DMBS vs SMBS: Grades, Fees and Holdings Compared

DoubleLine Mortgage ETF

DMBSCNYSE Arca

Schwab Mortgage-Backed Securities ETF

SMBSANYSE Arca

Overlap

0.0%by weight

Expense ratio

SMBS −0.36pt a year

DMBS0.39%SMBS0.03%

Avg volume · 30D

SMBS 11.7×the volume

DMBS86.3KSMBS1.01M

DMBS vs SMBS Performance

Oct 31, 2025 – Nov 2, 2026

+0.1%DMBS+0.5%SMBS

Expense ratio: DMBS 0.39%; SMBS 0.03%, better
Fund size: DMBS $690M; SMBS $6.45B
1Y total return: DMBS +0.1%; SMBS +0.5%, better
Yield (12M): DMBS 6.16%, better; SMBS 5.78%
Holdings: DMBS 196; SMBS 4343
Avg volume (30D): DMBS 86.3K sh; SMBS 1.01M sh, better
NAV per share: DMBS $47.29; SMBS $24.67
52W range

ETF.net Grade

Pillar letters and Scores for DMBS, SMBS, with each pillar’s weight
Pillar	DMBS	SMBS
Cost30% weight	C44	A94Higher
Mission25% weight	B65Higher	B61
Risk15% weight	D30	D34Higher
Tradability15% weight	B69Higher	B68
Holdings10% weight	D30	A86Higher
Durability5% weight	B57	B60Higher

Rank among Mortgage-Backed Securities funds

How we build Categories ›

Same Category. DMBS 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 DMBS 11th of 24 funds in the Mortgage-Backed Securities Category.

Rank 1ASPMBState Street SPDR Portfolio Mortgage Backed Bond ETFScore 74
Rank 2AMBBiShares MBS ETFScore 72
Rank 2AVMBSVanguard Mortgage-Backed Securities ETFScore 72
Rank 4ASMBSSchwab Mortgage-Backed Securities ETFScore 70
Rank 5BJMTGJPMorgan Mortgage-Backed Securities ETFScore 63
Rank 10CCMBSiShares CMBS ETFScore 51
Rank 11CDMBSDoubleLine Mortgage ETFScore 50
Rank 12CVETZAcademy Veteran Impact ETFScore 46

Our read on each fund

ETF.net Research

DMBSCDoubleLine Mortgage ETF

SMBSASchwab Mortgage-Backed Securities ETF

In short

DMBS DoubleLine's mortgage desk in an ETF wrapper: an actively managed bond fund built to exceed the Bloomberg U.S. Mortgage-Backed Securities Index over a full market cycle, in a corner of the market almost everyone else simply indexes.

SMBS No data

Stated mandate

DMBS The Fund seeks total return through capital appreciation and current income, exceeding the Bloomberg U.S. Mortgage-Backed Securities Index over a full market cycle.

SMBS No data

Why people hold it

DMBS Active by design. Managers pick the mortgage bonds instead of copying the index, with a stated aim of exceeding the Bloomberg U.S. Mortgage-Backed Securities Index over a full market cycle.
Pays monthly, matching the rhythm of the mortgage cash flows underneath it.
Trades with decent everyday liquidity for an active bond ETF, and sits in the upper half of its mortgage-bond peer group on our review.
A US agency mortgage mandate run inside a standard 1940 Act fund. No exotic wrapper, no K-1 surprises.

SMBS No data

Worth knowing

DMBS At 0.39% a year it runs above the typical mortgage-bond ETF, and roughly ten times index trackers like VMBS (0.03%) and MBB (0.04%). Active management has to earn that gap.
Launched in 2023, so its track record is short relative to the full market cycle the fund itself uses as the yardstick.
Results ride on the manager's security selection rather than the benchmark, which means the gap versus the index can cut either way.

SMBS No data

Full DMBS profile⁠

Full SMBS profile⁠

DMBS vs SMBS Holdings

How DMBS and SMBS differ

Overlap by weight

0.0%

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

Level by level

Asset classFixed Income, Equity0.0%
Holdings0 in both0.0%
Countryby domicile100%

Sector

No Sector split for DMBS and SMBS.

