GNMA vs. MBS
Compare and contrast key facts about iShares GNMA Bond ETF (GNMA) and Angel Oak Mortgage-Backed Securities ETF (MBS).
GNMA and MBS are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. GNMA is a passively managed fund by iShares that tracks the performance of the Barclays Capital GNMA Index. It was launched on Feb 14, 2012. MBS is an actively managed fund by Angel Oak. It was launched on Jun 4, 2021.
Performance
GNMA vs. MBS - Performance Comparison
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GNMA vs. MBS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
GNMA iShares GNMA Bond ETF | 0.45% | 8.25% | 3.25% |
MBS Angel Oak Mortgage-Backed Securities ETF | 0.52% | 8.13% | 5.78% |
Returns By Period
In the year-to-date period, GNMA achieves a 0.45% return, which is significantly lower than MBS's 0.52% return.
GNMA
- 1D
- 0.23%
- 1M
- -1.26%
- YTD
- 0.45%
- 6M
- 1.88%
- 1Y
- 5.35%
- 3Y*
- 4.05%
- 5Y*
- 0.45%
- 10Y*
- 1.27%
MBS
- 1D
- 0.23%
- 1M
- -1.56%
- YTD
- 0.52%
- 6M
- 1.97%
- 1Y
- 5.72%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
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GNMA vs. MBS - Expense Ratio Comparison
GNMA has a 0.15% expense ratio, which is lower than MBS's 0.49% expense ratio.
Return for Risk
GNMA vs. MBS — Risk / Return Rank
GNMA
MBS
GNMA vs. MBS - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares GNMA Bond ETF (GNMA) and Angel Oak Mortgage-Backed Securities ETF (MBS). 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.
| GNMA | MBS | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 1.12 | 1.61 | -0.48 |
Sortino ratioReturn per unit of downside risk | 1.63 | 2.19 | -0.56 |
Omega ratioGain probability vs. loss probability | 1.20 | 1.31 | -0.10 |
Calmar ratioReturn relative to maximum drawdown | 1.90 | 2.21 | -0.30 |
Martin ratioReturn relative to average drawdown | 5.64 | 6.13 | -0.49 |
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
| GNMA | MBS | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.12 | 1.61 | -0.48 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.07 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.25 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.25 | 1.68 | -1.43 |
Correlation
The correlation between GNMA and MBS is 0.65, 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
GNMA vs. MBS - Dividend Comparison
GNMA's dividend yield for the trailing twelve months is around 4.21%, less than MBS's 5.46% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
GNMA iShares GNMA Bond ETF | 4.21% | 4.19% | 4.15% | 3.43% | 2.01% | 0.64% | 1.89% | 2.61% | 2.41% | 2.15% | 1.89% | 1.50% |
MBS Angel Oak Mortgage-Backed Securities ETF | 5.46% | 5.28% | 4.52% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Drawdowns
GNMA vs. MBS - Drawdown Comparison
The maximum GNMA drawdown since its inception was -17.09%, which is greater than MBS's maximum drawdown of -4.09%. Use the drawdown chart below to compare losses from any high point for GNMA and MBS.
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Drawdown Indicators
| GNMA | MBS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -17.09% | -4.09% | -13.00% |
Max Drawdown (1Y)Largest decline over 1 year | -2.93% | -2.54% | -0.39% |
Max Drawdown (5Y)Largest decline over 5 years | -16.02% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -17.09% | — | — |
Current DrawdownCurrent decline from peak | -1.52% | -1.56% | +0.04% |
Average DrawdownAverage peak-to-trough decline | -3.69% | -1.00% | -2.69% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.99% | 0.91% | +0.08% |
Volatility
GNMA vs. MBS - Volatility Comparison
iShares GNMA Bond ETF (GNMA) has a higher volatility of 1.79% compared to Angel Oak Mortgage-Backed Securities ETF (MBS) at 1.03%. This indicates that GNMA's price experiences larger fluctuations and is considered to be riskier than MBS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| GNMA | MBS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.79% | 1.03% | +0.76% |
Volatility (6M)Calculated over the trailing 6-month period | 2.76% | 2.03% | +0.73% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.78% | 3.58% | +1.20% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.56% | 4.08% | +2.48% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.11% | 4.08% | +1.03% |