CMBS vs. PMBS
Compare and contrast key facts about iShares CMBS ETF (CMBS) and PIMCO Mortgage-Backed Securities Active Exchange-Traded Fund (PMBS).
CMBS and PMBS 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. PMBS is an actively managed fund by PIMCO. It was launched on Jul 31, 1997.
Performance
CMBS vs. PMBS - Performance Comparison
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CMBS vs. PMBS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
CMBS iShares CMBS ETF | 0.07% | 7.67% | -1.98% |
PMBS PIMCO Mortgage-Backed Securities Active Exchange-Traded Fund | 0.72% | 8.92% | -2.75% |
Returns By Period
In the year-to-date period, CMBS achieves a 0.07% return, which is significantly lower than PMBS's 0.72% return.
CMBS
- 1D
- 0.20%
- 1M
- -1.30%
- YTD
- 0.07%
- 6M
- 1.21%
- 1Y
- 4.67%
- 3Y*
- 5.31%
- 5Y*
- 1.05%
- 10Y*
- 2.18%
PMBS
- 1D
- 0.11%
- 1M
- -1.31%
- YTD
- 0.72%
- 6M
- 2.27%
- 1Y
- 5.95%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
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CMBS vs. PMBS - Expense Ratio Comparison
CMBS has a 0.25% expense ratio, which is lower than PMBS's 0.71% expense ratio.
Return for Risk
CMBS vs. PMBS — Risk / Return Rank
CMBS
PMBS
CMBS vs. PMBS - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares CMBS ETF (CMBS) and PIMCO Mortgage-Backed Securities Active Exchange-Traded Fund (PMBS). 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 | PMBS | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 1.21 | 1.26 | -0.04 |
Sortino ratioReturn per unit of downside risk | 1.81 | 1.79 | +0.02 |
Omega ratioGain probability vs. loss probability | 1.21 | 1.23 | -0.01 |
Calmar ratioReturn relative to maximum drawdown | 2.20 | 2.08 | +0.12 |
Martin ratioReturn relative to average drawdown | 8.26 | 6.01 | +2.25 |
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 | PMBS | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.21 | 1.26 | -0.04 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.20 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.38 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.44 | 0.89 | -0.45 |
Correlation
The correlation between CMBS and PMBS is 0.42, 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.
Dividends
CMBS vs. PMBS - Dividend Comparison
CMBS's dividend yield for the trailing twelve months is around 3.53%, less than PMBS's 4.99% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CMBS iShares CMBS ETF | 3.53% | 3.45% | 3.31% | 2.97% | 2.65% | 2.46% | 2.83% | 2.74% | 2.70% | 2.50% | 2.29% | 2.31% |
PMBS PIMCO Mortgage-Backed Securities Active Exchange-Traded Fund | 4.99% | 4.73% | 1.59% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Drawdowns
CMBS vs. PMBS - Drawdown Comparison
The maximum CMBS drawdown since its inception was -15.87%, which is greater than PMBS's maximum drawdown of -4.35%. Use the drawdown chart below to compare losses from any high point for CMBS and PMBS.
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Drawdown Indicators
| CMBS | PMBS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -15.87% | -4.35% | -11.52% |
Max Drawdown (1Y)Largest decline over 1 year | -2.44% | -3.04% | +0.60% |
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 | -1.84% | -1.73% | -0.11% |
Average DrawdownAverage peak-to-trough decline | -2.97% | -1.11% | -1.86% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.65% | 1.05% | -0.40% |
Volatility
CMBS vs. PMBS - Volatility Comparison
The current volatility for iShares CMBS ETF (CMBS) is 1.49%, while PIMCO Mortgage-Backed Securities Active Exchange-Traded Fund (PMBS) has a volatility of 1.95%. This indicates that CMBS experiences smaller price fluctuations and is considered to be less risky than PMBS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CMBS | PMBS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.49% | 1.95% | -0.46% |
Volatility (6M)Calculated over the trailing 6-month period | 2.63% | 2.87% | -0.24% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.92% | 4.77% | -0.85% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.29% | 4.93% | +0.36% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.77% | 4.93% | +0.84% |