EMNT vs. PMBS

Last updated Jun 24, 2026

EMNT (PIMCO Enhanced Short Maturity Active ESG ETF) and PMBS (PIMCO Mortgage-Backed Securities Active Exchange-Traded Fund) are both exchange-traded funds - EMNT is a Ultrashort Bond fund actively managed by PIMCO, while PMBS is a Mortgage Backed Securities fund actively managed by PIMCO. Both are actively managed. Over the past year, EMNT returned 4.25% vs 6.50% for PMBS. At a 0.47 correlation, their price movements are largely independent. EMNT charges 0.24%/yr vs 0.71%/yr for PMBS.

Performance

EMNT vs. PMBS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PIMCO Enhanced Short Maturity Active ESG ETF (EMNT) and PIMCO Mortgage-Backed Securities Active Exchange-Traded Fund (PMBS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, EMNT achieves a 1.80% return, which is significantly higher than PMBS's 1.05% return.

EMNT

• 1D: 0.07%
• 1M: 0.30%
• YTD: 1.80%
• 6M: 1.89%
• 1Y: 4.25%
• 3Y*: 5.20%
• 5Y*: 3.47%
• 10Y*: —

PMBS

• 1D: 0.09%
• 1M: 0.57%
• YTD: 1.05%
• 6M: 1.21%
• 1Y: 6.50%
• 3Y*: —
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

EMNT vs. PMBS - Yearly Performance Comparison

	2026 (YTD)	2025	2024
EMNT PIMCO Enhanced Short Maturity Active ESG ETF	1.80%	4.74%	1.25%
PMBS PIMCO Mortgage-Backed Securities Active Exchange-Traded Fund	1.05%	8.92%	-2.80%

Correlation

The correlation between EMNT and PMBS is 0.55, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.55
Correlation (All Time) Calculated using the full available price history since Sep 23, 2024	0.47

The correlation between EMNT and PMBS has been stable across timeframes, ranging from 0.47 to 0.55 - a consistent structural relationship.

Return for Risk

EMNT vs. PMBS — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

EMNT

EMNT Risk / Return Rank: 99
EMNT Sharpe Ratio Rank: 99
EMNT Sortino Ratio Rank: 99
EMNT Omega Ratio Rank: 99
EMNT Calmar Ratio Rank: 99
EMNT Martin Ratio Rank: 99

PMBS

PMBS Risk / Return Rank: 48
PMBS Sharpe Ratio Rank: 48
PMBS Sortino Ratio Rank: 50
PMBS Omega Ratio Rank: 48
PMBS Calmar Ratio Rank: 48
PMBS Martin Ratio Rank: 45

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

EMNT vs. PMBS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PIMCO Enhanced Short Maturity Active ESG ETF (EMNT) 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	EMNT	PMBS	Difference
Sharpe ratio: Return per unit of total volatility	9.42	1.56	+7.86
Sortino ratio: Return per unit of downside risk	16.80	2.29	+14.51
Omega ratio: Gain probability vs. loss probability	4.69	1.28	+3.41
Calmar ratio: Return relative to maximum drawdown	32.47	2.20	+30.27
Martin ratio: Return relative to average drawdown	201.38	6.99	+194.39

EMNT vs. PMBS - Sharpe Ratio Comparison

The current EMNT Sharpe Ratio is 9.42, which is higher than the PMBS Sharpe Ratio of 1.56. The chart below compares the historical Sharpe Ratios of EMNT and PMBS, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

EMNT vs. PMBS - Drawdown Comparison

The maximum EMNT drawdown since its inception was -2.28%, smaller than the maximum PMBS drawdown of -4.35%. Use the drawdown chart below to compare losses from any high point for EMNT and PMBS.

Drawdown Indicators

	EMNT	PMBS	Difference
Max Drawdown Largest peak-to-trough decline	-2.28%	-4.35%	+2.07%
Max Drawdown (1Y) Largest decline over 1 year	-0.13%	-2.97%	+2.84%
Max Drawdown (3Y) Largest decline over 3 years	-0.73%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-1.70%	—	—
Current Drawdown Current decline from peak	-0.02%	-1.40%	+1.38%
Average Drawdown Average peak-to-trough decline	-0.23%	-1.15%	+0.92%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.02%	0.93%	-0.91%

Volatility

EMNT vs. PMBS - Volatility Comparison

The current volatility for PIMCO Enhanced Short Maturity Active ESG ETF (EMNT) is 0.21%, while PIMCO Mortgage-Backed Securities Active Exchange-Traded Fund (PMBS) has a volatility of 1.27%. This indicates that EMNT 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.

Volatility by Period

	EMNT	PMBS	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.21%	1.27%	-1.06%
Volatility (6M) Calculated over the trailing 6-month period	0.39%	3.20%	-2.81%
Volatility (1Y) Calculated over the trailing 1-year period	0.45%	4.19%	-3.74%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.83%	4.87%	-4.04%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.86%	4.87%	-4.01%

EMNT vs. PMBS - Expense Ratio Comparison

EMNT has a 0.24% expense ratio, which is lower than PMBS's 0.71% expense ratio.

Dividends

EMNT vs. PMBS - Dividend Comparison

EMNT's dividend yield for the trailing twelve months is around 4.00%, less than PMBS's 4.98% yield.

Position	TTM	2025	2024	2023	2022	2021	2020
EMNT PIMCO Enhanced Short Maturity Active ESG ETF	4.00%	4.46%	5.14%	4.62%	2.79%	0.66%	1.44%
PMBS PIMCO Mortgage-Backed Securities Active Exchange-Traded Fund	4.98%	4.73%	1.59%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both EMNT and PMBS in my portfolio?

EMNT and PMBS have a correlation of 0.55, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EMNT or PMBS?

PMBS has higher volatility (1.27%) compared to EMNT (0.21%). In terms of maximum drawdown, EMNT dropped -2.28% vs PMBS's -4.35%.

Which ETF is better, EMNT or PMBS?

On 1-year performance, PMBS leads with 6.50% vs 4.25% for EMNT. On fees, EMNT is cheaper at 0.24% per year. On volatility, EMNT has been the lower-risk option at 0.21%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EMNT or PMBS?

Over the 1-year period, PMBS has performed better with a 6.50% return vs 4.25%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EMNT or PMBS?

EMNT is cheaper with a 0.24% expense ratio, compared with 0.71% for PMBS.

Which ETF pays a higher dividend yield, EMNT or PMBS?

PMBS has the higher dividend yield at 4.98%, compared with 4.00% for EMNT.

What is the main difference between EMNT and PMBS?

EMNT is categorized as Ultrashort Bond, while PMBS is Mortgage Backed Securities. Their fees differ too: 0.24% for EMNT and 0.71% for PMBS.

Which has better risk-adjusted returns?

EMNT currently has the higher Sharpe Ratio (9.42 vs 1.56), 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.