SMBS vs. EVMO

Last updated Jun 4, 2026

SMBS (Schwab Mortgage-Backed Securities ETF) and EVMO (Eaton Vance Mortgage Opportunities ETF) are both Mortgage Backed Securities funds. SMBS is passively managed, while EVMO is actively managed. A 0.56 correlation means they provide meaningful diversification when combined. SMBS charges 0.03%/yr vs 0.45%/yr for EVMO.

Performance

SMBS vs. EVMO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Schwab Mortgage-Backed Securities ETF (SMBS) and Eaton Vance Mortgage Opportunities ETF (EVMO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SMBS achieves a 0.70% return, which is significantly lower than EVMO's 0.98% return.

SMBS

• 1D: -0.24%
• 1M: 0.33%
• YTD: 0.70%
• 6M: 0.82%
• 1Y: 6.78%
• 3Y*: —
• 5Y*: —
• 10Y*: —

EVMO

• 1D: 0.11%
• 1M: 0.09%
• YTD: 0.98%
• 6M: 1.25%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SMBS vs. EVMO - Yearly Performance Comparison

	2026 (YTD)	2025
SMBS Schwab Mortgage-Backed Securities ETF	0.70%	3.56%
EVMO Eaton Vance Mortgage Opportunities ETF	0.98%	3.33%

Correlation

The correlation between SMBS and EVMO is 0.56, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (All Time) Calculated using the full available price history since Aug 5, 2025	0.56

Return for Risk

SMBS vs. EVMO — Risk / Return Rank

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

SMBS

SMBS Risk / Return Rank: 48
SMBS Sharpe Ratio Rank: 47
SMBS Sortino Ratio Rank: 49
SMBS Omega Ratio Rank: 47
SMBS Calmar Ratio Rank: 49
SMBS Martin Ratio Rank: 49

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.

SMBS vs. EVMO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Schwab Mortgage-Backed Securities ETF (SMBS) and Eaton Vance Mortgage Opportunities ETF (EVMO). 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.

	SMBS	EVMO	Difference
Sharpe ratio Return per unit of total volatility	1.64	—	—
Sortino ratio Return per unit of downside risk	2.42	—	—
Omega ratio Gain probability vs. loss probability	1.30	—	—
Calmar ratio Return relative to maximum drawdown	2.41	—	—
Martin ratio Return relative to average drawdown	8.21	—	—
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

	SMBS	EVMO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.64	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.18	1.88	-0.70

Drawdowns

SMBS vs. EVMO - Drawdown Comparison

The maximum SMBS drawdown since its inception was -3.20%, which is greater than EVMO's maximum drawdown of -1.89%. Use the drawdown chart below to compare losses from any high point for SMBS and EVMO.

Drawdown Indicators

	SMBS	EVMO	Difference
Max Drawdown Largest peak-to-trough decline	-3.20%	-1.89%	-1.31%
Max Drawdown (1Y) Largest decline over 1 year	-2.83%	—	—
Current Drawdown Current decline from peak	-1.33%	-0.66%	-0.67%
Average Drawdown Average peak-to-trough decline	-0.84%	-0.38%	-0.46%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.83%	—	—

Volatility

Volatility by Period

	SMBS	EVMO	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.55%	—	—
Volatility (6M) Calculated over the trailing 6-month period	3.03%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	4.15%	2.82%	+1.33%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.86%	2.82%	+2.04%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.86%	2.82%	+2.04%

SMBS vs. EVMO - Expense Ratio Comparison

SMBS has a 0.03% expense ratio, which is lower than EVMO's 0.45% expense ratio.

Dividends

SMBS vs. EVMO - Dividend Comparison

SMBS's dividend yield for the trailing twelve months is around 5.17%, more than EVMO's 4.06% yield.

Position	TTM	2025	2024
EVMO Eaton Vance Mortgage Opportunities ETF	4.06%	1.95%	0.00%
SMBS Schwab Mortgage-Backed Securities ETF	5.17%	4.83%	0.50%

Frequently Asked Questions

Can I hold both SMBS and EVMO in my portfolio?

SMBS and EVMO have a correlation of 0.56, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, SMBS or EVMO?

On fees, SMBS is cheaper at 0.03% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, SMBS or EVMO?

SMBS is cheaper with a 0.03% expense ratio, compared with 0.45% for EVMO.

Which ETF pays a higher dividend yield, SMBS or EVMO?

SMBS has the higher dividend yield at 5.17%, compared with 4.06% for EVMO.

What is the main difference between SMBS and EVMO?

They also come from different issuers: Charles Schwab and Eaton Vance. Their fees differ too: 0.03% for SMBS and 0.45% for EVMO.