BBLB vs. SMBS
BBLB (JPMorgan BetaBuilders U.S. Treasury Bond 20+ Year ETF) and SMBS (Schwab Mortgage-Backed Securities ETF) are both exchange-traded funds - BBLB is a Government Bonds fund tracking the ICE U.S. Treasury 20+ Year Bond Index, while SMBS is a Mortgage Backed Securities fund tracking the Bloomberg US MBS Float Adjusted Total Return Index. Both are passively managed. Over the past year, BBLB returned -1.51% vs 4.08% for SMBS. Their correlation of 0.85 means they have usually moved in the same direction. BBLB charges 0.04%/yr vs 0.03%/yr for SMBS.
Performance
BBLB vs. SMBS - Performance Comparison
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Returns By Period
In the year-to-date period, BBLB achieves a -2.53% return, which is significantly lower than SMBS's 0.50% return.
BBLB
- 1D
- 0.72%
- 1M
- -2.86%
- 6M
- -2.32%
- YTD
- -2.53%
- 1Y
- -1.51%
- 3Y*
- -0.80%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- -2.81%
SMBS
- 1D
- 0.40%
- 1M
- -0.49%
- 6M
- 0.08%
- YTD
- 0.50%
- 1Y
- 4.08%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 4.91%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $43.45K | $41.67K | $60.66K | |
| $12.53M | $12.20M | $18.54M |
BBLB vs. SMBS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
BBLB JPMorgan BetaBuilders U.S. Treasury Bond 20+ Year ETF | -2.53% | 4.26% | -2.18% |
SMBS Schwab Mortgage-Backed Securities ETF | 0.50% | 8.15% | -0.16% |
Correlation
The correlation between BBLB and SMBS is 0.83, 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. | 0.83 |
Correlation (All Time) Calculated using the full available price history since Nov 19, 2024 | 0.85 |
The correlation between BBLB and SMBS has been stable across timeframes, ranging from 0.83 to 0.85 - a consistent structural relationship.
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Return for Risk
BBLB vs. SMBS — Risk / Return Rank
BBLB
SMBS
BBLB vs. SMBS - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for JPMorgan BetaBuilders U.S. Treasury Bond 20+ Year ETF (BBLB) 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.
| BBLB | SMBS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.18 | ||
| Sortino ratioReturn per unit of downside risk | -1.63 | ||
| Omega ratioGain probability vs. loss probability | 0.98 | 1.18 | -0.20 |
| Calmar ratioReturn relative to maximum drawdown | -0.20 | 1.45 | -1.65 |
| Martin ratioReturn relative to average drawdown | -0.42 | 4.14 | -4.56 |
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Drawdowns
BBLB vs. SMBS - Drawdown Comparison
The maximum BBLB drawdown since its inception was -21.06%, which is greater than SMBS's maximum drawdown of -3.20%. Use the drawdown chart below to compare losses from any high point for BBLB and SMBS.
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Drawdown Indicators
| BBLB | SMBS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -21.06% | -3.20% | -17.86% |
Max Drawdown (1Y)Largest decline over 1 year | -7.76% | -2.83% | -4.93% |
Max Drawdown (3Y)Largest decline over 3 years | -14.67% | — | — |
Current DrawdownCurrent decline from peak | -10.92% | -1.53% | -9.39% |
Average DrawdownAverage peak-to-trough decline | -8.94% | -0.89% | -8.05% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.58% | 0.99% | +2.59% |
Volatility
BBLB vs. SMBS - Volatility Comparison
JPMorgan BetaBuilders U.S. Treasury Bond 20+ Year ETF (BBLB) has a higher volatility of 2.67% compared to Schwab Mortgage-Backed Securities ETF (SMBS) at 1.22%. This indicates that BBLB'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
| BBLB | SMBS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.67% | 1.22% | +1.45% |
Volatility (6M)Calculated over the trailing 6-month period | 6.95% | 3.30% | +3.65% |
Volatility (1Y)Calculated over the trailing 1-year period | 9.26% | 4.02% | +5.24% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.62% | 4.81% | +8.81% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 13.62% | 4.81% | +8.81% |
BBLB vs. SMBS - Expense Ratio Comparison
BBLB has a 0.04% 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
BBLB vs. SMBS - Dividend Comparison
BBLB's dividend yield for the trailing twelve months is around 4.99%, less than SMBS's 5.22% yield.
| Position | TTM | 2025 | 2024 | 2023 |
|---|---|---|---|---|
BBLB JPMorgan BetaBuilders U.S. Treasury Bond 20+ Year ETF | 4.99% | 5.03% | 5.34% | 2.82% |
SMBS Schwab Mortgage-Backed Securities ETF | 5.22% | 4.83% | 0.50% | 0.00% |
Frequently Asked Questions
BBLB and SMBS have a correlation of 0.83, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BBLB has higher volatility (2.67%) compared to SMBS (1.22%). In terms of maximum drawdown, BBLB dropped -21.06% vs SMBS's -3.20%.
On 1-year performance, SMBS leads with 4.08% vs -1.51% for BBLB. On fees, SMBS is cheaper at 0.03% per year. On volatility, SMBS has been the lower-risk option at 1.22%. 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 4.08% return vs -1.51%. 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 0.04% for BBLB.
SMBS has the higher dividend yield at 5.22%, compared with 4.99% for BBLB.
BBLB is categorized as Government Bonds, while SMBS is Mortgage Backed Securities. BBLB tracks ICE U.S. Treasury 20+ Year Bond Index, while SMBS tracks Bloomberg US MBS Float Adjusted Total Return Index. They also come from different issuers: JPMorgan and Charles Schwab. Their fees differ too: 0.04% for BBLB and 0.03% for SMBS.
SMBS currently has the higher Sharpe Ratio (1.02 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.
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