MTGP vs SMBS: Grades, Fees and Holdings Compared

WisdomTree Mortgage Plus Bond Fund

MTGPCNYSE Arca

Schwab Mortgage-Backed Securities ETF

SMBSANYSE Arca

Overlap

0.0%by weight

Expense ratio

SMBS −0.43pt a year

MTGP0.46%SMBS0.03%

Avg volume · 30D

SMBS 79.5×the volume

MTGP13.1KSMBS1.04M

MTGP vs SMBS Performance

Nov 7, 2025 – Nov 9, 2026

+0.9%MTGP+1.1%SMBS

Expense ratio: MTGP 0.46%; SMBS 0.03%, better
Fund size: MTGP $73M; SMBS $6.46B
1Y total return: MTGP +0.9%; SMBS +1.1%, better
Yield (12M): MTGP 4.63%; SMBS 5.28%, better
Holdings: MTGP 197; SMBS 4349
Avg volume (30D): MTGP 13.1K sh; SMBS 1.04M sh, better
NAV per share: MTGP $43.08; SMBS $24.71
52W range

ETF.net Grade

Pillar letters and Scores for MTGP, SMBS, with each pillar’s weight
Pillar	MTGP	SMBS
Cost30% weight	D27	A94Higher
Mission25% weight	B59	B61Higher
Risk15% weight	D36	C44Higher
Tradability15% weight	D29	B66Higher
Holdings10% weight	B61	A86Higher
Durability5% weight	D35	B60Higher

Rank among Mortgage-Backed Securities funds

How we build Categories ›

Same Category. MTGP 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 MTGP 16th of 24 funds in the Mortgage-Backed Securities Category.

Rank 1ASPMBState Street SPDR Portfolio Mortgage Backed Bond ETFScore 74
Rank 2AMBBiShares MBS ETFScore 72
Rank 2AVMBSVanguard Mortgage-Backed Securities ETFScore 72
Rank 4ASMBSSchwab Mortgage-Backed Securities ETFScore 71
Rank 5BJMTGJPMorgan Mortgage-Backed Securities ETFScore 62
Rank 15CIMTGInvesco Agency MBS ETFScore 41
Rank 16CMTGPWisdomTree Mortgage Plus Bond FundScore 40
Rank 17DTSECTouchstone Securitized Income ETFScore 39

Our read on each fund

ETF.net Research

MTGPCWisdomTree Mortgage Plus Bond Fund

SMBSASchwab Mortgage-Backed Securities ETF

In short

MTGP Most mortgage ETFs are index machines bolted to agency pass-throughs. MTGP is the active counterpunch: a manager picking across mortgage and other securitized debt, hunting income and price gains, and paying out monthly.

SMBS No data

Stated mandate

MTGP The fund is actively managed and seeks income and capital appreciation by investing in mortgage-related debt and other securitized debt.

SMBS No data

Why people hold it

MTGP Actively managed, not index-bound. The mandate reaches beyond plain agency paper into mortgage-related and other securitized debt, so a manager sets the mix instead of a benchmark.wisdomtree.com
Pays monthly, which suits investors who want mortgage-bond income arriving on a regular cadence rather than quarterly.
Spreads its bets across a couple hundred securitized positions, so no single pool or deal dominates the book.
Running since 2019 under WisdomTree, giving the active approach a multi-year track record through a brutal stretch for mortgage bonds.

SMBS No data

Worth knowing

MTGP Active costs money: 0.45% a year, while index rivals like VMBS (0.03%) and SPMB (0.04%) charge a sliver of that. The manager has to out-earn the gap.
Thinly traded and modest in size, so spreads can be wider than the giant index MBS funds and large orders may need care.
On our combined read of cost, tradability and mandate delivery, it lands in the lower half of the mortgage-bond ETF pack.

