SPMB vs. LGOV
SPMB (SPDR Portfolio Mortgage Backed Bond ETF) and LGOV (First Trust Long Duration Opportunities ETF) are both Mortgage Backed Securities funds. SPMB is passively managed, while LGOV is actively managed. Over the past 5 years, SPMB returned 0.29%/yr vs -1.74%/yr for LGOV. A 0.70 correlation means they provide meaningful diversification when combined. SPMB charges 0.04%/yr vs 0.70%/yr for LGOV.
Performance
SPMB vs. LGOV - Performance Comparison
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Returns By Period
In the year-to-date period, SPMB achieves a 0.51% return, which is significantly higher than LGOV's -0.60% return.
SPMB
- 1D
- -0.22%
- 1M
- 0.27%
- YTD
- 0.51%
- 6M
- 0.64%
- 1Y
- 6.74%
- 3Y*
- 4.32%
- 5Y*
- 0.29%
- 10Y*
- 1.21%
LGOV
- 1D
- -0.58%
- 1M
- 0.01%
- YTD
- -0.60%
- 6M
- -1.29%
- 1Y
- 5.85%
- 3Y*
- 2.47%
- 5Y*
- -1.74%
- 10Y*
- —
SPMB vs. LGOV - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
SPMB SPDR Portfolio Mortgage Backed Bond ETF | 0.51% | 8.29% | 1.35% | 5.09% | -12.05% | -1.46% | 4.19% | 5.99% |
LGOV First Trust Long Duration Opportunities ETF | -0.60% | 9.13% | -2.05% | 4.91% | -19.73% | -1.93% | 11.31% | 11.53% |
Correlation
The correlation between SPMB and LGOV is 0.86, 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 | 0.86 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.84 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.80 |
Correlation (All Time) Calculated using the full available price history since Jan 24, 2019 | 0.70 |
The correlation between SPMB and LGOV shifts across timeframes, from 0.70 (all time) to 0.86 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
SPMB vs. LGOV — Risk / Return Rank
SPMB
LGOV
SPMB vs. LGOV - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR Portfolio Mortgage Backed Bond ETF (SPMB) and First Trust Long Duration Opportunities ETF (LGOV). 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.
| SPMB | LGOV | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.74 | ||
| Sortino ratioReturn per unit of downside risk | +1.13 | ||
| Omega ratioGain probability vs. loss probability | 1.29 | 1.14 | +0.14 |
| Calmar ratioReturn relative to maximum drawdown | 2.34 | 1.05 | +1.30 |
| Martin ratioReturn relative to average drawdown | 7.70 | 3.08 | +4.62 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| SPMB | LGOV | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.58 | 0.84 | +0.74 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.04 | -0.19 | +0.24 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.16 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.34 | 0.13 | +0.21 |
Drawdowns
SPMB vs. LGOV - Drawdown Comparison
The maximum SPMB drawdown since its inception was -18.03%, smaller than the maximum LGOV drawdown of -30.86%. Use the drawdown chart below to compare losses from any high point for SPMB and LGOV.
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Drawdown Indicators
| SPMB | LGOV | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -18.03% | -30.86% | +12.83% |
Max Drawdown (1Y)Largest decline over 1 year | -2.89% | -5.62% | +2.73% |
Max Drawdown (3Y)Largest decline over 3 years | -7.66% | -12.54% | +4.88% |
Max Drawdown (5Y)Largest decline over 5 years | -17.49% | -28.14% | +10.65% |
Max Drawdown (10Y)Largest decline over 10 years | -18.03% | — | — |
Current DrawdownCurrent decline from peak | -1.58% | -15.30% | +13.72% |
Average DrawdownAverage peak-to-trough decline | -2.85% | -13.08% | +10.23% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.88% | 1.90% | -1.02% |
Volatility
SPMB vs. LGOV - Volatility Comparison
The current volatility for SPDR Portfolio Mortgage Backed Bond ETF (SPMB) is 1.58%, while First Trust Long Duration Opportunities ETF (LGOV) has a volatility of 2.71%. This indicates that SPMB experiences smaller price fluctuations and is considered to be less risky than LGOV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SPMB | LGOV | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.58% | 2.71% | -1.13% |
Volatility (6M)Calculated over the trailing 6-month period | 3.08% | 5.15% | -2.07% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.28% | 7.01% | -2.73% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.77% | 9.07% | -2.30% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.61% | 9.24% | -1.63% |
SPMB vs. LGOV - Expense Ratio Comparison
SPMB has a 0.04% expense ratio, which is lower than LGOV's 0.70% expense ratio.
Dividends
SPMB vs. LGOV - Dividend Comparison
SPMB's dividend yield for the trailing twelve months is around 4.09%, less than LGOV's 4.27% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
LGOV First Trust Long Duration Opportunities ETF | 4.27% | 4.02% | 4.03% | 3.59% | 1.97% | 2.58% | 3.75% | 3.01% | 0.00% | 0.00% | 0.00% | 0.00% |
SPMB SPDR Portfolio Mortgage Backed Bond ETF | 4.09% | 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 LGOV have a correlation of 0.86, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
LGOV has higher volatility (2.71%) compared to SPMB (1.58%). In terms of maximum drawdown, SPMB dropped -18.03% vs LGOV's -30.86%.
On 5-year performance, SPMB leads with 0.29% vs -1.74% for LGOV. On fees, SPMB is cheaper at 0.04% per year. On volatility, SPMB has been the lower-risk option at 1.58%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, SPMB has performed better with a 0.29% return vs -1.74%. 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 0.70% for LGOV.
LGOV has the higher dividend yield at 4.27%, compared with 4.09% for SPMB.
They also come from different issuers: State Street and First Trust. Their fees differ too: 0.04% for SPMB and 0.70% for LGOV.
SPMB currently has the higher Sharpe Ratio (1.58 vs 0.84), 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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