Skip to content
etf.net

MBB vs MBS

iShares MBS ETF

MBBANasdaq

Angel Oak Mortgage-Backed Securities ETF

MBSDNasdaq

Overlap

No data

Expense ratio

MBB −0.45pt a year

MBB0.04%MBS0.49%

Avg volume · 30D

MBB 25.9×the volume

MBB4.23MMBS163K

MBB vs MBS Performance

Oct 31, 2025 – Oct 30, 2026

+0.6%MBB+0.2%MBS

Oct 31, 2025 to Oct 30, 2026. MBB +0.6%. MBS +0.2%. Use the arrow keys to read each point.−2%−1%2%3%Oct 2025Apr 2026Oct 2026
Expense ratio
MBB 0.04%, better
MBS 0.49%
Fund size
MBB $35.9B
MBS $191M
1Y total return
MBB +0.6%, better
MBS +0.2%
Yield (12M)
MBB 4.42%
MBS 6.10%, better
Holdings
MBB 10814
MBS 160
Avg volume (30D)
MBB 4.23M sh, better
MBS 163K sh
NAV per share
MBB $91.96
MBS $8.32
52W range

ETF.net Grade

MBB: Cost 94, Risk 34, Mission 56, Tradability 89, Holdings 77, Durability 92. MBS: Cost 15, Risk 37, Mission 37, Tradability 43, Holdings 38, Durability 45.
Pillar letters and Scores for MBB, MBS, with each pillar’s weight
PillarMBBMBS
Cost30% weightA94HigherF15
Mission25% weightB56HigherD37
Risk15% weightD34D37Higher
Tradability15% weightA89HigherC43
Holdings10% weightA77HigherD38
Durability5% weightA92HigherC45

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. MBB and MBS 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 ›

MBB ranks 2nd and MBS 21st of 24 funds in the Mortgage-Backed Securities Category.

  1. Rank 1ASPMBState Street SPDR Portfolio Mortgage Backed Bond ETFScore 75
  2. Rank 2AMBBiShares MBS ETFScore 73
  3. Rank 3AVMBSVanguard Mortgage-Backed Securities ETFScore 72
  4. Rank 21DGISCGuggenheim Securitized Income ETFScore 31
  5. Rank 21DMBSAngel Oak Mortgage-Backed Securities ETFScore 31
  6. MBSFNot yet graded
  7. MBSXNot yet graded

Our read on each fund

ETF.net Research

MBBAiShares MBS ETF

MBSDAngel Oak Mortgage-Backed Securities ETF

In short

MBB Launched in 2007, MBB is the plain-vanilla way to own U.S. agency mortgage bonds: one of the biggest and busiest funds in a small niche, tracking the Bloomberg U.S. MBS Index for four basis points.

MBS Most mortgage ETFs buy government-backed paper and call it a day. Angel Oak's fund goes the other way, picking non-agency residential mortgage bonds, asset-backed paper and corporate debt from a shop built around that corner of credit.

Stated mandate

MBB The fund seeks to track an index composed of U.S. agency mortgage-backed securities.

MBS The fund invests in non-agency residential mortgage-backed securities, asset-backed securities, and corporate debt.

Why people hold it

  • MBB Four basis points to rent the entire agency mortgage market, against a category median near 0.35%. In low-coupon bond land, that gap compounds quietly.
  • Scale is the real feature: one of the largest and most actively traded funds in the mortgage-bond category, which generally shows up as tighter spreads.
  • Pays monthly, and the mandate stays narrow: an index of U.S. agency mortgage-backed securities, nothing exotic bolted on.
  • Among the stronger builds in a thin peer group of mortgage-bond ETFs, on the combination of cost, trading friction and issuer staying power.
  • MBS The niche is the whole point: non-agency residential mortgage-backed securities, asset-backed securities and corporate debt, the paper the big agency-MBS index funds leave on the table.
  • No benchmark to hug. The fund declares no index and runs a hand-built book of well over a hundred bond positions.
  • Income lands on a monthly cadence, not quarterly.

Worth knowing

  • MBB This is one slice of the bond market. Agency mortgage paper only, with no Treasuries or corporates alongside it.
  • Mortgage bonds cut both ways with rates: borrowers refinance when yields fall and sit tight when they rise, so the portfolio's duration shifts underneath you.
  • On price it's a photo finish: SPMB tracks the same index at the same 0.04%, and VMBS runs a basis point cheaper.
  • MBS Cost is the trade-off: 0.79% a year against 0.03% at VMBS and 0.04% at MBB. Specialist credit work carries a specialist price tag, and fees are this fund's weakest spot in its peer group.
  • Non-agency means no government backstop standing behind the mortgages, so credit selection drives outcomes alongside interest rates.
  • Young (2024 launch), modest in size and among the less-traded funds in its category, so spreads can run wider than at the index giants and the record is still short.

Full MBB profile⁠

Full MBS profile⁠

MBB vs MBS 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.

