MBSX vs SPMB: Grades, Fees and Holdings Compared

Regan Fixed Rate MBS ETF

MBSX—NYSE Arca

State Street SPDR Portfolio Mortgage Backed Bond ETF

SPMBANYSE Arca

Overlap

No data

Expense ratio

SPMB −0.36pt a year

MBSX0.40%SPMB0.04%

Avg volume · 30D

SPMB 568.7×the volume

MBSX2.84KSPMB1.62M

MBSX vs SPMB Performance

Oct 31, 2025 – Oct 30, 2026

−0.7%MBSX+0.3%SPMB

Expense ratio: MBSX 0.40%; SPMB 0.04%, better
Fund size: MBSX $19M; SPMB $7B
1Y total return: MBSX −0.7%; SPMB +0.3%, better
Yield (12M): MBSX 3.90%; SPMB 4.23%, better
Holdings: MBSX 104; SPMB 2779
Avg volume (30D): MBSX 2.84K sh; SPMB 1.62M sh, better
NAV per share: MBSX $26.47; SPMB $21.63
52W range

ETF.net Grade

—MBSXUnder classification review

Pillar letters and Scores for MBSX, SPMB, with each pillar’s weight
Pillar	MBSX	SPMB
Cost30% weight	Not scored	A94
Mission25% weight	Not scored	B64
Risk15% weight	Not scored	D34
Tradability15% weight	Not scored	A95
Holdings10% weight	Not scored	A75
Durability5% weight	Not scored	A83

Rank among Mortgage-Backed Securities funds

How we build Categories ›

Mortgage-Backed Securities⁠

Category · 24 funds

See all 24 ›

SPMB ranks 1st of 24 funds in the Mortgage-Backed Securities Category.

Rank 1ASPMBState Street SPDR Portfolio Mortgage Backed Bond ETFScore 75
Rank 2AMBBiShares MBS ETFScore 73
MBSXNot yet graded

Our read on each fund

ETF.net Research

MBSX—Regan Fixed Rate MBS ETF

SPMBAState Street SPDR Portfolio Mortgage Backed Bond ETF

In short

MBSX No data

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

MBSX No data

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

MBSX No data

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

MBSX No data

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 MBSX profile⁠

Full SPMB profile⁠

MBSX vs SPMB Holdings

How MBSX and SPMB differ

No overlap figure

Two bond funds rarely hold the same issues.

Level by level

Asset classFixed Income100%
Countryby domicile100%

Sector

No Sector split for MBSX and SPMB.

Country, concentration and asset class

Country by domicile

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

Concentration

Weight in the 10 largest Holdings

MBSX43.6%
SPMB11.6%

Securities held

MBSX100
SPMB2,778

Asset class

MBSX: Fixed Income
SPMB: Fixed Income

Holdings

Two bond funds rarely hold the same issues, so this page lists no shared Holdings. MBSX holds 100 securities, SPMB 2,778.

All MBSX holdings⁠All 2,793 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.

MBSX vs SPMB Cost

Overpaying MBSX vs SPMB

$7,241

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

MBSX 0.40%
$8,090
SPMB 0.04%
$849

Amount$10,000

Years30 years

Cost over time

MBSX 0.40%
SPMB 0.04%
Overpaying

Year by year

Year	MBSX	SPMB	Overpaying
10	$723	$73	$650
20	$2,793	$288	$2,505
30	$8,090	$849	$7,241

Expense ratio

0.40%MBSX
0.04%SPMB, cheaper

SPMB0.04%MBSX0.40%

0.03%0.86%

Middle half of Mortgage-Backed Securities funds
Median 0.38%

SPMB 3rd cheapest of 24 funds

MBSX 15th cheapest of 24 funds

MBSX vs SPMB Dividends

Last 12 months to Oct 30, 2026

Yield (12M): MBSX 3.90%; SPMB 4.23%, better
Payout (12M): MBSX $1.00; SPMB $0.92
Last payment: MBSX $0.05; SPMB $0.07
Ex-dividend: MBSX Oct 28, 2026; SPMB Oct 1, 2026
Paid on: MBSX Oct 29, 2026; SPMB Oct 6, 2026
Frequency: MBSX Monthly; SPMB Monthly

Distribution history

Per share, 2023 to 2026, same scale for both

MBSXMonthly · 18 paymentsAll MBSX payments⁠

SPMBMonthly · 45 paymentsAll SPMB payments⁠

MBSX vs SPMB 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 2025SPMB 6.5%
Return per unit of riskSharpe ratio, 3 years: MBSX 0.15since Jun 2025SPMB 0.28
Worst fallMax drawdown, 5 years: MBSX −27.6%since May 2025SPMB −17.0%
Market sensitivityBeta, 5 years: MBSX 0.58SPMB 1.15; Market = 1

Popular comparisons

MBSX—vsMBBA
Regan Fixed Rate MBS ETF · iShares MBS ETF
Expense ratio
0.40% · 0.04%
Category
SPMBAvsMBBA
State Street SPDR Portfolio Mortgage Backed Bond ETF · iShares MBS ETF
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0.04% · 0.04%
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MBSX—vsVMBSA
Regan Fixed Rate MBS ETF · Vanguard Mortgage-Backed Securities ETF
Expense ratio
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State Street SPDR Portfolio Mortgage Backed Bond ETF · Vanguard Mortgage-Backed Securities ETF
Expense ratio
0.04% · 0.03%
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MBSX—vsSMBSA
Regan Fixed Rate MBS ETF · Schwab Mortgage-Backed Securities ETF
Expense ratio
0.40% · 0.03%
Category
SPMBAvsSMBSA
State Street SPDR Portfolio Mortgage Backed Bond ETF · Schwab Mortgage-Backed Securities ETF
Expense ratio
0.04% · 0.03%
Category