MBSX vs SMBS: Grades, Fees and Holdings Compared

Regan Fixed Rate MBS ETF

MBSX—NYSE Arca

Schwab Mortgage-Backed Securities ETF

SMBSANYSE Arca

Overlap

0.0%by weight

Expense ratio

SMBS −0.37pt a year

MBSX0.40%SMBS0.03%

Avg volume · 30D

SMBS 356.3×the volume

MBSX2.84KSMBS1.01M

MBSX vs SMBS Performance

Oct 31, 2025 – Oct 30, 2026

−0.7%MBSX+0.3%SMBS

Expense ratio: MBSX 0.40%; SMBS 0.03%, better
Fund size: MBSX $19M; SMBS $6.45B
1Y total return: MBSX −0.7%; SMBS +0.3%, better
Yield (12M): MBSX 3.90%; SMBS 5.32%, better
Holdings: MBSX 104; SMBS 4343
Avg volume (30D): MBSX 2.84K sh; SMBS 1.01M sh, better
NAV per share: MBSX $26.47; SMBS $24.67
52W range

ETF.net Grade

—MBSXUnder classification review

Pillar letters and Scores for MBSX, SMBS, with each pillar’s weight
Pillar	MBSX	SMBS
Cost30% weight	Not scored	A94
Mission25% weight	Not scored	B61
Risk15% weight	Not scored	D35
Tradability15% weight	Not scored	B68
Holdings10% weight	Not scored	A86
Durability5% weight	Not scored	B60

Rank among Mortgage-Backed Securities funds

How we build Categories ›

Mortgage-Backed Securities⁠

Category · 24 funds

See all 24 ›

SMBS ranks 4th of 24 funds in the Mortgage-Backed Securities Category.

Rank 1ASPMBState Street SPDR Portfolio Mortgage Backed Bond ETFScore 75
Rank 2AMBBiShares MBS ETFScore 73
Rank 3AVMBSVanguard Mortgage-Backed Securities ETFScore 72
Rank 4ASMBSSchwab Mortgage-Backed Securities ETFScore 70
Rank 5BJMTGJPMorgan Mortgage-Backed Securities ETFScore 63
MBSXNot yet graded

MBSX vs SMBS Holdings

How MBSX and SMBS differ

Overlap by weight

0.0%

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

Level by level

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

Sector

No Sector split for MBSX and SMBS.

