TYA vs. MTBA

Last updated Jun 4, 2026

TYA (Simplify Intermediate Term Treasury Futures Strategy ETF) and MTBA (Simplify MBS ETF) are both exchange-traded funds - TYA is a Government Bonds 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, TYA returned 2.03% vs 5.18% for MTBA. Their correlation of 0.89 suggests significant overlap in exposure. Both charge a 0.15% expense ratio.

Performance

TYA vs. MTBA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Simplify Intermediate Term Treasury Futures Strategy ETF (TYA) 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, TYA achieves a -5.08% return, which is significantly lower than MTBA's -0.23% return.

TYA

• 1D: -0.63%
• 1M: -0.93%
• YTD: -5.08%
• 6M: -6.88%
• 1Y: 2.03%
• 3Y*: -2.45%
• 5Y*: —
• 10Y*: —

MTBA

• 1D: -0.12%
• 1M: 0.21%
• YTD: -0.23%
• 6M: 0.18%
• 1Y: 5.18%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

TYA vs. MTBA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
TYA Simplify Intermediate Term Treasury Futures Strategy ETF	-5.08%	14.38%	-9.63%	12.74%
MTBA Simplify MBS ETF	-0.23%	7.74%	1.99%	3.64%

Correlation

The correlation between TYA and MTBA is 0.86, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.86
Correlation (All Time) Calculated using the full available price history since Nov 8, 2023	0.89

The correlation between TYA and MTBA has been stable across timeframes, ranging from 0.86 to 0.89 - a consistent structural relationship.

TYA vs. MTBA - Sectors Allocation Comparison

Sectors	TYA	MTBA
Financial Services	24.7%	47.2%
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Technology	-	-
Utilities	-	-

Return for Risk

TYA vs. MTBA — Risk / Return Rank

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

TYA

TYA Risk / Return Rank: 10
TYA Sharpe Ratio Rank: 11
TYA Sortino Ratio Rank: 10
TYA Omega Ratio Rank: 10
TYA Calmar Ratio Rank: 10
TYA Martin Ratio Rank: 11

MTBA

MTBA Risk / Return Rank: 45
MTBA Sharpe Ratio Rank: 48
MTBA Sortino Ratio Rank: 48
MTBA Omega Ratio Rank: 51
MTBA Calmar Ratio Rank: 37
MTBA Martin Ratio Rank: 39

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.

TYA vs. MTBA - Risk-Adjusted Trends Comparison

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

	TYA	MTBA	Difference
Sharpe ratio: Return per unit of total volatility	0.16	1.68	-1.52
Sortino ratio: Return per unit of downside risk	0.32	2.38	-2.06
Omega ratio: Gain probability vs. loss probability	1.04	1.32	-0.29
Calmar ratio: Return relative to maximum drawdown	0.17	1.84	-1.67
Martin ratio: Return relative to average drawdown	0.49	6.28	-5.79
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TYA vs. MTBA - Sharpe Ratio Comparison

The current TYA Sharpe Ratio is 0.16, which is lower than the MTBA Sharpe Ratio of 1.68. The chart below compares the historical Sharpe Ratios of TYA 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.

Sharpe Ratios by Period

	TYA	MTBA	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.16	1.68	-1.52
Sharpe Ratio (All Time) Calculated using the full available price history	-0.51	1.30	-1.81

Drawdowns

TYA vs. MTBA - Drawdown Comparison

The maximum TYA drawdown since its inception was -51.15%, which is greater than MTBA's maximum drawdown of -3.48%. Use the drawdown chart below to compare losses from any high point for TYA and MTBA.

Drawdown Indicators

	TYA	MTBA	Difference
Max Drawdown Largest peak-to-trough decline	-51.15%	-3.48%	-47.67%
Max Drawdown (1Y) Largest decline over 1 year	-11.80%	-2.82%	-8.98%
Max Drawdown (3Y) Largest decline over 3 years	-22.51%	—	—
Current Drawdown Current decline from peak	-41.49%	-1.60%	-39.89%
Average Drawdown Average peak-to-trough decline	-35.85%	-0.79%	-35.06%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.17%	0.83%	+3.34%

Volatility

TYA vs. MTBA - Volatility Comparison

Simplify Intermediate Term Treasury Futures Strategy ETF (TYA) has a higher volatility of 4.11% compared to Simplify MBS ETF (MTBA) at 1.33%. This indicates that TYA'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

	TYA	MTBA	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.11%	1.33%	+2.78%
Volatility (6M) Calculated over the trailing 6-month period	8.81%	2.47%	+6.34%
Volatility (1Y) Calculated over the trailing 1-year period	12.91%	3.10%	+9.81%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.57%	3.95%	+16.62%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.57%	3.95%	+16.62%

TYA vs. MTBA - Expense Ratio Comparison

Both TYA 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

TYA vs. MTBA - Dividend Comparison

TYA's dividend yield for the trailing twelve months is around 3.87%, less than MTBA's 6.09% yield.

Position	TTM	2025	2024	2023	2022	2021
MTBA Simplify MBS ETF	6.09%	5.98%	6.03%	0.48%	0.00%	0.00%
TYA Simplify Intermediate Term Treasury Futures Strategy ETF	3.87%	3.85%	4.84%	4.28%	2.23%	0.11%

Frequently Asked Questions

Can I hold both TYA and MTBA in my portfolio?

TYA and MTBA have a correlation of 0.86, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TYA or MTBA?

TYA has higher volatility (4.11%) compared to MTBA (1.33%). In terms of maximum drawdown, TYA dropped -51.15% vs MTBA's -3.48%.

Which ETF is better, TYA or MTBA?

On 1-year performance, MTBA leads with 5.18% vs 2.03% for TYA. Both ETFs have the same 0.15% expense ratio. On volatility, MTBA has been the lower-risk option at 1.33%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TYA or MTBA?

Over the 1-year period, MTBA has performed better with a 5.18% return vs 2.03%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TYA or MTBA?

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

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

MTBA has the higher dividend yield at 6.09%, compared with 3.87% for TYA.

What is the main difference between TYA and MTBA?

TYA is categorized as Government Bonds, while MTBA is Mortgage Backed Securities.

Which has better risk-adjusted returns?

MTBA currently has the higher Sharpe Ratio (1.68 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.