PFIX vs. MTBA

Last updated Apr 1, 2026

Compare and contrast key facts about Simplify Interest Rate Hedge ETF (PFIX) and Simplify MBS ETF (MTBA).

PFIX and MTBA are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. PFIX is an actively managed fund by Simplify. It was launched on May 10, 2021. MTBA is an actively managed fund by Simplify. It was launched on Nov 6, 2023.

Performance

PFIX vs. MTBA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Simplify Interest Rate Hedge ETF (PFIX) and Simplify MBS ETF (MTBA). The values are adjusted to include any dividend payments, if applicable.

PFIX vs. MTBA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
PFIX Simplify Interest Rate Hedge ETF	-2.90%	0.42%	35.94%	-22.54%
MTBA Simplify MBS ETF	-0.43%	7.74%	1.99%	3.64%

Returns By Period

In the year-to-date period, PFIX achieves a -2.90% return, which is significantly lower than MTBA's -0.43% return.

PFIX

• 1D: -3.95%
• 1M: 11.53%
• YTD: -2.90%
• 6M: 2.03%
• 1Y: 4.58%
• 3Y*: 17.99%
• 5Y*: —
• 10Y*: —

MTBA

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

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

PFIX vs. MTBA - Expense Ratio Comparison

PFIX has a 0.50% expense ratio, which is higher than MTBA's 0.15% expense ratio.

PFIX

Simplify Interest Rate Hedge ETF

MTBA

Simplify MBS ETF

Return for Risk

PFIX vs. MTBA — Risk / Return Rank

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

PFIX

PFIX Risk / Return Rank: 16
PFIX Sharpe Ratio Rank: 16
PFIX Sortino Ratio Rank: 19
PFIX Omega Ratio Rank: 17
PFIX Calmar Ratio Rank: 14
PFIX Martin Ratio Rank: 14

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

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.

PFIX vs. MTBA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Simplify Interest Rate Hedge ETF (PFIX) and Simplify MBS ETF (MTBA). 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.

	PFIX	MTBA	Difference
Sharpe ratio Return per unit of total volatility	0.13	1.43	-1.30
Sortino ratio Return per unit of downside risk	0.46	1.97	-1.51
Omega ratio Gain probability vs. loss probability	1.05	1.27	-0.22
Calmar ratio Return relative to maximum drawdown	0.10	1.80	-1.70
Martin ratio Return relative to average drawdown	0.17	7.36	-7.20
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PFIX vs. MTBA - Sharpe Ratio Comparison

The current PFIX Sharpe Ratio is 0.13, which is lower than the MTBA Sharpe Ratio of 1.43. The chart below compares the historical Sharpe Ratios of PFIX and MTBA, 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

	PFIX	MTBA	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.13	1.43	-1.30
Sharpe Ratio (All Time) Calculated using the full available price history	0.40	1.37	-0.97

Correlation

The correlation between PFIX and MTBA is -0.74. This indicates that the assets' prices tend to move in opposite directions. Negative correlation can be particularly beneficial for diversification and risk management, as one asset may offset the losses of the other during market fluctuations.

Dividends

PFIX vs. MTBA - Dividend Comparison

PFIX's dividend yield for the trailing twelve months is around 10.17%, more than MTBA's 6.08% yield.

	TTM	2025	2024	2023	2022	2021
PFIX Simplify Interest Rate Hedge ETF	10.17%	9.92%	3.40%	87.92%	0.63%	0.00%
MTBA Simplify MBS ETF	6.08%	5.98%	6.03%	0.48%	0.00%	0.00%

Drawdowns

PFIX vs. MTBA - Drawdown Comparison

The maximum PFIX drawdown since its inception was -36.17%, which is greater than MTBA's maximum drawdown of -3.48%. Use the drawdown chart below to compare losses from any high point for PFIX and MTBA.

Drawdown Indicators

	PFIX	MTBA	Difference
Max Drawdown Largest peak-to-trough decline	-36.17%	-3.48%	-32.69%
Max Drawdown (1Y) Largest decline over 1 year	-28.22%	-2.69%	-25.53%
Current Drawdown Current decline from peak	-19.94%	-1.80%	-18.14%
Average Drawdown Average peak-to-trough decline	-17.07%	-0.74%	-16.33%
Ulcer Index Depth and duration of drawdowns from previous peaks	17.44%	0.66%	+16.78%

Volatility

PFIX vs. MTBA - Volatility Comparison

Simplify Interest Rate Hedge ETF (PFIX) has a higher volatility of 13.71% compared to Simplify MBS ETF (MTBA) at 1.65%. This indicates that PFIX's price experiences larger fluctuations and is considered to be riskier than MTBA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PFIX	MTBA	Difference
Volatility (1M) Calculated over the trailing 1-month period	13.71%	1.65%	+12.06%
Volatility (6M) Calculated over the trailing 6-month period	20.26%	2.09%	+18.17%
Volatility (1Y) Calculated over the trailing 1-year period	35.00%	3.33%	+31.67%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	38.75%	3.97%	+34.78%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	38.75%	3.97%	+34.78%