PMBS vs. MBSX

Last updated Jun 4, 2026

PMBS (PIMCO Mortgage-Backed Securities Active Exchange-Traded Fund) and MBSX (Regan Fixed Rate MBS ETF) are both Mortgage Backed Securities funds. Both are actively managed. Over the past year, PMBS returned 7.55% vs 13.81% for MBSX. At a 0.08 correlation, their price movements are largely independent. PMBS charges 0.71%/yr vs 0.40%/yr for MBSX.

Performance

PMBS vs. MBSX - 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 Regan Fixed Rate MBS ETF (MBSX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PMBS achieves a 0.90% return, which is significantly lower than MBSX's 6.22% return.

PMBS

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

MBSX

• 1D: 9.68%
• 1M: 3.16%
• YTD: 6.22%
• 6M: 6.79%
• 1Y: 13.81%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

PMBS vs. MBSX - Yearly Performance Comparison

	2026 (YTD)	2025
PMBS PIMCO Mortgage-Backed Securities Active Exchange-Traded Fund	0.90%	5.92%
MBSX Regan Fixed Rate MBS ETF	6.22%	8.23%

Correlation

The correlation between PMBS and MBSX is 0.09, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.09
Correlation (All Time) Calculated using the full available price history since May 2, 2025	0.08

Return for Risk

PMBS vs. MBSX — 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

MBSX

MBSX Risk / Return Rank: 17
MBSX Sharpe Ratio Rank: 13
MBSX Sortino Ratio Rank: 16
MBSX Omega Ratio Rank: 23
MBSX Calmar Ratio Rank: 16
MBSX Martin Ratio Rank: 19

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. MBSX - 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 Regan Fixed Rate MBS ETF (MBSX). 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	MBSX	Difference
Sharpe ratio: Return per unit of total volatility	1.80	0.26	+1.54
Sortino ratio: Return per unit of downside risk	2.66	0.74	+1.92
Omega ratio: Gain probability vs. loss probability	1.33	1.15	+0.18
Calmar ratio: Return relative to maximum drawdown	2.56	0.50	+2.05
Martin ratio: Return relative to average drawdown	8.70	2.08	+6.61
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PMBS vs. MBSX - Sharpe Ratio Comparison

The current PMBS Sharpe Ratio is 1.80, which is higher than the MBSX Sharpe Ratio of 0.26. The chart below compares the historical Sharpe Ratios of PMBS and MBSX, 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

	PMBS	MBSX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.80	0.26	+1.54
Sharpe Ratio (All Time) Calculated using the full available price history	0.83	0.25	+0.58

Drawdowns

PMBS vs. MBSX - Drawdown Comparison

The maximum PMBS drawdown since its inception was -4.35%, smaller than the maximum MBSX drawdown of -27.57%. Use the drawdown chart below to compare losses from any high point for PMBS and MBSX.

Drawdown Indicators

	PMBS	MBSX	Difference
Max Drawdown Largest peak-to-trough decline	-4.35%	-27.57%	+23.22%
Max Drawdown (1Y) Largest decline over 1 year	-2.97%	-27.57%	+24.60%
Current Drawdown Current decline from peak	-1.55%	-20.56%	+19.01%
Average Drawdown Average peak-to-trough decline	-1.14%	-6.02%	+4.88%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.87%	6.64%	-5.77%

Volatility

PMBS vs. MBSX - Volatility Comparison

The current volatility for PIMCO Mortgage-Backed Securities Active Exchange-Traded Fund (PMBS) is 1.52%, while Regan Fixed Rate MBS ETF (MBSX) has a volatility of 41.45%. This indicates that PMBS experiences smaller price fluctuations and is considered to be less risky than MBSX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PMBS	MBSX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.52%	41.45%	-39.93%
Volatility (6M) Calculated over the trailing 6-month period	3.10%	50.89%	-47.79%
Volatility (1Y) Calculated over the trailing 1-year period	4.22%	53.40%	-49.18%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.88%	54.70%	-49.82%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.88%	54.70%	-49.82%

PMBS vs. MBSX - Expense Ratio Comparison

PMBS has a 0.71% expense ratio, which is higher than MBSX's 0.40% expense ratio.

Dividends

PMBS vs. MBSX - Dividend Comparison

PMBS's dividend yield for the trailing twelve months is around 4.98%, more than MBSX's 3.36% yield.

Position	TTM	2025	2024
MBSX Regan Fixed Rate MBS ETF	3.36%	2.77%	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 MBSX in my portfolio?

PMBS and MBSX have a correlation of 0.09, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PMBS or MBSX?

MBSX has higher volatility (41.45%) compared to PMBS (1.52%). In terms of maximum drawdown, PMBS dropped -4.35% vs MBSX's -27.57%.

Which ETF is better, PMBS or MBSX?

On 1-year performance, MBSX leads with 13.81% vs 7.55% for PMBS. On fees, MBSX is cheaper at 0.40% per year. On volatility, PMBS has been the lower-risk option at 1.52%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PMBS or MBSX?

Over the 1-year period, MBSX has performed better with a 13.81% return vs 7.55%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PMBS or MBSX?

MBSX is cheaper with a 0.40% expense ratio, compared with 0.71% for PMBS.

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

PMBS has the higher dividend yield at 4.98%, compared with 3.36% for MBSX.

What is the main difference between PMBS and MBSX?

They also come from different issuers: PIMCO and Regan. Their fees differ too: 0.71% for PMBS and 0.40% for MBSX.

Which has better risk-adjusted returns?

PMBS currently has the higher Sharpe Ratio (1.80 vs 0.26), 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.