- ISIN
- US46429B3666
- CUSIP
- 46429B366
- Issuer
- iShares
- Inception Date
- Feb 14, 2012
- Region
- North America (U.S.)
- Category
- Mortgage Backed Securities
- Leveraged
- 1x (No leverage)
- Index Tracked
- Barclays Capital U.S. CMBS (ERISA Only) Index
- Distribution Policy
- Distributing
- Asset Class
- Bond
- Assets Under Management
- $475M
Share Price Chart
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Performance
CMBS Performance Chart
iShares CMBS ETF (CMBS) is up 0.3% since the beginning of the year. CMBS is currently trading at $48 per share. Investors who bought $1,000 worth of CMBS shares 5 years ago would now be looking at an investment worth $1,038.
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Returns By Period
iShares CMBS ETF (CMBS) has returned 0.26% so far this year and 4.05% over the past 12 months. Over the last ten years, CMBS has returned 2.02% per year, falling short of the S&P 500 Index benchmark, which averaged 13.88% annually.
iShares CMBS ETF
- 1D
- -0.17%
- 1M
- 0.31%
- YTD
- 0.26%
- 6M
- 0.38%
- 1Y
- 4.05%
- 3Y*
- 5.27%
- 5Y*
- 0.75%
- 10Y*
- 2.02%
Benchmark (S&P 500 Index)
- 1D
- -0.37%
- 1M
- -0.01%
- YTD
- 9.16%
- 6M
- 8.64%
- 1Y
- 25.22%
- 3Y*
- 19.78%
- 5Y*
- 11.99%
- 10Y*
- 13.88%
CMBS Monthly Returns History
Based on dividend-adjusted daily data since Feb 16, 2012, CMBS's average daily return is +0.01%, while the average monthly return is +0.20%. At this rate, an investment would double in approximately 28.9 years.
Historically, 60% of months were positive and 40% were negative. The best month was Dec 2023 with a return of +3.1%, while the worst month was Sep 2022 at -3.2%. The longest winning streak lasted 10 consecutive months, and the longest losing streak was 7 months.
On a daily basis, CMBS closed higher 50% of trading days. The best single day was Mar 13, 2020 with a return of +3.8%, while the worst single day was Mar 12, 2020 at -6.6%.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 0.47% | 1.47% | -2.04% | 0.61% | 0.15% | -0.36% | 0.26% | ||||||
| 2025 | 1.08% | 1.32% | -0.15% | 1.38% | -0.29% | 1.29% | -0.17% | 1.25% | 0.51% | 0.26% | 1.03% | -0.09% | 7.67% |
| 2024 | 0.49% | -0.23% | 0.92% | -2.10% | 1.60% | 1.03% | 2.01% | 0.77% | 2.22% | -2.47% | 0.39% | -0.34% | 4.27% |
| 2023 | 2.92% | -2.14% | 0.34% | 1.83% | -1.13% | -0.64% | 0.12% | -0.04% | -1.12% | -1.09% | 2.96% | 3.12% | 5.06% |
| 2022 | -1.30% | -1.64% | -2.81% | -1.89% | -0.05% | -0.98% | 2.20% | -3.10% | -3.17% | -1.68% | 2.82% | -0.03% | -11.21% |
| 2021 | 0.22% | -1.81% | -0.70% | 0.77% | 0.60% | 0.16% | 0.78% | 0.13% | -0.96% | -0.50% | 0.15% | -0.62% | -1.82% |
Benchmark Metrics
iShares CMBS ETF has an annualized alpha of 2.63%, beta of -0.01, and R2 of 0.00 versus S&P 500 Index. Calculated based on daily prices since February 16, 2012.
- This ETF participates in less of S&P 500 Index's moves in both directions, but captures a larger share of gains (10.67%) than losses (8.01%) - typical of diversified or defensive assets.
- Beta of -0.01 may look defensive, but with R2 of 0.00 this ETF is largely uncorrelated with S&P 500 Index - low beta reflects independence, not downside protection. See the Volatility section for a true picture of this ETF's risk.
- R2 of 0.00 means this ETF moves largely independently of S&P 500 Index - capture ratios reflect limited market correlation rather than active downside protection. Consider using a more representative benchmark.
- Alpha
- 2.63%
- Beta
- -0.01
- R²
- 0.00
- Upside Capture
- 10.67%
- Downside Capture
- 8.01%
Expense Ratio
CMBS has an expense ratio of 0.25%, which is considered low.
Return for Risk
Risk / Return Rank
CMBS ranks 32 for risk / return — below 32% of ETFs on our site. The returns aren't fully compensating for the risk involved. This isn't necessarily a dealbreaker, but factor it into your decision — especially if you're risk-averse.
