CMBS vs. LMBS
Compare and contrast key facts about iShares CMBS ETF (CMBS) and First Trust Low Duration Mortgage Opportunities ETF (LMBS).
CMBS and LMBS 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. LMBS is an actively managed fund by First Trust. It was launched on Nov 4, 2014.
Performance
CMBS vs. LMBS - Performance Comparison
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CMBS vs. LMBS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
CMBS iShares CMBS ETF | -0.13% | 7.67% | 4.27% | 5.06% | -11.21% | -1.82% | 7.86% | 7.94% | 0.77% | 2.95% |
LMBS First Trust Low Duration Mortgage Opportunities ETF | 0.66% | 7.05% | 5.15% | 6.10% | -3.07% | -0.91% | 1.64% | 4.10% | 1.62% | 1.68% |
Returns By Period
In the year-to-date period, CMBS achieves a -0.13% return, which is significantly lower than LMBS's 0.66% return. Over the past 10 years, CMBS has underperformed LMBS with an annualized return of 2.16%, while LMBS has yielded a comparatively higher 2.84% annualized return.
CMBS
- 1D
- -0.14%
- 1M
- -2.04%
- YTD
- -0.13%
- 6M
- 1.07%
- 1Y
- 5.15%
- 3Y*
- 5.24%
- 5Y*
- 1.01%
- 10Y*
- 2.16%
LMBS
- 1D
- 0.22%
- 1M
- -0.91%
- YTD
- 0.66%
- 6M
- 2.10%
- 1Y
- 5.57%
- 3Y*
- 5.69%
- 5Y*
- 2.95%
- 10Y*
- 2.84%
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CMBS vs. LMBS - Expense Ratio Comparison
CMBS has a 0.25% expense ratio, which is lower than LMBS's 0.68% expense ratio.
Return for Risk
CMBS vs. LMBS — Risk / Return Rank
CMBS
LMBS
CMBS vs. LMBS - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares CMBS ETF (CMBS) and First Trust Low Duration Mortgage Opportunities ETF (LMBS). 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 | LMBS | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 1.32 | 2.18 | -0.86 |
Sortino ratioReturn per unit of downside risk | 1.98 | 2.91 | -0.92 |
Omega ratioGain probability vs. loss probability | 1.23 | 1.47 | -0.23 |
Calmar ratioReturn relative to maximum drawdown | 2.05 | 3.25 | -1.20 |
Martin ratioReturn relative to average drawdown | 7.83 | 13.96 | -6.13 |
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 | LMBS | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.32 | 2.18 | -0.86 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.19 | 1.16 | -0.97 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.38 | 1.20 | -0.82 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.43 | 1.13 | -0.69 |
Correlation
The correlation between CMBS and LMBS is 0.39, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.
Dividends
CMBS vs. LMBS - Dividend Comparison
CMBS's dividend yield for the trailing twelve months is around 3.52%, less than LMBS's 4.10% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CMBS iShares CMBS ETF | 3.52% | 3.45% | 3.31% | 2.97% | 2.65% | 2.46% | 2.83% | 2.74% | 2.70% | 2.50% | 2.29% | 2.31% |
LMBS First Trust Low Duration Mortgage Opportunities ETF | 4.10% | 4.08% | 4.28% | 3.96% | 2.22% | 2.04% | 2.27% | 2.55% | 2.76% | 2.73% | 2.84% | 3.03% |
Drawdowns
CMBS vs. LMBS - Drawdown Comparison
The maximum CMBS drawdown since its inception was -15.87%, which is greater than LMBS's maximum drawdown of -6.49%. Use the drawdown chart below to compare losses from any high point for CMBS and LMBS.
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Drawdown Indicators
| CMBS | LMBS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -15.87% | -6.49% | -9.38% |
Max Drawdown (1Y)Largest decline over 1 year | -2.44% | -1.72% | -0.72% |
Max Drawdown (5Y)Largest decline over 5 years | -15.87% | -6.16% | -9.71% |
Max Drawdown (10Y)Largest decline over 10 years | -15.87% | -6.49% | -9.38% |
Current DrawdownCurrent decline from peak | -2.04% | -0.91% | -1.13% |
Average DrawdownAverage peak-to-trough decline | -2.97% | -0.81% | -2.16% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.64% | 0.40% | +0.24% |
Volatility
CMBS vs. LMBS - Volatility Comparison
iShares CMBS ETF (CMBS) has a higher volatility of 1.50% compared to First Trust Low Duration Mortgage Opportunities ETF (LMBS) at 0.88%. This indicates that CMBS's price experiences larger fluctuations and is considered to be riskier than LMBS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CMBS | LMBS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.50% | 0.88% | +0.62% |
Volatility (6M)Calculated over the trailing 6-month period | 2.63% | 1.37% | +1.26% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.92% | 2.57% | +1.35% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.29% | 2.55% | +2.74% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.77% | 2.38% | +3.39% |