SPMB vs. USFR
SPMB (SPDR Portfolio Mortgage Backed Bond ETF) and USFR (WisdomTree Floating Rate Treasury Fund) are both exchange-traded funds - SPMB is a Mortgage Backed Securities fund tracking the Bloomberg US Aggregate Securitized - MBS, while USFR is a Government Bonds fund tracking the Bloomberg U.S. Treasury Floating Rate Bond Index. Both are passively managed. Over the past 10 years, SPMB returned 1.28%/yr vs 2.43%/yr for USFR. At a 0.02 correlation, their price movements are largely independent. SPMB charges 0.04%/yr vs 0.15%/yr for USFR.
Performance
SPMB vs. USFR - Performance Comparison
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Returns By Period
In the year-to-date period, SPMB achieves a 0.76% return, which is significantly lower than USFR's 1.78% return. Over the past 10 years, SPMB has underperformed USFR with an annualized return of 1.28%, while USFR has yielded a comparatively higher 2.43% annualized return.
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%
USFR
- 1D
- 0.00%
- 1M
- 0.29%
- YTD
- 1.78%
- 6M
- 1.89%
- 1Y
- 3.97%
- 3Y*
- 4.72%
- 5Y*
- 3.70%
- 10Y*
- 2.43%
SPMB vs. USFR - 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% |
USFR WisdomTree Floating Rate Treasury Fund | 1.78% | 4.23% | 5.47% | 5.18% | 1.98% | -0.03% | 0.56% | 2.02% | 2.01% | 1.03% |
Correlation
The correlation between SPMB and USFR is -0.04, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.04 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.07 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.00 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.02 |
Correlation (All Time) Calculated using the full available price history since Feb 4, 2014 | 0.02 |
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Return for Risk
SPMB vs. USFR — Risk / Return Rank
SPMB
USFR
SPMB vs. USFR - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR Portfolio Mortgage Backed Bond ETF (SPMB) and WisdomTree Floating Rate Treasury Fund (USFR). 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 | USFR | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -13.23 | ||
| Sortino ratioReturn per unit of downside risk | -47.74 | ||
| Omega ratioGain probability vs. loss probability | 1.26 | 13.24 | -11.99 |
| Calmar ratioReturn relative to maximum drawdown | 2.08 | 200.29 | -198.22 |
| Martin ratioReturn relative to average drawdown | 6.45 | 775.73 | -769.28 |
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Drawdowns
SPMB vs. USFR - Drawdown Comparison
The maximum SPMB drawdown since its inception was -18.03%, which is greater than USFR's maximum drawdown of -1.36%. Use the drawdown chart below to compare losses from any high point for SPMB and USFR.
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Drawdown Indicators
| SPMB | USFR | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -18.03% | -1.36% | -16.67% |
Max Drawdown (1Y)Largest decline over 1 year | -2.89% | -0.02% | -2.87% |
Max Drawdown (3Y)Largest decline over 3 years | -7.66% | -0.06% | -7.60% |
Max Drawdown (5Y)Largest decline over 5 years | -17.49% | -0.18% | -17.31% |
Max Drawdown (10Y)Largest decline over 10 years | -18.03% | -0.80% | -17.23% |
Current DrawdownCurrent decline from peak | -1.34% | 0.00% | -1.34% |
Average DrawdownAverage peak-to-trough decline | -2.85% | -0.15% | -2.70% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.93% | 0.01% | +0.92% |
Volatility
SPMB vs. USFR - Volatility Comparison
SPDR Portfolio Mortgage Backed Bond ETF (SPMB) has a higher volatility of 1.23% compared to WisdomTree Floating Rate Treasury Fund (USFR) at 0.08%. This indicates that SPMB's price experiences larger fluctuations and is considered to be riskier than USFR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SPMB | USFR | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.23% | 0.08% | +1.15% |
Volatility (6M)Calculated over the trailing 6-month period | 3.19% | 0.19% | +3.00% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.23% | 0.27% | +3.96% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.79% | 0.40% | +6.39% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.61% | 0.78% | +6.83% |
SPMB vs. USFR - Expense Ratio Comparison
SPMB has a 0.04% expense ratio, which is lower than USFR's 0.15% 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. USFR - Dividend Comparison
SPMB's dividend yield for the trailing twelve months is around 4.08%, more than USFR's 3.91% 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% |
USFR WisdomTree Floating Rate Treasury Fund | 3.91% | 4.15% | 5.17% | 5.12% | 1.78% | 0.01% | 0.40% | 2.08% | 1.67% | 1.03% | 0.29% | 0.00% |
Frequently Asked Questions
SPMB and USFR have a correlation of -0.04, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SPMB has higher volatility (1.23%) compared to USFR (0.08%). In terms of maximum drawdown, SPMB dropped -18.03% vs USFR's -1.36%.
On 10-year performance, USFR leads with 2.43% vs 1.28% for SPMB. On fees, SPMB is cheaper at 0.04% per year. On volatility, USFR has been the lower-risk option at 0.08%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, USFR has performed better with a 2.43% return vs 1.28%. 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 0.15% for USFR.
SPMB has the higher dividend yield at 4.08%, compared with 3.91% for USFR.
SPMB is categorized as Mortgage Backed Securities, while USFR is Government Bonds. SPMB tracks Bloomberg US Aggregate Securitized - MBS, while USFR tracks Bloomberg U.S. Treasury Floating Rate Bond Index. They also come from different issuers: State Street and WisdomTree. Their fees differ too: 0.04% for SPMB and 0.15% for USFR.
USFR currently has the higher Sharpe Ratio (14.65 vs 1.42), 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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