CMBS vs SMBS: Grades, Fees and Holdings Compared

iShares CMBS ETF

CMBSCNYSE Arca

Schwab Mortgage-Backed Securities ETF

SMBSANYSE Arca

Overlap

0.0%by weight

Expense ratio

SMBS −0.22pt a year

CMBS0.25%SMBS0.03%

Avg volume · 30D

SMBS 21.2×the volume

CMBS47.7KSMBS1.01M

CMBS vs SMBS Performance

Oct 31, 2025 – Oct 30, 2026

+0.7%CMBS+0.3%SMBS

Expense ratio: CMBS 0.25%; SMBS 0.03%, better
Fund size: CMBS $444M; SMBS $6.45B
1Y total return: CMBS +0.7%, better; SMBS +0.3%
Yield (12M): CMBS 3.71%; SMBS 5.32%, better
Holdings: CMBS 442; SMBS 4343
Avg volume (30D): CMBS 47.7K sh; SMBS 1.01M sh, better
NAV per share: CMBS $47.80; SMBS $24.67
52W range

ETF.net Grade

Pillar letters and Scores for CMBS, SMBS, with each pillar’s weight
Pillar	CMBS	SMBS
Cost30% weight	B69	A94Higher
Mission25% weight	F20	B61Higher
Risk15% weight	B56Higher	D35
Tradability15% weight	D39	B68Higher
Holdings10% weight	A82	A86Higher
Durability5% weight	B68Higher	B60

Rank among Mortgage-Backed Securities funds

How we build Categories ›

Same Category. CMBS 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 CMBS 10th of 24 funds in the Mortgage-Backed Securities Category.

Rank 1ASPMBState Street SPDR Portfolio Mortgage Backed Bond ETFScore 75
Rank 2AMBBiShares MBS ETFScore 73
Rank 3AVMBSVanguard Mortgage-Backed Securities ETFScore 72
Rank 4ASMBSSchwab Mortgage-Backed Securities ETFScore 70
Rank 5BJMTGJPMorgan Mortgage-Backed Securities ETFScore 63
Rank 9CMBBAiShares Mortgage-Backed Securities Active ETFScore 55
Rank 10CCMBSiShares CMBS ETFScore 51
Rank 11CDMBSDoubleLine Mortgage ETFScore 49

Our read on each fund

ETF.net Research

CMBSCiShares CMBS ETF

SMBSASchwab Mortgage-Backed Securities ETF

In short

CMBS The index route into commercial mortgage bonds: debt on offices, hotels, malls and apartment blocks rather than home loans. Running since 2012, screened to investment-grade, top-of-the-waterfall slices.

SMBS No data

Stated mandate

CMBS The fund seeks to track an index composed of U.S. investment-grade commercial mortgage-backed securities.

SMBS No data

Why people hold it

CMBS The index takes only ERISA-eligible tranches with first priority of principal repayment, rated in one of the three highest categories, plus minimum deal and tranche sizes.sec.gov
0.25% a year sits under the 0.30% median fee for mortgage-bond ETFs, notable for a corner of the market this specialized.
Roughly 500 bond positions, monthly distributions, and a track record going back to its 2012 launch.
Single mandate, clearly stated: track an index of U.S. investment-grade commercial mortgage-backed securities. No credit tourism, no off-benchmark detours.ishares.com

SMBS No data

Worth knowing

CMBS Thinly traded next to the agency-MBS giants in its category, so the spread you pay and the order type you use matter more here.
Cheap for a niche, still not cheap outright: agency-mortgage peers VMBS and SMBS run 0.03%, so broad mortgage exposure costs a fraction of this.
BlackRock flags prepayment and extension risk on these bonds, and notes small interest-rate moves can sharply cut the value of certain mortgage securities.ishares.com

SMBS No data

Full CMBS profile⁠

Full SMBS profile⁠

CMBS vs SMBS Holdings

How CMBS and SMBS differ

Overlap by weight

0.0%

Shared holdings make up 0.0% of CMBS and 0.0% of SMBS.

Level by level

Asset classFixed Income, Equity0.0%
Holdings0 in both0.0%
Countryby domicile99.9%

Sector

No Sector split for SMBS.

