MTBA vs. XONE

Last updated Apr 1, 2026

Compare and contrast key facts about Simplify MBS ETF (MTBA) and Bondbloxx Bloomberg One Year Target Duration US Treasury ETF (XONE).

MTBA and XONE are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. MTBA is an actively managed fund by Simplify. It was launched on Nov 6, 2023. XONE is a passively managed fund by BondBloxx that tracks the performance of the Bloomberg US Treasury 1 Year Duration Index - Benchmark TR Gross. It was launched on Sep 13, 2022.

Performance

MTBA vs. XONE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Simplify MBS ETF (MTBA) and Bondbloxx Bloomberg One Year Target Duration US Treasury ETF (XONE). The values are adjusted to include any dividend payments, if applicable.

MTBA vs. XONE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
MTBA Simplify MBS ETF	-0.43%	7.74%	1.99%	3.64%
XONE Bondbloxx Bloomberg One Year Target Duration US Treasury ETF	0.59%	4.41%	4.83%	1.22%

Returns By Period

In the year-to-date period, MTBA achieves a -0.43% return, which is significantly lower than XONE's 0.59% return.

MTBA

• 1D: 0.28%
• 1M: -1.80%
• YTD: -0.43%
• 6M: 1.22%
• 1Y: 4.74%
• 3Y*: —
• 5Y*: —
• 10Y*: —

XONE

• 1D: 0.03%
• 1M: 0.04%
• YTD: 0.59%
• 6M: 1.68%
• 1Y: 3.87%
• 3Y*: 4.43%
• 5Y*: —
• 10Y*: —

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

MTBA vs. XONE - Expense Ratio Comparison

MTBA has a 0.15% expense ratio, which is higher than XONE's 0.03% 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%.

MTBA

Simplify MBS ETF

XONE

Bondbloxx Bloomberg One Year Target Duration US Treasury ETF

Return for Risk

MTBA vs. XONE — Risk / Return Rank

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

MTBA

MTBA Risk / Return Rank: 76
MTBA Sharpe Ratio Rank: 79
MTBA Sortino Ratio Rank: 79
MTBA Omega Ratio Rank: 75
MTBA Calmar Ratio Rank: 73
MTBA Martin Ratio Rank: 74

XONE

XONE Risk / Return Rank: 99
XONE Sharpe Ratio Rank: 99
XONE Sortino Ratio Rank: 99
XONE Omega Ratio Rank: 99
XONE Calmar Ratio Rank: 99
XONE Martin Ratio Rank: 99

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. XONE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Simplify MBS ETF (MTBA) and Bondbloxx Bloomberg One Year Target Duration US Treasury ETF (XONE). 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	XONE	Difference
Sharpe ratio Return per unit of total volatility	1.43	6.42	-4.99
Sortino ratio Return per unit of downside risk	1.97	13.79	-11.82
Omega ratio Gain probability vs. loss probability	1.27	3.08	-1.81
Calmar ratio Return relative to maximum drawdown	1.80	19.78	-17.98
Martin ratio Return relative to average drawdown	7.36	88.34	-80.98
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. XONE - Sharpe Ratio Comparison

The current MTBA Sharpe Ratio is 1.43, which is lower than the XONE Sharpe Ratio of 6.42. The chart below compares the historical Sharpe Ratios of MTBA and XONE, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	MTBA	XONE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.43	6.42	-4.99
Sharpe Ratio (All Time) Calculated using the full available price history	1.37	4.95	-3.58

Correlation

The correlation between MTBA and XONE is 0.59, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

MTBA vs. XONE - Dividend Comparison

MTBA's dividend yield for the trailing twelve months is around 6.08%, more than XONE's 4.20% yield.

	TTM	2025	2024	2023	2022
MTBA Simplify MBS ETF	6.08%	5.98%	6.03%	0.48%	0.00%
XONE Bondbloxx Bloomberg One Year Target Duration US Treasury ETF	4.20%	4.33%	5.21%	4.46%	1.17%

Drawdowns

MTBA vs. XONE - Drawdown Comparison

The maximum MTBA drawdown since its inception was -3.48%, which is greater than XONE's maximum drawdown of -0.40%. Use the drawdown chart below to compare losses from any high point for MTBA and XONE.

Drawdown Indicators

	MTBA	XONE	Difference
Max Drawdown Largest peak-to-trough decline	-3.48%	-0.40%	-3.08%
Max Drawdown (1Y) Largest decline over 1 year	-2.69%	-0.20%	-2.49%
Current Drawdown Current decline from peak	-1.80%	0.00%	-1.80%
Average Drawdown Average peak-to-trough decline	-0.74%	-0.05%	-0.69%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.66%	0.04%	+0.62%

Volatility

MTBA vs. XONE - Volatility Comparison

Simplify MBS ETF (MTBA) has a higher volatility of 1.65% compared to Bondbloxx Bloomberg One Year Target Duration US Treasury ETF (XONE) at 0.21%. This indicates that MTBA's price experiences larger fluctuations and is considered to be riskier than XONE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MTBA	XONE	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.65%	0.21%	+1.44%
Volatility (6M) Calculated over the trailing 6-month period	2.09%	0.34%	+1.75%
Volatility (1Y) Calculated over the trailing 1-year period	3.33%	0.61%	+2.72%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.97%	0.87%	+3.10%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.97%	0.87%	+3.10%