PMBS vs. IMTG

Last updated Jun 4, 2026

PMBS (PIMCO Mortgage-Backed Securities Active Exchange-Traded Fund) and IMTG (Invesco Agency MBS ETF) are both Mortgage Backed Securities funds. Both are actively managed. With a 0.98 correlation, they move nearly in lockstep. PMBS charges 0.71%/yr vs 0.22%/yr for IMTG.

Performance

PMBS vs. IMTG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PIMCO Mortgage-Backed Securities Active Exchange-Traded Fund (PMBS) and Invesco Agency MBS ETF (IMTG). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

PMBS

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

IMTG

• 1D: -0.18%
• 1M: 0.23%
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

PMBS vs. IMTG - Yearly Performance Comparison

	2026 (YTD)
PMBS PIMCO Mortgage-Backed Securities Active Exchange-Traded Fund	-1.13%
IMTG Invesco Agency MBS ETF	-1.11%

Correlation

The correlation between PMBS and IMTG 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

Return for Risk

PMBS vs. IMTG — Risk / Return Rank

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

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.

PMBS vs. IMTG - 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 Invesco Agency MBS ETF (IMTG). 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	IMTG	Difference
Sharpe ratio: Return per unit of total volatility	1.80	—	—
Sortino ratio: Return per unit of downside risk	2.66	—	—
Omega ratio: Gain probability vs. loss probability	1.33	—	—
Calmar ratio: Return relative to maximum drawdown	2.56	—	—
Martin ratio: Return relative to average drawdown	8.70	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	PMBS	IMTG	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.80	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.83	-0.86	+1.69

Drawdowns

PMBS vs. IMTG - Drawdown Comparison

The maximum PMBS drawdown since its inception was -4.35%, which is greater than IMTG's maximum drawdown of -2.85%. Use the drawdown chart below to compare losses from any high point for PMBS and IMTG.

Drawdown Indicators

	PMBS	IMTG	Difference
Max Drawdown Largest peak-to-trough decline	-4.35%	-2.85%	-1.50%
Max Drawdown (1Y) Largest decline over 1 year	-2.97%	—	—
Current Drawdown Current decline from peak	-1.55%	-1.50%	-0.05%
Average Drawdown Average peak-to-trough decline	-1.14%	-1.41%	+0.27%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.87%	—	—

Volatility

Volatility by Period

	PMBS	IMTG	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	4.22%	4.74%	-0.52%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.88%	4.74%	+0.14%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.88%	4.74%	+0.14%

PMBS vs. IMTG - Expense Ratio Comparison

PMBS has a 0.71% expense ratio, which is higher than IMTG's 0.22% expense ratio.

Dividends

PMBS vs. IMTG - Dividend Comparison

PMBS's dividend yield for the trailing twelve months is around 4.98%, more than IMTG's 0.85% 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

Can I hold both PMBS and IMTG in my portfolio?

With a correlation of 0.98, PMBS and IMTG 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.

Which ETF is better, PMBS or IMTG?

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.

Which ETF is cheaper, PMBS or IMTG?

IMTG is cheaper with a 0.22% expense ratio, compared with 0.71% for PMBS.

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

PMBS has the higher dividend yield at 4.98%, compared with 0.85% for IMTG.

What is the main difference between PMBS and IMTG?

They also come from different issuers: PIMCO and Invesco. Their fees differ too: 0.71% for PMBS and 0.22% for IMTG.