TUA vs. PRVBX

Last updated Jun 4, 2026

TUA (Simplify Short Term Treasury Futures Strategy ETF) and PRVBX (Permanent Portfolio Versatile Bond Portfolio) are both funds - TUA is a Intermediate Core Bond fund actively managed by Simplify, while PRVBX is a Short-Term Bond fund managed by Permanent Portfolio. Over the past 3 years, TUA returned -0.88%/yr vs 5.62%/yr for PRVBX. A 0.62 correlation means they provide meaningful diversification when combined. TUA charges 0.16%/yr vs 0.64%/yr for PRVBX.

Performance

TUA vs. PRVBX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Simplify Short Term Treasury Futures Strategy ETF (TUA) and Permanent Portfolio Versatile Bond Portfolio (PRVBX). 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 PRVBX's 0.91% return.

TUA

• 1D: -0.39%
• 1M: -0.91%
• YTD: -5.38%
• 6M: -5.28%
• 1Y: -1.78%
• 3Y*: -0.88%
• 5Y*: —
• 10Y*: —

PRVBX

• 1D: -0.09%
• 1M: -0.05%
• YTD: 0.91%
• 6M: 1.18%
• 1Y: 5.30%
• 3Y*: 5.62%
• 5Y*: 2.64%
• 10Y*: 4.35%

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

TUA vs. PRVBX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
TUA Simplify Short Term Treasury Futures Strategy ETF	-5.38%	7.27%	-3.59%	-2.04%	-0.81%
PRVBX Permanent Portfolio Versatile Bond Portfolio	0.91%	5.66%	5.78%	6.91%	0.08%

Correlation

The correlation between TUA and PRVBX is 0.52, 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	0.52
Correlation (3Y) Calculated over the trailing 3-year period	0.61
Correlation (All Time) Calculated using the full available price history since Nov 16, 2022	0.62

The correlation between TUA and PRVBX shifts across timeframes, from 0.52 (1 year) to 0.62 (all time), reflecting how their relationship changes across market environments.

Return for Risk

TUA vs. PRVBX — Risk / Return Rank

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

TUA

TUA Risk / Return Rank: 6
TUA Sharpe Ratio Rank: 6
TUA Sortino Ratio Rank: 5
TUA Omega Ratio Rank: 5
TUA Calmar Ratio Rank: 6
TUA Martin Ratio Rank: 5

PRVBX

PRVBX Risk / Return Rank: 85
PRVBX Sharpe Ratio Rank: 91
PRVBX Sortino Ratio Rank: 93
PRVBX Omega Ratio Rank: 89
PRVBX Calmar Ratio Rank: 78
PRVBX Martin Ratio Rank: 73

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. PRVBX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Simplify Short Term Treasury Futures Strategy ETF (TUA) and Permanent Portfolio Versatile Bond Portfolio (PRVBX). 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.

	TUA	PRVBX	Difference
Sharpe ratio: Return per unit of total volatility	-0.26	3.01	-3.27
Sortino ratio: Return per unit of downside risk	-0.33	4.70	-5.03
Omega ratio: Gain probability vs. loss probability	0.96	1.63	-0.67
Calmar ratio: Return relative to maximum drawdown	-0.27	3.54	-3.81
Martin ratio: Return relative to average drawdown	-0.71	13.93	-14.64
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TUA vs. PRVBX - Sharpe Ratio Comparison

The current TUA Sharpe Ratio is -0.26, which is lower than the PRVBX Sharpe Ratio of 3.01. The chart below compares the historical Sharpe Ratios of TUA and PRVBX, 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

	TUA	PRVBX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.26	3.01	-3.27
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	1.13	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	1.00	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.13	1.29	-1.42

Drawdowns

TUA vs. PRVBX - Drawdown Comparison

The maximum TUA drawdown since its inception was -15.85%, smaller than the maximum PRVBX drawdown of -16.91%. Use the drawdown chart below to compare losses from any high point for TUA and PRVBX.

Drawdown Indicators

	TUA	PRVBX	Difference
Max Drawdown Largest peak-to-trough decline	-15.85%	-16.91%	+1.06%
Max Drawdown (1Y) Largest decline over 1 year	-6.68%	-1.51%	-5.17%
Max Drawdown (3Y) Largest decline over 3 years	-9.14%	-1.51%	-7.63%
Max Drawdown (5Y) Largest decline over 5 years	—	-8.22%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-16.91%	—
Current Drawdown Current decline from peak	-10.05%	-0.37%	-9.68%
Average Drawdown Average peak-to-trough decline	-8.37%	-0.72%	-7.65%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.53%	0.38%	+2.15%

Volatility

TUA vs. PRVBX - Volatility Comparison

Simplify Short Term Treasury Futures Strategy ETF (TUA) has a higher volatility of 1.95% compared to Permanent Portfolio Versatile Bond Portfolio (PRVBX) at 0.71%. This indicates that TUA's price experiences larger fluctuations and is considered to be riskier than PRVBX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TUA	PRVBX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.95%	0.71%	+1.24%
Volatility (6M) Calculated over the trailing 6-month period	4.84%	1.39%	+3.45%
Volatility (1Y) Calculated over the trailing 1-year period	6.85%	1.77%	+5.08%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.76%	2.36%	+8.40%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.76%	4.36%	+6.40%

TUA vs. PRVBX - Expense Ratio Comparison

TUA has a 0.16% expense ratio, which is lower than PRVBX's 0.64% expense ratio.

Dividends

TUA vs. PRVBX - Dividend Comparison

TUA's dividend yield for the trailing twelve months is around 3.56%, less than PRVBX's 4.14% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PRVBX Permanent Portfolio Versatile Bond Portfolio	4.14%	4.18%	3.61%	3.16%	1.83%	0.85%	4.73%	2.51%	1.71%	3.30%	3.27%	5.71%
TUA Simplify Short Term Treasury Futures Strategy ETF	3.56%	3.84%	5.19%	4.83%	0.15%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both TUA and PRVBX in my portfolio?

TUA and PRVBX have a correlation of 0.52, 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 PRVBX?

TUA has higher volatility (1.95%) compared to PRVBX (0.71%). In terms of maximum drawdown, TUA dropped -15.85% vs PRVBX's -16.91%.

Which has better risk-adjusted returns?

PRVBX currently has the higher Sharpe Ratio (3.01 vs -0.26), 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.