TUA vs. MTBA

Last updated Jun 26, 2026

TUA (Simplify Short Term Treasury Futures Strategy ETF) and MTBA (Simplify MBS ETF) are both exchange-traded funds - TUA is a Intermediate Core Bond 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, TUA returned -3.57% vs 4.72% for MTBA. A 0.77 correlation means they provide meaningful diversification when combined. TUA charges 0.16%/yr vs 0.15%/yr for MTBA.

Performance

TUA vs. MTBA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Simplify Short Term Treasury Futures Strategy ETF (TUA) 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, TUA achieves a -5.38% return, which is significantly lower than MTBA's 0.49% return.

TUA

• 1D: 0.20%
• 1M: -0.39%
• YTD: -5.38%
• 6M: -5.08%
• 1Y: -3.57%
• 3Y*: 0.00%
• 5Y*: —
• 10Y*: —

MTBA

• 1D: 0.12%
• 1M: 0.88%
• YTD: 0.49%
• 6M: 0.49%
• 1Y: 4.72%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

TUA vs. MTBA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
TUA Simplify Short Term Treasury Futures Strategy ETF	-5.38%	7.27%	-3.59%	6.20%
MTBA Simplify MBS ETF	0.49%	7.74%	1.99%	3.67%

Correlation

The correlation between TUA and MTBA is 0.78, 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	0.78
Correlation (All Time) Calculated using the full available price history since Nov 7, 2023	0.77

The correlation between TUA and MTBA has been stable across timeframes, ranging from 0.77 to 0.78 - a consistent structural relationship.

Return for Risk

TUA vs. MTBA — Risk / Return Rank

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

TUA

TUA Risk / Return Rank: 5
TUA Sharpe Ratio Rank: 5
TUA Sortino Ratio Rank: 5
TUA Omega Ratio Rank: 5
TUA Calmar Ratio Rank: 5
TUA Martin Ratio Rank: 4

MTBA

MTBA Risk / Return Rank: 46
MTBA Sharpe Ratio Rank: 50
MTBA Sortino Ratio Rank: 50
MTBA Omega Ratio Rank: 53
MTBA Calmar Ratio Rank: 38
MTBA Martin Ratio Rank: 38

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.

TUA vs. MTBA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Simplify Short Term Treasury Futures Strategy ETF (TUA) 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.

	TUA	MTBA	Difference
Sharpe ratio: Return per unit of total volatility	-0.51	1.52	-2.03
Sortino ratio: Return per unit of downside risk	-0.68	2.15	-2.83
Omega ratio: Gain probability vs. loss probability	0.92	1.29	-0.37
Calmar ratio: Return relative to maximum drawdown	-0.49	1.68	-2.17
Martin ratio: Return relative to average drawdown	-1.20	5.27	-6.47

TUA vs. MTBA - Sharpe Ratio Comparison

The current TUA Sharpe Ratio is -0.51, which is lower than the MTBA Sharpe Ratio of 1.52. The chart below compares the historical Sharpe Ratios of TUA 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

TUA vs. MTBA - Drawdown Comparison

The maximum TUA drawdown since its inception was -15.85%, which is greater than MTBA's maximum drawdown of -3.48%. Use the drawdown chart below to compare losses from any high point for TUA and MTBA.

Drawdown Indicators

	TUA	MTBA	Difference
Max Drawdown Largest peak-to-trough decline	-15.85%	-3.48%	-12.37%
Max Drawdown (1Y) Largest decline over 1 year	-7.37%	-2.82%	-4.55%
Max Drawdown (3Y) Largest decline over 3 years	-9.14%	—	—
Current Drawdown Current decline from peak	-10.05%	-0.90%	-9.15%
Average Drawdown Average peak-to-trough decline	-8.39%	-0.81%	-7.58%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.98%	0.90%	+2.08%

Volatility

TUA vs. MTBA - Volatility Comparison

Simplify Short Term Treasury Futures Strategy ETF (TUA) has a higher volatility of 2.66% compared to Simplify MBS ETF (MTBA) at 1.01%. This indicates that TUA'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

	TUA	MTBA	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.66%	1.01%	+1.65%
Volatility (6M) Calculated over the trailing 6-month period	5.31%	2.61%	+2.70%
Volatility (1Y) Calculated over the trailing 1-year period	7.01%	3.12%	+3.89%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.75%	3.95%	+6.80%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.75%	3.95%	+6.80%

TUA vs. MTBA - Expense Ratio Comparison

TUA has a 0.16% expense ratio, which is higher than MTBA's 0.15% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

TUA vs. MTBA - Dividend Comparison

TUA's dividend yield for the trailing twelve months is around 3.32%, less than MTBA's 6.03% yield.

Position	TTM	2025	2024	2023	2022
MTBA Simplify MBS ETF	6.03%	5.98%	6.03%	0.48%	0.00%
TUA Simplify Short Term Treasury Futures Strategy ETF	3.32%	3.84%	5.19%	4.83%	0.15%

Frequently Asked Questions

Can I hold both TUA and MTBA in my portfolio?

TUA and MTBA have a correlation of 0.78, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TUA or MTBA?

TUA has higher volatility (2.66%) compared to MTBA (1.01%). In terms of maximum drawdown, TUA dropped -15.85% vs MTBA's -3.48%.

Which ETF is better, TUA or MTBA?

On 1-year performance, MTBA leads with 4.72% vs -3.57% for TUA. On fees, MTBA is cheaper at 0.15% per year. On volatility, MTBA has been the lower-risk option at 1.01%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TUA or MTBA?

Over the 1-year period, MTBA has performed better with a 4.72% return vs -3.57%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TUA or MTBA?

MTBA is cheaper with a 0.15% expense ratio, compared with 0.16% for TUA.

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

MTBA has the higher dividend yield at 6.03%, compared with 3.32% for TUA.

What is the main difference between TUA and MTBA?

TUA is categorized as Intermediate Core Bond, while MTBA is Mortgage Backed Securities. Their fees differ too: 0.16% for TUA and 0.15% for MTBA.

Which has better risk-adjusted returns?

MTBA currently has the higher Sharpe Ratio (1.52 vs -0.51), 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.