CMBS vs. IBIT
CMBS (iShares CMBS ETF) and IBIT (iShares Bitcoin Trust ETF) are both exchange-traded funds - CMBS is a Mortgage Backed Securities fund tracking the Barclays Capital U.S. CMBS (ERISA Only) Index, while IBIT is a Cryptocurrency fund tracking the CME CF Bitcoin Reference Rate - New York Variant. Both are passively managed. Over the past year, CMBS returned 4.26% vs -38.74% for IBIT. At a 0.04 correlation, their price movements are largely independent. Both charge a 0.25% expense ratio.
Performance
CMBS vs. IBIT - Performance Comparison
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Returns By Period
In the year-to-date period, CMBS achieves a 0.14% return, which is significantly higher than IBIT's -25.48% return.
CMBS
- 1D
- -0.04%
- 1M
- -0.05%
- YTD
- 0.14%
- 6M
- 0.28%
- 1Y
- 4.26%
- 3Y*
- 5.15%
- 5Y*
- 0.79%
- 10Y*
- 2.06%
IBIT
- 1D
- -2.76%
- 1M
- -18.50%
- YTD
- -25.48%
- 6M
- -29.84%
- 1Y
- -38.74%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
CMBS vs. IBIT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
CMBS iShares CMBS ETF | 0.14% | 7.67% | 4.47% |
IBIT iShares Bitcoin Trust ETF | -25.48% | -6.41% | 99.21% |
Correlation
The correlation between CMBS and IBIT is 0.06, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.06 |
Correlation (All Time) Calculated using the full available price history since Jan 12, 2024 | 0.04 |
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Return for Risk
CMBS vs. IBIT — Risk / Return Rank
CMBS
IBIT
CMBS vs. IBIT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares CMBS ETF (CMBS) and iShares Bitcoin Trust ETF (IBIT). 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.
| CMBS | IBIT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.04 | ||
| Sortino ratioReturn per unit of downside risk | +2.99 | ||
| Omega ratioGain probability vs. loss probability | 1.20 | 0.86 | +0.34 |
| Calmar ratioReturn relative to maximum drawdown | 1.76 | -0.79 | +2.54 |
| Martin ratioReturn relative to average drawdown | 4.90 | -1.36 | +6.26 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| CMBS | IBIT | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.16 | -0.89 | +2.04 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.15 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.36 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.43 | 0.30 | +0.14 |
Drawdowns
CMBS vs. IBIT - Drawdown Comparison
The maximum CMBS drawdown since its inception was -15.87%, smaller than the maximum IBIT drawdown of -49.36%. Use the drawdown chart below to compare losses from any high point for CMBS and IBIT.
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Drawdown Indicators
| CMBS | IBIT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -15.87% | -49.36% | +33.49% |
Max Drawdown (1Y)Largest decline over 1 year | -2.44% | -49.36% | +46.92% |
Max Drawdown (3Y)Largest decline over 3 years | -3.29% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -15.87% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -15.87% | — | — |
Current DrawdownCurrent decline from peak | -1.77% | -48.10% | +46.33% |
Average DrawdownAverage peak-to-trough decline | -2.95% | -16.02% | +13.07% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.87% | 28.44% | -27.57% |
Volatility
CMBS vs. IBIT - Volatility Comparison
The current volatility for iShares CMBS ETF (CMBS) is 1.11%, while iShares Bitcoin Trust ETF (IBIT) has a volatility of 9.50%. This indicates that CMBS experiences smaller price fluctuations and is considered to be less risky than IBIT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CMBS | IBIT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.11% | 9.50% | -8.39% |
Volatility (6M)Calculated over the trailing 6-month period | 2.82% | 34.44% | -31.62% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.71% | 43.73% | -40.02% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.31% | 50.19% | -44.88% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.77% | 50.19% | -44.42% |
CMBS vs. IBIT - Expense Ratio Comparison
Both CMBS and IBIT have an expense ratio of 0.25%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.
Dividends
CMBS vs. IBIT - Dividend Comparison
CMBS's dividend yield for the trailing twelve months is around 3.58%, while IBIT has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CMBS iShares CMBS ETF | 3.58% | 3.45% | 3.31% | 2.97% | 2.65% | 2.46% | 2.83% | 2.74% | 2.70% | 2.50% | 2.29% | 2.31% |
IBIT iShares Bitcoin Trust ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
CMBS and IBIT have a correlation of 0.06, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
IBIT has higher volatility (9.50%) compared to CMBS (1.11%). In terms of maximum drawdown, CMBS dropped -15.87% vs IBIT's -49.36%.
On 1-year performance, CMBS leads with 4.26% vs -38.74% for IBIT. Both ETFs have the same 0.25% expense ratio. On volatility, CMBS has been the lower-risk option at 1.11%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, CMBS has performed better with a 4.26% return vs -38.74%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
CMBS and IBIT have the same expense ratio: 0.25% per year.
CMBS has the higher dividend yield at 3.58%, compared with 0.00% for IBIT.
CMBS is categorized as Mortgage Backed Securities, while IBIT is Cryptocurrency. CMBS tracks Barclays Capital U.S. CMBS (ERISA Only) Index, while IBIT tracks CME CF Bitcoin Reference Rate - New York Variant.
CMBS currently has the higher Sharpe Ratio (1.16 vs -0.89), 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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