PFIX vs. MTBA

Last updated Jun 4, 2026

PFIX (Simplify Interest Rate Hedge ETF) and MTBA (Simplify MBS ETF) are both exchange-traded funds - PFIX is a Hedge Fund fund actively managed by Simplify, while MTBA is a Mortgage Backed Securities fund actively managed by Simplify. Both are actively managed. Over the past year, PFIX returned -15.57% vs 5.18% for MTBA. At a correlation of -0.72, they often move in opposite directions. PFIX charges 0.50%/yr vs 0.15%/yr for MTBA.

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.

Returns By Period

In the year-to-date period, PFIX achieves a -2.55% return, which is significantly lower than MTBA's -0.23% return.

PFIX

• 1D: 0.36%
• 1M: -3.76%
• YTD: -2.55%
• 6M: 1.53%
• 1Y: -15.57%
• 3Y*: 14.54%
• 5Y*: 16.86%
• 10Y*: —

MTBA

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

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

PFIX vs. MTBA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
PFIX Simplify Interest Rate Hedge ETF	-2.55%	0.42%	35.94%	-22.54%
MTBA Simplify MBS ETF	-0.23%	7.74%	1.99%	3.64%

Correlation

The correlation between PFIX and MTBA is -0.63, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.63
Correlation (All Time) Calculated using the full available price history since Nov 8, 2023	-0.72

The correlation between PFIX and MTBA has been stable across timeframes, ranging from -0.72 to -0.63 - a consistent structural relationship.

PFIX vs. MTBA - Sectors Allocation Comparison

Sectors	PFIX	MTBA
Financial Services	32.2%	47.2%
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Technology	-	-
Utilities	-	-

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: 4
PFIX Sharpe Ratio Rank: 4
PFIX Sortino Ratio Rank: 4
PFIX Omega Ratio Rank: 4
PFIX Calmar Ratio Rank: 4
PFIX Martin Ratio Rank: 4

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

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	-0.52	1.68	-2.19
Sortino ratio: Return per unit of downside risk	-0.58	2.38	-2.97
Omega ratio: Gain probability vs. loss probability	0.93	1.32	-0.39
Calmar ratio: Return relative to maximum drawdown	-0.61	1.84	-2.45
Martin ratio: Return relative to average drawdown	-0.96	6.28	-7.23
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 -0.52, which is lower than the MTBA Sharpe Ratio of 1.68. The chart below compares the historical Sharpe Ratios of PFIX and MTBA, 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

	PFIX	MTBA	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.52	1.68	-2.19
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.44	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.39	1.30	-0.91

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	-25.64%	-2.82%	-22.82%
Max Drawdown (3Y) Largest decline over 3 years	-36.17%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-36.17%	—	—
Current Drawdown Current decline from peak	-19.65%	-1.60%	-18.05%
Average Drawdown Average peak-to-trough decline	-17.13%	-0.79%	-16.34%
Ulcer Index Depth and duration of drawdowns from previous peaks	16.35%	0.83%	+15.52%

Volatility

PFIX vs. MTBA - Volatility Comparison

Simplify Interest Rate Hedge ETF (PFIX) has a higher volatility of 7.51% compared to Simplify MBS ETF (MTBA) at 1.33%. 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	7.51%	1.33%	+6.18%
Volatility (6M) Calculated over the trailing 6-month period	20.89%	2.47%	+18.42%
Volatility (1Y) Calculated over the trailing 1-year period	30.32%	3.10%	+27.22%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	38.50%	3.95%	+34.55%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	38.35%	3.95%	+34.40%

PFIX vs. MTBA - Expense Ratio Comparison

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

Dividends

PFIX vs. MTBA - Dividend Comparison

PFIX's dividend yield for the trailing twelve months is around 9.96%, more than MTBA's 6.09% yield.

Position	TTM	2025	2024	2023	2022	2021
MTBA Simplify MBS ETF	6.09%	5.98%	6.03%	0.48%	0.00%	0.00%
PFIX Simplify Interest Rate Hedge ETF	9.96%	9.92%	3.40%	87.92%	0.63%	0.00%

Frequently Asked Questions

Can I hold both PFIX and MTBA in my portfolio?

PFIX and MTBA have a correlation of -0.63, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PFIX or MTBA?

PFIX has higher volatility (7.51%) compared to MTBA (1.33%). In terms of maximum drawdown, PFIX dropped -36.17% vs MTBA's -3.48%.

Which ETF is better, PFIX or MTBA?

On 1-year performance, MTBA leads with 5.18% vs -15.57% for PFIX. On fees, MTBA is cheaper at 0.15% per year. On volatility, MTBA has been the lower-risk option at 1.33%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PFIX or MTBA?

Over the 1-year period, MTBA has performed better with a 5.18% return vs -15.57%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PFIX or MTBA?

MTBA is cheaper with a 0.15% expense ratio, compared with 0.50% for PFIX.

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

PFIX has the higher dividend yield at 9.96%, compared with 6.09% for MTBA.

What is the main difference between PFIX and MTBA?

PFIX is categorized as Hedge Fund, while MTBA is Mortgage Backed Securities. Their fees differ too: 0.50% for PFIX and 0.15% for MTBA.

Which has better risk-adjusted returns?

MTBA currently has the higher Sharpe Ratio (1.68 vs -0.52), 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.