TIPX vs. MTBA

Last updated Jun 24, 2026

TIPX (SPDR Bloomberg Barclays 1-10 Year TIPS ETF) and MTBA (Simplify MBS ETF) are both exchange-traded funds - TIPX is a Inflation-Protected Bonds fund tracking the Bloomberg US Govt Inflation-Linked (1-10 Y), while MTBA is a Mortgage Backed Securities fund actively managed by Simplify. TIPX is passively managed, while MTBA is actively managed. Over the past year, TIPX returned 3.45% vs 4.42% for MTBA. A 0.73 correlation means they provide meaningful diversification when combined. Both charge a 0.15% expense ratio.

Performance

TIPX vs. MTBA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR Bloomberg Barclays 1-10 Year TIPS ETF (TIPX) 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, TIPX achieves a 0.81% return, which is significantly higher than MTBA's -0.06% return.

TIPX

• 1D: -0.05%
• 1M: -0.32%
• YTD: 0.81%
• 6M: 0.97%
• 1Y: 3.45%
• 3Y*: 4.51%
• 5Y*: 2.15%
• 10Y*: 2.81%

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)

TIPX vs. MTBA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
TIPX SPDR Bloomberg Barclays 1-10 Year TIPS ETF	0.81%	7.15%	3.08%	2.77%
MTBA Simplify MBS ETF	-0.06%	7.74%	1.99%	3.67%

Correlation

The correlation between TIPX and MTBA is 0.67, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.67
Correlation (All Time) Calculated using the full available price history since Nov 7, 2023	0.73

The correlation between TIPX and MTBA has been stable across timeframes, ranging from 0.67 to 0.73 - a consistent structural relationship.

Return for Risk

TIPX vs. MTBA — Risk / Return Rank

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

TIPX

TIPX Risk / Return Rank: 45
TIPX Sharpe Ratio Rank: 39
TIPX Sortino Ratio Rank: 40
TIPX Omega Ratio Rank: 38
TIPX Calmar Ratio Rank: 57
TIPX Martin Ratio Rank: 52

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.

TIPX vs. MTBA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR Bloomberg Barclays 1-10 Year TIPS ETF (TIPX) 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.

	TIPX	MTBA	Difference
Sharpe ratio: Return per unit of total volatility	1.30	1.43	-0.13
Sortino ratio: Return per unit of downside risk	1.95	2.02	-0.07
Omega ratio: Gain probability vs. loss probability	1.24	1.28	-0.04
Calmar ratio: Return relative to maximum drawdown	2.68	1.57	+1.10
Martin ratio: Return relative to average drawdown	8.34	4.96	+3.38

TIPX vs. MTBA - Sharpe Ratio Comparison

The current TIPX Sharpe Ratio is 1.30, which is comparable to the MTBA Sharpe Ratio of 1.43. The chart below compares the historical Sharpe Ratios of TIPX 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

TIPX vs. MTBA - Drawdown Comparison

The maximum TIPX drawdown since its inception was -10.06%, which is greater than MTBA's maximum drawdown of -3.48%. Use the drawdown chart below to compare losses from any high point for TIPX and MTBA.

Drawdown Indicators

	TIPX	MTBA	Difference
Max Drawdown Largest peak-to-trough decline	-10.06%	-3.48%	-6.58%
Max Drawdown (1Y) Largest decline over 1 year	-1.29%	-2.82%	+1.53%
Max Drawdown (3Y) Largest decline over 3 years	-2.45%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-10.06%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-10.06%	—	—
Current Drawdown Current decline from peak	-1.19%	-1.44%	+0.25%
Average Drawdown Average peak-to-trough decline	-2.28%	-0.80%	-1.48%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.41%	0.89%	-0.48%

Volatility

TIPX vs. MTBA - Volatility Comparison

SPDR Bloomberg Barclays 1-10 Year TIPS ETF (TIPX) has a higher volatility of 1.02% compared to Simplify MBS ETF (MTBA) at 0.96%. This indicates that TIPX'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

	TIPX	MTBA	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.02%	0.96%	+0.06%
Volatility (6M) Calculated over the trailing 6-month period	1.94%	2.57%	-0.63%
Volatility (1Y) Calculated over the trailing 1-year period	2.66%	3.10%	-0.44%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.63%	3.95%	+0.68%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.37%	3.95%	+0.42%

TIPX vs. MTBA - Expense Ratio Comparison

Both TIPX 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

TIPX vs. MTBA - Dividend Comparison

TIPX's dividend yield for the trailing twelve months is around 4.58%, 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%
TIPX SPDR Bloomberg Barclays 1-10 Year TIPS ETF	4.58%	3.78%	3.57%	3.57%	6.08%	4.26%	1.73%	2.53%	1.90%	2.84%	1.04%	0.06%

Frequently Asked Questions

Can I hold both TIPX and MTBA in my portfolio?

TIPX and MTBA have a correlation of 0.67, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TIPX or MTBA?

TIPX has higher volatility (1.02%) compared to MTBA (0.96%). In terms of maximum drawdown, TIPX dropped -10.06% vs MTBA's -3.48%.

Which ETF is better, TIPX or MTBA?

On 1-year performance, MTBA leads with 4.42% vs 3.45% for TIPX. Both ETFs have the same 0.15% expense ratio. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TIPX or MTBA?

Over the 1-year period, MTBA has performed better with a 4.42% return vs 3.45%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TIPX or MTBA?

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

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

MTBA has the higher dividend yield at 6.08%, compared with 4.58% for TIPX.

What is the main difference between TIPX and MTBA?

TIPX is categorized as Inflation-Protected Bonds, while MTBA is Mortgage Backed Securities. They also come from different issuers: State Street and Simplify.

Which has better risk-adjusted returns?

MTBA currently has the higher Sharpe Ratio (1.43 vs 1.30), 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.