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CAAA vs SMBS

First Trust AAA CMBS ETF

CAAADNYSE Arca

Schwab Mortgage-Backed Securities ETF

SMBSANYSE Arca

Overlap

Expense ratio

SMBS −0.43pt a year

CAAA0.46%SMBS0.03%

Avg volume · 30D

SMBS 172.4×the volume

CAAA6.02KSMBS1.04M

CAAA vs SMBS Performance

Nov 7, 2025 – Nov 9, 2026

+2.0%CAAA+1.1%SMBS

Nov 7, 2025 to Nov 9, 2026. CAAA +2.0%. SMBS +1.1%. Use the arrow keys to read each point.−2%−1%0%Nov 2025May 2026Nov 2026
Expense ratio
CAAA 0.46%
SMBS 0.03%, better
Fund size
CAAA $35M
SMBS $6.46B
1Y total return
CAAA +2.0%, better
SMBS +1.1%
Yield (12M)
CAAA 4.76%
SMBS 5.28%, better
Holdings
CAAA 116
SMBS 4349
Avg volume (30D)
CAAA 6.02K sh
SMBS 1.04M sh, better
NAV per share
CAAA $19.99
SMBS $24.71
52W range

ETF.net Grade

CAAA: Cost 27, Risk 56, Mission 30, Tradability 36, Holdings 39, Durability 39. SMBS: Cost 94, Risk 44, Mission 61, Tradability 66, Holdings 86, Durability 60.
Pillar letters and Scores for CAAA, SMBS, with each pillar’s weight
PillarCAAASMBS
Cost30% weightD27A94Higher
Mission25% weightD30B61Higher
Risk15% weightB56HigherC44
Tradability15% weightD36B66Higher
Holdings10% weightD39A86Higher
Durability5% weightD39B60Higher

Rank among Mortgage-Backed Securities funds

How we build Categories ›
Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

Same Category. CAAA and SMBS are both graded against the same 24 Mortgage-Backed Securities funds, so their Grades compare head to head.

Mortgage-Backed Securities⁠

Category · 24 funds
See all 24 ›

SMBS ranks 4th and CAAA 18th of 24 funds in the Mortgage-Backed Securities Category.

  1. Rank 1ASPMBState Street SPDR Portfolio Mortgage Backed Bond ETFScore 74
  2. Rank 2AMBBiShares MBS ETFScore 72
  3. Rank 2AVMBSVanguard Mortgage-Backed Securities ETFScore 72
  4. Rank 4ASMBSSchwab Mortgage-Backed Securities ETFScore 71
  5. Rank 5BJMTGJPMorgan Mortgage-Backed Securities ETFScore 62
  6. Rank 17DTSECTouchstone Securitized Income ETFScore 39
  7. Rank 18DCAAAFirst Trust AAA CMBS ETFScore 35
  8. Rank 18DSCIOFirst Trust Structured Credit Income Opportunities ETFScore 35

Our read on each fund

ETF.net Research

CAAADFirst Trust AAA CMBS ETF

SMBSASchwab Mortgage-Backed Securities ETF

In short

CAAA Most mortgage-bond ETFs buy Fannie and Freddie home loans. CAAA goes commercial: an actively run book of AAA-rated bonds backed by offices, hotels and apartment buildings, bought at the top rung of the deal structure.

SMBS No data

Stated mandate

CAAA The Fund seeks to maximize long-term total return.

SMBS No data

Why people hold it

  • CAAA Owns the AAA slice of non-agency commercial mortgage deals (conduit, single-asset single-borrower, CRE CLO), the senior rung with the first claim on interest and principal.ftportfolios.com
  • Actively managed rather than index-replicating: at least 80% of net assets in CMBS rated AAA at purchase, with the strategy built around the AAA tier of the capital structure.ftportfolios.comftportfolios.com 2
  • Charges 0.30% a year, below the median fee for mortgage-bond ETFs, and distributes monthly.

SMBS No data

Worth knowing

  • CAAA Agency-mortgage index funds cost a fraction of this (VMBS 0.03%, MBB 0.04%). The 0.30% buys active management and commercial, non-agency collateral instead of home-loan pools.
  • Thinly traded next to the big agency mortgage funds, so bid-ask spreads can run wider.
  • Launched in 2024, non-diversified, and concentrated in roughly 50 positions, all tied to commercial property credit. Short history, narrow book.ftportfolios.com

SMBS No data

Full CAAA profile⁠

Full SMBS profile⁠

CAAA vs SMBS Holdings

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

CAAA vs SMBS Cost

Overpaying CAAA vs SMBS

$8,592

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

  • CAAA 0.46%

    $9,230

  • SMBS 0.03%

    $638

$10,000
30 years

Cost over time

  • CAAA 0.46%
  • SMBS 0.03%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$2K$4K$6K$8K$10K051015202530CAAA $9,230SMBS $638