Return / Risk — by metrics
The table below present risk-adjusted performance metrics for iShares CMBS ETF (CMBS) and compare them to S&P 500 Index.
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.
| CMBS | Benchmark | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.92 | ||
| Sortino ratioReturn per unit of downside risk | -1.05 | ||
| Omega ratioGain probability vs. loss probability | 1.19 | 1.37 | -0.17 |
| Calmar ratioReturn relative to maximum drawdown | 1.67 | 2.78 | -1.11 |
| Martin ratioReturn relative to average drawdown | 4.35 | 12.44 | -8.09 |
Dividends
Dividend History
iShares CMBS ETF provided a 3.58% dividend yield over the last twelve months, with an annual payout of $1.74 per share. The fund has been increasing its distributions for 3 consecutive years.
| Period | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend | $1.74 | $1.69 | $1.56 | $1.39 | $1.22 | $1.31 | $1.57 | $1.45 | $1.36 | $1.28 | $1.17 | $1.17 |
Dividend yield | 3.58% | 3.45% | 3.31% | 2.97% | 2.65% | 2.46% | 2.83% | 2.74% | 2.70% | 2.50% | 2.29% | 2.31% |
Monthly Dividends
The table displays the monthly dividend distributions for iShares CMBS ETF. The dividends shown in the table have been adjusted to account for any splits that may have occurred.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | $0.00 | $0.14 | $0.15 | $0.15 | $0.15 | $0.15 | $0.73 | ||||||
| 2025 | $0.00 | $0.13 | $0.14 | $0.14 | $0.14 | $0.14 | $0.14 | $0.14 | $0.14 | $0.14 | $0.15 | $0.29 | $1.69 |
| 2024 | $0.00 | $0.12 | $0.13 | $0.13 | $0.13 | $0.12 | $0.13 | $0.13 | $0.13 | $0.14 | $0.14 | $0.28 | $1.56 |
| 2023 | $0.00 | $0.10 | $0.11 | $0.11 | $0.12 | $0.12 | $0.12 | $0.11 | $0.11 | $0.12 | $0.13 | $0.24 | $1.39 |
| 2022 | $0.00 | $0.10 | $0.10 | $0.10 | $0.11 | $0.10 | $0.10 | $0.10 | $0.10 | $0.10 | $0.11 | $0.22 | $1.22 |
| 2021 | $0.00 | $0.11 | $0.10 | $0.10 | $0.10 | $0.10 | $0.09 | $0.10 | $0.09 | $0.10 | $0.10 | $0.31 | $1.31 |
Drawdowns
Drawdowns Chart
The Drawdowns chart displays portfolio losses from any high point along the way. Drawdowns are calculated considering price movements and all distributions paid, if any.
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Worst Drawdowns
The table below displays the maximum drawdowns of the iShares CMBS ETF. A maximum drawdown is a measure of risk, indicating the largest reduction in portfolio value due to a series of losing trades.
The maximum drawdown for the iShares CMBS ETF was 15.87%, occurring on Nov 3, 2022. Recovery took 687 trading sessions.
The current iShares CMBS ETF drawdown is 1.65%.
Related event | Drawdown | Fall | Recovery | Underwater |
|---|---|---|---|---|
Bear market2022 | -15.87%Nov 2022 | 1y 3mo | 2y 9mo | 4y 15dJul 2021 - Aug 2025 |
COVID crash2020 | -9.89%Mar 2020 | 15d | 4mo 7d | 4mo 22dMar 2020 - Jul 2020 |
2016 pullback2016 | -4.94%Dec 2016 | 3mo 7d | 8mo 25d | 12mo 2dSep 2016 - Sep 2017 |
2018 pullback2018 | -3.82%May 2018 | 8mo 11d | 7mo 21d | 1y 3moSep 2017 - Jan 2019 |
2013 pullback2013 | -3.33%Aug 2013 | 2mo 29d | 7mo 28d | 10mo 27dMay 2013 - Apr 2014 |
Drawdown Indicators
| CMBS | Benchmark | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -15.87% | -56.78% | +40.91% |
Max Drawdown (1Y)Largest decline over 1 year | -2.44% | -9.10% | +6.66% |
Max Drawdown (3Y)Largest decline over 3 years | -3.29% | -18.90% | +15.61% |
Max Drawdown (5Y)Largest decline over 5 years | -15.87% | -25.43% | +9.56% |
Max Drawdown (10Y)Largest decline over 10 years | -15.87% | -33.92% | +18.05% |
Current DrawdownCurrent decline from peak | -1.65% | -1.80% | +0.15% |
Average DrawdownAverage peak-to-trough decline | -2.95% | -10.71% | +7.76% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.93% | 2.03% | -1.10% |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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