SBIL vs. MTBA

Last updated Jun 23, 2026

SBIL (Simplify Government Money Market ETF) and MTBA (Simplify MBS ETF) are both exchange-traded funds - SBIL is a Money Market fund actively managed by Simplify, while MTBA is a Mortgage Backed Securities fund actively managed by Simplify. Both are actively managed. At a 0.08 correlation, their price movements are largely independent. Both charge a 0.15% expense ratio.

Performance

SBIL vs. MTBA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Simplify Government Money Market ETF (SBIL) 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, SBIL achieves a 1.66% return, which is significantly higher than MTBA's -0.06% return.

SBIL

• 1D: 0.00%
• 1M: 0.24%
• YTD: 1.66%
• 6M: 1.74%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

MTBA

• 1D: -0.12%
• 1M: 0.59%
• YTD: -0.06%
• 6M: 0.09%
• 1Y: 4.63%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SBIL vs. MTBA - Yearly Performance Comparison

	2026 (YTD)	2025
SBIL Simplify Government Money Market ETF	1.66%	1.88%
MTBA Simplify MBS ETF	-0.06%	4.24%

Correlation

The correlation between SBIL and MTBA is 0.08, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jul 15, 2025	0.08

Return for Risk

SBIL vs. MTBA — Risk / Return Rank

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

SBIL

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

MTBA

MTBA Risk / Return Rank: 40
MTBA Sharpe Ratio Rank: 44
MTBA Sortino Ratio Rank: 43
MTBA Omega Ratio Rank: 46
MTBA Calmar Ratio Rank: 34
MTBA Martin Ratio Rank: 35

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.

SBIL vs. MTBA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Simplify Government Money Market ETF (SBIL) 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.

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.

	SBIL	MTBA	Difference
Sharpe ratio: Return per unit of total volatility	—	1.50	—
Sortino ratio: Return per unit of downside risk	—	2.11	—
Omega ratio: Gain probability vs. loss probability	—	1.29	—
Calmar ratio: Return relative to maximum drawdown	—	1.65	—
Martin ratio: Return relative to average drawdown	—	5.22	—

Drawdowns

SBIL vs. MTBA - Drawdown Comparison

The maximum SBIL drawdown since its inception was -0.03%, smaller than the maximum MTBA drawdown of -3.48%. Use the drawdown chart below to compare losses from any high point for SBIL and MTBA.

Drawdown Indicators

	SBIL	MTBA	Difference
Max Drawdown Largest peak-to-trough decline	-0.03%	-3.48%	+3.45%
Max Drawdown (1Y) Largest decline over 1 year	—	-2.82%	—
Current Drawdown Current decline from peak	0.00%	-1.44%	+1.44%
Average Drawdown Average peak-to-trough decline	-0.00%	-0.80%	+0.80%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.89%	—

Volatility

Volatility by Period

	SBIL	MTBA	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	0.97%	—
Volatility (6M) Calculated over the trailing 6-month period	—	2.58%	—
Volatility (1Y) Calculated over the trailing 1-year period	0.27%	3.11%	-2.84%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.27%	3.95%	-3.68%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.27%	3.95%	-3.68%

SBIL vs. MTBA - Expense Ratio Comparison

Both SBIL and MTBA have an expense ratio of 0.15%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.

Dividends

SBIL vs. MTBA - Dividend Comparison

SBIL's dividend yield for the trailing twelve months is around 3.25%, less than MTBA's 6.08% yield.

Position	TTM	2025	2024	2023
MTBA Simplify MBS ETF	6.08%	5.98%	6.03%	0.48%
SBIL Simplify Government Money Market ETF	3.25%	1.79%	0.00%	0.00%

Frequently Asked Questions

Can I hold both SBIL and MTBA in my portfolio?

SBIL and MTBA have a correlation of 0.08, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, SBIL or MTBA?

Both ETFs have the same 0.15% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, SBIL or MTBA?

SBIL and MTBA have the same expense ratio: 0.15% per year.

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

MTBA has the higher dividend yield at 6.08%, compared with 3.25% for SBIL.

What is the main difference between SBIL and MTBA?

SBIL is categorized as Money Market, while MTBA is Mortgage Backed Securities.