharpe Ratio is 1.68, which is higher than the IBTL Sharpe Ratio of 1.05. The chart below compares the historical Sharpe Ratios of MTBA and IBTL, 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	IBTL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.68	1.05	+0.63
Sharpe Ratio (All Time) Calculated using the full available price history	1.30	-0.21	+1.51

Drawdowns

MTBA vs. IBTL - Drawdown Comparison

The maximum MTBA drawdown since its inception was -3.48%, smaller than the maximum IBTL drawdown of -20.93%. Use the drawdown chart below to compare losses from any high point for MTBA and IBTL.

Drawdown Indicators

	MTBA	IBTL	Difference
Max Drawdown Largest peak-to-trough decline	-3.48%	-20.93%	+17.45%
Max Drawdown (1Y) Largest decline over 1 year	-2.82%	-2.83%	+0.01%
Max Drawdown (3Y) Largest decline over 3 years	—	-7.38%	—
Current Drawdown Current decline from peak	-1.60%	-7.25%	+5.65%
Average Drawdown Average peak-to-trough decline	-0.79%	-11.47%	+10.68%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.83%	0.97%	-0.14%

Volatility

MTBA vs. IBTL - Volatility Comparison

Simplify MBS ETF (MTBA) has a higher volatility of 1.33% compared to iShares iBonds Dec 2031 Term Treasury ETF (IBTL) at 1.08%. This indicates that MTBA's price experiences larger fluctuations and is considered to be riskier than IBTL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MTBA	IBTL	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.33%	1.08%	+0.25%
Volatility (6M) Calculated over the trailing 6-month period	2.47%	2.39%	+0.08%
Volatility (1Y) Calculated over the trailing 1-year period	3.10%	3.62%	-0.52%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.95%	7.46%	-3.51%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.95%	7.46%	-3.51%

MTBA vs. IBTL - Expense Ratio Comparison

MTBA has a 0.15% expense ratio, which is higher than IBTL's 0.07% expense ratio. However, 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. IBTL - Dividend Comparison

MTBA's dividend yield for the trailing twelve months is around 6.09%, more than IBTL's 3.97% yield.

Position	TTM	2025	2024	2023	2022	2021
IBTL iShares iBonds Dec 2031 Term Treasury ETF	3.97%	3.93%	4.07%	3.04%	2.36%	0.70%
MTBA Simplify MBS ETF	6.09%	5.98%	6.03%	0.48%	0.00%	0.00%

Frequently Asked Questions

Can I hold both MTBA and IBTL in my portfolio?

MTBA and IBTL have a correlation of 0.86, 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 IBTL?

MTBA has higher volatility (1.33%) compared to IBTL (1.08%). In terms of maximum drawdown, MTBA dropped -3.48% vs IBTL's -20.93%.

Which ETF is better, MTBA or IBTL?

On 1-year performance, MTBA leads with 5.18% vs 3.77% for IBTL. On fees, IBTL is cheaper at 0.07% per year. On volatility, IBTL has been the lower-risk option at 1.08%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MTBA or IBTL?

Over the 1-year period, MTBA has performed better with a 5.18% return vs 3.77%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MTBA or IBTL?

IBTL is cheaper with a 0.07% expense ratio, compared with 0.15% for MTBA.

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

MTBA has the higher dividend yield at 6.09%, compared with 3.97% for IBTL.

What is the main difference between MTBA and IBTL?

MTBA is categorized as Mortgage Backed Securities, while IBTL is Government Bonds. They also come from different issuers: Simplify and iShares. Their fees differ too: 0.15% for MTBA and 0.07% for IBTL.

Which has better risk-adjusted returns?

MTBA currently has the higher Sharpe Ratio (1.68 vs 1.05), 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.