Country, concentration and asset class

Country by domicile

Country weights in CMBS and SMBS, widest gap first
Country	More in CMBSMore in SMBS	CMBS	SMBS
United States	SMBS +0.1 points	99.9%	100.0%
Canada	CMBS +0.1 points	0.1%	0.0%

Concentration

Weight in the 10 largest Holdings

CMBS8.8%
SMBS3.9%

Securities held

CMBS441
SMBS4,343

Asset class

CMBS: Fixed Income
SMBS: Equity

Holdings

Only in CMBS441
In both0
Only in SMBS4,343

Only in CMBS

441 securities, 99.6% of CMBS by weight

FHMS_K163 A2 5.00% 03/25/20341.19%
FHMS_K108 A2 1.52% 03/25/20301.16%
FHMS_K098 A2 2.42% 08/25/20290.95%
FNMA_22-M10 A2 1.93% 01/25/20320.91%
FHMS_K173 A2 4.60% 09/25/20350.86%
BBCMS_24-5C29 A2 4.74% 09/15/20570.77%
FHMS_K157 A2 4.20% 05/25/20330.75%
FHMS_K-176 A2 4.38% 01/25/20640.74%
FHMS_K094 A2 2.90% 06/25/20290.73%
CSAIL_19-C15 A4 4.05% 03/15/20520.71%
BBCMS_25-C32 A5 5.72% 02/15/20620.71%
BMARK_25-V14 A3 5.18% 04/15/20570.67%
BMO_24-5C8 A2 5.15% 12/15/20570.67%
BBCMS_18-C2 A5 4.31% 12/15/20510.65%
FHMS_K-165 A2 4.49% 09/25/20340.65%
FHMS_K-171 A2 4.40% 06/25/20350.64%
GSMS_19-GC42 A3 2.75% 09/10/20520.63%
FHMS_K085 A2 4.06% 10/25/20280.63%
FHMS_K141 A2 2.25% 02/25/20320.59%
FHMS_K089 A2 3.56% 01/25/20290.59%
FREMF_K136 A2 2.13% 11/25/20310.57%
FNMA_20-M1 A2 2.44% 10/25/20290.53%
FHMS_K117 A2 1.41% 08/25/20300.53%
FHMS_K111 A2 1.35% 05/25/20300.50%
FHMS_K124 A2 1.66% 12/25/20300.50%
FNMA_21-M4 A2 1.46% 02/25/20310.49%
FNMA_19-M7 A2 3.14% 04/25/20290.47%
FNMA_19-M5 A2 3.27% 02/25/20290.46%
FHMS_K104 A2 2.25% 01/25/20300.46%
FNMA_20-M20 A2 1.44% 10/25/20290.45%
FNMA_20-M5 A2 2.21% 01/25/20300.45%
BBCMS_22-C18 A4 5.44% 12/15/20550.45%
FHMS_K170 A2 5.00% 02/25/20350.44%
FREMF_K-082 Am 3.92% 09/25/20280.44%
FNMA_18-M1 A2 2.98% 12/25/20270.44%
FHMS-K091 A2 3.50% 03/25/20290.44%
FHMS_K143 A1 2.71% 10/25/20310.44%
FREMF_K-751 Am 4.22% 04/25/20300.44%
FHMS_K169 A2 4.66% 12/25/20340.43%
FHMS-K156 A2 4.43% 02/25/20330.43%
FHMS_K120-A2 A2 1.50% 10/25/20300.43%
FREMF_K-181 A2 4.60% 07/25/20630.43%
FHMS_K140 A2 2.25% 01/25/20320.43%
BANK_22-BNK43 A5 4.40% 08/15/20550.42%
FHMS_K513 A2 4.72% 12/25/20280.42%
BBCMS_25-5C37 A3 5.01% 09/15/20580.42%
FHMS-K152 A2 3.78% 11/25/20320.42%
FHMS_K153 A2 3.82% 12/25/20320.42%
FHMS_K093 A2 2.98% 05/25/20290.42%
FHMS_K177 A2 4.30% 01/25/20360.42%

