MTBA vs. SBIL

Last updated Aug 4, 2026

MTBA (Simplify MBS ETF) and SBIL (Simplify Government Money Market ETF) are both exchange-traded funds - MTBA is a Mortgage Backed Securities fund actively managed by Simplify, while SBIL is a Money Market fund actively managed by Simplify. Both are actively managed. Over the past year, MTBA returned 2.79% vs 3.87% for SBIL. Their 0.07 correlation means their historical movements had little consistent relationship. Both charge a 0.15% expense ratio.

Performance

MTBA vs. SBIL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Simplify MBS ETF (MTBA) and Simplify Government Money Market ETF (SBIL). 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 lower than SBIL's 2.11% return.

MTBA

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

SBIL

• 1D: 0.02%
• 1M: 0.33%
• 6M: 1.77%
• YTD: 2.11%
• 1Y: 3.87%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 3.83%

*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)
MTBA Simplify MBS ETF	$6.79M	$6.04M	$8.72M
SBIL Simplify Government Money Market ETF	$37.76M	$26.66M	$27.81M

MTBA vs. SBIL - Yearly Performance Comparison

	2026 (YTD)	2025
MTBA Simplify MBS ETF	-0.45%	4.24%
SBIL Simplify Government Money Market ETF	2.11%	1.88%

Correlation

The correlation between MTBA and SBIL is 0.09, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.09
Correlation (All Time) Calculated using the full available price history since Jul 15, 2025	0.07

Return for Risk

MTBA vs. SBIL — 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

SBIL

SBIL Risk / Return Rank: 100
SBIL Sharpe Ratio Rank: 100
SBIL Sortino Ratio Rank: 100
SBIL Omega Ratio Rank: 100
SBIL Calmar Ratio Rank: 100
SBIL Martin Ratio Rank: 100

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. SBIL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Simplify MBS ETF (MTBA) and Simplify Government Money Market ETF (SBIL). 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	SBIL	Difference
Sharpe ratio: Return per unit of total volatility	0.91	15.18	-14.28
Sortino ratio: Return per unit of downside risk	1.25	58.69	-57.43
Omega ratio: Gain probability vs. loss probability	1.17	13.04	-11.87
Calmar ratio: Return relative to maximum drawdown	0.99	155.37	-154.37
Martin ratio: Return relative to average drawdown	2.76	872.83	-870.08

MTBA vs. SBIL - Sharpe Ratio Comparison

The current MTBA Sharpe Ratio is 0.91, which is lower than the SBIL Sharpe Ratio of 15.18. The chart below compares the historical Sharpe Ratios of MTBA and SBIL, 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. SBIL - Drawdown Comparison

The maximum MTBA drawdown since its inception was -3.48%, which is greater than SBIL's maximum drawdown of -0.03%. Use the drawdown chart below to compare losses from any high point for MTBA and SBIL.

Drawdown Indicators

	MTBA	SBIL	Difference
Max Drawdown Largest peak-to-trough decline	-3.48%	-0.03%	-3.45%
Max Drawdown (1Y) Largest decline over 1 year	-2.82%	-0.02%	-2.80%
Current Drawdown Current decline from peak	-1.82%	0.00%	-1.82%
Average Drawdown Average peak-to-trough decline	-0.83%	0.00%	-0.83%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.01%	0.00%	+1.01%

Volatility

MTBA vs. SBIL - Volatility Comparison

Simplify MBS ETF (MTBA) has a higher volatility of 0.86% compared to Simplify Government Money Market ETF (SBIL) at 0.05%. This indicates that MTBA's price experiences larger fluctuations and is considered to be riskier than SBIL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MTBA	SBIL	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.86%	0.05%	+0.81%
Volatility (6M) Calculated over the trailing 6-month period	2.72%	0.18%	+2.54%
Volatility (1Y) Calculated over the trailing 1-year period	3.10%	0.26%	+2.84%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.92%	0.26%	+3.66%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.92%	0.26%	+3.66%

MTBA vs. SBIL - Expense Ratio Comparison

Both MTBA and SBIL have an expense ratio of 0.15%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.

Dividends

MTBA vs. SBIL - Dividend Comparison

MTBA's dividend yield for the trailing twelve months is around 6.07%, more than SBIL's 3.87% yield.

Position	TTM	2025	2024	2023
MTBA Simplify MBS ETF	6.07%	5.98%	6.03%	0.48%
SBIL Simplify Government Money Market ETF	3.87%	1.79%	0.00%	0.00%

Frequently Asked Questions

Can I hold both MTBA and SBIL in my portfolio?

MTBA and SBIL have a correlation of 0.09, 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 SBIL?

MTBA has higher volatility (0.86%) compared to SBIL (0.05%). In terms of maximum drawdown, MTBA dropped -3.48% vs SBIL's -0.03%.

Which ETF is better, MTBA or SBIL?

On 1-year performance, SBIL leads with 3.87% vs 2.79% for MTBA. Both ETFs have the same 0.15% expense ratio. On volatility, SBIL has been the lower-risk option at 0.05%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MTBA or SBIL?

Over the 1-year period, SBIL has performed better with a 3.87% return vs 2.79%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MTBA or SBIL?

MTBA and SBIL have the same expense ratio: 0.15% per year.

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

MTBA has the higher dividend yield at 6.07%, compared with 3.87% for SBIL.

What is the main difference between MTBA and SBIL?

MTBA is categorized as Mortgage Backed Securities, while SBIL is Money Market.

Which has better risk-adjusted returns?

SBIL currently has the higher Sharpe Ratio (15.18 vs 0.91), 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.