Country, concentration and asset class

Country by domicile

Country weights in DMBS and SMBS, widest gap first
Country	More in DMBSMore in SMBS	DMBS	SMBS
United States	Same weight	100.0%	100.0%

Concentration

Weight in the 10 largest Holdings

DMBS35.7%
SMBS3.9%

Securities held

DMBS194
SMBS4,343

Asset class

DMBS: Fixed Income
SMBS: Equity

Holdings

Only in DMBS194
In both0
Only in SMBS4,343

Only in DMBS

194 securities, 100% of DMBS by weight

Fncl 5 11/2615.07%
Fnr 2026-22 Ab2.88%
Fr QA83412.61%
Fr TC82142.26%
Fr RA68152.25%
Fn FA08402.19%
Fn FA61482.19%
Fr SL68542.12%
Fr QD25152.09%
Fr RA20012.03%
Fr SD22191.98%
Fn FA27241.92%
Fn FA61091.90%
Fn FA17051.86%
Fn FM74181.75%
Fn FA53091.64%
G2 7876971.60%
G2 7878291.59%
Fn FA58431.48%
Fn FA66511.47%
Fn FM97031.45%
Fn FA60091.42%
Fr SL08101.24%
Fr SD29881.24%
Gsmbs 2025-NQM2 M11.23%
Fr RJ34901.20%
Fn BV85261.19%
Fr SD75351.13%
G2 7878601.11%
Fn FS90261.08%
Fn BQ50811.04%
Fr QD82121.02%
Fr SL44851.02%
Northern Institutional Funds -1.01%
MSILF Government Portfolio1.01%
Fn FA32671.00%
Verus 2025-11 M10.96%
Fn FA39130.93%
Fn MA55030.90%
Stacr 2024-DNA1 M20.88%
Fr SD55250.84%
Fn BQ90040.83%
Fncl 3 11/260.82%
Fr SD75670.79%
Obx 2025-NQM8 M10.75%
Fncl 2 11/260.74%
Jpmmt 2026-NQM1 M10.72%
B 03/18/270.72%
Fn CA60320.71%
Drmt 2026-INV1 M10.65%

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 5.00% 04/20/2056 (BBG01Z997ZP0)0.20%
GNMA2 30YR 5.50% 06/20/2055 (BBG01SJ8MLF2)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)0.18%
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

DMBS and SMBS share no securities.

All DMBS 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.

DMBS vs SMBS Cost

Overpaying DMBS vs SMBS

$7,260

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

DMBS 0.39%
$7,898
SMBS 0.03%
$638

Amount$10,000

Years30 years

Cost over time

DMBS 0.39%
SMBS 0.03%
Overpaying

Year by year

Year	DMBS	SMBS	Overpaying
10	$705	$55	$650
20	$2,725	$216	$2,509
30	$7,898	$638	$7,260

Expense ratio

0.39%DMBS
0.03%SMBS, cheaper

SMBS0.03%DMBS0.39%

0.03%0.86%

Middle half of Mortgage-Backed Securities funds
Median 0.38%

SMBS cheapest of 24 funds

DMBS 13th cheapest of 24 funds

DMBS vs SMBS Dividends

Last 12 months to Nov 2, 2026

Yield (12M): DMBS 6.16%, better; SMBS 5.78%
Payout (12M): DMBS $2.90; SMBS $1.42
Last payment: DMBS $0.28; SMBS $0.11
Ex-dividend: DMBS Nov 2, 2026; SMBS Nov 2, 2026
Paid on: DMBS Pays Nov 6, 2026; SMBS Pays Nov 6, 2026
Frequency: DMBS Monthly; SMBS Monthly

Distribution history

Per share, 2023 to 2026, same scale for both

DMBSMonthly · 43 paymentsAll DMBS payments⁠

SMBSMonthly · 23 paymentsAll SMBS payments⁠

DMBS vs SMBS Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: DMBS 6.1%SMBS 4.9%since Dec 2024
Return per unit of riskSharpe ratio, 3 years: DMBS 0.29SMBS −0.16since Dec 2024
Worst fallMax drawdown, 5 years: DMBS −8.0%since Apr 2023SMBS −5.2%since Nov 2024
Market sensitivityBeta, 5 years: DMBS 1.10SMBS 0.07; Market = 1

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