Only in SMBS

4,343 securities, 100% of SMBS by weight

Ssc Government Mm Gvmxx1.31%
GNMA2 30YR 5.00% 11/20/2054 (BBG01NZQMR80)0.44%
Fhlmc 30YR Umbs Super 5.50% 10/01/2054 (BBG01NYFN109)0.32%
Fhlmc 30YR Umbs Super 2.50% 01/01/2054 (BBG020YCJVV0)0.31%
Fhlmc 30YR Umbs 5.00% 04/01/2056 (BBG01ZQXS4M7)0.29%
Fhlmc 30YR Umbs Super 2.00% 02/01/2052 (BBG013B19FS4)0.28%
Fnma 30YR Umbs 5.50% 04/01/2053 (BBG01F33L1J9)0.25%
GNMA2 30YR 5.00% 05/20/2056 (BBG01ZVZ4RL2)0.25%
Fnma 30YR Umbs 2.00% 05/01/2051 (BBG00ZHCZ133)0.24%
Fhlmc 30YR Umbs Super 2.00% 11/01/2050 (BBG00WGK3T46)0.24%
GNMA2 30YR 5.00% 01/20/2056 (BBG01XK7V325)0.24%
Fhlmc 30YR Umbs 5.00% 03/01/2056 (BBG01YX6GQM5)0.23%
GNMA2 30YR 5.00% 07/20/2056 (BBG0218B7LX2)0.23%
GNMA2 30YR 5.00% 12/20/2055 (BBG01WXTXHP7)0.22%
Fhlmc 30YR Umbs Super 2.50% 01/01/2052 (BBG016008MY0)0.21%
GNMA2 30YR 5.50% 06/20/2055 (BBG01SJ8MLF2)0.20%
GNMA2 30YR 5.00% 04/20/2056 (BBG01Z997ZP0)0.20%
GNMA2 30YR 5.00% 11/20/2055 (BBG01WCVFMG4)0.19%
Fhlmc 30YR Umbs 5.00% 03/01/2056 (BBG021983ZP0)0.19%
Fhlmc 30YR Umbs Super 2.00% 02/01/2051 (BBG00Y2HT9V0)0.19%
GNMA2 30YR 5.00% 10/20/2053 (BBG01H70ZSP6)0.19%
Fhlmc 30YR Umbs 6.00% 08/01/2055 (BBG01VH3BJN6)0.18%
Fnma 30YR Umbs 1.50% 01/01/2051 (BBG00Y2N8VB3)0.18%
GNMA2 30YR 2.00% 01/20/2051 (BBG00XM8VJ81)0.18%
Fnma 30YR Umbs Super 5.50% 03/01/2056 (BBG02149FF01)0.18%
GNMA2 30YR 5.50% 04/20/2054 (BBG01KRRJJN8)0.18%
GNMA2 30YR 5.00% 12/20/2054 (BBG01PH23K11)0.18%
Fhlmc 30YR Umbs Super 4.50% 12/01/2054 (BBG01Q51M614)0.17%
GNMA2 30YR 4.00% 09/20/2052 (BBG017RS0430)0.17%
GNMA2 30YR 2.00% 11/20/2050 (BBG00WC0HNK4)0.17%
GNMA2 30YR 5.00% 01/20/2055 (BBG01Q0N1RB7)0.17%
Fhlmc 30YR Umbs Super 5.00% 12/01/2052 (BBG019M600Y3)0.17%
GNMA2 30YR 2.00% 02/20/2051 (BBG00XZZP6J0)0.17%
Fnma 30YR Umbs Super 3.00% 08/01/2051 (BBG01249GBZ0)0.17%
Fnma 30YR Umbs Super 2.50% 04/01/2052 (BBG01H6YXH06)0.17%
Fnma 30YR Umbs 2.00% 02/01/2051 (BBG00YHWVS82)0.17%
Fnma 30YR Umbs Super 4.50% 01/01/2054 (BBG01NRW0XJ5)0.17%
Fnma 30YR Umbs Super 4.00% 08/01/2052 (BBG0194C3RZ7)0.17%
Fhlmc 30YR Umbs Super 2.00% 03/01/2051 (BBG00YDFS7Y4)0.17%
Fhlmc 30YR Umbs Super 5.50% 09/01/2055 (BBG01XH7PCY1)0.16%
Fnma 30YR Umbs 2.00% 07/01/2051 (BBG01107SVX5)0.16%
Fhlmc 30YR Umbs Super 2.00% 07/01/2051 (BBG01TG2L1Z9)0.16%
Fnma 30YR Umbs 6.00% 04/01/2055 (BBG01S4FGCM1)0.16%
GNMA2 30YR 2.00% 04/20/2051 (BBG00YPHW6M7)0.16%
GNMA2 30YR 2.50% 08/20/2050 (BBG00TGXYGY6)0.16%
Fnma 30YR Umbs 2.00% 12/01/2050 (BBG00XS6NZ55)0.16%
GNMA2 30YR 4.50% 10/20/2052 (BBG018GZYKB2)0.16%
GNMA2 30YR 5.50% 08/20/2054 (BBG01MLZDQL4)0.16%
Fnma 30YR Umbs 6.00% 02/01/2054 (BBG01KFL4C28)0.16%
GNMA2 30YR 5.50% 12/20/2054 (BBG01PH23JP8)0.16%

