SPMB vs. IMTG

Last updated Aug 2, 2026

SPMB (SPDR Portfolio Mortgage Backed Bond ETF) and IMTG (Invesco Agency MBS ETF) are both Mortgage Backed Securities funds. SPMB is passively managed, while IMTG is actively managed. Their 0.97 correlation means they have historically moved very closely together. SPMB charges 0.04%/yr vs 0.22%/yr for IMTG.

Performance

SPMB vs. IMTG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR Portfolio Mortgage Backed Bond ETF (SPMB) and Invesco Agency MBS ETF (IMTG). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

SPMB

• 1D: -0.45%
• 1M: -1.26%
• 6M: -0.73%
• YTD: -0.35%
• 1Y: 3.12%
• 3Y*: 4.32%
• 5Y*: 0.03%
• 10Y*: 1.08%
• ALL TIME*: 2.21%

IMTG

• 1D: -0.42%
• 1M: -1.29%
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
IMTG Invesco Agency MBS ETF	$309.83	$315.20	$1.29K
SPMB SPDR Portfolio Mortgage Backed Bond ETF	$20.46M	$21.50M	$27.81M

SPMB vs. IMTG - Yearly Performance Comparison

	2026 (YTD)
SPMB SPDR Portfolio Mortgage Backed Bond ETF	-2.17%
IMTG Invesco Agency MBS ETF	-2.00%

Correlation

The correlation between SPMB and IMTG is 0.97 - they have historically moved very closely together. At this level, their price movements offset little of one another.

	Correlation
Correlation (All Time) Calculated using the full available price history since Feb 25, 2026	0.97

Return for Risk

SPMB vs. IMTG — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

SPMB

SPMB Risk / Return Rank: 39
SPMB Sharpe Ratio Rank: 39
SPMB Sortino Ratio Rank: 39
SPMB Omega Ratio Rank: 37
SPMB Calmar Ratio Rank: 41
SPMB Martin Ratio Rank: 38

IMTG

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

SPMB vs. IMTG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR Portfolio Mortgage Backed Bond ETF (SPMB) and Invesco Agency MBS ETF (IMTG). 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	IMTG	Difference
Sharpe ratio: Return per unit of total volatility	0.98	—	—
Sortino ratio: Return per unit of downside risk	1.45	—	—
Omega ratio: Gain probability vs. loss probability	1.18	—	—
Calmar ratio: Return relative to maximum drawdown	1.43	—	—
Martin ratio: Return relative to average drawdown	3.92	—	—

Drawdowns

SPMB vs. IMTG - Drawdown Comparison

The maximum SPMB drawdown since its inception was -18.03%, which is greater than IMTG's maximum drawdown of -2.85%. Use the drawdown chart below to compare losses from any high point for SPMB and IMTG.

Drawdown Indicators

	SPMB	IMTG	Difference
Max Drawdown Largest peak-to-trough decline	-18.03%	-2.85%	-15.18%
Max Drawdown (1Y) Largest decline over 1 year	-2.89%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-6.50%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-17.49%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-18.03%	—	—
Current Drawdown Current decline from peak	-2.43%	-2.38%	-0.05%
Average Drawdown Average peak-to-trough decline	-2.84%	-1.43%	-1.41%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.05%	—	—

Volatility

Volatility by Period

	SPMB	IMTG	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.21%	—	—
Volatility (6M) Calculated over the trailing 6-month period	3.33%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	4.21%	4.56%	-0.35%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.81%	4.56%	+2.25%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.62%	4.56%	+3.06%

SPMB vs. IMTG - Expense Ratio Comparison

SPMB has a 0.04% expense ratio, which is lower than IMTG's 0.22% 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. IMTG - Dividend Comparison

SPMB's dividend yield for the trailing twelve months is around 4.15%, more than IMTG's 1.74% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IMTG Invesco Agency MBS ETF	1.74%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SPMB SPDR Portfolio Mortgage Backed Bond ETF	3.84%	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

Can I hold both SPMB and IMTG in my portfolio?

With a correlation of 0.97, SPMB and IMTG 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.

Which ETF is better, SPMB or IMTG?

On fees, SPMB is cheaper at 0.04% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, SPMB or IMTG?

SPMB is cheaper with a 0.04% expense ratio, compared with 0.22% for IMTG.

Which ETF pays a higher dividend yield, SPMB or IMTG?

SPMB has the higher dividend yield at 3.84%, compared with 1.74% for IMTG.

What is the main difference between SPMB and IMTG?

They also come from different issuers: State Street and Invesco. Their fees differ too: 0.04% for SPMB and 0.22% for IMTG.