RFIX vs. MTBA

Last updated Jun 4, 2026

RFIX (Simplify Bond Bull ETF) and MTBA (Simplify MBS ETF) are both exchange-traded funds - RFIX is a Nontraditional Bonds 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, RFIX returned -14.76% vs 5.18% for MTBA. A 0.60 correlation means they provide meaningful diversification when combined. RFIX charges 0.50%/yr vs 0.15%/yr for MTBA.

Performance

RFIX vs. MTBA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Simplify Bond Bull ETF (RFIX) 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, RFIX achieves a 7.97% return, which is significantly higher than MTBA's -0.23% return.

RFIX

• 1D: 0.99%
• 1M: -2.56%
• YTD: 7.97%
• 6M: -2.48%
• 1Y: -14.76%
• 3Y*: —
• 5Y*: —
• 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)

RFIX vs. MTBA - Yearly Performance Comparison

	2026 (YTD)	2025	2024
RFIX Simplify Bond Bull ETF	7.97%	-28.43%	-12.32%
MTBA Simplify MBS ETF	-0.23%	7.74%	-1.19%

Correlation

The correlation between RFIX and MTBA is 0.48, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.48
Correlation (All Time) Calculated using the full available price history since Dec 11, 2024	0.60

The correlation between RFIX and MTBA shifts across timeframes, from 0.48 (1 year) to 0.60 (all time), reflecting how their relationship changes across market environments.

Return for Risk

RFIX vs. MTBA — Risk / Return Rank

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

RFIX

RFIX Risk / Return Rank: 4
RFIX Sharpe Ratio Rank: 4
RFIX Sortino Ratio Rank: 4
RFIX Omega Ratio Rank: 5
RFIX Calmar Ratio Rank: 4
RFIX 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.

RFIX vs. MTBA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Simplify Bond Bull ETF (RFIX) 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.

	RFIX	MTBA	Difference
Sharpe ratio: Return per unit of total volatility	-0.50	1.68	-2.17
Sortino ratio: Return per unit of downside risk	-0.55	2.38	-2.93
Omega ratio: Gain probability vs. loss probability	0.94	1.32	-0.38
Calmar ratio: Return relative to maximum drawdown	-0.58	1.84	-2.43
Martin ratio: Return relative to average drawdown	-1.01	6.28	-7.28
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

RFIX vs. MTBA - Sharpe Ratio Comparison

The current RFIX Sharpe Ratio is -0.50, which is lower than the MTBA Sharpe Ratio of 1.68. The chart below compares the historical Sharpe Ratios of RFIX 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

	RFIX	MTBA	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.50	1.68	-2.17
Sharpe Ratio (All Time) Calculated using the full available price history	-0.76	1.30	-2.06

Drawdowns

RFIX vs. MTBA - Drawdown Comparison

The maximum RFIX drawdown since its inception was -38.79%, which is greater than MTBA's maximum drawdown of -3.48%. Use the drawdown chart below to compare losses from any high point for RFIX and MTBA.

Drawdown Indicators

	RFIX	MTBA	Difference
Max Drawdown Largest peak-to-trough decline	-38.79%	-3.48%	-35.31%
Max Drawdown (1Y) Largest decline over 1 year	-25.48%	-2.82%	-22.66%
Current Drawdown Current decline from peak	-32.25%	-1.60%	-30.65%
Average Drawdown Average peak-to-trough decline	-24.11%	-0.79%	-23.32%
Ulcer Index Depth and duration of drawdowns from previous peaks	14.70%	0.83%	+13.87%

Volatility

RFIX vs. MTBA - Volatility Comparison

Simplify Bond Bull ETF (RFIX) has a higher volatility of 5.47% compared to Simplify MBS ETF (MTBA) at 1.33%. This indicates that RFIX'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

	RFIX	MTBA	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.47%	1.33%	+4.14%
Volatility (6M) Calculated over the trailing 6-month period	20.35%	2.47%	+17.88%
Volatility (1Y) Calculated over the trailing 1-year period	29.75%	3.10%	+26.65%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	30.90%	3.95%	+26.95%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	30.90%	3.95%	+26.95%

RFIX vs. MTBA - Expense Ratio Comparison

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

Dividends

RFIX vs. MTBA - Dividend Comparison

RFIX's dividend yield for the trailing twelve months is around 4.63%, less than MTBA's 6.09% yield.

Position	TTM	2025	2024	2023
MTBA Simplify MBS ETF	6.09%	5.98%	6.03%	0.48%
RFIX Simplify Bond Bull ETF	4.63%	5.07%	0.00%	0.00%

Frequently Asked Questions

Can I hold both RFIX and MTBA in my portfolio?

RFIX and MTBA have a correlation of 0.48, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, RFIX or MTBA?

RFIX has higher volatility (5.47%) compared to MTBA (1.33%). In terms of maximum drawdown, RFIX dropped -38.79% vs MTBA's -3.48%.

Which ETF is better, RFIX or MTBA?

On 1-year performance, MTBA leads with 5.18% vs -14.76% for RFIX. 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, RFIX or MTBA?

Over the 1-year period, MTBA has performed better with a 5.18% return vs -14.76%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, RFIX or MTBA?

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

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

MTBA has the higher dividend yield at 6.09%, compared with 4.63% for RFIX.

What is the main difference between RFIX and MTBA?

RFIX is categorized as Nontraditional Bonds, while MTBA is Mortgage Backed Securities. Their fees differ too: 0.50% for RFIX and 0.15% for MTBA.

Which has better risk-adjusted returns?

MTBA currently has the higher Sharpe Ratio (1.68 vs -0.50), 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.