IMTG vs. PMBS
IMTG (Invesco Agency MBS ETF) and PMBS (PIMCO Mortgage-Backed Securities Active Exchange-Traded Fund) are both Mortgage Backed Securities funds. Both are actively managed. With a 0.98 correlation, they move nearly in lockstep. IMTG charges 0.22%/yr vs 0.71%/yr for PMBS.
Performance
IMTG vs. PMBS - Performance Comparison
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Returns By Period
IMTG
- 1D
- -0.18%
- 1M
- 0.23%
- YTD
- —
- 6M
- —
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
PMBS
- 1D
- -0.21%
- 1M
- 0.11%
- YTD
- 0.90%
- 6M
- 1.15%
- 1Y
- 7.55%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
IMTG vs. PMBS - Yearly Performance Comparison
| 2026 (YTD) | |
|---|---|
IMTG Invesco Agency MBS ETF | -1.11% |
PMBS PIMCO Mortgage-Backed Securities Active Exchange-Traded Fund | -1.13% |
Correlation
The correlation between IMTG and PMBS is 0.98 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.
| Correlation | |
|---|---|
Correlation (All Time) Calculated using the full available price history since Feb 26, 2026 | 0.98 |
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Return for Risk
IMTG vs. PMBS — Risk / Return Rank
IMTG
PMBS
IMTG vs. PMBS - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco Agency MBS ETF (IMTG) 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.
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Sharpe Ratios by Period
| IMTG | PMBS | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | — | 1.80 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.86 | 0.83 | -1.69 |
Drawdowns
IMTG vs. PMBS - Drawdown Comparison
The maximum IMTG drawdown since its inception was -2.85%, smaller than the maximum PMBS drawdown of -4.35%. Use the drawdown chart below to compare losses from any high point for IMTG and PMBS.
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Drawdown Indicators
| IMTG | PMBS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -2.85% | -4.35% | +1.50% |
Max Drawdown (1Y)Largest decline over 1 year | — | -2.97% | — |
Current DrawdownCurrent decline from peak | -1.50% | -1.55% | +0.05% |
Average DrawdownAverage peak-to-trough decline | -1.41% | -1.14% | -0.27% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | — | 0.87% | — |
Volatility
IMTG vs. PMBS - Volatility Comparison
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Volatility by Period
| IMTG | PMBS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | — | 1.52% | — |
Volatility (6M)Calculated over the trailing 6-month period | — | 3.10% | — |
Volatility (1Y)Calculated over the trailing 1-year period | 4.74% | 4.22% | +0.52% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.74% | 4.88% | -0.14% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.74% | 4.88% | -0.14% |
IMTG vs. PMBS - Expense Ratio Comparison
IMTG has a 0.22% expense ratio, which is lower than PMBS's 0.71% expense ratio.
Dividends
IMTG vs. PMBS - Dividend Comparison
IMTG's dividend yield for the trailing twelve months is around 0.85%, less than PMBS's 4.98% yield.
| Position | TTM | 2025 | 2024 |
|---|---|---|---|
IMTG Invesco Agency MBS ETF | 0.85% | 0.00% | 0.00% |
PMBS PIMCO Mortgage-Backed Securities Active Exchange-Traded Fund | 4.98% | 4.73% | 1.59% |
Frequently Asked Questions
With a correlation of 0.98, IMTG and PMBS move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
On fees, IMTG is cheaper at 0.22% per year. The better choice depends on whether you care most about return, fees, risk, or income.
IMTG is cheaper with a 0.22% expense ratio, compared with 0.71% for PMBS.
PMBS has the higher dividend yield at 4.98%, compared with 0.85% for IMTG.
They also come from different issuers: Invesco and PIMCO. Their fees differ too: 0.22% for IMTG and 0.71% for PMBS.
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