PMBS vs. GNMA
PMBS (PIMCO Mortgage-Backed Securities Active Exchange-Traded Fund) and GNMA (iShares GNMA Bond ETF) are both Mortgage Backed Securities funds. PMBS is actively managed, while GNMA is passively managed. Over the past year, PMBS returned 6.50% vs 5.77% for GNMA. Their correlation of 0.86 suggests significant overlap in exposure. PMBS charges 0.71%/yr vs 0.15%/yr for GNMA.
Performance
PMBS vs. GNMA - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, PMBS achieves a 1.05% return, which is significantly higher than GNMA's 0.92% return.
PMBS
- 1D
- 0.09%
- 1M
- 0.57%
- YTD
- 1.05%
- 6M
- 1.21%
- 1Y
- 6.50%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
GNMA
- 1D
- 0.19%
- 1M
- 1.00%
- YTD
- 0.92%
- 6M
- 1.04%
- 1Y
- 5.77%
- 3Y*
- 4.27%
- 5Y*
- 0.64%
- 10Y*
- 1.22%
PMBS vs. GNMA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
PMBS PIMCO Mortgage-Backed Securities Active Exchange-Traded Fund | 1.05% | 8.92% | -2.80% |
GNMA iShares GNMA Bond ETF | 0.92% | 8.25% | -3.19% |
Correlation
The correlation between PMBS and GNMA is 0.83, 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 | 0.83 |
Correlation (All Time) Calculated using the full available price history since Sep 23, 2024 | 0.86 |
The correlation between PMBS and GNMA has been stable across timeframes, ranging from 0.83 to 0.86 - a consistent structural relationship.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
PMBS vs. GNMA — Risk / Return Rank
PMBS
GNMA
PMBS vs. GNMA - 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 iShares GNMA Bond ETF (GNMA). 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.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| PMBS | GNMA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.19 | ||
| Sortino ratioReturn per unit of downside risk | +0.21 | ||
| Omega ratioGain probability vs. loss probability | 1.28 | 1.24 | +0.04 |
| Calmar ratioReturn relative to maximum drawdown | 2.20 | 2.22 | -0.02 |
| Martin ratioReturn relative to average drawdown | 6.99 | 6.66 | +0.33 |
Loading charts...
Drawdowns
PMBS vs. GNMA - Drawdown Comparison
The maximum PMBS drawdown since its inception was -4.35%, smaller than the maximum GNMA drawdown of -17.09%. Use the drawdown chart below to compare losses from any high point for PMBS and GNMA.
Loading charts...
Drawdown Indicators
| PMBS | GNMA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -4.35% | -17.09% | +12.74% |
Max Drawdown (1Y)Largest decline over 1 year | -2.97% | -2.61% | -0.36% |
Max Drawdown (3Y)Largest decline over 3 years | — | -7.13% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -15.83% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -17.09% | — |
Current DrawdownCurrent decline from peak | -1.40% | -1.05% | -0.35% |
Average DrawdownAverage peak-to-trough decline | -1.15% | -3.65% | +2.50% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.93% | 0.87% | +0.06% |
Volatility
PMBS vs. GNMA - Volatility Comparison
The current volatility for PIMCO Mortgage-Backed Securities Active Exchange-Traded Fund (PMBS) is 1.27%, while iShares GNMA Bond ETF (GNMA) has a volatility of 1.38%. This indicates that PMBS experiences smaller price fluctuations and is considered to be less risky than GNMA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| PMBS | GNMA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.27% | 1.38% | -0.11% |
Volatility (6M)Calculated over the trailing 6-month period | 3.20% | 3.27% | -0.07% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.19% | 4.26% | -0.07% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.87% | 6.63% | -1.76% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.87% | 5.14% | -0.27% |
PMBS vs. GNMA - Expense Ratio Comparison
PMBS has a 0.71% expense ratio, which is higher than GNMA's 0.15% expense ratio.
Dividends
PMBS vs. GNMA - Dividend Comparison
PMBS's dividend yield for the trailing twelve months is around 4.98%, more than GNMA's 4.22% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
GNMA iShares GNMA Bond ETF | 4.22% | 4.19% | 4.15% | 3.43% | 2.01% | 0.64% | 1.89% | 2.61% | 2.41% | 2.15% | 1.89% | 1.50% |
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
PMBS and GNMA have a correlation of 0.83, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GNMA has higher volatility (1.38%) compared to PMBS (1.27%). In terms of maximum drawdown, PMBS dropped -4.35% vs GNMA's -17.09%.
On 1-year performance, PMBS leads with 6.50% vs 5.77% for GNMA. On fees, GNMA is cheaper at 0.15% per year. On volatility, PMBS has been the lower-risk option at 1.27%. 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 6.50% return vs 5.77%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
GNMA is cheaper with a 0.15% expense ratio, compared with 0.71% for PMBS.
PMBS has the higher dividend yield at 4.98%, compared with 4.22% for GNMA.
They also come from different issuers: PIMCO and iShares. Their fees differ too: 0.71% for PMBS and 0.15% for GNMA.
PMBS currently has the higher Sharpe Ratio (1.56 vs 1.36), 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.
Find the right allocation for PMBS and GNMA
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer