MTGP vs. PMBS

Last updated Jun 4, 2026

MTGP (WisdomTree Mortgage Plus Bond Fund) and PMBS (PIMCO Mortgage-Backed Securities Active Exchange-Traded Fund) are both Mortgage Backed Securities funds. Both are actively managed. Over the past year, MTGP returned 6.02% vs 7.55% for PMBS. Their correlation of 0.85 suggests significant overlap in exposure. MTGP charges 0.45%/yr vs 0.71%/yr for PMBS.

Performance

MTGP vs. PMBS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in WisdomTree Mortgage Plus Bond Fund (MTGP) 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, MTGP achieves a 0.21% return, which is significantly lower than PMBS's 0.90% return.

MTGP

• 1D: -0.23%
• 1M: 0.13%
• YTD: 0.21%
• 6M: 0.15%
• 1Y: 6.02%
• 3Y*: 4.29%
• 5Y*: 0.29%
• 10Y*: —

PMBS

• 1D: -0.21%
• 1M: 0.11%
• YTD: 0.90%
• 6M: 1.15%
• 1Y: 7.55%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

MTGP vs. PMBS - Yearly Performance Comparison

	2026 (YTD)	2025	2024
MTGP WisdomTree Mortgage Plus Bond Fund	0.21%	7.57%	-2.75%
PMBS PIMCO Mortgage-Backed Securities Active Exchange-Traded Fund	0.90%	8.92%	-2.75%

Correlation

The correlation between MTGP and PMBS is 0.88, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.88
Correlation (All Time) Calculated using the full available price history since Sep 24, 2024	0.85

The correlation between MTGP and PMBS has been stable across timeframes, ranging from 0.85 to 0.88 - a consistent structural relationship.

Return for Risk

MTGP vs. PMBS — Risk / Return Rank

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

MTGP

MTGP Risk / Return Rank: 39
MTGP Sharpe Ratio Rank: 36
MTGP Sortino Ratio Rank: 35
MTGP Omega Ratio Rank: 35
MTGP Calmar Ratio Rank: 49
MTGP Martin Ratio Rank: 40

PMBS

PMBS Risk / Return Rank: 53
PMBS Sharpe Ratio Rank: 53
PMBS Sortino Ratio Rank: 56
PMBS Omega Ratio Rank: 53
PMBS Calmar Ratio Rank: 52
PMBS Martin Ratio Rank: 52

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.

MTGP vs. PMBS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for WisdomTree Mortgage Plus Bond Fund (MTGP) 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.

	MTGP	PMBS	Difference
Sharpe ratio Return per unit of total volatility	1.27	1.80	-0.53
Sortino ratio Return per unit of downside risk	1.82	2.66	-0.84
Omega ratio Gain probability vs. loss probability	1.24	1.33	-0.09
Calmar ratio Return relative to maximum drawdown	2.39	2.56	-0.16
Martin ratio Return relative to average drawdown	6.36	8.70	-2.33
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MTGP vs. PMBS - Sharpe Ratio Comparison

The current MTGP Sharpe Ratio is 1.27, which is comparable to the PMBS Sharpe Ratio of 1.80. The chart below compares the historical Sharpe Ratios of MTGP 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.

Sharpe Ratios by Period

	MTGP	PMBS	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.27	1.80	-0.53
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.05	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.18	0.83	-0.65

Drawdowns

MTGP vs. PMBS - Drawdown Comparison

The maximum MTGP drawdown since its inception was -16.63%, which is greater than PMBS's maximum drawdown of -4.35%. Use the drawdown chart below to compare losses from any high point for MTGP and PMBS.

Drawdown Indicators

	MTGP	PMBS	Difference
Max Drawdown Largest peak-to-trough decline	-16.63%	-4.35%	-12.28%
Max Drawdown (1Y) Largest decline over 1 year	-2.53%	-2.97%	+0.44%
Max Drawdown (3Y) Largest decline over 3 years	-6.46%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-16.63%	—	—
Current Drawdown Current decline from peak	-1.53%	-1.55%	+0.02%
Average Drawdown Average peak-to-trough decline	-5.11%	-1.14%	-3.97%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.95%	0.87%	+0.08%

Volatility

MTGP vs. PMBS - Volatility Comparison

The current volatility for WisdomTree Mortgage Plus Bond Fund (MTGP) is 1.30%, while PIMCO Mortgage-Backed Securities Active Exchange-Traded Fund (PMBS) has a volatility of 1.52%. This indicates that MTGP 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

	MTGP	PMBS	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.30%	1.52%	-0.22%
Volatility (6M) Calculated over the trailing 6-month period	3.09%	3.10%	-0.01%
Volatility (1Y) Calculated over the trailing 1-year period	4.78%	4.22%	+0.56%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.79%	4.88%	+0.91%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.25%	4.88%	+0.37%

MTGP vs. PMBS - Expense Ratio Comparison

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

Dividends

MTGP vs. PMBS - Dividend Comparison

MTGP's dividend yield for the trailing twelve months is around 4.32%, less than PMBS's 4.98% yield.

Position	TTM	2025	2024	2023	2022	2021	2020
MTGP WisdomTree Mortgage Plus Bond Fund	4.32%	4.19%	4.05%	3.02%	2.47%	1.64%	2.61%
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 MTGP and PMBS in my portfolio?

MTGP and PMBS have a correlation of 0.88, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MTGP or PMBS?

PMBS has higher volatility (1.52%) compared to MTGP (1.30%). In terms of maximum drawdown, MTGP dropped -16.63% vs PMBS's -4.35%.

Which ETF is better, MTGP or PMBS?

On 1-year performance, PMBS leads with 7.55% vs 6.02% for MTGP. On fees, MTGP is cheaper at 0.45% per year. On volatility, MTGP has been the lower-risk option at 1.30%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MTGP or PMBS?

Over the 1-year period, PMBS has performed better with a 7.55% return vs 6.02%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MTGP or PMBS?

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

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

PMBS has the higher dividend yield at 4.98%, compared with 4.32% for MTGP.

What is the main difference between MTGP and PMBS?

They also come from different issuers: WisdomTree and PIMCO. Their fees differ too: 0.45% for MTGP and 0.71% for PMBS.

Which has better risk-adjusted returns?

PMBS currently has the higher Sharpe Ratio (1.80 vs 1.27), 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.