EVMO vs. PMBS

Last updated Jun 5, 2026

EVMO (Eaton Vance Mortgage Opportunities ETF) and PMBS (PIMCO Mortgage-Backed Securities Active Exchange-Traded Fund) are both Mortgage Backed Securities funds. Both are actively managed. A 0.57 correlation means they provide meaningful diversification when combined. EVMO charges 0.45%/yr vs 0.71%/yr for PMBS.

Performance

EVMO vs. PMBS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Eaton Vance Mortgage Opportunities ETF (EVMO) 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, EVMO achieves a 0.83% return, which is significantly lower than PMBS's 1.03% return.

EVMO

• 1D: 0.10%
• 1M: 0.18%
• YTD: 0.83%
• 6M: 1.04%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

PMBS

• 1D: 0.13%
• 1M: 0.14%
• YTD: 1.03%
• 6M: 1.52%
• 1Y: 7.05%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

EVMO vs. PMBS - Yearly Performance Comparison

	2026 (YTD)	2025
EVMO Eaton Vance Mortgage Opportunities ETF	0.83%	3.33%
PMBS PIMCO Mortgage-Backed Securities Active Exchange-Traded Fund	1.03%	3.64%

Correlation

The correlation between EVMO and PMBS is 0.57, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (All Time) Calculated using the full available price history since Aug 5, 2025	0.57

Return for Risk

EVMO vs. PMBS — Risk / Return Rank

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

PMBS

PMBS Risk / Return Rank: 50
PMBS Sharpe Ratio Rank: 50
PMBS Sortino Ratio Rank: 52
PMBS Omega Ratio Rank: 50
PMBS Calmar Ratio Rank: 49
PMBS Martin Ratio Rank: 49

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.

EVMO vs. PMBS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Eaton Vance Mortgage Opportunities ETF (EVMO) 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	EVMO	PMBS	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	1.69	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.79	0.84	+0.95

Drawdowns

EVMO vs. PMBS - Drawdown Comparison

The maximum EVMO drawdown since its inception was -1.89%, smaller than the maximum PMBS drawdown of -4.35%. Use the drawdown chart below to compare losses from any high point for EVMO and PMBS.

Drawdown Indicators

	EVMO	PMBS	Difference
Max Drawdown Largest peak-to-trough decline	-1.89%	-4.35%	+2.46%
Max Drawdown (1Y) Largest decline over 1 year	—	-2.97%	—
Current Drawdown Current decline from peak	-0.81%	-1.42%	+0.61%
Average Drawdown Average peak-to-trough decline	-0.39%	-1.15%	+0.76%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.87%	—

Volatility

Volatility by Period

	EVMO	PMBS	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	1.53%	—
Volatility (6M) Calculated over the trailing 6-month period	—	3.09%	—
Volatility (1Y) Calculated over the trailing 1-year period	2.82%	4.22%	-1.40%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.82%	4.87%	-2.05%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.82%	4.87%	-2.05%

EVMO vs. PMBS - Expense Ratio Comparison

EVMO has a 0.45% expense ratio, which is lower than PMBS's 0.71% expense ratio.

Dividends

EVMO vs. PMBS - Dividend Comparison

EVMO's dividend yield for the trailing twelve months is around 4.07%, less than PMBS's 4.98% yield.

Position	TTM	2025	2024
EVMO Eaton Vance Mortgage Opportunities ETF	4.07%	1.95%	0.00%
PMBS PIMCO Mortgage-Backed Securities Active Exchange-Traded Fund	4.98%	4.73%	1.59%

Frequently Asked Questions

Can I hold both EVMO and PMBS in my portfolio?

EVMO and PMBS have a correlation of 0.57, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, EVMO or PMBS?

On fees, EVMO is cheaper at 0.45% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, EVMO or PMBS?

EVMO is cheaper with a 0.45% expense ratio, compared with 0.71% for PMBS.

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

PMBS has the higher dividend yield at 4.98%, compared with 4.07% for EVMO.

What is the main difference between EVMO and PMBS?

They also come from different issuers: Eaton Vance and PIMCO. Their fees differ too: 0.45% for EVMO and 0.71% for PMBS.