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MTBA vs SMBS

Simplify MBS ETF

MTBABNYSE Arca

Schwab Mortgage-Backed Securities ETF

SMBSANYSE Arca

Overlap

Expense ratio

SMBS −0.25pt a year

MTBA0.28%SMBS0.03%

Avg volume · 30D

SMBS 3.6×the volume

MTBA280KSMBS1.01M

MTBA vs SMBS Performance

Oct 31, 2025 – Oct 30, 2026

+0.3%MTBA+0.3%SMBS

Oct 31, 2025 to Oct 30, 2026. MTBA +0.3%. SMBS +0.3%. Use the arrow keys to read each point.−2%−1%1%2%Oct 2025Apr 2026Oct 2026
Expense ratio
MTBA 0.28%
SMBS 0.03%, better
Fund size
MTBA $903M
SMBS $6.45B
1Y total return
MTBA +0.3%
SMBS +0.3%
Yield (12M)
MTBA 6.09%, better
SMBS 5.32%
Holdings
MTBA 12
SMBS 4343
Avg volume (30D)
MTBA 280K sh
SMBS 1.01M sh, better
NAV per share
MTBA $47.54
SMBS $24.67
52W range

ETF.net Grade

MTBA: Cost 63, Risk 50, Mission 59, Tradability 82, Holdings 25, Durability 50. SMBS: Cost 94, Risk 35, Mission 61, Tradability 68, Holdings 86, Durability 60.
Pillar letters and Scores for MTBA, SMBS, with each pillar’s weight
PillarMTBASMBS
Cost30% weightB63A94Higher
Mission25% weightB59B61Higher
Risk15% weightC50HigherD35
Tradability15% weightA82HigherB68
Holdings10% weightD25A86Higher
Durability5% weightC50B60Higher

Rank among Mortgage-Backed Securities funds

How we build Categories ›
Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

Same Category. MTBA and SMBS are both graded against the same 24 Mortgage-Backed Securities funds, so their Grades compare head to head.

Mortgage-Backed Securities⁠

Category · 24 funds
See all 24 ›

SMBS ranks 4th and MTBA 8th of 24 funds in the Mortgage-Backed Securities Category.

  1. Rank 1ASPMBState Street SPDR Portfolio Mortgage Backed Bond ETFScore 75
  2. Rank 2AMBBiShares MBS ETFScore 73
  3. Rank 3AVMBSVanguard Mortgage-Backed Securities ETFScore 72
  4. Rank 4ASMBSSchwab Mortgage-Backed Securities ETFScore 70
  5. Rank 5BJMTGJPMorgan Mortgage-Backed Securities ETFScore 63
  6. Rank 7BGNMAiShares GNMA Bond ETFScore 60
  7. Rank 8BMTBASimplify MBS ETFScore 58
  8. Rank 9CMBBAiShares Mortgage-Backed Securities Active ETFScore 55

Our read on each fund

ETF.net Research

MTBABSimplify MBS ETF

SMBSASchwab Mortgage-Backed Securities ETF

In short

MTBA Most funds in the aggregate-bond aisle buy a little of everything. Simplify's mortgage ETF goes one lane deep: agency mortgage bonds, actively run, launched in 2023, paying monthly.

SMBS No data

Stated mandate

MTBA The fund seeks total return while preserving capital through prudent investment management.

SMBS No data

Why people hold it

  • MTBA Costs 0.25% a year, below the 0.36% median for its bond-fund category. Cheap for an actively managed sleeve.
  • One clear job: total return while preserving capital, per Simplify's own mandate. A specialist tool, not a repackaged broad-market index.simplify.us
  • Pays monthly, has pulled in real assets since its 2023 launch, and trades with moderate volume for a niche bond fund.
  • Lands in the upper half of a crowded aggregate-bond field, and its holdings line up closely with the mandate it advertises.

SMBS No data

Worth knowing

  • MTBA The index heavyweights undercut it hard: BND, SPAB and SCHZ all run at 0.03%. You are paying up for active mortgage selection.
  • This is one slice of the bond market, not a diversified core. No corporates, no Treasuries ballast beyond what the mortgage sleeve holds.
  • Launched in November 2023, so its track record is short by bond-fund standards and spans only one rate environment.

