MTBA vs. TUA

Last updated Jun 14, 2026

MTBA (Simplify MBS ETF) and TUA (Simplify Short Term Treasury Futures Strategy ETF) are both exchange-traded funds - MTBA is a Mortgage Backed Securities fund actively managed by Simplify, while TUA is a Intermediate Core Bond fund actively managed by Simplify. Both are actively managed. Over the past year, MTBA returned 4.90% vs -1.82% for TUA. A 0.77 correlation means they provide meaningful diversification when combined. MTBA charges 0.15%/yr vs 0.16%/yr for TUA.

Performance

MTBA vs. TUA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Simplify MBS ETF (MTBA) and Simplify Short Term Treasury Futures Strategy ETF (TUA). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MTBA achieves a 0.02% return, which is significantly higher than TUA's -5.24% return.

MTBA

• 1D: -0.06%
• 1M: 0.33%
• YTD: 0.02%
• 6M: 0.67%
• 1Y: 4.90%
• 3Y*: —
• 5Y*: —
• 10Y*: —

TUA

• 1D: -0.27%
• 1M: -0.34%
• YTD: -5.24%
• 6M: -4.70%
• 1Y: -1.82%
• 3Y*: -0.12%
• 5Y*: —
• 10Y*: —

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

MTBA vs. TUA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
MTBA Simplify MBS ETF	0.02%	7.74%	1.99%	3.67%
TUA Simplify Short Term Treasury Futures Strategy ETF	-5.24%	7.27%	-3.59%	6.20%

Correlation

The correlation between MTBA and TUA is 0.78, 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	0.78
Correlation (All Time) Calculated using the full available price history since Nov 7, 2023	0.77

The correlation between MTBA and TUA has been stable across timeframes, ranging from 0.77 to 0.78 - a consistent structural relationship.

Return for Risk

MTBA vs. TUA — Risk / Return Rank

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

MTBA

MTBA Risk / Return Rank: 47
MTBA Sharpe Ratio Rank: 51
MTBA Sortino Ratio Rank: 51
MTBA Omega Ratio Rank: 55
MTBA Calmar Ratio Rank: 38
MTBA Martin Ratio Rank: 39

TUA

TUA Risk / Return Rank: 6
TUA Sharpe Ratio Rank: 7
TUA Sortino Ratio Rank: 6
TUA Omega Ratio Rank: 6
TUA Calmar Ratio Rank: 7
TUA Martin Ratio Rank: 6

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. TUA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Simplify MBS ETF (MTBA) and Simplify Short Term Treasury Futures Strategy ETF (TUA). 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	TUA	Difference
Sharpe ratio: Return per unit of total volatility	1.54	-0.33	+1.86
Sortino ratio: Return per unit of downside risk	2.18	-0.43	+2.60
Omega ratio: Gain probability vs. loss probability	1.30	0.95	+0.35
Calmar ratio: Return relative to maximum drawdown	1.67	-0.32	+1.99
Martin ratio: Return relative to average drawdown	5.41	-0.81	+6.22

MTBA vs. TUA - Sharpe Ratio Comparison

The current MTBA Sharpe Ratio is 1.54, which is higher than the TUA Sharpe Ratio of -0.33. The chart below compares the historical Sharpe Ratios of MTBA and TUA, 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. TUA - Drawdown Comparison

The maximum MTBA drawdown since its inception was -3.48%, smaller than the maximum TUA drawdown of -15.85%. Use the drawdown chart below to compare losses from any high point for MTBA and TUA.

Drawdown Indicators

	MTBA	TUA	Difference
Max Drawdown Largest peak-to-trough decline	-3.48%	-15.85%	+12.37%
Max Drawdown (1Y) Largest decline over 1 year	-2.82%	-7.05%	+4.23%
Max Drawdown (3Y) Largest decline over 3 years	—	-9.14%	—
Current Drawdown Current decline from peak	-1.36%	-9.92%	+8.56%
Average Drawdown Average peak-to-trough decline	-0.80%	-8.37%	+7.57%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.87%	2.74%	-1.87%

Volatility

MTBA vs. TUA - Volatility Comparison

The current volatility for Simplify MBS ETF (MTBA) is 1.28%, while Simplify Short Term Treasury Futures Strategy ETF (TUA) has a volatility of 2.35%. This indicates that MTBA experiences smaller price fluctuations and is considered to be less risky than TUA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MTBA	TUA	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.28%	2.35%	-1.07%
Volatility (6M) Calculated over the trailing 6-month period	2.54%	5.00%	-2.46%
Volatility (1Y) Calculated over the trailing 1-year period	3.08%	6.84%	-3.76%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.95%	10.75%	-6.80%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.95%	10.75%	-6.80%

MTBA vs. TUA - Expense Ratio Comparison

MTBA has a 0.15% expense ratio, which is lower than TUA's 0.16% 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. TUA - Dividend Comparison

MTBA's dividend yield for the trailing twelve months is around 6.07%, more than TUA's 3.55% yield.

Position	TTM	2025	2024	2023	2022
MTBA Simplify MBS ETF	6.07%	5.98%	6.03%	0.48%	0.00%
TUA Simplify Short Term Treasury Futures Strategy ETF	3.55%	3.84%	5.19%	4.83%	0.15%

Frequently Asked Questions

Can I hold both MTBA and TUA in my portfolio?

MTBA and TUA have a correlation of 0.78, 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 TUA?

TUA has higher volatility (2.35%) compared to MTBA (1.28%). In terms of maximum drawdown, MTBA dropped -3.48% vs TUA's -15.85%.

Which ETF is better, MTBA or TUA?

On 1-year performance, MTBA leads with 4.90% vs -1.82% for TUA. On fees, MTBA is cheaper at 0.15% per year. On volatility, MTBA has been the lower-risk option at 1.28%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MTBA or TUA?

Over the 1-year period, MTBA has performed better with a 4.90% return vs -1.82%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MTBA or TUA?

MTBA is cheaper with a 0.15% expense ratio, compared with 0.16% for TUA.

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

MTBA has the higher dividend yield at 6.07%, compared with 3.55% for TUA.

What is the main difference between MTBA and TUA?

MTBA is categorized as Mortgage Backed Securities, while TUA is Intermediate Core Bond. Their fees differ too: 0.15% for MTBA and 0.16% for TUA.

Which has better risk-adjusted returns?

MTBA currently has the higher Sharpe Ratio (1.54 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.