SMBS No data

Full MTGP profile⁠

Full SMBS profile⁠

MTGP vs SMBS Holdings

How MTGP and SMBS differ

Overlap by weight

0.0%

Level by level

Asset classBonds, Stocks0.0%
Holdings0 in both0.0%
Countryby domicile99.3%
Sector4 Sectors99.5%

Sector

Sector weights in MTGP and SMBS, widest gap first
Sector	Gap	MTGP	SMBS
Corporate	SMBS +0.3 points	0.0%	0.3%
Government	MTGP +0.2 points	0.2%	0.0%
Municipal	MTGP +0.2 points	0.2%	0.0%
Securitized	SMBS +0.2 points	99.5%	99.7%

Country, concentration and asset class

Country by domicile

Country weights in MTGP and SMBS, widest gap first
Country	More in MTGPMore in SMBS	Gap	MTGP	SMBS
United States		SMBS +0.7 points	99.3%	100.0%
Cayman Islands		MTGP +0.7 points	0.7%	0.0%

Concentration

Weight in the 10 largest Holdings

MTGP31.6%
SMBS2.9%

Securities held

MTGP196
SMBS4,349

Asset class

MTGP: Bonds
SMBS: Stocks

Holdings

Only in MTGP196
In both0
Only in SMBS4,349

Only in MTGP

196 securities, 100% of MTGP by weight

Fncl 5.5% 12/166.83%
Fncl 2 12/20 2%3.37%
Fnr 2025-46 Fg 4.84319% 6/25/20553.11%
Fhr 5534 Fd 4.89319% 5/25/20553.07%
Fhr 5697 Fe 4.73617% 12/25/20543.05%
Fncl 5.00% 12/14 Tba3.04%
Fhr 5515 Fm 4.99319% 3/25/20552.66%
Fhr 5420 Kf 5.18787% 6/25/20542.45%
Fnr 2025-33 Fe 5.14029% 8/25/20542.04%
Fn MA4731 3.5% 9/1/20521.98%
Fnr 2024-82 Cf 5.04029% 11/25/20541.92%
Semt 2026-9 A19 5.5% 8/25/20561.91%
Fn Fs6300 3% 5/1/20521.84%
Stacr 2025-Hqa1 M2 5.26608% 2/25/20451.78%
Fhr 5491 Fa 4.99029% 1/25/20551.64%
G2 MA7648 2% 10/20/20511.63%
Gnma 2.5 12/18 2.5%1.58%
Fnr 2024-65 Fc 4.89029% 9/25/20541.54%
Fncl 6 12/23 6%1.50%
Gnr 2024-127 Zc 5.5% 12/20/20521.49%
Gnr 2023-171 Zb 7% 11/20/20531.43%
Fn MA4761 5% 9/1/20521.40%
Gnr 2023-102 Dz 6% 7/20/20531.38%
Gnr 2023-115 Al 6% 8/20/20531.36%
Obx 2022-J2 A1 3.5% 8/25/20521.19%
Fn Ma4781 3% 10/1/20521.18%
Fn Ma4654 3.5% 7/1/20521.17%
Fn Ma4578 2.5% 4/1/20521.15%
Fn MA4866 4% 1/1/20531.13%
Fncl 4.50% 11/14 Tba1.12%
Town 2025-Stay C 6.613% 3/15/20421.09%
Scrt 2020-3 M5TU 2.5% 5/25/20601.03%
Fnr 2025-79 Ay 5% 10/25/20551.03%
G2 MA4900 3.5% 12/20/20471.02%
Bmark 2020-B16 A5 2.732% 2/15/20531.00%
Fn Ma4733 4.5% 9/1/20521.00%
Fhr 4136 Zg 3% 11/15/20421.00%
Fn Ma5039 5.5% 6/1/20530.95%
Gnr 2014-43 Z 4% 3/20/20440.95%
Fnr 2025-13 Fa 5.18787% 3/25/20550.91%
Gnr 2024-78 Tz 5.5% 5/20/20540.91%
Gnr 2023-149 Ez 6% 9/20/20630.90%
Fncl 4.00% 12/14 Tba0.86%
Fn Ma5878 5% 11/1/20550.85%
Fn Ma4623 2.5% 6/1/20520.84%
G2 Ma9171 5.5% 9/20/20530.83%
Gnr 2025-134 Ha 5% 6/20/20500.82%
Fhr 5488 Ha 5% 1/25/20520.81%
Gcat 2025-Inv5 B3 6.61793% 12/25/20550.80%
Fr Qd6052 2% 1/1/20520.76%