SMBS No data

Full MTBA profile⁠

Full SMBS profile⁠

MTBA vs SMBS Holdings

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

MTBA vs SMBS Cost

Overpaying MTBA vs SMBS

$5,117

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

  • MTBA 0.28%

    $5,755

  • SMBS 0.03%

    $638

$10,000
30 years

Cost over time

  • MTBA 0.28%
  • SMBS 0.03%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$2K$4K$6K051015202530MTBA $5,755SMBS $638

Year by year

YearMTBASMBSOverpaying
10$509$55$454
20$1,976$216$1,760
30$5,755$638$5,117

Expense ratio

  • 0.28%MTBA
  • 0.03%SMBS, cheaper
  • Middle half of Mortgage-Backed Securities funds
  • Median 0.38%

SMBS cheapest of 24 funds

MTBA 10th cheapest of 24 funds

MTBA vs SMBS Dividends

Last 12 months to Oct 30, 2026
Yield (12M)
MTBA 6.09%, better
SMBS 5.32%
Payout (12M)
MTBA $2.90
SMBS $1.31
Last payment
MTBA $0.23
SMBS $0.11
Ex-dividend
MTBA Oct 27, 2026
SMBS Oct 1, 2026
Paid on
MTBA Oct 30, 2026
SMBS Oct 7, 2026
Frequency
MTBA Monthly
SMBS Monthly

Distribution history

Per share, 2023 to 2026, same scale for both

MTBAMonthly · 35 paymentsAll MTBA payments⁠
One bar per payment. 35 payments from 2023 to 2026 YTD. Dec 26, 2023 $0.25; Jan 26, 2024 $0.25; Feb 26, 2024 $0.25; Mar 25, 2024 $0.25; Apr 25, 2024 $0.25; May 24, 2024 $0.25; Jun 25, 2024 $0.25; Jul 26, 2024 $0.25; Aug 27, 2024 $0.25; Sep 25, 2024 $0.25; Oct 28, 2024 $0.25; Nov 25, 2024 $0.25; Dec 23, 2024 $0.25; Jan 28, 2025 $0.25; Feb 25, 2025 $0.25; Mar 26, 2025 $0.25; Apr 25, 2025 $0.25; May 27, 2025 $0.25; Jun 25, 2025 $0.25; Jul 28, 2025 $0.25; Aug 26, 2025 $0.25; Sep 25, 2025 $0.25; Oct 28, 2025 $0.25; Nov 21, 2025 $0.25; Dec 23, 2025 $0.28; Jan 27, 2026 $0.25; Feb 24, 2026 $0.25; Mar 26, 2026 $0.24; Apr 27, 2026 $0.24; May 26, 2026 $0.24; Jun 25, 2026 $0.23; Jul 28, 2026 $0.23; Aug 26, 2026 $0.23; Sep 25, 2026 $0.23; Oct 27, 2026 $0.23. Use the arrow keys to read each point.$0$0.2520232026YTD
SMBSMonthly · 22 paymentsAll SMBS payments⁠
One bar per payment. 22 payments from 2023 to 2026 YTD. Dec 20, 2024 $0.12; Feb 3, 2025 $0.13; Mar 3, 2025 $0.10; Apr 1, 2025 $0.10; May 1, 2025 $0.03; Jun 2, 2025 $0.11; Jul 1, 2025 $0.11; Aug 1, 2025 $0.12; Sep 2, 2025 $0.11; Oct 1, 2025 $0.11; Nov 3, 2025 $0.12; Dec 1, 2025 $0.10; Dec 19, 2025 $0.10; Feb 2, 2026 $0.11; Mar 2, 2026 $0.11; Apr 1, 2026 $0.10; May 1, 2026 $0.11; Jun 1, 2026 $0.11; Jul 1, 2026 $0.11; Aug 3, 2026 $0.12; Sep 1, 2026 $0.10; Oct 1, 2026 $0.11. Use the arrow keys to read each point.$0$0.2520232026YTD

MTBA vs SMBS Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years
MTBA 4.3%since Dec 2023SMBS 4.9%since Dec 2024
Return per unit of riskSharpe ratio, 3 years
MTBA −0.16since Dec 2023SMBS −0.16since Dec 2024Same figure. Both funds show the same value, so neither comes out ahead.
Worst fallMax drawdown, 5 years
MTBA −4.6%since Nov 2023SMBS −5.2%since Nov 2024
Market sensitivityBeta, 5 years
MTBA 0.12SMBS 0.07

Popular comparisons

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