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MBS vs SPMB

Angel Oak Mortgage-Backed Securities ETF

MBSDNasdaq

State Street SPDR Portfolio Mortgage Backed Bond ETF

SPMBANYSE Arca

Overlap

No data

Expense ratio

SPMB −0.45pt a year

MBS0.49%SPMB0.04%

Avg volume · 30D

SPMB 9.9×the volume

MBS163KSPMB1.62M

MBS vs SPMB Performance

Oct 31, 2025 – Oct 30, 2026

+0.2%MBS+0.3%SPMB

Oct 31, 2025 to Oct 30, 2026. MBS +0.2%. SPMB +0.3%. Use the arrow keys to read each point.−3%−2%1%2%3%Oct 2025Apr 2026Oct 2026
Expense ratio
MBS 0.49%
SPMB 0.04%, better
Fund size
MBS $191M
SPMB $7B
1Y total return
MBS +0.2%
SPMB +0.3%, better
Yield (12M)
MBS 6.10%, better
SPMB 4.23%
Holdings
MBS 160
SPMB 2779
Avg volume (30D)
MBS 163K sh
SPMB 1.62M sh, better
NAV per share
MBS $8.32
SPMB $21.63
52W range

ETF.net Grade

MBS: Cost 15, Risk 37, Mission 37, Tradability 43, Holdings 38, Durability 45. SPMB: Cost 94, Risk 34, Mission 64, Tradability 95, Holdings 75, Durability 83.
Pillar letters and Scores for MBS, SPMB, with each pillar’s weight
PillarMBSSPMB
Cost30% weightF15A94Higher
Mission25% weightD37B64Higher
Risk15% weightD37HigherD34
Tradability15% weightC43A95Higher
Holdings10% weightD38A75Higher
Durability5% weightC45A83Higher

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 SPMB 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 ›

SPMB ranks 1st 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 21DGISCGuggenheim Securitized Income ETFScore 31
  4. Rank 21DMBSAngel Oak Mortgage-Backed Securities ETFScore 31
  5. MBSFNot yet graded
  6. MBSXNot yet graded

Our read on each fund

ETF.net Research

MBSDAngel Oak Mortgage-Backed Securities ETF

SPMBAState Street SPDR Portfolio Mortgage Backed Bond 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.

SPMB The no-frills way to own America's mortgage bonds. SPMB tracks the Bloomberg U.S. MBS Index for four basis points, a fraction of what the typical mortgage-bond ETF charges, and pays income monthly.

Stated mandate

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

SPMB The fund seeks to track, before fees and expenses, the price and yield performance of the Bloomberg U.S. MBS Index.

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.
  • SPMB Four basis points a year, against a 0.35% median for mortgage-bond ETFs. Cost is where this fund does its loudest talking.
  • Runs the same Bloomberg U.S. MBS Index as iShares' MBB at the same 0.04% fee, and undercuts MBBA, which tracks that index for far more.
  • Roughly 2,700 mortgage bonds in a single line item, inside a multi-billion-dollar fund that trades actively, with distributions paid monthly.
  • Trading since 2009, and one of the strongest implementations in its mortgage-bond peer group.

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.
  • SPMB Homeowners refinance when rates fall, so mortgage bonds get paid back early and rally less than Treasuries. That quirk is built into the index, not the fund.
  • Prices move with interest rates and the monthly payout floats with the portfolio. This is a bond fund, not a cash substitute.
  • US mortgages only. No Treasuries, no corporates, no credit spice. A building block for a bond sleeve rather than the whole sleeve.

Full MBS profile⁠

Full SPMB profile⁠

MBS vs SPMB 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 SPMB Cost

Overpaying MBS vs SPMB

$8,943

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

  • MBS 0.49%

    $9,792

  • SPMB 0.04%

    $849

$10,000
30 years

Cost over time

  • MBS 0.49%
  • SPMB 0.04%
  • 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 $9,792SPMB $849

Year by year

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

Expense ratio

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

SPMB 3rd cheapest of 24 funds

MBS 20th cheapest of 24 funds

MBS vs SPMB Dividends

Last 12 months to Oct 30, 2026
Yield (12M)
MBS 6.10%, better
SPMB 4.23%
Payout (12M)
MBS $0.51
SPMB $0.92
Last payment
MBS $0.04
SPMB $0.07
Ex-dividend
MBS Oct 30, 2026
SPMB Oct 1, 2026
Paid on
MBS Pays Nov 2, 2026
SPMB Oct 6, 2026
Frequency
MBS Monthly
SPMB Monthly

Distribution history

Per share, 2023 to 2026, same scale for both

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$0.1020232026YTD
SPMBMonthly · 45 paymentsAll SPMB payments⁠
One bar per payment. 45 payments from 2023 to 2026 YTD. Feb 1, 2023 $0.06; Mar 1, 2023 $0.06; Apr 3, 2023 $0.06; May 1, 2023 $0.06; Jun 1, 2023 $0.06; Jul 3, 2023 $0.06; Aug 1, 2023 $0.06; Sep 1, 2023 $0.06; Oct 2, 2023 $0.06; Nov 1, 2023 $0.06; Dec 1, 2023 $0.06; Dec 18, 2023 $0.06; Feb 1, 2024 $0.06; Mar 1, 2024 $0.06; Apr 1, 2024 $0.06; May 1, 2024 $0.06; Jun 3, 2024 $0.06; Jul 1, 2024 $0.06; Aug 1, 2024 $0.06; Sep 3, 2024 $0.07; Oct 1, 2024 $0.07; Nov 1, 2024 $0.07; Dec 2, 2024 $0.07; Dec 19, 2024 $0.10; Feb 3, 2025 $0.07; Mar 3, 2025 $0.07; Apr 1, 2025 $0.07; May 1, 2025 $0.07; Jun 2, 2025 $0.07; Jul 1, 2025 $0.07; Aug 1, 2025 $0.07; Sep 2, 2025 $0.07; Oct 1, 2025 $0.07; Nov 3, 2025 $0.07; Dec 1, 2025 $0.07; Dec 18, 2025 $0.14; Feb 2, 2026 $0.07; Mar 2, 2026 $0.07; Apr 1, 2026 $0.07; May 1, 2026 $0.07; Jun 1, 2026 $0.07; Jul 1, 2026 $0.07; Aug 3, 2026 $0.07; Sep 1, 2026 $0.07; Oct 1, 2026 $0.07. Use the arrow keys to read each point.$0$0.1020232026YTD

MBS vs SPMB 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 2024SPMB 6.5%
Return per unit of riskSharpe ratio, 3 years
MBS 0.11since Mar 2024SPMB 0.28
Worst fallMax drawdown, 5 years
MBS −5.0%since Feb 2024SPMB −17.0%
Market sensitivityBeta, 5 years
MBS 0.95SPMB 1.15

Popular comparisons

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