SPBC vs. MTBA

Last updated Jun 4, 2026

SPBC (Simplify US Equity PLUS GBTC ETF) and MTBA (Simplify MBS ETF) are both exchange-traded funds - SPBC is a Diversified Portfolio 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, SPBC returned 21.45% vs 5.18% for MTBA. At a 0.18 correlation, their price movements are largely independent. SPBC charges 0.50%/yr vs 0.15%/yr for MTBA.

Performance

SPBC vs. MTBA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Simplify US Equity PLUS GBTC ETF (SPBC) 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, SPBC achieves a 7.71% return, which is significantly higher than MTBA's -0.23% return.

SPBC

• 1D: -0.90%
• 1M: 3.04%
• YTD: 7.71%
• 6M: 7.18%
• 1Y: 21.45%
• 3Y*: 28.29%
• 5Y*: 15.96%
• 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)

SPBC vs. MTBA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
SPBC Simplify US Equity PLUS GBTC ETF	7.71%	16.83%	37.32%	11.36%
MTBA Simplify MBS ETF	-0.23%	7.74%	1.99%	3.64%

Correlation

The correlation between SPBC and MTBA is 0.33, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.33
Correlation (All Time) Calculated using the full available price history since Nov 8, 2023	0.18

The correlation between SPBC and MTBA shifts across timeframes, from 0.18 (all time) to 0.33 (1 year), reflecting how their relationship changes across market environments.

SPBC vs. MTBA - Sectors Allocation Comparison

Sectors	SPBC	MTBA
Technology	35.6%	-
Financial Services	11.8%	47.2%
Communication Services	11.2%	-
Consumer Cyclical	10.1%	-
Healthcare	8.5%	-
Industrials	8.3%	-
Consumer Defensive	4.9%	-
Energy	3.5%	-
Utilities	2.4%	-
Real Estate	1.9%	-
Basic Materials	1.8%	-

Return for Risk

SPBC vs. MTBA — Risk / Return Rank

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

SPBC

SPBC Risk / Return Rank: 40
SPBC Sharpe Ratio Rank: 42
SPBC Sortino Ratio Rank: 40
SPBC Omega Ratio Rank: 40
SPBC Calmar Ratio Rank: 35
SPBC Martin Ratio Rank: 40

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.

SPBC vs. MTBA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Simplify US Equity PLUS GBTC ETF (SPBC) 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.

	SPBC	MTBA	Difference
Sharpe ratio: Return per unit of total volatility	1.49	1.68	-0.19
Sortino ratio: Return per unit of downside risk	2.08	2.38	-0.31
Omega ratio: Gain probability vs. loss probability	1.26	1.32	-0.06
Calmar ratio: Return relative to maximum drawdown	1.76	1.84	-0.08
Martin ratio: Return relative to average drawdown	6.38	6.28	+0.11
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SPBC vs. MTBA - Sharpe Ratio Comparison

The current SPBC Sharpe Ratio is 1.49, which is comparable to the MTBA Sharpe Ratio of 1.68. The chart below compares the historical Sharpe Ratios of SPBC 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

	SPBC	MTBA	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.49	1.68	-0.19
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.79	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.79	1.30	-0.51

Drawdowns

SPBC vs. MTBA - Drawdown Comparison

The maximum SPBC drawdown since its inception was -33.99%, which is greater than MTBA's maximum drawdown of -3.48%. Use the drawdown chart below to compare losses from any high point for SPBC and MTBA.

Drawdown Indicators

	SPBC	MTBA	Difference
Max Drawdown Largest peak-to-trough decline	-33.99%	-3.48%	-30.51%
Max Drawdown (1Y) Largest decline over 1 year	-12.24%	-2.82%	-9.42%
Max Drawdown (3Y) Largest decline over 3 years	-21.00%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-33.99%	—	—
Current Drawdown Current decline from peak	-1.28%	-1.60%	+0.32%
Average Drawdown Average peak-to-trough decline	-8.64%	-0.79%	-7.85%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.37%	0.83%	+2.54%

Volatility

SPBC vs. MTBA - Volatility Comparison

Simplify US Equity PLUS GBTC ETF (SPBC) has a higher volatility of 3.38% compared to Simplify MBS ETF (MTBA) at 1.33%. This indicates that SPBC'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

	SPBC	MTBA	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.38%	1.33%	+2.05%
Volatility (6M) Calculated over the trailing 6-month period	10.92%	2.47%	+8.45%
Volatility (1Y) Calculated over the trailing 1-year period	14.49%	3.10%	+11.39%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.43%	3.95%	+16.48%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.39%	3.95%	+16.44%

SPBC vs. MTBA - Expense Ratio Comparison

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

Dividends

SPBC vs. MTBA - Dividend Comparison

SPBC's dividend yield for the trailing twelve months is around 0.83%, less 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%
SPBC Simplify US Equity PLUS GBTC ETF	0.83%	0.85%	0.98%	3.79%	0.60%	1.41%

Frequently Asked Questions

Can I hold both SPBC and MTBA in my portfolio?

SPBC and MTBA have a correlation of 0.33, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SPBC or MTBA?

SPBC has higher volatility (3.38%) compared to MTBA (1.33%). In terms of maximum drawdown, SPBC dropped -33.99% vs MTBA's -3.48%.

Which ETF is better, SPBC or MTBA?

On 1-year performance, SPBC leads with 21.45% vs 5.18% for MTBA. 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, SPBC or MTBA?

Over the 1-year period, SPBC has performed better with a 21.45% return vs 5.18%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPBC or MTBA?

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

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

MTBA has the higher dividend yield at 6.09%, compared with 0.83% for SPBC.

What is the main difference between SPBC and MTBA?

SPBC is categorized as Diversified Portfolio, while MTBA is Mortgage Backed Securities. Their fees differ too: 0.50% for SPBC and 0.15% for MTBA.

Which has better risk-adjusted returns?

MTBA currently has the higher Sharpe Ratio (1.68 vs 1.49), 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.