SPMB vs. VMBS
SPMB (SPDR Portfolio Mortgage Backed Bond ETF) and VMBS (Vanguard Mortgage-Backed Securities ETF) are both Mortgage Backed Securities funds - SPMB tracks the Bloomberg US Aggregate Securitized - MBS while VMBS tracks the Barclays Capital U.S. MBS Index. Both are passively managed. Over the past 10 years, SPMB returned 1.23%/yr vs 1.36%/yr for VMBS. A 0.70 correlation means they provide meaningful diversification when combined. Both charge a 0.04% expense ratio.
Performance
SPMB vs. VMBS - Performance Comparison
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Returns By Period
In the year-to-date period, SPMB achieves a 0.74% return, which is significantly lower than VMBS's 0.81% return. Over the past 10 years, SPMB has underperformed VMBS with an annualized return of 1.23%, while VMBS has yielded a comparatively higher 1.36% annualized return.
SPMB
- 1D
- -0.02%
- 1M
- 0.11%
- YTD
- 0.74%
- 6M
- 1.00%
- 1Y
- 6.88%
- 3Y*
- 4.40%
- 5Y*
- 0.36%
- 10Y*
- 1.23%
VMBS
- 1D
- -0.15%
- 1M
- 0.05%
- YTD
- 0.81%
- 6M
- 1.13%
- 1Y
- 6.98%
- 3Y*
- 4.65%
- 5Y*
- 0.53%
- 10Y*
- 1.36%
SPMB vs. VMBS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SPMB SPDR Portfolio Mortgage Backed Bond ETF | 0.74% | 8.29% | 1.35% | 5.09% | -12.05% | -1.46% | 4.19% | 6.16% | 1.01% | 2.13% |
VMBS Vanguard Mortgage-Backed Securities ETF | 0.81% | 8.36% | 1.70% | 5.34% | -11.90% | -1.28% | 3.76% | 6.19% | 0.91% | 2.47% |
Correlation
The correlation between SPMB and VMBS is 0.96 - 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 | 0.96 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.97 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.97 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.84 |
Correlation (All Time) Calculated using the full available price history since Nov 24, 2009 | 0.70 |
Over the past year, SPMB and VMBS have become more correlated (0.96) than their long-term average of 0.70, meaning their price movements have been converging.
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Return for Risk
SPMB vs. VMBS — Risk / Return Rank
SPMB
VMBS
SPMB vs. VMBS - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR Portfolio Mortgage Backed Bond ETF (SPMB) and Vanguard Mortgage-Backed Securities ETF (VMBS). 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 | VMBS | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 1.62 | 1.60 | +0.01 |
Sortino ratioReturn per unit of downside risk | 2.42 | 2.39 | +0.03 |
Omega ratioGain probability vs. loss probability | 1.29 | 1.29 | 0.00 |
Calmar ratioReturn relative to maximum drawdown | 2.31 | 2.49 | -0.19 |
Martin ratioReturn relative to average drawdown | 7.65 | 8.42 | -0.76 |
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 | VMBS | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.62 | 1.60 | +0.01 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.05 | 0.08 | -0.03 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.16 | 0.25 | -0.09 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.34 | 0.46 | -0.12 |
Drawdowns
SPMB vs. VMBS - Drawdown Comparison
The maximum SPMB drawdown since its inception was -18.03%, roughly equal to the maximum VMBS drawdown of -17.47%. Use the drawdown chart below to compare losses from any high point for SPMB and VMBS.
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Drawdown Indicators
| SPMB | VMBS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -18.03% | -17.47% | -0.56% |
Max Drawdown (1Y)Largest decline over 1 year | -2.89% | -2.68% | -0.21% |
Max Drawdown (3Y)Largest decline over 3 years | -7.66% | -7.65% | -0.01% |
Max Drawdown (5Y)Largest decline over 5 years | -17.49% | -17.12% | -0.37% |
Max Drawdown (10Y)Largest decline over 10 years | -18.03% | -17.47% | -0.56% |
Current DrawdownCurrent decline from peak | -1.36% | -1.18% | -0.18% |
Average DrawdownAverage peak-to-trough decline | -2.85% | -2.50% | -0.35% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.87% | 0.80% | +0.07% |
Volatility
SPMB vs. VMBS - Volatility Comparison
SPDR Portfolio Mortgage Backed Bond ETF (SPMB) and Vanguard Mortgage-Backed Securities ETF (VMBS) have volatilities of 1.61% and 1.67%, 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 | VMBS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.61% | 1.67% | -0.06% |
Volatility (6M)Calculated over the trailing 6-month period | 3.09% | 3.18% | -0.09% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.28% | 4.37% | -0.09% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.77% | 6.77% | 0.00% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.61% | 5.40% | +2.21% |
SPMB vs. VMBS - Expense Ratio Comparison
Both SPMB and VMBS have an expense ratio of 0.04%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.
Dividends
SPMB vs. VMBS - Dividend Comparison
SPMB's dividend yield for the trailing twelve months is around 4.08%, less than VMBS's 4.18% 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% |
VMBS Vanguard Mortgage-Backed Securities ETF | 4.18% | 4.20% | 3.94% | 3.31% | 2.35% | 1.02% | 2.01% | 2.77% | 2.72% | 2.16% | 2.10% | 2.12% |
Frequently Asked Questions
With a correlation of 0.96, SPMB and VMBS 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.
VMBS has higher volatility (1.67%) compared to SPMB (1.61%). In terms of maximum drawdown, SPMB dropped -18.03% vs VMBS's -17.47%.
On 10-year performance, VMBS leads with 1.36% vs 1.23% for SPMB. Both ETFs have the same 0.04% expense ratio. 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, VMBS has performed better with a 1.36% return vs 1.23%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPMB and VMBS have the same expense ratio: 0.04% per year.
VMBS has the higher dividend yield at 4.18%, compared with 4.08% for SPMB.
SPMB tracks Bloomberg US Aggregate Securitized - MBS, while VMBS tracks Barclays Capital U.S. MBS Index. They also come from different issuers: State Street and Vanguard.
SPMB currently has the higher Sharpe Ratio (1.62 vs 1.60), 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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