SPMB vs. MTBA
SPMB (SPDR Portfolio Mortgage Backed Bond ETF) and MTBA (Simplify MBS ETF) are both Mortgage Backed Securities funds. SPMB is passively managed, while MTBA is actively managed. Over the past year, SPMB returned 6.29% vs 4.76% for MTBA. Their correlation of 0.90 suggests significant overlap in exposure. SPMB charges 0.04%/yr vs 0.15%/yr for MTBA.
Performance
SPMB vs. MTBA - Performance Comparison
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Returns By Period
In the year-to-date period, SPMB achieves a 0.65% return, which is significantly higher than MTBA's -0.13% return.
SPMB
- 1D
- 0.14%
- 1M
- 0.22%
- YTD
- 0.65%
- 6M
- 0.95%
- 1Y
- 6.29%
- 3Y*
- 4.42%
- 5Y*
- 0.31%
- 10Y*
- 1.26%
MTBA
- 1D
- 0.10%
- 1M
- 0.23%
- YTD
- -0.13%
- 6M
- 0.34%
- 1Y
- 4.76%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
SPMB vs. MTBA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
SPMB SPDR Portfolio Mortgage Backed Bond ETF | 0.65% | 8.29% | 1.35% | 6.55% |
MTBA Simplify MBS ETF | -0.13% | 7.74% | 1.99% | 3.64% |
Correlation
The correlation between SPMB and MTBA is 0.89, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.89 |
Correlation (All Time) Calculated using the full available price history since Nov 8, 2023 | 0.90 |
The correlation between SPMB and MTBA has been stable across timeframes, ranging from 0.89 to 0.90 - a consistent structural relationship.
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Return for Risk
SPMB vs. MTBA — Risk / Return Rank
SPMB
MTBA
SPMB vs. MTBA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR Portfolio Mortgage Backed Bond ETF (SPMB) 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.
| SPMB | MTBA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.07 | ||
| Sortino ratioReturn per unit of downside risk | +0.02 | ||
| Omega ratioGain probability vs. loss probability | 1.27 | 1.30 | -0.03 |
| Calmar ratioReturn relative to maximum drawdown | 2.19 | 1.69 | +0.49 |
| Martin ratioReturn relative to average drawdown | 7.16 | 5.74 | +1.42 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| SPMB | MTBA | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.49 | 1.56 | -0.07 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.05 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.17 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.34 | 1.31 | -0.97 |
Drawdowns
SPMB vs. MTBA - Drawdown Comparison
The maximum SPMB drawdown since its inception was -18.03%, which is greater than MTBA's maximum drawdown of -3.48%. Use the drawdown chart below to compare losses from any high point for SPMB and MTBA.
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Drawdown Indicators
| SPMB | MTBA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -18.03% | -3.48% | -14.55% |
Max Drawdown (1Y)Largest decline over 1 year | -2.89% | -2.82% | -0.07% |
Max Drawdown (3Y)Largest decline over 3 years | -7.66% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -17.49% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -18.03% | — | — |
Current DrawdownCurrent decline from peak | -1.45% | -1.50% | +0.05% |
Average DrawdownAverage peak-to-trough decline | -2.85% | -0.79% | -2.06% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.88% | 0.83% | +0.05% |
Volatility
SPMB vs. MTBA - Volatility Comparison
SPDR Portfolio Mortgage Backed Bond ETF (SPMB) has a higher volatility of 1.58% compared to Simplify MBS ETF (MTBA) at 1.33%. This indicates that SPMB'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.
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Volatility by Period
| SPMB | MTBA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.58% | 1.33% | +0.25% |
Volatility (6M)Calculated over the trailing 6-month period | 3.08% | 2.47% | +0.61% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.28% | 3.10% | +1.18% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.77% | 3.95% | +2.82% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.61% | 3.95% | +3.66% |
SPMB vs. MTBA - Expense Ratio Comparison
SPMB has a 0.04% expense ratio, which is lower than MTBA's 0.15% 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
SPMB vs. MTBA - Dividend Comparison
SPMB's dividend yield for the trailing twelve months is around 4.08%, less than MTBA's 6.08% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
MTBA Simplify MBS ETF | 6.08% | 5.98% | 6.03% | 0.48% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
SPMB SPDR Portfolio Mortgage Backed Bond ETF | 4.08% | 3.98% | 3.76% | 3.21% | 2.98% | 2.59% | 2.95% | 3.24% | 3.36% | 3.13% | 2.99% | 3.05% |
Frequently Asked Questions
SPMB and MTBA have a correlation of 0.89, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SPMB has higher volatility (1.58%) compared to MTBA (1.33%). In terms of maximum drawdown, SPMB dropped -18.03% vs MTBA's -3.48%.
On 1-year performance, SPMB leads with 6.29% vs 4.76% for MTBA. On fees, SPMB is cheaper at 0.04% 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.
Over the 1-year period, SPMB has performed better with a 6.29% return vs 4.76%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPMB is cheaper with a 0.04% expense ratio, compared with 0.15% for MTBA.
MTBA has the higher dividend yield at 6.08%, compared with 4.08% for SPMB.
They also come from different issuers: State Street and Simplify. Their fees differ too: 0.04% for SPMB and 0.15% for MTBA.
MTBA currently has the higher Sharpe Ratio (1.56 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.
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