SPMB vs. JMTG

Last updated Jul 14, 2026

SPMB (SPDR Portfolio Mortgage Backed Bond ETF) and JMTG (JPMorgan Mortgage-Backed Securities ETF) are both Mortgage Backed Securities funds. SPMB is passively managed, while JMTG is actively managed. Over the past year, SPMB returned 4.91% vs 5.00% for JMTG. Their correlation of 0.92 suggests significant overlap in exposure. SPMB charges 0.04%/yr vs 0.24%/yr for JMTG.

Performance

SPMB vs. JMTG - Performance Comparison

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

Returns By Period

In the year-to-date period, SPMB achieves a 0.11% return, which is significantly lower than JMTG's 0.40% return.

SPMB

• 1D: -0.45%
• 1M: -0.81%
• 6M: -0.45%
• YTD: 0.11%
• 1Y: 4.91%
• 3Y*: 4.12%
• 5Y*: 0.19%
• 10Y*: 1.15%

JMTG

• 1D: -0.34%
• 1M: -0.41%
• 6M: 0.12%
• YTD: 0.40%
• 1Y: 5.00%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SPMB vs. JMTG - Yearly Performance Comparison

	2026 (YTD)	2025
SPMB SPDR Portfolio Mortgage Backed Bond ETF	0.11%	4.31%
JMTG JPMorgan Mortgage-Backed Securities ETF	0.40%	3.94%

Correlation

The correlation between SPMB and JMTG is 0.93, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.93
Correlation (All Time) Calculated using the full available price history since Jun 30, 2025	0.92

The correlation between SPMB and JMTG has been stable across timeframes, ranging from 0.92 to 0.93 - a consistent structural relationship.

Return for Risk

SPMB vs. JMTG — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

SPMB

SPMB Risk / Return Rank: 41
SPMB Sharpe Ratio Rank: 41
SPMB Sortino Ratio Rank: 42
SPMB Omega Ratio Rank: 40
SPMB Calmar Ratio Rank: 42
SPMB Martin Ratio Rank: 41

JMTG

JMTG Risk / Return Rank: 46
JMTG Sharpe Ratio Rank: 49
JMTG Sortino Ratio Rank: 51
JMTG Omega Ratio Rank: 47
JMTG Calmar Ratio Rank: 45
JMTG Martin Ratio Rank: 39

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

SPMB vs. JMTG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR Portfolio Mortgage Backed Bond ETF (SPMB) and JPMorgan Mortgage-Backed Securities ETF (JMTG). 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	JMTG	Difference
Sharpe ratio: Return per unit of total volatility	1.18	1.36	-0.19
Sortino ratio: Return per unit of downside risk	1.75	2.01	-0.26
Omega ratio: Gain probability vs. loss probability	1.21	1.24	-0.03
Calmar ratio: Return relative to maximum drawdown	1.71	1.81	-0.10
Martin ratio: Return relative to average drawdown	5.19	4.98	+0.21

SPMB vs. JMTG - Sharpe Ratio Comparison

The current SPMB Sharpe Ratio is 1.18, which is comparable to the JMTG Sharpe Ratio of 1.36. The chart below compares the historical Sharpe Ratios of SPMB and JMTG, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

SPMB vs. JMTG - Drawdown Comparison

The maximum SPMB drawdown since its inception was -18.03%, which is greater than JMTG's maximum drawdown of -2.78%. Use the drawdown chart below to compare losses from any high point for SPMB and JMTG.

Drawdown Indicators

	SPMB	JMTG	Difference
Max Drawdown Largest peak-to-trough decline	-18.03%	-2.78%	-15.25%
Max Drawdown (1Y) Largest decline over 1 year	-2.89%	-2.78%	-0.11%
Max Drawdown (3Y) Largest decline over 3 years	-7.65%	—	—
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	-1.98%	-1.85%	-0.13%
Average Drawdown Average peak-to-trough decline	-2.84%	-0.75%	-2.09%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.95%	1.01%	-0.06%

Volatility

SPMB vs. JMTG - Volatility Comparison

SPDR Portfolio Mortgage Backed Bond ETF (SPMB) has a higher volatility of 1.36% compared to JPMorgan Mortgage-Backed Securities ETF (JMTG) at 1.22%. This indicates that SPMB's price experiences larger fluctuations and is considered to be riskier than JMTG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPMB	JMTG	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.36%	1.22%	+0.14%
Volatility (6M) Calculated over the trailing 6-month period	3.28%	2.89%	+0.39%
Volatility (1Y) Calculated over the trailing 1-year period	4.21%	3.70%	+0.51%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.80%	3.70%	+3.10%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.62%	3.70%	+3.92%

SPMB vs. JMTG - Expense Ratio Comparison

SPMB has a 0.04% expense ratio, which is lower than JMTG's 0.24% 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. JMTG - Dividend Comparison

SPMB's dividend yield for the trailing twelve months is around 4.13%, less than JMTG's 4.32% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
JMTG JPMorgan Mortgage-Backed Securities ETF	4.32%	2.10%	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	4.13%	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 JMTG in my portfolio?

With a correlation of 0.93, SPMB and JMTG 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 is riskier, SPMB or JMTG?

SPMB has higher volatility (1.36%) compared to JMTG (1.22%). In terms of maximum drawdown, SPMB dropped -18.03% vs JMTG's -2.78%.

Which ETF is better, SPMB or JMTG?

On 1-year performance, JMTG leads with 5.00% vs 4.91% for SPMB. On fees, SPMB is cheaper at 0.04% per year. On volatility, JMTG has been the lower-risk option at 1.22%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPMB or JMTG?

Over the 1-year period, JMTG has performed better with a 5.00% return vs 4.91%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPMB or JMTG?

SPMB is cheaper with a 0.04% expense ratio, compared with 0.24% for JMTG.

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

JMTG has the higher dividend yield at 4.32%, compared with 4.13% for SPMB.

What is the main difference between SPMB and JMTG?

They also come from different issuers: State Street and JPMorgan. Their fees differ too: 0.04% for SPMB and 0.24% for JMTG.

Which has better risk-adjusted returns?

JMTG currently has the higher Sharpe Ratio (1.36 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.