SPUC vs. MTBA

Last updated Jun 24, 2026

SPUC (Simplify US Equity PLUS Upside Convexity ETF) and MTBA (Simplify MBS ETF) are both exchange-traded funds - SPUC is a Large Cap Blend Equities 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, SPUC returned 25.30% vs 4.42% for MTBA. At a 0.22 correlation, their price movements are largely independent. SPUC charges 0.53%/yr vs 0.15%/yr for MTBA.

Performance

SPUC vs. MTBA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Simplify US Equity PLUS Upside Convexity ETF (SPUC) 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, SPUC achieves a 7.04% return, which is significantly higher than MTBA's -0.06% return.

SPUC

• 1D: -1.29%
• 1M: -0.82%
• YTD: 7.04%
• 6M: 5.67%
• 1Y: 25.30%
• 3Y*: 22.48%
• 5Y*: 13.13%
• 10Y*: —

MTBA

• 1D: 0.00%
• 1M: 0.59%
• YTD: -0.06%
• 6M: 0.09%
• 1Y: 4.42%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SPUC vs. MTBA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
SPUC Simplify US Equity PLUS Upside Convexity ETF	7.04%	22.64%	25.37%	11.70%
MTBA Simplify MBS ETF	-0.06%	7.74%	1.99%	3.67%

Correlation

The correlation between SPUC and MTBA is 0.35, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.35
Correlation (All Time) Calculated using the full available price history since Nov 7, 2023	0.22

The correlation between SPUC and MTBA shifts across timeframes, from 0.22 (all time) to 0.35 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

SPUC vs. MTBA — Risk / Return Rank

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

SPUC

SPUC Risk / Return Rank: 45
SPUC Sharpe Ratio Rank: 45
SPUC Sortino Ratio Rank: 41
SPUC Omega Ratio Rank: 42
SPUC Calmar Ratio Rank: 48
SPUC Martin Ratio Rank: 47

MTBA

MTBA Risk / Return Rank: 39
MTBA Sharpe Ratio Rank: 42
MTBA Sortino Ratio Rank: 41
MTBA Omega Ratio Rank: 44
MTBA Calmar Ratio Rank: 33
MTBA Martin Ratio Rank: 34

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.

SPUC vs. MTBA - Risk-Adjusted Trends Comparison

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

	SPUC	MTBA	Difference
Sharpe ratio: Return per unit of total volatility	1.50	1.43	+0.06
Sortino ratio: Return per unit of downside risk	2.01	2.02	-0.01
Omega ratio: Gain probability vs. loss probability	1.26	1.28	-0.01
Calmar ratio: Return relative to maximum drawdown	2.20	1.57	+0.62
Martin ratio: Return relative to average drawdown	7.36	4.96	+2.41

SPUC vs. MTBA - Sharpe Ratio Comparison

The current SPUC Sharpe Ratio is 1.50, which is comparable to the MTBA Sharpe Ratio of 1.43. The chart below compares the historical Sharpe Ratios of SPUC 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.

Drawdowns

SPUC vs. MTBA - Drawdown Comparison

The maximum SPUC drawdown since its inception was -29.20%, which is greater than MTBA's maximum drawdown of -3.48%. Use the drawdown chart below to compare losses from any high point for SPUC and MTBA.

Drawdown Indicators

	SPUC	MTBA	Difference
Max Drawdown Largest peak-to-trough decline	-29.20%	-3.48%	-25.72%
Max Drawdown (1Y) Largest decline over 1 year	-11.56%	-2.82%	-8.74%
Max Drawdown (3Y) Largest decline over 3 years	-28.17%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-29.20%	—	—
Current Drawdown Current decline from peak	-2.49%	-1.44%	-1.05%
Average Drawdown Average peak-to-trough decline	-8.42%	-0.80%	-7.62%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.44%	0.89%	+2.55%

Volatility

SPUC vs. MTBA - Volatility Comparison

Simplify US Equity PLUS Upside Convexity ETF (SPUC) has a higher volatility of 4.93% compared to Simplify MBS ETF (MTBA) at 0.96%. This indicates that SPUC'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

	SPUC	MTBA	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.93%	0.96%	+3.97%
Volatility (6M) Calculated over the trailing 6-month period	11.09%	2.57%	+8.52%
Volatility (1Y) Calculated over the trailing 1-year period	17.05%	3.10%	+13.95%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.03%	3.95%	+18.08%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.45%	3.95%	+17.50%

SPUC vs. MTBA - Expense Ratio Comparison

SPUC has a 0.53% expense ratio, which is higher than MTBA's 0.15% expense ratio.

Dividends

SPUC vs. MTBA - Dividend Comparison

SPUC's dividend yield for the trailing twelve months is around 9.39%, more than MTBA's 6.08% yield.

Position	TTM	2025	2024	2023	2022	2021	2020
MTBA Simplify MBS ETF	6.08%	5.98%	6.03%	0.48%	0.00%	0.00%	0.00%
SPUC Simplify US Equity PLUS Upside Convexity ETF	9.39%	7.70%	0.94%	1.33%	1.53%	2.00%	0.75%

Frequently Asked Questions

Can I hold both SPUC and MTBA in my portfolio?

SPUC and MTBA have a correlation of 0.35, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SPUC or MTBA?

SPUC has higher volatility (4.93%) compared to MTBA (0.96%). In terms of maximum drawdown, SPUC dropped -29.20% vs MTBA's -3.48%.

Which ETF is better, SPUC or MTBA?

On 1-year performance, SPUC leads with 25.30% vs 4.42% for MTBA. On fees, MTBA is cheaper at 0.15% per year. On volatility, MTBA has been the lower-risk option at 0.96%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPUC or MTBA?

Over the 1-year period, SPUC has performed better with a 25.30% return vs 4.42%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPUC or MTBA?

MTBA is cheaper with a 0.15% expense ratio, compared with 0.53% for SPUC.

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

SPUC has the higher dividend yield at 9.39%, compared with 6.08% for MTBA.

What is the main difference between SPUC and MTBA?

SPUC is categorized as Large Cap Blend Equities, while MTBA is Mortgage Backed Securities. Their fees differ too: 0.53% for SPUC and 0.15% for MTBA.

Which has better risk-adjusted returns?

SPUC currently has the higher Sharpe Ratio (1.50 vs 1.43), 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.