SPMB vs. SPTI
SPMB (SPDR Portfolio Mortgage Backed Bond ETF) and SPTI (SPDR Portfolio Intermediate Term Treasury ETF) are both exchange-traded funds - SPMB is a Mortgage Backed Securities fund tracking the Bloomberg US Aggregate Securitized - MBS, while SPTI is a Government Bonds fund tracking the Bloomberg 3-10 Year U.S. Treasury Bond Index. Both are passively managed. Over the past 10 years, SPMB returned 1.28%/yr vs 1.26%/yr for SPTI. A 0.62 correlation means they provide meaningful diversification when combined. SPMB charges 0.04%/yr vs 0.06%/yr for SPTI.
Performance
SPMB vs. SPTI - Performance Comparison
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Returns By Period
In the year-to-date period, SPMB achieves a 0.76% return, which is significantly higher than SPTI's -0.52% return. Both investments have delivered pretty close results over the past 10 years, with SPMB having a 1.28% annualized return and SPTI not far behind at 1.26%.
SPMB
- 1D
- -0.25%
- 1M
- 0.65%
- YTD
- 0.76%
- 6M
- 0.83%
- 1Y
- 5.97%
- 3Y*
- 4.27%
- 5Y*
- 0.40%
- 10Y*
- 1.28%
SPTI
- 1D
- -0.25%
- 1M
- 0.22%
- YTD
- -0.52%
- 6M
- -0.45%
- 1Y
- 2.88%
- 3Y*
- 3.52%
- 5Y*
- 0.07%
- 10Y*
- 1.26%
SPMB vs. SPTI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SPMB SPDR Portfolio Mortgage Backed Bond ETF | 0.76% | 8.29% | 1.35% | 5.09% | -12.05% | -1.46% | 4.19% | 6.16% | 1.01% | 2.13% |
SPTI SPDR Portfolio Intermediate Term Treasury ETF | -0.52% | 7.46% | 1.32% | 4.24% | -10.65% | -2.55% | 7.70% | 6.01% | 2.27% | 1.04% |
Correlation
The correlation between SPMB and SPTI is 0.91, 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 | 0.91 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.93 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.92 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.77 |
Correlation (All Time) Calculated using the full available price history since Jan 30, 2009 | 0.62 |
Over the past year, SPMB and SPTI have become more correlated (0.91) than their long-term average of 0.62, meaning their price movements have been converging.
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Return for Risk
SPMB vs. SPTI — Risk / Return Rank
SPMB
SPTI
SPMB vs. SPTI - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR Portfolio Mortgage Backed Bond ETF (SPMB) and SPDR Portfolio Intermediate Term Treasury ETF (SPTI). 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 | SPTI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.57 | ||
| Sortino ratioReturn per unit of downside risk | +0.85 | ||
| Omega ratioGain probability vs. loss probability | 1.26 | 1.15 | +0.11 |
| Calmar ratioReturn relative to maximum drawdown | 2.08 | 1.04 | +1.04 |
| Martin ratioReturn relative to average drawdown | 6.45 | 2.82 | +3.63 |
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Drawdowns
SPMB vs. SPTI - Drawdown Comparison
The maximum SPMB drawdown since its inception was -18.03%, which is greater than SPTI's maximum drawdown of -16.12%. Use the drawdown chart below to compare losses from any high point for SPMB and SPTI.
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Drawdown Indicators
| SPMB | SPTI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -18.03% | -16.12% | -1.91% |
Max Drawdown (1Y)Largest decline over 1 year | -2.89% | -2.80% | -0.09% |
Max Drawdown (3Y)Largest decline over 3 years | -7.66% | -4.35% | -3.31% |
Max Drawdown (5Y)Largest decline over 5 years | -17.49% | -15.06% | -2.43% |
Max Drawdown (10Y)Largest decline over 10 years | -18.03% | -16.12% | -1.91% |
Current DrawdownCurrent decline from peak | -1.34% | -2.49% | +1.15% |
Average DrawdownAverage peak-to-trough decline | -2.85% | -2.92% | +0.07% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.93% | 1.02% | -0.09% |
Volatility
SPMB vs. SPTI - Volatility Comparison
SPDR Portfolio Mortgage Backed Bond ETF (SPMB) has a higher volatility of 1.23% compared to SPDR Portfolio Intermediate Term Treasury ETF (SPTI) at 1.08%. This indicates that SPMB's price experiences larger fluctuations and is considered to be riskier than SPTI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SPMB | SPTI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.23% | 1.08% | +0.15% |
Volatility (6M)Calculated over the trailing 6-month period | 3.19% | 2.48% | +0.71% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.23% | 3.41% | +0.82% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.79% | 5.36% | +1.43% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.61% | 4.38% | +3.23% |
SPMB vs. SPTI - Expense Ratio Comparison
SPMB has a 0.04% expense ratio, which is lower than SPTI's 0.06% 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. SPTI - Dividend Comparison
SPMB's dividend yield for the trailing twelve months is around 4.08%, more than SPTI's 3.87% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
SPTI SPDR Portfolio Intermediate Term Treasury ETF | 3.87% | 3.79% | 3.77% | 2.99% | 1.45% | 0.53% | 0.75% | 2.02% | 1.97% | 1.46% | 1.23% | 1.18% |
Frequently Asked Questions
With a correlation of 0.91, SPMB and SPTI 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 (1.23%) compared to SPTI (1.08%). In terms of maximum drawdown, SPMB dropped -18.03% vs SPTI's -16.12%.
On 10-year performance, SPMB leads with 1.28% vs 1.26% for SPTI. On fees, SPMB is cheaper at 0.04% per year. On volatility, SPTI has been the lower-risk option at 1.08%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SPMB has performed better with a 1.28% return vs 1.26%. 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 0.06% for SPTI.
SPMB has the higher dividend yield at 4.08%, compared with 3.87% for SPTI.
SPMB is categorized as Mortgage Backed Securities, while SPTI is Government Bonds. SPMB tracks Bloomberg US Aggregate Securitized - MBS, while SPTI tracks Bloomberg 3-10 Year U.S. Treasury Bond Index. Their fees differ too: 0.04% for SPMB and 0.06% for SPTI.
SPMB currently has the higher Sharpe Ratio (1.42 vs 0.85), 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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