SMBS vs SPMB: Grades, Fees and Holdings Compared

Schwab Mortgage-Backed Securities ETF

SMBSANYSE Arca

State Street SPDR Portfolio Mortgage Backed Bond ETF

SPMBANYSE Arca

Overlap

0.0%by weight

Expense ratio

SMBS −0.01pt a year

SMBS0.03%SPMB0.04%

Avg volume · 30D

SPMB 1.6×the volume

SMBS1.01MSPMB1.62M

SMBS vs SPMB Performance

Oct 31, 2025 – Oct 30, 2026

+0.3%SMBS+0.3%SPMB

Expense ratio: SMBS 0.03%, better; SPMB 0.04%
Fund size: SMBS $6.45B; SPMB $7B
1Y total return: SMBS +0.3%; SPMB +0.3%
Yield (12M): SMBS 5.32%, better; SPMB 4.23%
Holdings: SMBS 4343; SPMB 2779
Avg volume (30D): SMBS 1.01M sh; SPMB 1.62M sh, better
NAV per share: SMBS $24.67; SPMB $21.63
52W range

ETF.net Grade

Pillar letters and Scores for SMBS, SPMB, with each pillar’s weight
Pillar	SMBS	SPMB
Cost30% weight	A94	A94
Mission25% weight	B61	B64Higher
Risk15% weight	D35Higher	D34
Tradability15% weight	B68	A95Higher
Holdings10% weight	A86Higher	A75
Durability5% weight	B60	A83Higher

Rank among Mortgage-Backed Securities funds

How we build Categories ›

Same Category. SMBS 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 SMBS 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

Our read on each fund

ETF.net Research

SMBSASchwab Mortgage-Backed Securities ETF

SPMBAState Street SPDR Portfolio Mortgage Backed Bond ETF

In short

SMBS 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

SMBS 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

SMBS 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

SMBS 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 SMBS profile⁠

Full SPMB profile⁠

SMBS vs SPMB Holdings

How SMBS and SPMB differ

Overlap by weight

0.0%

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

Level by level

Asset classEquity, Fixed Income0.0%
Holdings0 in both0.0%
Countryby domicile100%

Sector

No Sector split for SMBS and SPMB.

