IBTJ vs. SMBS

Last updated Apr 2, 2026

Compare and contrast key facts about iShares iBonds Dec 2029 Term Treasury ETF (IBTJ) and Schwab Mortgage-Backed Securities ETF (SMBS).

IBTJ and SMBS are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. IBTJ is a passively managed fund by iShares that tracks the performance of the ICE 2029 Maturity US Treasury Index. It was launched on Feb 25, 2020. SMBS is a passively managed fund by Charles Schwab that tracks the performance of the Bloomberg US MBS Float Adjusted Total Return Index. It was launched on Nov 18, 2024. Both IBTJ and SMBS are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

IBTJ vs. SMBS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares iBonds Dec 2029 Term Treasury ETF (IBTJ) and Schwab Mortgage-Backed Securities ETF (SMBS). The values are adjusted to include any dividend payments, if applicable.

IBTJ vs. SMBS - Yearly Performance Comparison

	2026 (YTD)	2025	2024
IBTJ iShares iBonds Dec 2029 Term Treasury ETF	0.07%	6.89%	0.09%
SMBS Schwab Mortgage-Backed Securities ETF	0.47%	8.15%	-0.07%

Returns By Period

In the year-to-date period, IBTJ achieves a 0.07% return, which is significantly lower than SMBS's 0.47% return.

IBTJ

• 1D: -0.07%
• 1M: -0.71%
• YTD: 0.07%
• 6M: 1.03%
• 1Y: 3.99%
• 3Y*: 3.31%
• 5Y*: 0.24%
• 10Y*: —

SMBS

• 1D: 0.11%
• 1M: -1.15%
• YTD: 0.47%
• 6M: 1.88%
• 1Y: 5.07%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

IBTJ vs. SMBS - Expense Ratio Comparison

IBTJ has a 0.07% expense ratio, which is higher than SMBS'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%.

IBTJ

iShares iBonds Dec 2029 Term Treasury ETF

SMBS

Schwab Mortgage-Backed Securities ETF

Return for Risk

IBTJ vs. SMBS — Risk / Return Rank

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

IBTJ

IBTJ Risk / Return Rank: 74
IBTJ Sharpe Ratio Rank: 73
IBTJ Sortino Ratio Rank: 79
IBTJ Omega Ratio Rank: 67
IBTJ Calmar Ratio Rank: 82
IBTJ Martin Ratio Rank: 69

SMBS

SMBS Risk / Return Rank: 57
SMBS Sharpe Ratio Rank: 58
SMBS Sortino Ratio Rank: 57
SMBS Omega Ratio Rank: 47
SMBS Calmar Ratio Rank: 70
SMBS Martin Ratio Rank: 54

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.

IBTJ vs. SMBS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares iBonds Dec 2029 Term Treasury ETF (IBTJ) and Schwab Mortgage-Backed Securities ETF (SMBS). 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.

	IBTJ	SMBS	Difference
Sharpe ratio Return per unit of total volatility	1.38	1.07	+0.31
Sortino ratio Return per unit of downside risk	2.13	1.54	+0.59
Omega ratio Gain probability vs. loss probability	1.26	1.19	+0.07
Calmar ratio Return relative to maximum drawdown	2.56	1.93	+0.64
Martin ratio Return relative to average drawdown	7.74	5.53	+2.21
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IBTJ vs. SMBS - Sharpe Ratio Comparison

The current IBTJ Sharpe Ratio is 1.38, which is comparable to the SMBS Sharpe Ratio of 1.07. The chart below compares the historical Sharpe Ratios of IBTJ and SMBS, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	IBTJ	SMBS	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.38	1.07	+0.31
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.04	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.02	1.28	-1.30

Correlation

The correlation between IBTJ and SMBS is 0.84, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

IBTJ vs. SMBS - Dividend Comparison

IBTJ's dividend yield for the trailing twelve months is around 3.81%, less than SMBS's 4.82% yield.

	TTM	2025	2024	2023	2022	2021	2020
IBTJ iShares iBonds Dec 2029 Term Treasury ETF	3.81%	3.78%	3.95%	3.48%	1.86%	0.74%	0.61%
SMBS Schwab Mortgage-Backed Securities ETF	4.82%	4.83%	0.50%	0.00%	0.00%	0.00%	0.00%

Drawdowns

IBTJ vs. SMBS - Drawdown Comparison

The maximum IBTJ drawdown since its inception was -20.19%, which is greater than SMBS's maximum drawdown of -3.20%. Use the drawdown chart below to compare losses from any high point for IBTJ and SMBS.

Drawdown Indicators

	IBTJ	SMBS	Difference
Max Drawdown Largest peak-to-trough decline	-20.19%	-3.20%	-16.99%
Max Drawdown (1Y) Largest decline over 1 year	-1.62%	-2.83%	+1.21%
Max Drawdown (5Y) Largest decline over 5 years	-17.21%	—	—
Current Drawdown Current decline from peak	-6.14%	-1.56%	-4.58%
Average Drawdown Average peak-to-trough decline	-9.83%	-0.77%	-9.06%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.54%	0.99%	-0.45%

Volatility

IBTJ vs. SMBS - Volatility Comparison

The current volatility for iShares iBonds Dec 2029 Term Treasury ETF (IBTJ) is 0.90%, while Schwab Mortgage-Backed Securities ETF (SMBS) has a volatility of 1.83%. This indicates that IBTJ experiences smaller price fluctuations and is considered to be less risky than SMBS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IBTJ	SMBS	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.90%	1.83%	-0.93%
Volatility (6M) Calculated over the trailing 6-month period	1.58%	2.75%	-1.17%
Volatility (1Y) Calculated over the trailing 1-year period	2.91%	4.77%	-1.86%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.77%	4.91%	+0.86%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.07%	4.91%	+1.16%