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 -1.87%/yr vs 3.67%/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 -5.34% return, which is significantly lower than IEI's -0.42% return.
TYA
- 1D
- 0.27%
- 1M
- 0.70%
- YTD
- -5.34%
- 6M
- -5.34%
- 1Y
- -0.95%
- 3Y*
- -1.87%
- 5Y*
- —
- 10Y*
- —
IEI
- 1D
- 0.13%
- 1M
- 0.25%
- YTD
- -0.42%
- 6M
- -0.24%
- 1Y
- 2.48%
- 3Y*
- 3.67%
- 5Y*
- 0.31%
- 10Y*
- 1.20%
TYA vs. IEI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
TYA Simplify Intermediate Term Treasury Futures Strategy ETF | -5.34% | 14.38% | -9.63% | -2.23% | -37.62% | -0.80% |
IEI iShares 3-7 Year Treasury Bond ETF | -0.42% | 6.96% | 1.81% | 4.42% | -9.51% | -0.85% |
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 28, 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.
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.
| TYA | IEI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.90 | ||
| Sortino ratioReturn per unit of downside risk | -1.26 | ||
| Omega ratioGain probability vs. loss probability | 1.00 | 1.14 | -0.14 |
| Calmar ratioReturn relative to maximum drawdown | -0.08 | 1.00 | -1.08 |
| Martin ratioReturn relative to average drawdown | -0.20 | 2.67 | -2.88 |
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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 | -21.36% | -3.66% | -17.70% |
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 | -41.65% | -1.85% | -39.80% |
Average DrawdownAverage peak-to-trough decline | -35.88% | -2.67% | -33.21% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.67% | 0.93% | +3.74% |
Volatility
TYA vs. IEI - Volatility Comparison
Simplify Intermediate Term Treasury Futures Strategy ETF (TYA) has a higher volatility of 3.58% compared to iShares 3-7 Year Treasury Bond ETF (IEI) at 0.98%. 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 | 3.58% | 0.98% | +2.60% |
Volatility (6M)Calculated over the trailing 6-month period | 9.14% | 2.25% | +6.89% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.62% | 3.03% | +9.59% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 20.50% | 4.78% | +15.72% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.50% | 3.93% | +16.57% |
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 3.88%, 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 | 3.88% | 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 (3.58%) compared to IEI (0.98%). In terms of maximum drawdown, TYA dropped -51.15% vs IEI's -14.60%.
On 3-year performance, IEI leads with 3.67% vs -1.87% for TYA. Both ETFs have the same 0.15% expense ratio. On volatility, IEI has been the lower-risk option at 0.98%. 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 3.67% return vs -1.87%. 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 3.88%, compared with 3.64% for IEI.
They also come from different issuers: Simplify and iShares.
IEI currently has the higher Sharpe Ratio (0.82 vs -0.08), 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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