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MBS vs VMBS

Angel Oak Mortgage-Backed Securities ETF

MBSDNasdaq

Vanguard Mortgage-Backed Securities ETF

VMBSANasdaq

Overlap

No data

Expense ratio

VMBS −0.46pt a year

MBS0.49%VMBS0.03%

Avg volume · 30D

VMBS 11.4×the volume

MBS163KVMBS1.85M

MBS vs VMBS Performance

Oct 31, 2025 – Oct 30, 2026

+0.2%MBS+0.9%VMBS

Oct 31, 2025 to Oct 30, 2026. MBS +0.2%. VMBS +0.9%. Use the arrow keys to read each point.−2%−1%2%3%Oct 2025Apr 2026Oct 2026
Expense ratio
MBS 0.49%
VMBS 0.03%, better
Fund size
MBS $191M
VMBS $17.1B
1Y total return
MBS +0.2%
VMBS +0.9%, better
Yield (12M)
MBS 6.10%, better
VMBS 4.31%
Holdings
MBS 160
VMBS 4924
Avg volume (30D)
MBS 163K sh
VMBS 1.85M sh, better
NAV per share
MBS $8.32
VMBS $45.51
52W range

ETF.net Grade

MBS: Cost 15, Risk 37, Mission 37, Tradability 43, Holdings 38, Durability 45. VMBS: Cost 94, Risk 36, Mission 64, Tradability 63, Holdings 86, Durability 92.
Pillar letters and Scores for MBS, VMBS, with each pillar’s weight
PillarMBSVMBS
Cost30% weightF15A94Higher
Mission25% weightD37B64Higher
Risk15% weightD37HigherD36
Tradability15% weightC43B63Higher
Holdings10% weightD38A86Higher
Durability5% weightC45A92Higher

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 VMBS 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 ›

VMBS ranks 3rd 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 21DGISCGuggenheim Securitized Income ETFScore 31
  6. Rank 21DMBSAngel Oak Mortgage-Backed Securities ETFScore 31
  7. MBSFNot yet graded
  8. MBSXNot yet graded

Our read on each fund

ETF.net Research

MBSDAngel Oak Mortgage-Backed Securities ETF

VMBSAVanguard 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.

VMBS The plumbing of the U.S. housing market in one ticker: pooled home loans from Ginnie, Fannie and Freddie, tracked by index for 0.03% a year, with income paid monthly.

Stated mandate

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

VMBS The fund seeks moderate and sustainable current income by investing primarily in U.S. agency mortgage-backed pass-through securities issued by GNMA, FNMA, and FHLMC.

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.
  • VMBS 0.03% a year is the cheap end of the mortgage-bond aisle: SPMB and MBB charge 0.04%, JMTG 0.24%, and the typical peer runs far higher.
  • Agency pass-throughs from GNMA, FNMA and FHLMC. Credit isn't the main variable here; rates and mortgage behavior are.vanguard.com
  • Trading since 2009, a multi-billion-dollar fund holding roughly 300 pools and paying monthly. Boring in the way bond ballast is supposed to be.
  • Sits in the top quartile of its mortgage-bond peer group, one of the stronger builds in a crowded, look-alike category.

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.
  • VMBS Mortgages don't keep a schedule. Homeowners refinance when rates fall, returning cash to reinvest at lower yields; when rates rise, payoffs slow and bonds stretch out.vanguard.com
  • The mandate is current income from one slice of the bond market. No Treasuries, no corporates, no equity kicker.
  • Share prices move with interest rates, so this behaves like a bond fund, not a cash parking spot.vanguard.com

Full MBS profile⁠

Full VMBS profile⁠

MBS vs VMBS 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 VMBS Cost

Overpaying MBS vs VMBS

$9,154

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

  • MBS 0.49%

    $9,792

  • VMBS 0.03%

    $638

$10,000
30 years

Cost over time

  • MBS 0.49%
  • VMBS 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 $9,792VMBS $638

Year by year

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

Expense ratio

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

VMBS cheapest of 24 funds

MBS 20th cheapest of 24 funds

MBS vs VMBS Dividends

Last 12 months to Oct 30, 2026
Yield (12M)
MBS 6.10%, better
VMBS 4.31%
Payout (12M)
MBS $0.51
VMBS $1.97
Last payment
MBS $0.04
VMBS $0.16
Ex-dividend
MBS Oct 30, 2026
VMBS Oct 1, 2026
Paid on
MBS Pays Nov 2, 2026
VMBS Oct 5, 2026
Frequency
MBS Monthly
VMBS 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$0.2020232026YTD
VMBSMonthly · 45 paymentsAll VMBS payments⁠
One bar per payment. 45 payments from 2023 to 2026 YTD. Feb 1, 2023 $0.11; Mar 1, 2023 $0.12; Apr 3, 2023 $0.12; May 1, 2023 $0.12; Jun 1, 2023 $0.13; Jul 3, 2023 $0.13; Aug 1, 2023 $0.13; Sep 1, 2023 $0.13; Oct 2, 2023 $0.14; Nov 1, 2023 $0.13; Dec 1, 2023 $0.14; Dec 22, 2023 $0.14; Feb 1, 2024 $0.14; Mar 1, 2024 $0.15; Apr 1, 2024 $0.15; May 1, 2024 $0.15; Jun 3, 2024 $0.15; Jul 1, 2024 $0.15; Aug 1, 2024 $0.15; Sep 3, 2024 $0.15; Oct 1, 2024 $0.15; Nov 1, 2024 $0.15; Dec 2, 2024 $0.15; Dec 24, 2024 $0.15; Feb 3, 2025 $0.16; Mar 3, 2025 $0.16; Apr 1, 2025 $0.16; May 1, 2025 $0.20; Jun 2, 2025 $0.16; Jul 1, 2025 $0.16; Aug 1, 2025 $0.16; Sep 2, 2025 $0.17; Oct 1, 2025 $0.15; Nov 3, 2025 $0.17; Dec 1, 2025 $0.16; Dec 18, 2025 $0.16; Feb 2, 2026 $0.16; Mar 2, 2026 $0.16; Apr 1, 2026 $0.16; May 1, 2026 $0.16; Jun 1, 2026 $0.16; Jul 1, 2026 $0.16; Aug 3, 2026 $0.17; Sep 1, 2026 $0.17; Oct 1, 2026 $0.16. Use the arrow keys to read each point.$0$0.2020232026YTD

MBS vs VMBS 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 2024VMBS 6.3%
Return per unit of riskSharpe ratio, 3 years
MBS 0.11since Mar 2024VMBS 0.33
Worst fallMax drawdown, 5 years
MBS −5.0%since Feb 2024VMBS −16.9%
Market sensitivityBeta, 5 years
MBS 0.95VMBS 1.12

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