TYA vs. SMBS
TYA (Simplify Intermediate Term Treasury Futures Strategy ETF) and SMBS (Schwab Mortgage-Backed Securities ETF) are both exchange-traded funds - TYA is a Government Bonds fund actively managed by Simplify, while SMBS is a Mortgage Backed Securities fund tracking the Bloomberg US MBS Float Adjusted Total Return Index. TYA is actively managed, while SMBS is passively managed. Over the past year, TYA returned -6.08% vs 3.67% for SMBS. Their correlation of 0.91 means they have usually moved in the same direction. TYA charges 0.15%/yr vs 0.03%/yr for SMBS.
Performance
TYA vs. SMBS - Performance Comparison
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Returns By Period
In the year-to-date period, TYA achieves a -7.44% return, which is significantly lower than SMBS's 0.10% return.
TYA
- 1D
- 0.46%
- 1M
- -3.02%
- 6M
- -6.00%
- YTD
- -7.44%
- 1Y
- -6.08%
- 3Y*
- -1.00%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- -10.67%
SMBS
- 1D
- 0.15%
- 1M
- -0.88%
- 6M
- -0.24%
- YTD
- 0.10%
- 1Y
- 3.67%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 4.68%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $12.44M | $12.31M | $19.34M | |
| $293.95K | $302.74K | $683.37K |
TYA vs. SMBS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
TYA Simplify Intermediate Term Treasury Futures Strategy ETF | -7.44% | 14.38% | -2.39% |
SMBS Schwab Mortgage-Backed Securities ETF | 0.10% | 8.15% | -0.16% |
Correlation
The correlation between TYA and SMBS is 0.90, meaning they have usually moved in the same direction, including during past declines.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.90 |
Correlation (All Time) Calculated using the full available price history since Nov 19, 2024 | 0.91 |
The correlation between TYA and SMBS has been stable across timeframes, ranging from 0.90 to 0.91 - a consistent structural relationship.
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Return for Risk
TYA vs. SMBS — Risk / Return Rank
TYA
SMBS
TYA vs. SMBS - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Simplify Intermediate Term Treasury Futures Strategy ETF (TYA) and Schwab Mortgage-Backed Securities ETF (SMBS). 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 | SMBS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.43 | ||
| Sortino ratioReturn per unit of downside risk | -1.95 | ||
| Omega ratioGain probability vs. loss probability | 0.93 | 1.16 | -0.23 |
| Calmar ratioReturn relative to maximum drawdown | -0.50 | 1.30 | -1.80 |
| Martin ratioReturn relative to average drawdown | -1.07 | 3.74 | -4.81 |
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Drawdowns
TYA vs. SMBS - Drawdown Comparison
The maximum TYA drawdown since its inception was -51.15%, which is greater than SMBS's maximum drawdown of -3.20%. Use the drawdown chart below to compare losses from any high point for TYA and SMBS.
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Drawdown Indicators
| TYA | SMBS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -51.15% | -3.20% | -47.95% |
Max Drawdown (1Y)Largest decline over 1 year | -12.24% | -2.83% | -9.41% |
Max Drawdown (3Y)Largest decline over 3 years | -19.13% | — | — |
Current DrawdownCurrent decline from peak | -42.95% | -1.92% | -41.03% |
Average DrawdownAverage peak-to-trough decline | -36.02% | -0.89% | -35.13% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.68% | 0.98% | +4.70% |
Volatility
TYA vs. SMBS - Volatility Comparison
Simplify Intermediate Term Treasury Futures Strategy ETF (TYA) has a higher volatility of 3.30% compared to Schwab Mortgage-Backed Securities ETF (SMBS) at 1.16%. This indicates that TYA's price experiences larger fluctuations and is considered to be riskier than SMBS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TYA | SMBS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.30% | 1.16% | +2.14% |
Volatility (6M)Calculated over the trailing 6-month period | 9.64% | 3.28% | +6.36% |
Volatility (1Y)Calculated over the trailing 1-year period | 11.99% | 4.01% | +7.98% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 20.35% | 4.81% | +15.54% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.35% | 4.81% | +15.54% |
TYA vs. SMBS - Expense Ratio Comparison
TYA has a 0.15% expense ratio, which is higher than SMBS's 0.03% 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
TYA vs. SMBS - Dividend Comparison
TYA's dividend yield for the trailing twelve months is around 3.74%, less than SMBS's 5.24% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
SMBS Schwab Mortgage-Backed Securities ETF | 5.24% | 4.83% | 0.50% | 0.00% | 0.00% | 0.00% |
TYA Simplify Intermediate Term Treasury Futures Strategy ETF | 3.74% | 3.85% | 4.84% | 4.28% | 2.23% | 0.11% |
Frequently Asked Questions
TYA and SMBS have a correlation of 0.90, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TYA has higher volatility (3.30%) compared to SMBS (1.16%). In terms of maximum drawdown, TYA dropped -51.15% vs SMBS's -3.20%.
On 1-year performance, SMBS leads with 3.67% vs -6.08% for TYA. On fees, SMBS is cheaper at 0.03% per year. On volatility, SMBS has been the lower-risk option at 1.16%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, SMBS has performed better with a 3.67% return vs -6.08%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SMBS is cheaper with a 0.03% expense ratio, compared with 0.15% for TYA.
SMBS has the higher dividend yield at 5.24%, compared with 3.74% for TYA.
TYA is categorized as Government Bonds, while SMBS is Mortgage Backed Securities. They also come from different issuers: Simplify and Charles Schwab. Their fees differ too: 0.15% for TYA and 0.03% for SMBS.
SMBS currently has the higher Sharpe Ratio (0.92 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.
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