PMBS vs. BOND
PMBS (PIMCO Mortgage-Backed Securities Active Exchange-Traded Fund) and BOND (PIMCO Active Bond ETF) are both exchange-traded funds - PMBS is a Mortgage Backed Securities fund actively managed by PIMCO, while BOND is a Intermediate Core-Plus Bond fund actively managed by PIMCO. Both are actively managed. Over the past year, PMBS returned 7.55% vs 6.71% for BOND. With a 0.95 correlation, they move nearly in lockstep. PMBS charges 0.71%/yr vs 0.54%/yr for BOND.
Performance
PMBS vs. BOND - Performance Comparison
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Returns By Period
In the year-to-date period, PMBS achieves a 0.90% return, which is significantly higher than BOND's 0.48% return.
PMBS
- 1D
- -0.21%
- 1M
- 0.11%
- YTD
- 0.90%
- 6M
- 1.15%
- 1Y
- 7.55%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
BOND
- 1D
- -0.24%
- 1M
- 0.30%
- YTD
- 0.48%
- 6M
- 0.46%
- 1Y
- 6.71%
- 3Y*
- 4.99%
- 5Y*
- 0.51%
- 10Y*
- 2.16%
PMBS vs. BOND - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
PMBS PIMCO Mortgage-Backed Securities Active Exchange-Traded Fund | 0.90% | 8.92% | -2.75% |
BOND PIMCO Active Bond ETF | 0.48% | 8.39% | -3.04% |
Correlation
The correlation between PMBS and BOND is 0.95 - 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 (1Y) Calculated over the trailing 1-year period | 0.95 |
Correlation (All Time) Calculated using the full available price history since Sep 24, 2024 | 0.95 |
The correlation between PMBS and BOND has been stable across timeframes, ranging from 0.95 to 0.95 - a consistent structural relationship.
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Return for Risk
PMBS vs. BOND — Risk / Return Rank
PMBS
BOND
PMBS vs. BOND - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for PIMCO Mortgage-Backed Securities Active Exchange-Traded Fund (PMBS) and PIMCO Active Bond ETF (BOND). 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.
| PMBS | BOND | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.10 | ||
| Sortino ratioReturn per unit of downside risk | +0.16 | ||
| Omega ratioGain probability vs. loss probability | 1.33 | 1.31 | +0.02 |
| Calmar ratioReturn relative to maximum drawdown | 2.56 | 2.23 | +0.32 |
| Martin ratioReturn relative to average drawdown | 8.70 | 7.13 | +1.57 |
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
| PMBS | BOND | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.80 | 1.70 | +0.10 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.09 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.43 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.83 | 0.63 | +0.20 |
Drawdowns
PMBS vs. BOND - Drawdown Comparison
The maximum PMBS drawdown since its inception was -4.35%, smaller than the maximum BOND drawdown of -19.71%. Use the drawdown chart below to compare losses from any high point for PMBS and BOND.
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Drawdown Indicators
| PMBS | BOND | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -4.35% | -19.71% | +15.36% |
Max Drawdown (1Y)Largest decline over 1 year | -2.97% | -3.01% | +0.04% |
Max Drawdown (3Y)Largest decline over 3 years | — | -6.12% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -19.71% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -19.71% | — |
Current DrawdownCurrent decline from peak | -1.55% | -1.57% | +0.02% |
Average DrawdownAverage peak-to-trough decline | -1.14% | -3.50% | +2.36% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.87% | 0.94% | -0.07% |
Volatility
PMBS vs. BOND - Volatility Comparison
PIMCO Mortgage-Backed Securities Active Exchange-Traded Fund (PMBS) has a higher volatility of 1.52% compared to PIMCO Active Bond ETF (BOND) at 1.40%. This indicates that PMBS's price experiences larger fluctuations and is considered to be riskier than BOND based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PMBS | BOND | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.52% | 1.40% | +0.12% |
Volatility (6M)Calculated over the trailing 6-month period | 3.10% | 2.88% | +0.22% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.22% | 3.97% | +0.25% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.88% | 5.76% | -0.88% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.88% | 5.09% | -0.21% |
PMBS vs. BOND - Expense Ratio Comparison
PMBS has a 0.71% expense ratio, which is higher than BOND's 0.54% expense ratio.
Dividends
PMBS vs. BOND - Dividend Comparison
PMBS's dividend yield for the trailing twelve months is around 4.98%, less than BOND's 5.19% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BOND PIMCO Active Bond ETF | 5.19% | 5.11% | 5.02% | 4.06% | 3.44% | 2.58% | 2.66% | 3.38% | 3.18% | 2.87% | 2.85% | 4.14% |
PMBS PIMCO Mortgage-Backed Securities Active Exchange-Traded Fund | 4.98% | 4.73% | 1.59% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
With a correlation of 0.95, PMBS and BOND 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.
PMBS has higher volatility (1.52%) compared to BOND (1.40%). In terms of maximum drawdown, PMBS dropped -4.35% vs BOND's -19.71%.
On 1-year performance, PMBS leads with 7.55% vs 6.71% for BOND. On fees, BOND is cheaper at 0.54% per year. On volatility, BOND has been the lower-risk option at 1.40%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, PMBS has performed better with a 7.55% return vs 6.71%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BOND is cheaper with a 0.54% expense ratio, compared with 0.71% for PMBS.
BOND has the higher dividend yield at 5.19%, compared with 4.98% for PMBS.
PMBS is categorized as Mortgage Backed Securities, while BOND is Intermediate Core-Plus Bond. Their fees differ too: 0.71% for PMBS and 0.54% for BOND.
PMBS currently has the higher Sharpe Ratio (1.80 vs 1.70), 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.
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