SPMB vs. SCHP
SPMB (SPDR Portfolio Mortgage Backed Bond ETF) and SCHP (Schwab U.S. TIPS ETF) are both exchange-traded funds - SPMB is a Mortgage Backed Securities fund tracking the Bloomberg US Aggregate Securitized - MBS, while SCHP is a Inflation-Protected Bonds fund tracking the Bloomberg US Treasury Inflation-Linked Bond Index (Series-L). Both are passively managed. Over the past 10 years, SPMB returned 1.34%/yr vs 2.55%/yr for SCHP. A 0.55 correlation means they provide meaningful diversification when combined. SPMB charges 0.04%/yr vs 0.03%/yr for SCHP.
Performance
SPMB vs. SCHP - Performance Comparison
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Returns By Period
In the year-to-date period, SPMB achieves a 1.33% return, which is significantly higher than SCHP's 1.15% return. Over the past 10 years, SPMB has underperformed SCHP with an annualized return of 1.34%, while SCHP has yielded a comparatively higher 2.55% annualized return.
SPMB
- 1D
- 0.45%
- 1M
- 1.22%
- YTD
- 1.33%
- 6M
- 1.17%
- 1Y
- 6.08%
- 3Y*
- 4.46%
- 5Y*
- 0.51%
- 10Y*
- 1.34%
SCHP
- 1D
- 0.34%
- 1M
- 0.16%
- YTD
- 1.15%
- 6M
- 1.04%
- 1Y
- 3.69%
- 3Y*
- 3.79%
- 5Y*
- 1.03%
- 10Y*
- 2.55%
SPMB vs. SCHP - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SPMB SPDR Portfolio Mortgage Backed Bond ETF | 1.33% | 8.29% | 1.35% | 5.09% | -12.05% | -1.46% | 4.19% | 6.16% | 1.01% | 2.13% |
SCHP Schwab U.S. TIPS ETF | 1.15% | 6.76% | 1.95% | 3.91% | -12.02% | 5.87% | 10.86% | 8.52% | -1.78% | 3.02% |
Correlation
The correlation between SPMB and SCHP is 0.80, 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 | 0.80 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.85 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.77 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.64 |
Correlation (All Time) Calculated using the full available price history since Aug 5, 2010 | 0.55 |
Over the past year, SPMB and SCHP have become more correlated (0.80) than their long-term average of 0.55, meaning their price movements have been converging.
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Return for Risk
SPMB vs. SCHP — Risk / Return Rank
SPMB
SCHP
SPMB vs. SCHP - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR Portfolio Mortgage Backed Bond ETF (SPMB) and Schwab U.S. TIPS ETF (SCHP). 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 | SCHP | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.34 | ||
| Sortino ratioReturn per unit of downside risk | +0.54 | ||
| Omega ratioGain probability vs. loss probability | 1.26 | 1.19 | +0.07 |
| Calmar ratioReturn relative to maximum drawdown | 2.11 | 1.92 | +0.19 |
| Martin ratioReturn relative to average drawdown | 6.54 | 5.68 | +0.86 |
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Drawdowns
SPMB vs. SCHP - Drawdown Comparison
The maximum SPMB drawdown since its inception was -18.03%, which is greater than SCHP's maximum drawdown of -14.26%. Use the drawdown chart below to compare losses from any high point for SPMB and SCHP.
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Drawdown Indicators
| SPMB | SCHP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -18.03% | -14.26% | -3.77% |
Max Drawdown (1Y)Largest decline over 1 year | -2.89% | -1.93% | -0.96% |
Max Drawdown (3Y)Largest decline over 3 years | -7.66% | -4.48% | -3.18% |
Max Drawdown (5Y)Largest decline over 5 years | -17.49% | -14.26% | -3.23% |
Max Drawdown (10Y)Largest decline over 10 years | -18.03% | -14.26% | -3.77% |
Current DrawdownCurrent decline from peak | -0.79% | -0.70% | -0.09% |
Average DrawdownAverage peak-to-trough decline | -2.85% | -3.92% | +1.07% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.93% | 0.65% | +0.28% |
Volatility
SPMB vs. SCHP - Volatility Comparison
SPDR Portfolio Mortgage Backed Bond ETF (SPMB) and Schwab U.S. TIPS ETF (SCHP) have volatilities of 1.28% and 1.25%, 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 | SCHP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.28% | 1.25% | +0.03% |
Volatility (6M)Calculated over the trailing 6-month period | 3.20% | 2.40% | +0.80% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.25% | 3.36% | +0.89% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.79% | 6.11% | +0.68% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.61% | 5.59% | +2.02% |
SPMB vs. SCHP - Expense Ratio Comparison
SPMB has a 0.04% expense ratio, which is higher than SCHP's 0.03% expense ratio. However, 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. SCHP - Dividend Comparison
SPMB's dividend yield for the trailing twelve months is around 4.06%, more than SCHP's 4.00% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SCHP Schwab U.S. TIPS ETF | 4.00% | 4.06% | 2.99% | 3.02% | 7.19% | 4.39% | 1.11% | 2.02% | 2.26% | 1.90% | 1.38% | 0.28% |
SPMB SPDR Portfolio Mortgage Backed Bond ETF | 4.06% | 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 SCHP have a correlation of 0.80, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SPMB has higher volatility (1.28%) compared to SCHP (1.25%). In terms of maximum drawdown, SPMB dropped -18.03% vs SCHP's -14.26%.
On 10-year performance, SCHP leads with 2.55% vs 1.34% for SPMB. On fees, SCHP is cheaper at 0.03% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SCHP has performed better with a 2.55% return vs 1.34%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SCHP is cheaper with a 0.03% expense ratio, compared with 0.04% for SPMB.
SPMB has the higher dividend yield at 4.06%, compared with 4.00% for SCHP.
SPMB is categorized as Mortgage Backed Securities, while SCHP is Inflation-Protected Bonds. SPMB tracks Bloomberg US Aggregate Securitized - MBS, while SCHP tracks Bloomberg US Treasury Inflation-Linked Bond Index (Series-L). They also come from different issuers: State Street and Charles Schwab. Their fees differ too: 0.04% for SPMB and 0.03% for SCHP.
SPMB currently has the higher Sharpe Ratio (1.44 vs 1.10), 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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