MBB vs MBS Cost

Overpaying MBS vs MBB

$8,943

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

  • MBB 0.04%

    $849

  • MBS 0.49%

    $9,792

$10,000
30 years

Cost over time

  • MBB 0.04%
  • MBS 0.49%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$2K$4K$6K$8K$10K051015202530MBS $9,792MBB $849

Year by year

YearMBBMBSOverpaying
10$73$883$810
20$288$3,394$3,106
30$849$9,792$8,943

Expense ratio

  • 0.04%MBB, cheaper
  • 0.49%MBS
  • Middle half of Mortgage-Backed Securities funds
  • Median 0.38%

MBB 3rd cheapest of 24 funds

MBS 20th cheapest of 24 funds

MBB vs MBS Dividends

Last 12 months to Oct 30, 2026
Yield (12M)
MBB 4.42%
MBS 6.10%, better
Payout (12M)
MBB $4.07
MBS $0.51
Last payment
MBB $0.37
MBS $0.04
Ex-dividend
MBB Oct 1, 2026
MBS Oct 30, 2026
Paid on
MBB Oct 6, 2026
MBS Pays Nov 2, 2026
Frequency
MBB Monthly
MBS Monthly

Distribution history

Per share, 2023 to 2026, same scale for both

MBBMonthly · 45 paymentsAll MBB payments⁠
One bar per payment. 45 payments from 2023 to 2026 YTD. Feb 1, 2023 $0.24; Mar 1, 2023 $0.25; Apr 3, 2023 $0.25; May 1, 2023 $0.26; Jun 1, 2023 $0.27; Jul 3, 2023 $0.26; Aug 1, 2023 $0.28; Sep 1, 2023 $0.26; Oct 2, 2023 $0.29; Nov 1, 2023 $0.27; Dec 1, 2023 $0.28; Dec 14, 2023 $0.28; Feb 1, 2024 $0.30; Mar 1, 2024 $0.29; Apr 1, 2024 $0.28; May 1, 2024 $0.28; Jun 3, 2024 $0.30; Jul 1, 2024 $0.31; Aug 1, 2024 $0.31; Sep 3, 2024 $0.32; Oct 1, 2024 $0.31; Nov 1, 2024 $0.31; Dec 2, 2024 $0.31; Dec 18, 2024 $0.29; Feb 3, 2025 $0.34; Mar 3, 2025 $0.32; Apr 1, 2025 $0.33; May 1, 2025 $0.33; Jun 2, 2025 $0.33; Jul 1, 2025 $0.33; Aug 1, 2025 $0.33; Sep 2, 2025 $0.34; Oct 1, 2025 $0.34; Nov 3, 2025 $0.34; Dec 1, 2025 $0.35; Dec 19, 2025 $0.33; Feb 2, 2026 $0.33; Mar 2, 2026 $0.33; Apr 1, 2026 $0.33; May 1, 2026 $0.33; Jun 1, 2026 $0.33; Jul 1, 2026 $0.34; Aug 3, 2026 $0.34; Sep 1, 2026 $0.34; Oct 1, 2026 $0.37. Use the arrow keys to read each point.$0$0.2520232026YTD
MBSMonthly · 33 paymentsAll MBS payments⁠
One bar per payment. 33 payments from 2023 to 2026 YTD. Feb 29, 2024 $0.03; Mar 28, 2024 $0.04; Apr 30, 2024 $0.04; May 31, 2024 $0.02; Jun 28, 2024 $0.04; Jul 31, 2024 $0.04; Aug 30, 2024 $0.04; Sep 30, 2024 $0.04; Oct 31, 2024 $0.04; Nov 29, 2024 $0.03; Dec 31, 2024 $0.04; Jan 31, 2025 $0.03; Feb 28, 2025 $0.03; Mar 31, 2025 $0.04; Apr 30, 2025 $0.04; May 30, 2025 $0.04; Jun 30, 2025 $0.04; Jul 31, 2025 $0.05; Aug 29, 2025 $0.03; Sep 30, 2025 $0.05; Oct 31, 2025 $0.04; Nov 28, 2025 $0.03; Dec 31, 2025 $0.04; Jan 30, 2026 $0.03; Feb 27, 2026 $0.03; Mar 31, 2026 $0.05; Apr 30, 2026 $0.05; May 29, 2026 $0.04; Jun 30, 2026 $0.04; Jul 31, 2026 $0.04; Aug 31, 2026 $0.03; Sep 30, 2026 $0.04; Oct 30, 2026 $0.04. Use the arrow keys to read each point.$0$0.2520232026YTD

MBB vs MBS Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years
MBB 6.4%MBS 5.1%since Mar 2024
Return per unit of riskSharpe ratio, 3 years
MBB 0.30MBS 0.11since Mar 2024
Worst fallMax drawdown, 5 years
MBB −16.8%MBS −5.0%since Feb 2024
Market sensitivityBeta, 5 years
MBB 1.14MBS 0.95

MBB and MBS in the news

All news⁠

Popular comparisons

  • MBBAvsSPMBA

    iShares MBS ETF · State Street SPDR Portfolio Mortgage Backed Bond ETF

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

  • MBSDvsSPMBA

    Angel Oak Mortgage-Backed Securities ETF · State Street SPDR Portfolio Mortgage Backed Bond ETF

    Expense ratio
    0.49% · 0.04%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

  • MBBAvsVMBSA

    iShares MBS ETF · Vanguard Mortgage-Backed Securities ETF

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

  • MBSDvsVMBSA

    Angel Oak Mortgage-Backed Securities ETF · Vanguard Mortgage-Backed Securities ETF

    Expense ratio
    0.49% · 0.03%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

  • MBBAvsSMBSA

    iShares MBS ETF · Schwab Mortgage-Backed Securities ETF

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

  • MBSDvsSMBSA

    Angel Oak Mortgage-Backed Securities ETF · Schwab Mortgage-Backed Securities ETF

    Expense ratio
    0.49% · 0.03%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.