CMBS vs. GBF
Compare and contrast key facts about iShares CMBS ETF (CMBS) and iShares Government/Credit Bond ETF (GBF).
CMBS and GBF are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. CMBS is a passively managed fund by iShares that tracks the performance of the Barclays Capital U.S. CMBS (ERISA Only) Index. It was launched on Feb 14, 2012. GBF is a passively managed fund by iShares that tracks the performance of the Barclays Capital U.S. Government/Credit Bond Index. It was launched on Jan 11, 2007. Both CMBS and GBF are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.
Scroll down to visually compare performance, riskiness, drawdowns, and other indicators and decide which better suits your portfolio: CMBS or GBF.
Key characteristics
| CMBS | GBF | |
|---|---|---|
| YTD Return | 4.03% | 1.95% |
| 1Y Return | 9.23% | 8.45% |
| 3Y Return (Ann) | -1.27% | -2.69% |
| 5Y Return (Ann) | 0.63% | -0.08% |
| 10Y Return (Ann) | 1.81% | 1.45% |
| Sharpe Ratio | 1.75 | 1.44 |
| Sortino Ratio | 2.68 | 2.14 |
| Omega Ratio | 1.32 | 1.25 |
| Calmar Ratio | 0.67 | 0.47 |
| Martin Ratio | 9.15 | 4.83 |
| Ulcer Index | 0.97% | 1.65% |
| Daily Std Dev | 5.09% | 5.57% |
| Max Drawdown | -15.87% | -19.67% |
| Current Drawdown | -5.10% | -9.92% |
Correlation
The correlation between CMBS and GBF is 0.52, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.
Performance
CMBS vs. GBF - Performance Comparison
In the year-to-date period, CMBS achieves a 4.03% return, which is significantly higher than GBF's 1.95% return. Over the past 10 years, CMBS has outperformed GBF with an annualized return of 1.81%, while GBF has yielded a comparatively lower 1.45% annualized return. The chart below displays the growth of a $10,000 investment in both assets, with all prices adjusted for splits and dividends.
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CMBS vs. GBF - Expense Ratio Comparison
CMBS has a 0.25% expense ratio, which is higher than GBF's 0.20% 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%.
Risk-Adjusted Performance
CMBS vs. GBF - Risk-Adjusted Performance Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares CMBS ETF (CMBS) and iShares Government/Credit Bond ETF (GBF). 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.
Dividends
CMBS vs. GBF - Dividend Comparison
CMBS's dividend yield for the trailing twelve months is around 3.22%, less than GBF's 3.93% yield.
| TTM | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CMBS iShares CMBS ETF | 3.22% | 2.97% | 2.65% | 2.46% | 2.83% | 2.74% | 2.70% | 2.50% | 2.30% | 2.31% | 2.15% | 2.00% |
GBF iShares Government/Credit Bond ETF | 3.93% | 3.03% | 2.13% | 1.22% | 1.64% | 2.64% | 2.59% | 2.31% | 2.09% | 2.04% | 2.08% | 2.37% |
Drawdowns
CMBS vs. GBF - Drawdown Comparison
The maximum CMBS drawdown since its inception was -15.87%, smaller than the maximum GBF drawdown of -19.67%. Use the drawdown chart below to compare losses from any high point for CMBS and GBF. For additional features, visit the drawdowns tool.
Volatility
CMBS vs. GBF - Volatility Comparison
iShares CMBS ETF (CMBS) has a higher volatility of 2.09% compared to iShares Government/Credit Bond ETF (GBF) at 1.33%. This indicates that CMBS's price experiences larger fluctuations and is considered to be riskier than GBF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.