Country, concentration and asset class

Country by domicile

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

Concentration

Weight in the 10 largest Holdings

MBSX43.6%
SMBS3.9%

Securities held

MBSX100
SMBS4,343

Asset class

MBSX: Fixed Income
SMBS: Equity

Holdings

Only in MBSX100
In both0
Only in SMBS4,343

Only in MBSX

100 securities, 100% of MBSX by weight

United States Treasury Bill 04/22/20276.41%
Freddie Mac REMICS 1% 07/25/20515.61%
Government National Mortgage Association 1% 08/20/20504.87%
Freddie Mac REMICS 2.5% 07/15/20474.62%
Government National Mortgage Association 1.75% 04/20/20483.92%
Government National Mortgage Association 1.25% 04/20/20513.82%
Freddie Mac REMICS 2% 03/25/20513.68%
Fannie Mae REMICS 2% 07/25/20473.64%
Fannie Mae REMICS 3.5% 10/25/20473.56%
Fannie Mae REMICS 1.5% 04/25/20513.49%
Freddie Mac REMICS 3.5% 02/15/20483.25%
Government National Mortgage Association 3% 12/20/20502.76%
Fannie Mae REMIC Trust 2003-W4 4.3187% 10/25/20422.66%
Fannie Mae REMICS 2% 06/25/20422.66%
Government National Mortgage Association 3.5% 07/20/20502.66%
Government National Mortgage Association 3.5% 09/20/20482.60%
Freddie Mac REMICS 1.25% 11/25/20502.58%
Fannie Mae REMICS 1.1% 05/25/20432.54%
Fannie Mae REMICS 2.75% 05/25/20472.38%
Freddie Mac Structured Pass-Through Certificates 0% 07/25/20432.38%
Freddie Mac REMICS 1.5% 09/25/20492.29%
Fannie Mae REMIC Trust 2005-W2 5.41% 05/25/20352.28%
Government National Mortgage Association 1.5% 09/20/20422.19%
Fannie Mae REMICS 2.5% 10/25/20492.14%
Fannie Mae REMICS 2% 06/25/20442.10%
First American Treasury Obligations Fund 01/01/20402.01%
Fannie Mae REMICS 2% 07/25/20501.85%
Freddie Mac REMICS 2.5% 07/15/20421.78%
Government National Mortgage Association 1.5458% 02/20/20521.76%
Government National Mortgage Association 3.5% 05/20/20421.75%
Fannie Mae REMIC Trust 2003-W16 4.4% 11/25/20331.74%
Freddie Mac REMICS 1% 10/25/20511.69%
Government National Mortgage Association 3.5% 11/20/20481.66%
Fannie Mae REMICS 2.5% 12/25/20421.55%
Fannie Mae REMICS 1.5% 10/25/20511.52%
Government National Mortgage Association 3% 02/20/20431.52%
Freddie Mac REMICS 2% 12/15/20411.50%
Fannie Mae REMICS 3.5% 10/25/20421.44%
Fannie Mae REMICS 1.75% 08/25/20421.37%
Fannie Mae REMICS 1.5% 10/25/20501.32%
Government National Mortgage Association 2.5% 06/20/20421.30%
Freddie Mac REMICS 4% 04/25/20521.29%
Fannie Mae REMICS 3.5% 12/25/20591.28%
Freddie Mac REMICS 0% 01/15/20411.28%
Government National Mortgage Association 2.75% 03/20/20461.28%
Freddie Mac REMICS 2.5% 09/25/20491.23%
Freddie Mac REMICS 3.5% 04/15/20461.17%
Freddie Mac REMICS 2% 10/15/20411.11%
Freddie Mac REMICS 3.5% 03/15/20461.10%
Fannie Mae REMICS 3% 04/25/20431.04%

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 5.50% 06/20/2055 (BBG01SJ8MLF2)0.20%
GNMA2 30YR 5.00% 04/20/2056 (BBG01Z997ZP0)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)0.17%
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

MBSX and SMBS share no securities.

All MBSX 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.

MBSX vs SMBS Cost

Overpaying MBSX vs SMBS

$7,452

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

MBSX 0.40%
$8,090
SMBS 0.03%
$638

Amount$10,000

Years30 years

Cost over time

MBSX 0.40%
SMBS 0.03%
Overpaying

Year by year

Year	MBSX	SMBS	Overpaying
10	$723	$55	$668
20	$2,793	$216	$2,577
30	$8,090	$638	$7,452

Expense ratio

0.40%MBSX
0.03%SMBS, cheaper

SMBS0.03%MBSX0.40%

0.03%0.86%

Middle half of Mortgage-Backed Securities funds
Median 0.38%

SMBS cheapest of 24 funds

MBSX 15th cheapest of 24 funds

MBSX vs SMBS Dividends

Last 12 months to Oct 30, 2026

Yield (12M): MBSX 3.90%; SMBS 5.32%, better
Payout (12M): MBSX $1.00; SMBS $1.31
Last payment: MBSX $0.05; SMBS $0.11
Ex-dividend: MBSX Oct 28, 2026; SMBS Oct 1, 2026
Paid on: MBSX Oct 29, 2026; SMBS Oct 7, 2026
Frequency: MBSX Monthly; SMBS Monthly

Distribution history

Per share, 2024 to 2026, same scale for both

MBSXMonthly · 18 paymentsAll MBSX payments⁠

SMBSMonthly · 22 paymentsAll SMBS payments⁠

MBSX vs SMBS Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: MBSX 34.4%since Jun 2025SMBS 4.9%since Dec 2024
Return per unit of riskSharpe ratio, 3 years: MBSX 0.15since Jun 2025SMBS −0.16since Dec 2024
Worst fallMax drawdown, 5 years: MBSX −27.6%since May 2025SMBS −5.2%since Nov 2024
Market sensitivityBeta, 5 years: MBSX 0.58SMBS 0.07; Market = 1

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