Year by year

YearCAAASMBSOverpaying
10$830$55$775
20$3,195$216$2,979
30$9,230$638$8,592

Expense ratio

  • 0.46%CAAA
  • 0.03%SMBS, cheaper
  • Middle half of Mortgage-Backed Securities funds
  • Median 0.38%

SMBS cheapest of 24 funds

CAAA 17th cheapest of 24 funds

CAAA vs SMBS Dividends

Last 12 months to Nov 9, 2026
Yield (12M)
CAAA 4.76%
SMBS 5.28%, better
Payout (12M)
CAAA $0.95
SMBS $1.30
Last payment
CAAA $0.07
SMBS $0.11
Ex-dividend
CAAA Oct 21, 2026
SMBS Nov 2, 2026
Paid on
CAAA Oct 30, 2026
SMBS Nov 6, 2026
Frequency
CAAA Monthly
SMBS Monthly

Distribution history

Per share, 2024 to 2026, same scale for both

CAAAMonthly · 31 paymentsAll CAAA payments⁠
One bar per payment. 31 payments from 2024 to 2026 YTD. Apr 23, 2024 $0.08; May 21, 2024 $0.08; Jun 27, 2024 $0.08; Jul 23, 2024 $0.09; Aug 21, 2024 $0.09; Sep 26, 2024 $0.10; Oct 22, 2024 $0.10; Nov 21, 2024 $0.10; Dec 13, 2024 $0.11; Jan 22, 2025 $0.11; Feb 21, 2025 $0.11; Mar 27, 2025 $0.11; Apr 22, 2025 $0.11; May 21, 2025 $0.11; Jun 26, 2025 $0.10; Jul 22, 2025 $0.10; Aug 21, 2025 $0.09; Sep 25, 2025 $0.09; Oct 21, 2025 $0.09; Nov 21, 2025 $0.09; Dec 12, 2025 $0.14; Jan 21, 2026 $0.08; Feb 20, 2026 $0.08; Mar 26, 2026 $0.08; Apr 21, 2026 $0.07; May 21, 2026 $0.07; Jun 25, 2026 $0.07; Jul 21, 2026 $0.07; Aug 21, 2026 $0.07; Sep 24, 2026 $0.07; Oct 21, 2026 $0.07. Use the arrow keys to read each point.$0$0.102026YTD
SMBSMonthly · 23 paymentsAll SMBS payments⁠
One bar per payment. 23 payments from 2024 to 2026 YTD. Dec 20, 2024 $0.12; Feb 3, 2025 $0.13; Mar 3, 2025 $0.10; Apr 1, 2025 $0.10; May 1, 2025 $0.03; Jun 2, 2025 $0.11; Jul 1, 2025 $0.11; Aug 1, 2025 $0.12; Sep 2, 2025 $0.11; Oct 1, 2025 $0.11; Nov 3, 2025 $0.12; Dec 1, 2025 $0.10; Dec 19, 2025 $0.10; Feb 2, 2026 $0.11; Mar 2, 2026 $0.11; Apr 1, 2026 $0.10; May 1, 2026 $0.11; Jun 1, 2026 $0.11; Jul 1, 2026 $0.11; Aug 3, 2026 $0.12; Sep 1, 2026 $0.10; Oct 1, 2026 $0.11; Nov 2, 2026 $0.11. Use the arrow keys to read each point.$0$0.102026YTD

CAAA vs SMBS Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years
CAAA 3.3%since Mar 2024SMBS 4.9%since Dec 2024
Return per unit of riskSharpe ratio, 3 years
CAAA 0.15since Mar 2024SMBS −0.16since Dec 2024
Worst fallMax drawdown, 5 years
CAAA −2.3%since Feb 2024SMBS −5.2%since Nov 2024
Market sensitivityBeta, 5 years
CAAA 0.11SMBS 0.07

Popular comparisons

  • CAAADvsSPMBA

    First Trust AAA CMBS ETF · State Street SPDR Portfolio Mortgage Backed Bond ETF

    Expense ratio
    0.46% · 0.04%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

  • SMBSAvsSPMBA

    Schwab Mortgage-Backed Securities ETF · State Street SPDR Portfolio Mortgage Backed Bond ETF

    Expense ratio
    0.03% · 0.04%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

  • CAAADvsMBBA

    First Trust AAA CMBS ETF · iShares MBS ETF

    Expense ratio
    0.46% · 0.04%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

  • SMBSAvsMBBA

    Schwab Mortgage-Backed Securities ETF · iShares MBS ETF

    Expense ratio
    0.03% · 0.04%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

  • CAAADvsVMBSA

    First Trust AAA CMBS ETF · Vanguard Mortgage-Backed Securities ETF

    Expense ratio
    0.46% · 0.03%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

  • SMBSAvsVMBSA

    Schwab Mortgage-Backed Securities ETF · Vanguard Mortgage-Backed Securities ETF

    Expense ratio
    0.03% · 0.03%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.