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MBS vs SMBS

Angel Oak Mortgage-Backed Securities ETF

MBSDNasdaq

Schwab Mortgage-Backed Securities ETF

SMBSANYSE Arca

Overlap

Expense ratio

SMBS −0.46pt a year

MBS0.49%SMBS0.03%

Avg volume · 30D

SMBS 6.2×the volume

MBS163KSMBS1.01M

MBS vs SMBS Performance

Oct 31, 2025 – Oct 30, 2026

+0.2%MBS+0.3%SMBS

Oct 31, 2025 to Oct 30, 2026. MBS +0.2%. SMBS +0.3%. Use the arrow keys to read each point.−2%−1%1%2%3%Oct 2025Apr 2026Oct 2026
Expense ratio
MBS 0.49%
SMBS 0.03%, better
Fund size
MBS $191M
SMBS $6.45B
1Y total return
MBS +0.2%
SMBS +0.3%, better
Yield (12M)
MBS 6.10%, better
SMBS 5.32%
Holdings
MBS 160
SMBS 4343
Avg volume (30D)
MBS 163K sh
SMBS 1.01M sh, better
NAV per share
MBS $8.32
SMBS $24.67
52W range

ETF.net Grade

MBS: Cost 15, Risk 37, Mission 37, Tradability 43, Holdings 38, Durability 45. SMBS: Cost 94, Risk 35, Mission 61, Tradability 68, Holdings 86, Durability 60.
Pillar letters and Scores for MBS, SMBS, with each pillar’s weight
PillarMBSSMBS
Cost30% weightF15A94Higher
Mission25% weightD37B61Higher
Risk15% weightD37HigherD35
Tradability15% weightC43B68Higher
Holdings10% weightD38A86Higher
Durability5% weightC45B60Higher

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. MBS 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 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 4ASMBSSchwab Mortgage-Backed Securities ETFScore 70
  5. Rank 5BJMTGJPMorgan Mortgage-Backed Securities ETFScore 63
  6. Rank 21DGISCGuggenheim Securitized Income ETFScore 31
  7. Rank 21DMBSAngel Oak Mortgage-Backed Securities ETFScore 31
  8. MBSFNot yet graded
  9. MBSXNot yet graded

Our read on each fund

ETF.net Research

MBSDAngel Oak Mortgage-Backed Securities ETF

SMBSASchwab Mortgage-Backed Securities ETF

In short

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.

SMBS No data

Stated mandate

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

SMBS No data

Why people hold it

  • 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.

SMBS No data

Worth knowing

  • 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.

SMBS No data

Full MBS profile⁠

Full SMBS profile⁠

MBS 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.

MBS vs SMBS Cost

Overpaying MBS vs SMBS

$9,154

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

  • MBS 0.49%

    $9,792

  • SMBS 0.03%

    $638

$10,000
30 years

Cost over time

  • MBS 0.49%
  • 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$10K051015202530MBS $9,792SMBS $638

Year by year

YearMBSSMBSOverpaying
10$883$55$828
20$3,394$216$3,178
30$9,792$638$9,154

Expense ratio

  • 0.49%MBS
  • 0.03%SMBS, cheaper
  • Middle half of Mortgage-Backed Securities funds
  • Median 0.38%

SMBS cheapest of 24 funds

MBS 20th cheapest of 24 funds

MBS vs SMBS Dividends

Last 12 months to Oct 30, 2026
Yield (12M)
MBS 6.10%, better
SMBS 5.32%
Payout (12M)
MBS $0.51
SMBS $1.31
Last payment
MBS $0.04
SMBS $0.11
Ex-dividend
MBS Oct 30, 2026
SMBS Oct 1, 2026
Paid on
MBS Pays Nov 2, 2026
SMBS Oct 7, 2026
Frequency
MBS Monthly
SMBS Monthly

Distribution history

Per share, 2024 to 2026, same scale for both

MBSMonthly · 33 paymentsAll MBS payments⁠
One bar per payment. 33 payments from 2024 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$0.102026YTD
SMBSMonthly · 22 paymentsAll SMBS payments⁠
One bar per payment. 22 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. Use the arrow keys to read each point.$0$0.102026YTD

MBS vs SMBS Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years
MBS 5.1%since Mar 2024SMBS 4.9%since Dec 2024
Return per unit of riskSharpe ratio, 3 years
MBS 0.11since Mar 2024SMBS −0.16since Dec 2024
Worst fallMax drawdown, 5 years
MBS −5.0%since Feb 2024SMBS −5.2%since Nov 2024
Market sensitivityBeta, 5 years
MBS 0.95SMBS 0.07

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