PMBS vs. IMTG
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. Their 0.98 correlation means they have historically moved very closely together. PMBS charges 0.71%/yr vs 0.22%/yr for IMTG.
Performance
PMBS vs. IMTG - Performance Comparison
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Returns By Period
PMBS
- 1D
- 0.23%
- 1M
- -1.24%
- 6M
- -0.59%
- YTD
- 0.07%
- 1Y
- 3.73%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 3.15%
IMTG
- 1D
- 0.26%
- 1M
- -1.03%
- 6M
- —
- YTD
- —
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- —
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $309.71 | $312.66 | $1.32K | |
| $4.24M | $3.71M | $5.44M |
PMBS vs. IMTG - Yearly Performance Comparison
| 2026 (YTD) | |
|---|---|
PMBS PIMCO Mortgage-Backed Securities Active Exchange-Traded Fund | -1.97% |
IMTG Invesco Agency MBS ETF | -1.74% |
Correlation
The correlation between PMBS and IMTG is 0.98 - they have historically moved very closely together. At this level, their price movements offset little of one another.
| Correlation | |
|---|---|
Correlation (All Time) Calculated using the full available price history since Feb 25, 2026 | 0.98 |
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Return for Risk
PMBS vs. IMTG — Risk / Return Rank
PMBS
IMTG
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
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.
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 | IMTG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | 1.16 | — | — |
| Calmar ratioReturn relative to maximum drawdown | 1.26 | — | — |
| Martin ratioReturn relative to average drawdown | 3.46 | — | — |
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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.
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Drawdown Indicators
| PMBS | IMTG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -4.35% | -2.85% | -1.50% |
Max Drawdown (1Y)Largest decline over 1 year | -2.97% | — | — |
Current DrawdownCurrent decline from peak | -2.37% | -2.12% | -0.25% |
Average DrawdownAverage peak-to-trough decline | -1.18% | -1.44% | +0.26% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.08% | — | — |
Volatility
PMBS vs. IMTG - Volatility Comparison
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Volatility by Period
| PMBS | IMTG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.30% | — | — |
Volatility (6M)Calculated over the trailing 6-month period | 3.39% | — | — |
Volatility (1Y)Calculated over the trailing 1-year period | 4.14% | 4.56% | -0.42% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.85% | 4.56% | +0.29% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.85% | 4.56% | +0.29% |
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 1.73% yield.
| Position | TTM | 2025 | 2024 |
|---|---|---|---|
IMTG Invesco Agency MBS ETF | 1.73% | 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, 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.
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 1.73% for IMTG.
They also come from different issuers: PIMCO and Invesco. Their fees differ too: 0.71% for PMBS and 0.22% for IMTG.
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