SMBS vs. HIMU
SMBS (Schwab Mortgage-Backed Securities ETF) and HIMU (iShares High Yield Muni Active ETF) are both exchange-traded funds - SMBS is a Mortgage Backed Securities fund tracking the Bloomberg US MBS Float Adjusted Total Return Index, while HIMU is a High Yield Muni fund actively managed by iShares. SMBS is passively managed, while HIMU is actively managed. Over the past year, SMBS returned 3.52% vs 6.84% for HIMU. Their 0.51 correlation means they have sometimes moved together and sometimes differently. SMBS charges 0.03%/yr vs 0.42%/yr for HIMU.
Performance
SMBS vs. HIMU - Performance Comparison
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Returns By Period
In the year-to-date period, SMBS achieves a -0.04% return, which is significantly lower than HIMU's 2.34% return.
SMBS
- 1D
- -0.32%
- 1M
- -1.03%
- 6M
- -0.57%
- YTD
- -0.04%
- 1Y
- 3.52%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 4.61%
HIMU
- 1D
- -0.10%
- 1M
- -2.16%
- 6M
- 1.49%
- YTD
- 2.34%
- 1Y
- 6.84%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 2.61%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $15.56M | $15.88M | $18.31M | |
| $11.39M | $11.79M | $19.43M |
SMBS vs. HIMU - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
SMBS Schwab Mortgage-Backed Securities ETF | -0.04% | 7.24% |
HIMU iShares High Yield Muni Active ETF | 2.34% | 1.48% |
Correlation
The correlation between SMBS and HIMU is 0.59, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.59 |
Correlation (All Time) Calculated using the full available price history since Feb 10, 2025 | 0.51 |
The correlation between SMBS and HIMU has been stable across timeframes, ranging from 0.51 to 0.59 - a consistent structural relationship.
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Return for Risk
SMBS vs. HIMU — Risk / Return Rank
SMBS
HIMU
SMBS vs. HIMU - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Schwab Mortgage-Backed Securities ETF (SMBS) and iShares High Yield Muni Active ETF (HIMU). 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.
| SMBS | HIMU | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.73 | ||
| Sortino ratioReturn per unit of downside risk | -1.04 | ||
| Omega ratioGain probability vs. loss probability | 1.19 | 1.36 | -0.17 |
| Calmar ratioReturn relative to maximum drawdown | 1.57 | 2.34 | -0.77 |
| Martin ratioReturn relative to average drawdown | 4.53 | 8.96 | -4.43 |
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Drawdowns
SMBS vs. HIMU - Drawdown Comparison
The maximum SMBS drawdown since its inception was -3.20%, smaller than the maximum HIMU drawdown of -8.01%. Use the drawdown chart below to compare losses from any high point for SMBS and HIMU.
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Drawdown Indicators
| SMBS | HIMU | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -3.20% | -8.01% | +4.81% |
Max Drawdown (1Y)Largest decline over 1 year | -2.83% | -3.29% | +0.46% |
Current DrawdownCurrent decline from peak | -2.06% | -2.20% | +0.14% |
Average DrawdownAverage peak-to-trough decline | -0.88% | -1.63% | +0.75% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.98% | 0.86% | +0.12% |
Volatility
SMBS vs. HIMU - Volatility Comparison
Schwab Mortgage-Backed Securities ETF (SMBS) and iShares High Yield Muni Active ETF (HIMU) have volatilities of 1.14% and 1.09%, 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
| SMBS | HIMU | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.14% | 1.09% | +0.05% |
Volatility (6M)Calculated over the trailing 6-month period | 3.28% | 3.35% | -0.07% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.09% | 4.25% | -0.16% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.81% | 7.12% | -2.31% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.81% | 7.12% | -2.31% |
SMBS vs. HIMU - Expense Ratio Comparison
SMBS has a 0.03% expense ratio, which is lower than HIMU's 0.42% expense ratio.
Dividends
SMBS vs. HIMU - Dividend Comparison
SMBS's dividend yield for the trailing twelve months is around 5.23%, which matches HIMU's 5.19% yield.
| Position | TTM | 2025 | 2024 |
|---|---|---|---|
HIMU iShares High Yield Muni Active ETF | 4.80% | 4.57% | 0.00% |
SMBS Schwab Mortgage-Backed Securities ETF | 4.76% | 4.83% | 0.50% |
Frequently Asked Questions
SMBS and HIMU have a correlation of 0.59, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SMBS has higher volatility (1.14%) compared to HIMU (1.09%). In terms of maximum drawdown, SMBS dropped -3.20% vs HIMU's -8.01%.
On 1-year performance, HIMU leads with 6.84% vs 3.52% for SMBS. On fees, SMBS is cheaper at 0.03% 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, HIMU has performed better with a 6.84% return vs 3.52%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SMBS is cheaper with a 0.03% expense ratio, compared with 0.42% for HIMU.
HIMU has the higher dividend yield at 4.80%, compared with 4.76% for SMBS.
SMBS is categorized as Mortgage Backed Securities, while HIMU is High Yield Muni. They also come from different issuers: Charles Schwab and iShares. Their fees differ too: 0.03% for SMBS and 0.42% for HIMU.
HIMU currently has the higher Sharpe Ratio (1.81 vs 1.08), 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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