PMBS vs. SPMB
PMBS (PIMCO Mortgage-Backed Securities Active Exchange-Traded Fund) and SPMB (SPDR Portfolio Mortgage Backed Bond ETF) are both Mortgage Backed Securities funds. PMBS is actively managed, while SPMB is passively managed. Over the past year, PMBS returned 7.55% vs 6.74% for SPMB. With a 0.95 correlation, they move nearly in lockstep. PMBS charges 0.71%/yr vs 0.04%/yr for SPMB.
Performance
PMBS vs. SPMB - 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 SPMB's 0.51% return.
PMBS
- 1D
- -0.21%
- 1M
- 0.11%
- YTD
- 0.90%
- 6M
- 1.15%
- 1Y
- 7.55%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
SPMB
- 1D
- -0.22%
- 1M
- 0.27%
- YTD
- 0.51%
- 6M
- 0.64%
- 1Y
- 6.74%
- 3Y*
- 4.32%
- 5Y*
- 0.29%
- 10Y*
- 1.21%
PMBS vs. SPMB - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
PMBS PIMCO Mortgage-Backed Securities Active Exchange-Traded Fund | 0.90% | 8.92% | -2.75% |
SPMB SPDR Portfolio Mortgage Backed Bond ETF | 0.51% | 8.29% | -3.20% |
Correlation
The correlation between PMBS and SPMB 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 SPMB 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. SPMB — Risk / Return Rank
PMBS
SPMB
PMBS vs. SPMB - 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 SPDR Portfolio Mortgage Backed Bond ETF (SPMB). 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 | SPMB | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.21 | ||
| Sortino ratioReturn per unit of downside risk | +0.29 | ||
| Omega ratioGain probability vs. loss probability | 1.33 | 1.29 | +0.04 |
| Calmar ratioReturn relative to maximum drawdown | 2.56 | 2.34 | +0.21 |
| Martin ratioReturn relative to average drawdown | 8.70 | 7.70 | +1.00 |
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 | SPMB | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.80 | 1.58 | +0.21 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.04 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.16 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.83 | 0.34 | +0.49 |
Drawdowns
PMBS vs. SPMB - Drawdown Comparison
The maximum PMBS drawdown since its inception was -4.35%, smaller than the maximum SPMB drawdown of -18.03%. Use the drawdown chart below to compare losses from any high point for PMBS and SPMB.
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Drawdown Indicators
| PMBS | SPMB | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -4.35% | -18.03% | +13.68% |
Max Drawdown (1Y)Largest decline over 1 year | -2.97% | -2.89% | -0.08% |
Max Drawdown (3Y)Largest decline over 3 years | — | -7.66% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -17.49% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -18.03% | — |
Current DrawdownCurrent decline from peak | -1.55% | -1.58% | +0.03% |
Average DrawdownAverage peak-to-trough decline | -1.14% | -2.85% | +1.71% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.87% | 0.88% | -0.01% |
Volatility
PMBS vs. SPMB - Volatility Comparison
PIMCO Mortgage-Backed Securities Active Exchange-Traded Fund (PMBS) and SPDR Portfolio Mortgage Backed Bond ETF (SPMB) have volatilities of 1.52% and 1.58%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PMBS | SPMB | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.52% | 1.58% | -0.06% |
Volatility (6M)Calculated over the trailing 6-month period | 3.10% | 3.08% | +0.02% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.22% | 4.28% | -0.06% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.88% | 6.77% | -1.89% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.88% | 7.61% | -2.73% |
PMBS vs. SPMB - Expense Ratio Comparison
PMBS has a 0.71% expense ratio, which is higher than SPMB's 0.04% expense ratio.
Dividends
PMBS vs. SPMB - Dividend Comparison
PMBS's dividend yield for the trailing twelve months is around 4.98%, more than SPMB's 4.09% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
SPMB SPDR Portfolio Mortgage Backed Bond ETF | 4.09% | 3.98% | 3.76% | 3.21% | 2.98% | 2.59% | 2.95% | 3.24% | 3.36% | 3.13% | 2.99% | 3.05% |
Frequently Asked Questions
With a correlation of 0.95, PMBS and SPMB 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.
SPMB has higher volatility (1.58%) compared to PMBS (1.52%). In terms of maximum drawdown, PMBS dropped -4.35% vs SPMB's -18.03%.
On 1-year performance, PMBS leads with 7.55% vs 6.74% for SPMB. On fees, SPMB is cheaper at 0.04% per year. Their volatility is very similar. 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 6.74%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPMB is cheaper with a 0.04% expense ratio, compared with 0.71% for PMBS.
PMBS has the higher dividend yield at 4.98%, compared with 4.09% for SPMB.
They also come from different issuers: PIMCO and State Street. Their fees differ too: 0.71% for PMBS and 0.04% for SPMB.
PMBS currently has the higher Sharpe Ratio (1.80 vs 1.58), 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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