Weight gaps

CMBS and SMBS share no securities.

All 442 CMBS holdings⁠All 4,343 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.

CMBS vs SMBS Cost

Overpaying CMBS vs SMBS

$4,521

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

CMBS 0.25%
$5,159
SMBS 0.03%
$638

Amount$10,000

Years30 years

Cost over time

CMBS 0.25%
SMBS 0.03%
Overpaying

Year by year

Year	CMBS	SMBS	Overpaying
10	$455	$55	$400
20	$1,769	$216	$1,553
30	$5,159	$638	$4,521

Expense ratio

0.25%CMBS
0.03%SMBS, cheaper

SMBS0.03%CMBS0.25%

0.03%0.86%

Middle half of Mortgage-Backed Securities funds
Median 0.38%

SMBS cheapest of 24 funds

CMBS 8th cheapest of 24 funds

CMBS vs SMBS Dividends

Last 12 months to Oct 30, 2026

Yield (12M): CMBS 3.71%; SMBS 5.32%, better
Payout (12M): CMBS $1.77; SMBS $1.31
Last payment: CMBS $0.15; SMBS $0.11
Ex-dividend: CMBS Oct 1, 2026; SMBS Oct 1, 2026
Paid on: CMBS Oct 6, 2026; SMBS Oct 7, 2026
Frequency: CMBS Monthly; SMBS Monthly

Distribution history

Per share, 2023 to 2026, same scale for both

CMBSMonthly · 45 paymentsAll CMBS payments⁠

SMBSMonthly · 22 paymentsAll SMBS payments⁠

CMBS vs SMBS Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: CMBS 4.4%SMBS 4.9%since Dec 2024
Return per unit of riskSharpe ratio, 3 years: CMBS 0.33SMBS −0.16since Dec 2024
Worst fallMax drawdown, 5 years: CMBS −14.7%SMBS −5.2%since Nov 2024
Market sensitivityBeta, 5 years: CMBS 0.74SMBS 0.07; Market = 1

Popular comparisons

CMBSCvsSPMBA
iShares CMBS ETF · State Street SPDR Portfolio Mortgage Backed Bond ETF
Expense ratio
0.25% · 0.04%
Category
SMBSAvsSPMBA
Schwab Mortgage-Backed Securities ETF · State Street SPDR Portfolio Mortgage Backed Bond ETF
Expense ratio
0.03% · 0.04%
Category
CMBSCvsMBBA
iShares CMBS ETF · iShares MBS ETF
Expense ratio
0.25% · 0.04%
Category
SMBSAvsMBBA
Schwab Mortgage-Backed Securities ETF · iShares MBS ETF
Expense ratio
0.03% · 0.04%
Category
CMBSCvsVMBSA
iShares CMBS ETF · Vanguard Mortgage-Backed Securities ETF
Expense ratio
0.25% · 0.03%
Category
SMBSAvsVMBSA
Schwab Mortgage-Backed Securities ETF · Vanguard Mortgage-Backed Securities ETF
Expense ratio
0.03% · 0.03%
Category