SPMB vs. IGOV
SPMB (SPDR Portfolio Mortgage Backed Bond ETF) and IGOV (iShares International Treasury Bond ETF) are both exchange-traded funds - SPMB is a Mortgage Backed Securities fund tracking the Bloomberg US Aggregate Securitized - MBS, while IGOV is a International Government Bonds fund tracking the FTSE World Government Bond Index - Developed Markets Capped Select Index. Both are passively managed. Over the past 10 years, SPMB returned 1.28%/yr vs -1.47%/yr for IGOV. At a 0.37 correlation, their price movements are largely independent. SPMB charges 0.04%/yr vs 0.35%/yr for IGOV.
Performance
SPMB vs. IGOV - 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 IGOV's -1.54% return. Over the past 10 years, SPMB has outperformed IGOV with an annualized return of 1.28%, while IGOV has yielded a comparatively lower -1.47% 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%
IGOV
- 1D
- -0.44%
- 1M
- -0.99%
- YTD
- -1.54%
- 6M
- -1.25%
- 1Y
- -1.38%
- 3Y*
- 1.82%
- 5Y*
- -4.29%
- 10Y*
- -1.47%
SPMB vs. IGOV - 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% |
IGOV iShares International Treasury Bond ETF | -1.54% | 9.96% | -6.50% | 5.57% | -22.07% | -9.25% | 10.88% | 3.76% | -2.60% | 11.38% |
Correlation
The correlation between SPMB and IGOV is 0.69, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.69 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.67 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.68 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.54 |
Correlation (All Time) Calculated using the full available price history since Jan 30, 2009 | 0.37 |
Over the past year, SPMB and IGOV have become more correlated (0.69) than their long-term average of 0.37, meaning their price movements have been converging.
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Return for Risk
SPMB vs. IGOV — Risk / Return Rank
SPMB
IGOV
SPMB vs. IGOV - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR Portfolio Mortgage Backed Bond ETF (SPMB) and iShares International Treasury Bond ETF (IGOV). 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 | IGOV | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.59 | ||
| Sortino ratioReturn per unit of downside risk | +2.33 | ||
| Omega ratioGain probability vs. loss probability | 1.26 | 0.98 | +0.28 |
| Calmar ratioReturn relative to maximum drawdown | 2.08 | -0.24 | +2.32 |
| Martin ratioReturn relative to average drawdown | 6.45 | -0.54 | +6.99 |
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Drawdowns
SPMB vs. IGOV - Drawdown Comparison
The maximum SPMB drawdown since its inception was -18.03%, smaller than the maximum IGOV drawdown of -35.88%. Use the drawdown chart below to compare losses from any high point for SPMB and IGOV.
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Drawdown Indicators
| SPMB | IGOV | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -18.03% | -35.88% | +17.85% |
Max Drawdown (1Y)Largest decline over 1 year | -2.89% | -5.70% | +2.81% |
Max Drawdown (3Y)Largest decline over 3 years | -7.66% | -10.65% | +2.99% |
Max Drawdown (5Y)Largest decline over 5 years | -17.49% | -32.92% | +15.43% |
Max Drawdown (10Y)Largest decline over 10 years | -18.03% | -35.88% | +17.85% |
Current DrawdownCurrent decline from peak | -1.34% | -24.80% | +23.46% |
Average DrawdownAverage peak-to-trough decline | -2.85% | -11.05% | +8.20% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.93% | 2.56% | -1.63% |
Volatility
SPMB vs. IGOV - Volatility Comparison
The current volatility for SPDR Portfolio Mortgage Backed Bond ETF (SPMB) is 1.23%, while iShares International Treasury Bond ETF (IGOV) has a volatility of 2.28%. This indicates that SPMB experiences smaller price fluctuations and is considered to be less risky than IGOV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SPMB | IGOV | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.23% | 2.28% | -1.05% |
Volatility (6M)Calculated over the trailing 6-month period | 3.19% | 6.36% | -3.17% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.23% | 8.15% | -3.92% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.79% | 9.97% | -3.18% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.61% | 8.61% | -1.00% |
SPMB vs. IGOV - Expense Ratio Comparison
SPMB has a 0.04% expense ratio, which is lower than IGOV's 0.35% expense ratio.
Dividends
SPMB vs. IGOV - Dividend Comparison
SPMB's dividend yield for the trailing twelve months is around 4.08%, more than IGOV's 1.43% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IGOV iShares International Treasury Bond ETF | 1.43% | 1.41% | 0.59% | 0.00% | 0.11% | 0.39% | 0.00% | 0.24% | 0.31% | 0.19% | 0.69% | 0.12% |
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 IGOV have a correlation of 0.69, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
IGOV has higher volatility (2.28%) compared to SPMB (1.23%). In terms of maximum drawdown, SPMB dropped -18.03% vs IGOV's -35.88%.
On 10-year performance, SPMB leads with 1.28% vs -1.47% for IGOV. On fees, SPMB is cheaper at 0.04% per year. On volatility, SPMB has been the lower-risk option at 1.23%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SPMB has performed better with a 1.28% return vs -1.47%. 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 0.35% for IGOV.
SPMB has the higher dividend yield at 4.08%, compared with 1.43% for IGOV.
SPMB is categorized as Mortgage Backed Securities, while IGOV is International Government Bonds. SPMB tracks Bloomberg US Aggregate Securitized - MBS, while IGOV tracks FTSE World Government Bond Index - Developed Markets Capped Select Index. They also come from different issuers: State Street and iShares. Their fees differ too: 0.04% for SPMB and 0.35% for IGOV.
SPMB currently has the higher Sharpe Ratio (1.42 vs -0.17), 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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