Country, concentration and asset class

Country by domicile

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

Concentration

Weight in the 10 largest Holdings

SMBS3.9%
SPMB11.6%

Securities held

SMBS4,343
SPMB2,778

Asset class

SMBS: Equity
SPMB: Fixed Income

Holdings

Only in SMBS4,343
In both0
Only in SPMB2,778

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%

Only in SPMB

2,778 securities, 94.9% of SPMB by weight

Fed Hm Ln Pc Pool RQ0094 Fr 02/56 Fixed 51.08%
Fed Hm Ln Pc Pool RQ0118 Fr 05/56 Fixed 50.97%
Fnma Tba 30 Yr 5.5 Single Family Mortgage0.91%
Fnma Pool MA4547 Fn 02/52 Fixed 20.72%
Fed Hm Ln Pc Pool RQ0041 Fr 08/55 Fixed 60.69%
Fed Hm Ln Pc Pool SD8212 Fr 05/52 Fixed 2.50.56%
Fed Hm Ln Pc Pool SD8475 Fr 11/54 Fixed 5.50.50%
Gnma Ii Pool MB0424 G2 06/55 Fixed 5.50.50%
Fnma Pool FA0608 Fn 02/55 Fixed Var0.49%
Gnma Ii Pool MB0871 G2 01/56 Fixed 50.47%
Fnma Pool MA4701 Fn 08/52 Fixed 4.50.46%
Fnma Pool MA4465 Fn 11/51 Fixed 20.43%
Fed Hm Ln Pc Pool SD8193 Fr 02/52 Fixed 20.41%
Fnma Pool FS2040 Fn 02/52 Fixed Var0.41%
Fnma Pool MA6240 Fn 11/56 Fixed 5.50.40%
Fed Hm Ln Pc Pool SD8408 Fr 03/54 Fixed 5.50.40%
Fed Hm Ln Pc Pool SD8177 Fr 11/51 Fixed 20.40%
Gnma Ii Pool MB1216 G2 06/56 Fixed 50.39%
Fed Hm Ln Pc Pool RQ0137 Fr 07/56 Fixed 5.50.39%
Fed Hm Ln Pc Pool RQ0056 Fr 10/55 Fixed 5.50.37%
Fed Hm Ln Pc Pool SD8167 Fr 09/51 Fixed 2.50.37%
Fnma Tba 30 Yr 6 Single Family Mortgage0.37%
Gnma Ii Pool MB1343 G2 08/56 Fixed 50.35%
Fed Hm Ln Pc Pool SD8454 Fr 08/54 Fixed 60.34%
Fnma Pool MA4437 Fn 10/51 Fixed 20.34%
Fnma Pool CC0119 Fn 03/55 Fixed 60.34%
Fed Hm Ln Pc Pool RQ0040 Fr 08/55 Fixed 5.50.33%
Gnma Ii Pool MB0365 G2 05/55 Fixed 50.33%
Gnma Ii Pool MA7826 G2 01/52 Fixed 20.33%
Fed Hm Ln Pc Pool SL2071 Fr 03/55 Fixed 60.33%
Fnma Pool CB7336 Fn 10/53 Fixed 5.50.32%
Fed Hm Ln Pc Pool SD8121 Fr 01/51 Fixed 20.32%
Fnma Pool MA4624 Fn 06/52 Fixed 30.32%
Fnma Pool MA4512 Fn 01/52 Fixed 2.50.32%
Fed Hm Ln Pc Pool SD8178 Fr 11/51 Fixed 2.50.32%
Fnma Pool MA5038 Fn 06/53 Fixed 50.32%
Fnma Tba 30 Yr 6.5 Single Family Mortgage0.31%
Gnma Ii Pool MB0146 G2 01/55 Fixed 50.31%
Fed Hm Ln Pc Pool SD8342 Fr 07/53 Fixed 5.50.31%
Fed Hm Ln Pc Pool QD3162 Fr 12/51 Fixed 20.31%
Gnma Ii Pool MB0092 G2 12/54 Fixed 5.50.30%
Fed Hm Ln Pc Pool SD8243 Fr 09/52 Fixed 3.50.30%
Fed Hm Ln Pc Pool SD8526 Fr 04/55 Fixed 6.50.30%
Gnma Ii Pool MB1070 G2 04/56 Fixed 50.30%
Fed Hm Ln Pc Pool SD8106 Fr 11/50 Fixed 20.30%
Fnma Pool MA4515 Fn 01/37 Fixed 1.50.29%
Fnma Tba 30 Yr 5 Single Family Mortgage0.29%
Fed Hm Ln Pc Pool SD8492 Fr 01/55 Fixed 50.29%
Gnma Ii Pool MB0485 G2 07/55 Fixed 5.50.29%
Fnma Pool MA5445 Fn 08/54 Fixed 60.29%

Weight gaps

SMBS and SPMB share no securities.

All 4,343 SMBS 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.

SMBS vs SPMB Cost

Overpaying SPMB vs SMBS

$211

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

SMBS 0.03%
$638
SPMB 0.04%
$849

Amount$10,000

Years30 years

Cost over time

SMBS 0.03%
SPMB 0.04%
Overpaying

Year by year

Year	SMBS	SPMB	Overpaying
10	$55	$73	$18
20	$216	$288	$72
30	$638	$849	$211

Expense ratio

0.03%SMBS, cheaper
0.04%SPMB

SMBS0.03%SPMB0.04%

0.03%0.86%

Middle half of Mortgage-Backed Securities funds
Median 0.38%

SMBS cheapest of 24 funds

SPMB 3rd cheapest of 24 funds

SMBS vs SPMB Dividends

Last 12 months to Oct 30, 2026

Yield (12M): SMBS 5.32%, better; SPMB 4.23%
Payout (12M): SMBS $1.31; SPMB $0.92
Last payment: SMBS $0.11; SPMB $0.07
Ex-dividend: SMBS Oct 1, 2026; SPMB Oct 1, 2026
Paid on: SMBS Oct 7, 2026; SPMB Oct 6, 2026
Frequency: SMBS Monthly; SPMB Monthly

Distribution history

Per share, 2023 to 2026, same scale for both

SMBSMonthly · 22 paymentsAll SMBS payments⁠

SPMBMonthly · 45 paymentsAll SPMB payments⁠

SMBS vs SPMB Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: SMBS 4.9%since Dec 2024SPMB 6.5%
Return per unit of riskSharpe ratio, 3 years: SMBS −0.16since Dec 2024SPMB 0.28
Worst fallMax drawdown, 5 years: SMBS −5.2%since Nov 2024SPMB −17.0%
Market sensitivityBeta, 5 years: SMBS 0.07SPMB 1.15; Market = 1

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