TYA vs. IEI
TYA (Simplify Intermediate Term Treasury Futures Strategy ETF) and IEI (iShares 3-7 Year Treasury Bond ETF) are both Government Bonds funds. TYA is actively managed, while IEI is passively managed. Over the past 3 years, TYA returned -2.45%/yr vs 3.52%/yr for IEI. With a 0.98 correlation, they move nearly in lockstep. Both charge a 0.15% expense ratio.
Performance
TYA vs. IEI - Performance Comparison
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Returns By Period
In the year-to-date period, TYA achieves a -5.08% return, which is significantly lower than IEI's -0.42% return.
TYA
- 1D
- -0.63%
- 1M
- -0.93%
- YTD
- -5.08%
- 6M
- -6.88%
- 1Y
- 2.03%
- 3Y*
- -2.45%
- 5Y*
- —
- 10Y*
- —
IEI
- 1D
- -0.13%
- 1M
- -0.17%
- YTD
- -0.42%
- 6M
- -0.49%
- 1Y
- 3.28%
- 3Y*
- 3.52%
- 5Y*
- 0.23%
- 10Y*
- 1.28%
TYA vs. IEI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
TYA Simplify Intermediate Term Treasury Futures Strategy ETF | -5.08% | 14.38% | -9.63% | -2.23% | -37.62% | -0.68% |
IEI iShares 3-7 Year Treasury Bond ETF | -0.42% | 6.96% | 1.81% | 4.42% | -9.51% | -0.75% |
Correlation
The correlation between TYA and IEI is 0.98 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.98 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.98 |
Correlation (All Time) Calculated using the full available price history since Sep 29, 2021 | 0.98 |
The correlation between TYA and IEI has been stable across timeframes, ranging from 0.98 to 0.98 - a consistent structural relationship.
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Return for Risk
TYA vs. IEI — Risk / Return Rank
TYA
IEI
TYA vs. IEI - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Simplify Intermediate Term Treasury Futures Strategy ETF (TYA) and iShares 3-7 Year Treasury Bond ETF (IEI). 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.
| TYA | IEI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.93 | ||
| Sortino ratioReturn per unit of downside risk | -1.33 | ||
| Omega ratioGain probability vs. loss probability | 1.04 | 1.19 | -0.15 |
| Calmar ratioReturn relative to maximum drawdown | 0.17 | 1.32 | -1.15 |
| Martin ratioReturn relative to average drawdown | 0.49 | 3.96 | -3.47 |
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
| TYA | IEI | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.16 | 1.09 | -0.93 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.05 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.33 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.51 | 0.70 | -1.21 |
Drawdowns
TYA vs. IEI - Drawdown Comparison
The maximum TYA drawdown since its inception was -51.15%, which is greater than IEI's maximum drawdown of -14.60%. Use the drawdown chart below to compare losses from any high point for TYA and IEI.
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Drawdown Indicators
| TYA | IEI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -51.15% | -14.60% | -36.55% |
Max Drawdown (1Y)Largest decline over 1 year | -11.80% | -2.50% | -9.30% |
Max Drawdown (3Y)Largest decline over 3 years | -22.51% | -3.66% | -18.85% |
Max Drawdown (5Y)Largest decline over 5 years | — | -13.88% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -14.60% | — |
Current DrawdownCurrent decline from peak | -41.49% | -1.85% | -39.64% |
Average DrawdownAverage peak-to-trough decline | -35.85% | -2.67% | -33.18% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.17% | 0.83% | +3.34% |
Volatility
TYA vs. IEI - Volatility Comparison
Simplify Intermediate Term Treasury Futures Strategy ETF (TYA) has a higher volatility of 4.11% compared to iShares 3-7 Year Treasury Bond ETF (IEI) at 0.91%. This indicates that TYA's price experiences larger fluctuations and is considered to be riskier than IEI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TYA | IEI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.11% | 0.91% | +3.20% |
Volatility (6M)Calculated over the trailing 6-month period | 8.81% | 2.13% | +6.68% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.91% | 3.04% | +9.87% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 20.57% | 4.77% | +15.80% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.57% | 3.93% | +16.64% |
TYA vs. IEI - Expense Ratio Comparison
Both TYA and IEI 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
TYA vs. IEI - Dividend Comparison
TYA's dividend yield for the trailing twelve months is around 3.87%, more than IEI's 3.64% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IEI iShares 3-7 Year Treasury Bond ETF | 3.64% | 3.48% | 3.18% | 2.36% | 1.37% | 0.73% | 1.12% | 2.01% | 1.95% | 1.51% | 1.33% | 1.39% |
TYA Simplify Intermediate Term Treasury Futures Strategy ETF | 3.87% | 3.85% | 4.84% | 4.28% | 2.23% | 0.11% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
With a correlation of 0.98, TYA and IEI move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
TYA has higher volatility (4.11%) compared to IEI (0.91%). In terms of maximum drawdown, TYA dropped -51.15% vs IEI's -14.60%.
On 3-year performance, IEI leads with 3.52% vs -2.45% for TYA. Both ETFs have the same 0.15% expense ratio. On volatility, IEI has been the lower-risk option at 0.91%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, IEI has performed better with a 3.52% return vs -2.45%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
TYA and IEI have the same expense ratio: 0.15% per year.
TYA has the higher dividend yield at 3.87%, compared with 3.64% for IEI.
They also come from different issuers: Simplify and iShares.
IEI currently has the higher Sharpe Ratio (1.09 vs 0.16), 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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