SPMB vs. PMBS
SPMB (SPDR Portfolio Mortgage Backed Bond ETF) and PMBS (PIMCO Mortgage-Backed Securities Active Exchange-Traded Fund) are both Mortgage Backed Securities funds. SPMB is passively managed, while PMBS is actively managed. Over the past year, SPMB returned 6.29% vs 7.05% for PMBS. With a 0.95 correlation, they move nearly in lockstep. SPMB charges 0.04%/yr vs 0.71%/yr for PMBS.
Performance
SPMB vs. PMBS - Performance Comparison
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Returns By Period
In the year-to-date period, SPMB achieves a 0.65% return, which is significantly lower than PMBS's 1.03% return.
SPMB
- 1D
- 0.14%
- 1M
- 0.22%
- YTD
- 0.65%
- 6M
- 0.95%
- 1Y
- 6.29%
- 3Y*
- 4.42%
- 5Y*
- 0.31%
- 10Y*
- 1.26%
PMBS
- 1D
- 0.13%
- 1M
- 0.14%
- YTD
- 1.03%
- 6M
- 1.52%
- 1Y
- 7.05%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
SPMB vs. PMBS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
SPMB SPDR Portfolio Mortgage Backed Bond ETF | 0.65% | 8.29% | -3.20% |
PMBS PIMCO Mortgage-Backed Securities Active Exchange-Traded Fund | 1.03% | 8.92% | -2.75% |
Correlation
The correlation between SPMB and PMBS is 0.95 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.95 |
Correlation (All Time) Calculated using the full available price history since Sep 24, 2024 | 0.95 |
The correlation between SPMB and PMBS has been stable across timeframes, ranging from 0.95 to 0.95 - a consistent structural relationship.
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Return for Risk
SPMB vs. PMBS — Risk / Return Rank
SPMB
PMBS
SPMB vs. PMBS - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR Portfolio Mortgage Backed Bond ETF (SPMB) and PIMCO Mortgage-Backed Securities Active Exchange-Traded Fund (PMBS). 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 | PMBS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.20 | ||
| Sortino ratioReturn per unit of downside risk | -0.27 | ||
| Omega ratioGain probability vs. loss probability | 1.27 | 1.31 | -0.04 |
| Calmar ratioReturn relative to maximum drawdown | 2.19 | 2.39 | -0.20 |
| Martin ratioReturn relative to average drawdown | 7.16 | 8.09 | -0.92 |
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 | PMBS | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.49 | 1.69 | -0.20 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.05 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.17 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.34 | 0.84 | -0.51 |
Drawdowns
SPMB vs. PMBS - Drawdown Comparison
The maximum SPMB drawdown since its inception was -18.03%, which is greater than PMBS's maximum drawdown of -4.35%. Use the drawdown chart below to compare losses from any high point for SPMB and PMBS.
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Drawdown Indicators
| SPMB | PMBS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -18.03% | -4.35% | -13.68% |
Max Drawdown (1Y)Largest decline over 1 year | -2.89% | -2.97% | +0.08% |
Max Drawdown (3Y)Largest decline over 3 years | -7.66% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -17.49% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -18.03% | — | — |
Current DrawdownCurrent decline from peak | -1.45% | -1.42% | -0.03% |
Average DrawdownAverage peak-to-trough decline | -2.85% | -1.15% | -1.70% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.88% | 0.87% | +0.01% |
Volatility
SPMB vs. PMBS - Volatility Comparison
SPDR Portfolio Mortgage Backed Bond ETF (SPMB) and PIMCO Mortgage-Backed Securities Active Exchange-Traded Fund (PMBS) have volatilities of 1.58% and 1.53%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SPMB | PMBS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.58% | 1.53% | +0.05% |
Volatility (6M)Calculated over the trailing 6-month period | 3.08% | 3.09% | -0.01% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.28% | 4.22% | +0.06% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.77% | 4.87% | +1.90% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.61% | 4.87% | +2.74% |
SPMB vs. PMBS - Expense Ratio Comparison
SPMB has a 0.04% expense ratio, which is lower than PMBS's 0.71% expense ratio.
Dividends
SPMB vs. PMBS - Dividend Comparison
SPMB's dividend yield for the trailing twelve months is around 4.08%, less than PMBS's 4.98% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PMBS PIMCO Mortgage-Backed Securities Active Exchange-Traded Fund | 4.98% | 4.73% | 1.59% | 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 | 4.08% | 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
With a correlation of 0.95, SPMB and PMBS 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.
SPMB has higher volatility (1.58%) compared to PMBS (1.53%). In terms of maximum drawdown, SPMB dropped -18.03% vs PMBS's -4.35%.
On 1-year performance, PMBS leads with 7.05% vs 6.29% for SPMB. On fees, SPMB is cheaper at 0.04% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, PMBS has performed better with a 7.05% return vs 6.29%. 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 0.71% for PMBS.
PMBS has the higher dividend yield at 4.98%, compared with 4.08% for SPMB.
They also come from different issuers: State Street and PIMCO. Their fees differ too: 0.04% for SPMB and 0.71% for PMBS.
PMBS currently has the higher Sharpe Ratio (1.69 vs 1.49), 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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