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CAAA vs VMBS

First Trust AAA CMBS ETF

CAAADNYSE Arca

Vanguard Mortgage-Backed Securities ETF

VMBSANasdaq

Overlap

No data

Expense ratio

VMBS −0.43pt a year

CAAA0.46%VMBS0.03%

Avg volume · 30D

VMBS 316.0×the volume

CAAA6.02KVMBS1.9M

CAAA vs VMBS Performance

Nov 7, 2025 – Nov 9, 2026

+2.0%CAAA+1.1%VMBS

Nov 7, 2025 to Nov 9, 2026. CAAA +2.0%. VMBS +1.1%. Use the arrow keys to read each point.−2%−1%0%Nov 2025May 2026Nov 2026
Expense ratio
CAAA 0.46%
VMBS 0.03%, better
Fund size
CAAA $35M
VMBS $15.5B
1Y total return
CAAA +2.0%, better
VMBS +1.1%
Yield (12M)
CAAA 4.76%, better
VMBS 4.31%
Holdings
CAAA 116
VMBS 4924
Avg volume (30D)
CAAA 6.02K sh
VMBS 1.9M sh, better
NAV per share
CAAA $19.99
VMBS $45.56
52W range

ETF.net Grade

CAAA: Cost 27, Risk 56, Mission 30, Tradability 36, Holdings 39, Durability 39. VMBS: Cost 94, Risk 39, Mission 64, Tradability 63, Holdings 86, Durability 90.
Pillar letters and Scores for CAAA, VMBS, with each pillar’s weight
PillarCAAAVMBS
Cost30% weightD27A94Higher
Mission25% weightD30B64Higher
Risk15% weightB56HigherD39
Tradability15% weightD36B63Higher
Holdings10% weightD39A86Higher
Durability5% weightD39A90Higher

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 VMBS 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 ›

VMBS ranks 2nd 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 17DTSECTouchstone Securitized Income ETFScore 39
  6. Rank 18DCAAAFirst Trust AAA CMBS ETFScore 35
  7. Rank 18DSCIOFirst Trust Structured Credit Income Opportunities ETFScore 35

Our read on each fund

ETF.net Research

CAAADFirst Trust AAA CMBS ETF

VMBSAVanguard 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.

VMBS The plumbing of the U.S. housing market in one ticker: pooled home loans from Ginnie, Fannie and Freddie, tracked by index for 0.03% a year, with income paid monthly.

Stated mandate

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

VMBS The fund seeks moderate and sustainable current income by investing primarily in U.S. agency mortgage-backed pass-through securities issued by GNMA, FNMA, and FHLMC.

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.
  • VMBS 0.03% a year is the cheap end of the mortgage-bond aisle: SPMB and MBB charge 0.04%, JMTG 0.24%, and the typical peer runs far higher.
  • Agency pass-throughs from GNMA, FNMA and FHLMC. Credit isn't the main variable here; rates and mortgage behavior are.vanguard.com
  • Trading since 2009, a multi-billion-dollar fund holding roughly 300 pools and paying monthly. Boring in the way bond ballast is supposed to be.
  • Sits in the top quartile of its mortgage-bond peer group, one of the stronger builds in a crowded, look-alike category.

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
  • VMBS Mortgages don't keep a schedule. Homeowners refinance when rates fall, returning cash to reinvest at lower yields; when rates rise, payoffs slow and bonds stretch out.vanguard.com
  • The mandate is current income from one slice of the bond market. No Treasuries, no corporates, no equity kicker.
  • Share prices move with interest rates, so this behaves like a bond fund, not a cash parking spot.vanguard.com

Full CAAA profile⁠

Full VMBS profile⁠

CAAA vs VMBS 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 VMBS Cost

Overpaying CAAA vs VMBS

$8,592

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

  • CAAA 0.46%

    $9,230

  • VMBS 0.03%

    $638

$10,000
30 years

Cost over time

  • CAAA 0.46%
  • VMBS 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 $9,230VMBS $638

Year by year

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

Expense ratio

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

VMBS cheapest of 24 funds

CAAA 17th cheapest of 24 funds

CAAA vs VMBS Dividends

Last 12 months to Nov 9, 2026
Yield (12M)
CAAA 4.76%, better
VMBS 4.31%
Payout (12M)
CAAA $0.95
VMBS $1.97
Last payment
CAAA $0.07
VMBS $0.17
Ex-dividend
CAAA Oct 21, 2026
VMBS Nov 2, 2026
Paid on
CAAA Oct 30, 2026
VMBS Nov 4, 2026
Frequency
CAAA Monthly
VMBS Monthly

Distribution history

Per share, 2023 to 2026, same scale for both

CAAAMonthly · 31 paymentsAll CAAA payments⁠
One bar per payment. 31 payments from 2023 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$0.2020232026YTD
VMBSMonthly · 46 paymentsAll VMBS payments⁠
One bar per payment. 46 payments from 2023 to 2026 YTD. Feb 1, 2023 $0.11; Mar 1, 2023 $0.12; Apr 3, 2023 $0.12; May 1, 2023 $0.12; Jun 1, 2023 $0.13; Jul 3, 2023 $0.13; Aug 1, 2023 $0.13; Sep 1, 2023 $0.13; Oct 2, 2023 $0.14; Nov 1, 2023 $0.13; Dec 1, 2023 $0.14; Dec 22, 2023 $0.14; Feb 1, 2024 $0.14; Mar 1, 2024 $0.15; Apr 1, 2024 $0.15; May 1, 2024 $0.15; Jun 3, 2024 $0.15; Jul 1, 2024 $0.15; Aug 1, 2024 $0.15; Sep 3, 2024 $0.15; Oct 1, 2024 $0.15; Nov 1, 2024 $0.15; Dec 2, 2024 $0.15; Dec 24, 2024 $0.15; Feb 3, 2025 $0.16; Mar 3, 2025 $0.16; Apr 1, 2025 $0.16; May 1, 2025 $0.20; Jun 2, 2025 $0.16; Jul 1, 2025 $0.16; Aug 1, 2025 $0.16; Sep 2, 2025 $0.17; Oct 1, 2025 $0.15; Nov 3, 2025 $0.17; Dec 1, 2025 $0.16; Dec 18, 2025 $0.16; Feb 2, 2026 $0.16; Mar 2, 2026 $0.16; Apr 1, 2026 $0.16; May 1, 2026 $0.16; Jun 1, 2026 $0.16; Jul 1, 2026 $0.16; Aug 3, 2026 $0.17; Sep 1, 2026 $0.17; Oct 1, 2026 $0.16; Nov 2, 2026 $0.17. Use the arrow keys to read each point.$0$0.2020232026YTD

CAAA vs VMBS 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 2024VMBS 6.3%
Return per unit of riskSharpe ratio, 3 years
CAAA 0.15since Mar 2024VMBS 0.33
Worst fallMax drawdown, 5 years
CAAA −2.3%since Feb 2024VMBS −16.8%
Market sensitivityBeta, 5 years
CAAA 0.11VMBS 1.12

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.

  • VMBSAvsSPMBA

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

    Expense ratio
    0.03% · 0.04%
    Category
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  • CAAADvsMBBA

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    0.46% · 0.04%
    Category
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  • VMBSAvsMBBA

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    Expense ratio
    0.03% · 0.04%
    Category
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  • CAAADvsSMBSA

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    Expense ratio
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    Category
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  • VMBSAvsSMBSA

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

    Expense ratio
    0.03% · 0.03%
    Category
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