SPMB vs. GSST
SPMB (SPDR Portfolio Mortgage Backed Bond ETF) and GSST (Goldman Sachs Ultra Short Bond ETF) are both exchange-traded funds - SPMB is a Mortgage Backed Securities fund tracking the Bloomberg US Aggregate Securitized - MBS, while GSST is a Ultrashort Bond fund actively managed by Goldman Sachs. SPMB is passively managed, while GSST is actively managed. Over the past 5 years, SPMB returned 0.40%/yr vs 3.79%/yr for GSST. At a 0.33 correlation, their price movements are largely independent. SPMB charges 0.04%/yr vs 0.16%/yr for GSST.
Performance
SPMB vs. GSST - Performance Comparison
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Returns By Period
In the year-to-date period, SPMB achieves a 0.76% return, which is significantly lower than GSST's 1.72% 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%
GSST
- 1D
- -0.02%
- 1M
- 0.30%
- YTD
- 1.72%
- 6M
- 1.81%
- 1Y
- 4.49%
- 3Y*
- 5.48%
- 5Y*
- 3.79%
- 10Y*
- —
SPMB vs. GSST - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
SPMB SPDR Portfolio Mortgage Backed Bond ETF | 0.76% | 8.29% | 1.35% | 5.09% | -12.05% | -1.46% | 4.19% | 4.13% |
GSST Goldman Sachs Ultra Short Bond ETF | 1.72% | 5.20% | 6.01% | 6.08% | 0.13% | 0.05% | 1.74% | 2.64% |
Correlation
The correlation between SPMB and GSST is 0.44, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.44 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.44 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.39 |
Correlation (All Time) Calculated using the full available price history since Apr 17, 2019 | 0.33 |
The correlation between SPMB and GSST shifts across timeframes, from 0.33 (all time) to 0.44 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
SPMB vs. GSST — Risk / Return Rank
SPMB
GSST
SPMB vs. GSST - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR Portfolio Mortgage Backed Bond ETF (SPMB) and Goldman Sachs Ultra Short Bond ETF (GSST). 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 | GSST | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -6.26 | ||
| Sortino ratioReturn per unit of downside risk | -13.80 | ||
| Omega ratioGain probability vs. loss probability | 1.26 | 3.76 | -2.50 |
| Calmar ratioReturn relative to maximum drawdown | 2.08 | 29.18 | -27.10 |
| Martin ratioReturn relative to average drawdown | 6.45 | 179.40 | -172.94 |
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Drawdowns
SPMB vs. GSST - Drawdown Comparison
The maximum SPMB drawdown since its inception was -18.03%, which is greater than GSST's maximum drawdown of -3.51%. Use the drawdown chart below to compare losses from any high point for SPMB and GSST.
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Drawdown Indicators
| SPMB | GSST | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -18.03% | -3.51% | -14.52% |
Max Drawdown (1Y)Largest decline over 1 year | -2.89% | -0.15% | -2.74% |
Max Drawdown (3Y)Largest decline over 3 years | -7.66% | -0.25% | -7.41% |
Max Drawdown (5Y)Largest decline over 5 years | -17.49% | -1.19% | -16.30% |
Max Drawdown (10Y)Largest decline over 10 years | -18.03% | — | — |
Current DrawdownCurrent decline from peak | -1.34% | -0.02% | -1.32% |
Average DrawdownAverage peak-to-trough decline | -2.85% | -0.16% | -2.69% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.93% | 0.03% | +0.90% |
Volatility
SPMB vs. GSST - Volatility Comparison
SPDR Portfolio Mortgage Backed Bond ETF (SPMB) has a higher volatility of 1.23% compared to Goldman Sachs Ultra Short Bond ETF (GSST) at 0.14%. This indicates that SPMB's price experiences larger fluctuations and is considered to be riskier than GSST based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SPMB | GSST | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.23% | 0.14% | +1.09% |
Volatility (6M)Calculated over the trailing 6-month period | 3.19% | 0.41% | +2.78% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.23% | 0.59% | +3.64% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.79% | 0.63% | +6.16% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.61% | 0.86% | +6.75% |
SPMB vs. GSST - Expense Ratio Comparison
SPMB has a 0.04% expense ratio, which is lower than GSST's 0.16% expense ratio. Despite the difference, 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. GSST - Dividend Comparison
SPMB's dividend yield for the trailing twelve months is around 4.08%, less than GSST's 4.31% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
GSST Goldman Sachs Ultra Short Bond ETF | 4.31% | 4.56% | 5.45% | 4.98% | 1.97% | 0.71% | 1.12% | 1.66% | 0.00% | 0.00% | 0.00% | 0.00% |
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
SPMB and GSST have a correlation of 0.44, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SPMB has higher volatility (1.23%) compared to GSST (0.14%). In terms of maximum drawdown, SPMB dropped -18.03% vs GSST's -3.51%.
On 5-year performance, GSST leads with 3.79% vs 0.40% for SPMB. On fees, SPMB is cheaper at 0.04% per year. On volatility, GSST has been the lower-risk option at 0.14%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, GSST has performed better with a 3.79% return vs 0.40%. 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 0.16% for GSST.
GSST has the higher dividend yield at 4.31%, compared with 4.08% for SPMB.
SPMB is categorized as Mortgage Backed Securities, while GSST is Ultrashort Bond. They also come from different issuers: State Street and Goldman Sachs. Their fees differ too: 0.04% for SPMB and 0.16% for GSST.
GSST currently has the higher Sharpe Ratio (7.68 vs 1.42), 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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