CMBS vs. VOO
CMBS (iShares CMBS ETF) and VOO (Vanguard S&P 500 ETF) are both exchange-traded funds - CMBS is a Mortgage Backed Securities fund tracking the Barclays Capital U.S. CMBS (ERISA Only) Index, while VOO is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 10 years, CMBS returned 2.06%/yr vs 15.56%/yr for VOO. At a correlation of -0.06, they often move in opposite directions. CMBS charges 0.25%/yr vs 0.03%/yr for VOO.
Performance
CMBS vs. VOO - Performance Comparison
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Returns By Period
In the year-to-date period, CMBS achieves a 0.14% return, which is significantly lower than VOO's 10.91% return. Over the past 10 years, CMBS has underperformed VOO with an annualized return of 2.06%, while VOO has yielded a comparatively higher 15.56% annualized 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%
VOO
- 1D
- -0.70%
- 1M
- 5.04%
- YTD
- 10.91%
- 6M
- 10.93%
- 1Y
- 28.04%
- 3Y*
- 22.44%
- 5Y*
- 13.90%
- 10Y*
- 15.56%
CMBS vs. VOO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
CMBS iShares CMBS ETF | 0.14% | 7.67% | 4.27% | 5.06% | -11.21% | -1.82% | 7.86% | 7.94% | 0.77% | 2.95% |
VOO Vanguard S&P 500 ETF | 10.91% | 17.82% | 24.98% | 26.32% | -18.17% | 28.79% | 18.32% | 31.37% | -4.50% | 21.77% |
Correlation
The correlation between CMBS and VOO is 0.13, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.13 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.13 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.07 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.05 |
Correlation (All Time) Calculated using the full available price history since Feb 17, 2012 | -0.06 |
The correlation between CMBS and VOO shifts across timeframes, from -0.06 (all time) to 0.13 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
CMBS vs. VOO — Risk / Return Rank
CMBS
VOO
CMBS vs. VOO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares CMBS ETF (CMBS) and Vanguard S&P 500 ETF (VOO). 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 | VOO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.23 | ||
| Sortino ratioReturn per unit of downside risk | -1.49 | ||
| Omega ratioGain probability vs. loss probability | 1.20 | 1.43 | -0.23 |
| Calmar ratioReturn relative to maximum drawdown | 1.76 | 3.16 | -1.41 |
| Martin ratioReturn relative to average drawdown | 4.90 | 14.73 | -9.83 |
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 | VOO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.16 | 2.39 | -1.23 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.15 | 0.83 | -0.68 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.36 | 0.87 | -0.51 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.43 | 0.89 | -0.45 |
Drawdowns
CMBS vs. VOO - Drawdown Comparison
The maximum CMBS drawdown since its inception was -15.87%, smaller than the maximum VOO drawdown of -33.99%. Use the drawdown chart below to compare losses from any high point for CMBS and VOO.
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Drawdown Indicators
| CMBS | VOO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -15.87% | -33.99% | +18.12% |
Max Drawdown (1Y)Largest decline over 1 year | -2.44% | -8.90% | +6.46% |
Max Drawdown (3Y)Largest decline over 3 years | -3.29% | -18.69% | +15.40% |
Max Drawdown (5Y)Largest decline over 5 years | -15.87% | -24.52% | +8.65% |
Max Drawdown (10Y)Largest decline over 10 years | -15.87% | -33.99% | +18.12% |
Current DrawdownCurrent decline from peak | -1.77% | -0.70% | -1.07% |
Average DrawdownAverage peak-to-trough decline | -2.95% | -3.69% | +0.74% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.87% | 1.91% | -1.04% |
Volatility
CMBS vs. VOO - Volatility Comparison
The current volatility for iShares CMBS ETF (CMBS) is 1.11%, while Vanguard S&P 500 ETF (VOO) has a volatility of 2.84%. This indicates that CMBS experiences smaller price fluctuations and is considered to be less risky than VOO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CMBS | VOO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.11% | 2.84% | -1.73% |
Volatility (6M)Calculated over the trailing 6-month period | 2.82% | 8.90% | -6.08% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.71% | 11.80% | -8.09% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.31% | 16.81% | -11.50% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.77% | 18.01% | -12.24% |
CMBS vs. VOO - Expense Ratio Comparison
CMBS has a 0.25% expense ratio, which is higher than VOO'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
CMBS vs. VOO - Dividend Comparison
CMBS's dividend yield for the trailing twelve months is around 3.58%, more than VOO's 1.03% yield.
| 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% |
VOO Vanguard S&P 500 ETF | 1.03% | 1.13% | 1.24% | 1.46% | 1.69% | 1.25% | 1.54% | 1.88% | 2.06% | 1.78% | 2.02% | 2.10% |
Frequently Asked Questions
CMBS and VOO have a correlation of 0.13, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
VOO has higher volatility (2.84%) compared to CMBS (1.11%). In terms of maximum drawdown, CMBS dropped -15.87% vs VOO's -33.99%.
On 10-year performance, VOO leads with 15.56% vs 2.06% for CMBS. On fees, VOO is cheaper at 0.03% per year. 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 10-year period, VOO has performed better with a 15.56% return vs 2.06%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
VOO is cheaper with a 0.03% expense ratio, compared with 0.25% for CMBS.
CMBS has the higher dividend yield at 3.58%, compared with 1.03% for VOO.
CMBS is categorized as Mortgage Backed Securities, while VOO is S&P 500. CMBS tracks Barclays Capital U.S. CMBS (ERISA Only) Index, while VOO tracks S&P 500 Index. They also come from different issuers: iShares and Vanguard. Their fees differ too: 0.25% for CMBS and 0.03% for VOO.
VOO currently has the higher Sharpe Ratio (2.39 vs 1.16), 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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