Only in SMBS

4,349 securities, 100% of SMBS by weight

GNMA2 30YR 5.00% 11/20/2054 (BBG01NZQMR80)0.44%
Fhlmc 30YR Umbs Super 5.50% 10/01/2054 (BBG01NYFN109)0.33%
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%
GNMA2 30YR 5.50% 10/20/2056 (BBG0238WL3J2)0.26%
GNMA2 30YR 5.00% 05/20/2056 (BBG01ZVZ4RL2)0.25%
Fnma 30YR Umbs 5.50% 04/01/2053 (BBG01F33L1J9)0.25%
Fnma 30YR Umbs 2.00% 05/01/2051 (BBG00ZHCZ133)0.25%
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 5.00% 04/20/2056 (BBG01Z997ZP0)0.20%
GNMA2 30YR 5.50% 06/20/2055 (BBG01SJ8MLF2)0.20%
GNMA2 30YR 5.00% 11/20/2055 (BBG01WCVFMG4)0.20%
Fhlmc 30YR Umbs Super 2.00% 02/01/2051 (BBG00Y2HT9V0)0.19%
Fhlmc 30YR Umbs 5.00% 03/01/2056 (BBG021983ZP0)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)0.18%
GNMA2 30YR 4.00% 09/20/2052 (BBG017RS0430)0.18%
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 Super 4.00% 08/01/2052 (BBG0194C3RZ7)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%
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 6.00% 10/20/2056 (BBG0238WL2K2)0.16%
Fnma 30YR Umbs 2.00% 12/01/2050 (BBG00XS6NZ55)0.16%
GNMA2 30YR 2.50% 08/20/2050 (BBG00TGXYGY6)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%

Weight gaps

MTGP and SMBS share no securities.

All 170 MTGP holdings⁠All 4,349 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.

MTGP vs SMBS Cost

Overpaying MTGP vs SMBS

$8,592

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

MTGP 0.46%
$9,230
SMBS 0.03%
$638

Amount$10,000

Years30 years

Cost over time

MTGP 0.46%
SMBS 0.03%
Overpaying

Year by year

Year	MTGP	SMBS	Overpaying
10	$830	$55	$775
20	$3,195	$216	$2,979
30	$9,230	$638	$8,592

Expense ratio

0.46%MTGP
0.03%SMBS, cheaper

SMBS0.03%MTGP0.46%

0.03%0.86%

Middle half of Mortgage-Backed Securities funds
Median 0.38%

SMBS cheapest of 24 funds

MTGP 17th cheapest of 24 funds

MTGP vs SMBS Dividends

Last 12 months to Nov 9, 2026

Yield (12M): MTGP 4.63%; SMBS 5.28%, better
Payout (12M): MTGP $2.00; SMBS $1.30
Last payment: MTGP $0.21; SMBS $0.11
Ex-dividend: MTGP Oct 27, 2026; SMBS Nov 2, 2026
Paid on: MTGP Oct 29, 2026; SMBS Nov 6, 2026
Frequency: MTGP Monthly; SMBS Monthly

Distribution history

Per share, 2023 to 2026, same scale for both

MTGPMonthly · 46 paymentsAll MTGP payments⁠

SMBSMonthly · 23 paymentsAll SMBS payments⁠

MTGP vs SMBS Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: MTGP 5.8%SMBS 4.9%since Dec 2024
Return per unit of riskSharpe ratio, 3 years: MTGP 0.26SMBS −0.16since Dec 2024
Worst fallMax drawdown, 5 years: MTGP −16.1%SMBS −5.2%since Nov 2024
Market sensitivityBeta, 5 years: MTGP 1.00SMBS 0.07; Market = 1

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