SHY vs. TUA
SHY (iShares 1-3 Year Treasury Bond ETF) and TUA (Simplify Short Term Treasury Futures Strategy ETF) are both exchange-traded funds - SHY is a Government Bonds fund tracking the ICE US Treasury 1-3 Year Index, while TUA is a Intermediate Core Bond fund actively managed by Simplify. SHY is passively managed, while TUA is actively managed. Over the past 3 years, SHY returned 4.05%/yr vs -0.05%/yr for TUA. With a 0.95 correlation, they move nearly in lockstep. SHY charges 0.15%/yr vs 0.16%/yr for TUA.
Performance
SHY vs. TUA - Performance Comparison
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Returns By Period
In the year-to-date period, SHY achieves a 0.50% return, which is significantly higher than TUA's -6.58% return.
SHY
- 1D
- -0.11%
- 1M
- -0.05%
- 6M
- 0.49%
- YTD
- 0.50%
- 1Y
- 2.86%
- 3Y*
- 4.05%
- 5Y*
- 1.75%
- 10Y*
- 1.64%
TUA
- 1D
- -0.61%
- 1M
- -1.41%
- 6M
- -6.05%
- YTD
- -6.58%
- 1Y
- -3.65%
- 3Y*
- -0.05%
- 5Y*
- —
- 10Y*
- —
SHY vs. TUA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
SHY iShares 1-3 Year Treasury Bond ETF | 0.50% | 4.95% | 3.92% | 4.16% | 0.43% |
TUA Simplify Short Term Treasury Futures Strategy ETF | -6.58% | 7.27% | -3.59% | -2.04% | -0.83% |
Correlation
The correlation between SHY and TUA is 0.95 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.95 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.95 |
Correlation (All Time) Calculated using the full available price history since Nov 15, 2022 | 0.95 |
The correlation between SHY and TUA has been stable across timeframes, ranging from 0.95 to 0.95 - a consistent structural relationship.
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Return for Risk
SHY vs. TUA — Risk / Return Rank
SHY
TUA
SHY vs. TUA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares 1-3 Year Treasury Bond ETF (SHY) and Simplify Short Term Treasury Futures Strategy ETF (TUA). 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.
| SHY | TUA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.60 | ||
| Sortino ratioReturn per unit of downside risk | +3.96 | ||
| Omega ratioGain probability vs. loss probability | 1.41 | 0.92 | +0.49 |
| Calmar ratioReturn relative to maximum drawdown | 3.23 | -0.50 | +3.73 |
| Martin ratioReturn relative to average drawdown | 12.67 | -1.13 | +13.79 |
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Drawdowns
SHY vs. TUA - Drawdown Comparison
The maximum SHY drawdown since its inception was -5.71%, smaller than the maximum TUA drawdown of -15.85%. Use the drawdown chart below to compare losses from any high point for SHY and TUA.
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Drawdown Indicators
| SHY | TUA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -5.71% | -15.85% | +10.14% |
Max Drawdown (1Y)Largest decline over 1 year | -0.89% | -7.37% | +6.48% |
Max Drawdown (3Y)Largest decline over 3 years | -0.97% | -9.14% | +8.17% |
Max Drawdown (5Y)Largest decline over 5 years | -5.71% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -5.71% | — | — |
Current DrawdownCurrent decline from peak | -0.24% | -11.19% | +10.95% |
Average DrawdownAverage peak-to-trough decline | -0.52% | -8.41% | +7.89% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.23% | 3.24% | -3.01% |
Volatility
SHY vs. TUA - Volatility Comparison
The current volatility for iShares 1-3 Year Treasury Bond ETF (SHY) is 0.52%, while Simplify Short Term Treasury Futures Strategy ETF (TUA) has a volatility of 2.56%. This indicates that SHY experiences smaller price fluctuations and is considered to be less risky than TUA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SHY | TUA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.52% | 2.56% | -2.04% |
Volatility (6M)Calculated over the trailing 6-month period | 1.04% | 5.43% | -4.39% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.38% | 7.02% | -5.64% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 2.00% | 10.71% | -8.71% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 1.57% | 10.71% | -9.14% |
SHY vs. TUA - Expense Ratio Comparison
SHY has a 0.15% expense ratio, which is lower than TUA's 0.16% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
SHY vs. TUA - Dividend Comparison
SHY's dividend yield for the trailing twelve months is around 3.66%, more than TUA's 3.36% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SHY iShares 1-3 Year Treasury Bond ETF | 3.66% | 3.81% | 3.92% | 2.99% | 1.30% | 0.26% | 0.94% | 2.12% | 1.72% | 0.98% | 0.71% | 0.54% |
TUA Simplify Short Term Treasury Futures Strategy ETF | 3.36% | 3.84% | 5.19% | 4.83% | 0.15% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
With a correlation of 0.95, SHY and TUA move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
TUA has higher volatility (2.56%) compared to SHY (0.52%). In terms of maximum drawdown, SHY dropped -5.71% vs TUA's -15.85%.
On 3-year performance, SHY leads with 4.05% vs -0.05% for TUA. On fees, SHY is cheaper at 0.15% per year. On volatility, SHY has been the lower-risk option at 0.52%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, SHY has performed better with a 4.05% return vs -0.05%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SHY is cheaper with a 0.15% expense ratio, compared with 0.16% for TUA.
SHY has the higher dividend yield at 3.66%, compared with 3.36% for TUA.
SHY is categorized as Government Bonds, while TUA is Intermediate Core Bond. They also come from different issuers: iShares and Simplify. Their fees differ too: 0.15% for SHY and 0.16% for TUA.
SHY currently has the higher Sharpe Ratio (2.08 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.
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