UFIV vs. SMBS

Last updated Apr 2, 2026

Compare and contrast key facts about The RBB Fund, Inc.- US Treasury 5 Year Note ETF (UFIV) and Schwab Mortgage-Backed Securities ETF (SMBS).

UFIV and SMBS are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. UFIV is a passively managed fund by US Benchmark Series that tracks the performance of the ICE BofA Current 5-Year US Treasury Index - Benchmark TR Gross. It was launched on Mar 27, 2023. SMBS is a passively managed fund by Charles Schwab that tracks the performance of the Bloomberg US MBS Float Adjusted Total Return Index. It was launched on Nov 18, 2024. Both UFIV and SMBS are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

UFIV vs. SMBS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in The RBB Fund, Inc.- US Treasury 5 Year Note ETF (UFIV) and Schwab Mortgage-Backed Securities ETF (SMBS). The values are adjusted to include any dividend payments, if applicable.

UFIV vs. SMBS - Yearly Performance Comparison

	2026 (YTD)	2025	2024
UFIV The RBB Fund, Inc.- US Treasury 5 Year Note ETF	-0.15%	6.89%	-0.13%
SMBS Schwab Mortgage-Backed Securities ETF	0.47%	8.15%	-0.07%

Returns By Period

In the year-to-date period, UFIV achieves a -0.15% return, which is significantly lower than SMBS's 0.47% return.

UFIV

• 1D: -0.11%
• 1M: -1.21%
• YTD: -0.15%
• 6M: 0.52%
• 1Y: 3.49%
• 3Y*: 3.01%
• 5Y*: —
• 10Y*: —

SMBS

• 1D: 0.11%
• 1M: -1.15%
• YTD: 0.47%
• 6M: 1.88%
• 1Y: 5.07%
• 3Y*: —
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

UFIV vs. SMBS - Expense Ratio Comparison

UFIV has a 0.15% 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%.

UFIV

The RBB Fund, Inc.- US Treasury 5 Year Note ETF

SMBS

Schwab Mortgage-Backed Securities ETF

Return for Risk

UFIV vs. SMBS — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

UFIV

UFIV Risk / Return Rank: 50
UFIV Sharpe Ratio Rank: 51
UFIV Sortino Ratio Rank: 53
UFIV Omega Ratio Rank: 41
UFIV Calmar Ratio Rank: 56
UFIV Martin Ratio Rank: 47

SMBS

SMBS Risk / Return Rank: 57
SMBS Sharpe Ratio Rank: 58
SMBS Sortino Ratio Rank: 57
SMBS Omega Ratio Rank: 47
SMBS Calmar Ratio Rank: 70
SMBS Martin Ratio Rank: 54

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

UFIV vs. SMBS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for The RBB Fund, Inc.- US Treasury 5 Year Note ETF (UFIV) 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.

	UFIV	SMBS	Difference
Sharpe ratio Return per unit of total volatility	0.98	1.07	-0.09
Sortino ratio Return per unit of downside risk	1.48	1.54	-0.05
Omega ratio Gain probability vs. loss probability	1.17	1.19	-0.02
Calmar ratio Return relative to maximum drawdown	1.60	1.93	-0.33
Martin ratio Return relative to average drawdown	5.05	5.53	-0.48
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

UFIV vs. SMBS - Sharpe Ratio Comparison

The current UFIV Sharpe Ratio is 0.98, which is comparable to the SMBS Sharpe Ratio of 1.07. The chart below compares the historical Sharpe Ratios of UFIV and SMBS, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	UFIV	SMBS	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.98	1.07	-0.09
Sharpe Ratio (All Time) Calculated using the full available price history	0.70	1.28	-0.58

Correlation

The correlation between UFIV and SMBS is 0.88, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

UFIV vs. SMBS - Dividend Comparison

UFIV's dividend yield for the trailing twelve months is around 3.55%, less than SMBS's 4.82% yield.

	TTM	2025	2024	2023
UFIV The RBB Fund, Inc.- US Treasury 5 Year Note ETF	3.55%	3.66%	4.00%	2.96%
SMBS Schwab Mortgage-Backed Securities ETF	4.82%	4.83%	0.50%	0.00%

Drawdowns

UFIV vs. SMBS - Drawdown Comparison

The maximum UFIV drawdown since its inception was -5.63%, which is greater than SMBS's maximum drawdown of -3.20%. Use the drawdown chart below to compare losses from any high point for UFIV and SMBS.

Drawdown Indicators

	UFIV	SMBS	Difference
Max Drawdown Largest peak-to-trough decline	-5.63%	-3.20%	-2.43%
Max Drawdown (1Y) Largest decline over 1 year	-2.31%	-2.83%	+0.52%
Current Drawdown Current decline from peak	-1.63%	-1.56%	-0.07%
Average Drawdown Average peak-to-trough decline	-1.55%	-0.77%	-0.78%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.73%	0.99%	-0.26%

Volatility

UFIV vs. SMBS - Volatility Comparison

The current volatility for The RBB Fund, Inc.- US Treasury 5 Year Note ETF (UFIV) is 1.28%, while Schwab Mortgage-Backed Securities ETF (SMBS) has a volatility of 1.83%. This indicates that UFIV experiences smaller price fluctuations and is considered to be less risky than SMBS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	UFIV	SMBS	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.28%	1.83%	-0.55%
Volatility (6M) Calculated over the trailing 6-month period	2.17%	2.75%	-0.58%
Volatility (1Y) Calculated over the trailing 1-year period	3.59%	4.77%	-1.18%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.43%	4.91%	-0.48%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.43%	4.91%	-0.48%