SPMB vs. BND
SPMB (SPDR Portfolio Mortgage Backed Bond ETF) and BND (Vanguard Total Bond Market ETF) are both exchange-traded funds - SPMB is a Mortgage Backed Securities fund tracking the Bloomberg US Aggregate Securitized - MBS, while BND is a Total Bond Market fund tracking the Bloomberg U.S. Aggregate Float Adjusted Index. Both are passively managed. Over the past 10 years, SPMB returned 1.28%/yr vs 1.55%/yr for BND. A 0.66 correlation means they provide meaningful diversification when combined. SPMB charges 0.04%/yr vs 0.03%/yr for BND.
Performance
SPMB vs. BND - Performance Comparison
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Returns By Period
In the year-to-date period, SPMB achieves a 0.76% return, which is significantly higher than BND's 0.38% return. Over the past 10 years, SPMB has underperformed BND with an annualized return of 1.28%, while BND has yielded a comparatively higher 1.55% annualized return.
SPMB
- 1D
- -0.25%
- 1M
- 0.65%
- YTD
- 0.76%
- 6M
- 0.83%
- 1Y
- 5.97%
- 3Y*
- 4.27%
- 5Y*
- 0.40%
- 10Y*
- 1.28%
BND
- 1D
- -0.27%
- 1M
- 0.53%
- YTD
- 0.38%
- 6M
- 0.45%
- 1Y
- 4.37%
- 3Y*
- 3.92%
- 5Y*
- 0.04%
- 10Y*
- 1.55%
SPMB vs. BND - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SPMB SPDR Portfolio Mortgage Backed Bond ETF | 0.76% | 8.29% | 1.35% | 5.09% | -12.05% | -1.46% | 4.19% | 6.16% | 1.01% | 2.13% |
BND Vanguard Total Bond Market ETF | 0.38% | 7.08% | 1.38% | 5.65% | -13.11% | -1.86% | 7.71% | 8.84% | -0.12% | 3.57% |
Correlation
The correlation between SPMB and BND 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 (3Y) Calculated over the trailing 3-year period | 0.96 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.94 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.80 |
Correlation (All Time) Calculated using the full available price history since Jan 30, 2009 | 0.66 |
Over the past year, SPMB and BND have become more correlated (0.95) than their long-term average of 0.66, meaning their price movements have been converging.
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Return for Risk
SPMB vs. BND — Risk / Return Rank
SPMB
BND
SPMB vs. BND - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR Portfolio Mortgage Backed Bond ETF (SPMB) and Vanguard Total Bond Market ETF (BND). 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.
| SPMB | BND | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.24 | ||
| Sortino ratioReturn per unit of downside risk | +0.38 | ||
| Omega ratioGain probability vs. loss probability | 1.26 | 1.21 | +0.05 |
| Calmar ratioReturn relative to maximum drawdown | 2.08 | 1.64 | +0.44 |
| Martin ratioReturn relative to average drawdown | 6.45 | 4.69 | +1.77 |
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Drawdowns
SPMB vs. BND - Drawdown Comparison
The maximum SPMB drawdown since its inception was -18.03%, roughly equal to the maximum BND drawdown of -18.58%. Use the drawdown chart below to compare losses from any high point for SPMB and BND.
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Drawdown Indicators
| SPMB | BND | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -18.03% | -18.58% | +0.55% |
Max Drawdown (1Y)Largest decline over 1 year | -2.89% | -2.68% | -0.21% |
Max Drawdown (3Y)Largest decline over 3 years | -7.66% | -5.92% | -1.74% |
Max Drawdown (5Y)Largest decline over 5 years | -17.49% | -17.91% | +0.42% |
Max Drawdown (10Y)Largest decline over 10 years | -18.03% | -18.58% | +0.55% |
Current DrawdownCurrent decline from peak | -1.34% | -2.26% | +0.92% |
Average DrawdownAverage peak-to-trough decline | -2.85% | -3.06% | +0.21% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.93% | 0.93% | 0.00% |
Volatility
SPMB vs. BND - Volatility Comparison
SPDR Portfolio Mortgage Backed Bond ETF (SPMB) has a higher volatility of 1.23% compared to Vanguard Total Bond Market ETF (BND) at 1.08%. This indicates that SPMB's price experiences larger fluctuations and is considered to be riskier than BND based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SPMB | BND | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.23% | 1.08% | +0.15% |
Volatility (6M)Calculated over the trailing 6-month period | 3.19% | 2.77% | +0.42% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.23% | 3.74% | +0.49% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.79% | 6.03% | +0.76% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.61% | 5.54% | +2.07% |
SPMB vs. BND - Expense Ratio Comparison
SPMB has a 0.04% expense ratio, which is higher than BND's 0.03% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
SPMB vs. BND - Dividend Comparison
SPMB's dividend yield for the trailing twelve months is around 4.08%, more than BND's 3.96% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BND Vanguard Total Bond Market ETF | 3.96% | 3.86% | 3.67% | 3.09% | 2.60% | 2.12% | 2.38% | 2.72% | 2.81% | 2.54% | 2.51% | 2.57% |
SPMB SPDR Portfolio Mortgage Backed Bond ETF | 4.08% | 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, SPMB and BND 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 (1.23%) compared to BND (1.08%). In terms of maximum drawdown, SPMB dropped -18.03% vs BND's -18.58%.
On 10-year performance, BND leads with 1.55% vs 1.28% for SPMB. On fees, BND is cheaper at 0.03% per year. On volatility, BND has been the lower-risk option at 1.08%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, BND has performed better with a 1.55% return vs 1.28%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BND is cheaper with a 0.03% expense ratio, compared with 0.04% for SPMB.
SPMB has the higher dividend yield at 4.08%, compared with 3.96% for BND.
SPMB is categorized as Mortgage Backed Securities, while BND is Total Bond Market. SPMB tracks Bloomberg US Aggregate Securitized - MBS, while BND tracks Bloomberg U.S. Aggregate Float Adjusted Index. They also come from different issuers: State Street and Vanguard. Their fees differ too: 0.04% for SPMB and 0.03% for BND.
SPMB currently has the higher Sharpe Ratio (1.42 vs 1.18), 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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