SPMB vs. SMBS
SPMB (SPDR Portfolio Mortgage Backed Bond ETF) and SMBS (Schwab Mortgage-Backed Securities ETF) are both Mortgage Backed Securities funds - SPMB tracks the Bloomberg US Aggregate Securitized - MBS while SMBS tracks the Bloomberg US MBS Float Adjusted Total Return Index. Both are passively managed. Over the past year, SPMB returned 5.90% vs 5.64% for SMBS. Their correlation of 0.93 suggests significant overlap in exposure. SPMB charges 0.04%/yr vs 0.03%/yr for SMBS.
Performance
SPMB vs. SMBS - Performance Comparison
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Returns By Period
In the year-to-date period, SPMB achieves a 0.88% return, which is significantly higher than SMBS's 0.78% return.
SPMB
- 1D
- 0.11%
- 1M
- 0.77%
- YTD
- 0.88%
- 6M
- 0.94%
- 1Y
- 5.90%
- 3Y*
- 4.31%
- 5Y*
- 0.41%
- 10Y*
- 1.29%
SMBS
- 1D
- 0.06%
- 1M
- 0.69%
- YTD
- 0.78%
- 6M
- 0.76%
- 1Y
- 5.64%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
SPMB vs. SMBS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
SPMB SPDR Portfolio Mortgage Backed Bond ETF | 0.88% | 8.29% | 0.13% |
SMBS Schwab Mortgage-Backed Securities ETF | 0.78% | 8.15% | -0.16% |
Correlation
The correlation between SPMB and SMBS 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 Nov 19, 2024 | 0.93 |
The correlation between SPMB and SMBS has been stable across timeframes, ranging from 0.93 to 0.93 - a consistent structural relationship.
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Return for Risk
SPMB vs. SMBS — Risk / Return Rank
SPMB
SMBS
SPMB vs. SMBS - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR Portfolio Mortgage Backed Bond ETF (SPMB) and Schwab Mortgage-Backed Securities ETF (SMBS). 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 | SMBS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.02 | ||
| Sortino ratioReturn per unit of downside risk | +0.10 | ||
| Omega ratioGain probability vs. loss probability | 1.25 | 1.25 | +0.01 |
| Calmar ratioReturn relative to maximum drawdown | 2.05 | 2.00 | +0.05 |
| Martin ratioReturn relative to average drawdown | 6.35 | 6.44 | -0.09 |
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Drawdowns
SPMB vs. SMBS - Drawdown Comparison
The maximum SPMB drawdown since its inception was -18.03%, which is greater than SMBS's maximum drawdown of -3.20%. Use the drawdown chart below to compare losses from any high point for SPMB and SMBS.
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Drawdown Indicators
| SPMB | SMBS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -18.03% | -3.20% | -14.83% |
Max Drawdown (1Y)Largest decline over 1 year | -2.89% | -2.83% | -0.06% |
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 | -1.23% | -1.26% | +0.03% |
Average DrawdownAverage peak-to-trough decline | -2.85% | -0.85% | -2.00% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.93% | 0.88% | +0.05% |
Volatility
SPMB vs. SMBS - Volatility Comparison
SPDR Portfolio Mortgage Backed Bond ETF (SPMB) and Schwab Mortgage-Backed Securities ETF (SMBS) have volatilities of 1.23% and 1.26%, 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 | SMBS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.23% | 1.26% | -0.03% |
Volatility (6M)Calculated over the trailing 6-month period | 3.17% | 3.13% | +0.04% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.23% | 4.12% | +0.11% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.79% | 4.85% | +1.94% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.61% | 4.85% | +2.76% |
SPMB vs. SMBS - Expense Ratio Comparison
SPMB has a 0.04% expense ratio, which is higher than SMBS'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. SMBS - Dividend Comparison
SPMB's dividend yield for the trailing twelve months is around 4.07%, less than SMBS's 5.16% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SMBS Schwab Mortgage-Backed Securities ETF | 5.16% | 4.83% | 0.50% | 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 | 4.07% | 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 0.93, SPMB and SMBS 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.
SMBS has higher volatility (1.26%) compared to SPMB (1.23%). In terms of maximum drawdown, SPMB dropped -18.03% vs SMBS's -3.20%.
On 1-year performance, SPMB leads with 5.90% vs 5.64% for SMBS. On fees, SMBS 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 1-year period, SPMB has performed better with a 5.90% return vs 5.64%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SMBS is cheaper with a 0.03% expense ratio, compared with 0.04% for SPMB.
SMBS has the higher dividend yield at 5.16%, compared with 4.07% for SPMB.
SPMB tracks Bloomberg US Aggregate Securitized - MBS, while SMBS tracks Bloomberg US MBS Float Adjusted Total Return Index. They also come from different issuers: State Street and Charles Schwab. Their fees differ too: 0.04% for SPMB and 0.03% for SMBS.
SPMB currently has the higher Sharpe Ratio (1.40 vs 1.38), 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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