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SMBS vs VMBS

Schwab Mortgage-Backed Securities ETF

SMBSANYSE Arca

Vanguard Mortgage-Backed Securities ETF

VMBSANasdaq

Overlap

Expense ratio

Same figure. Both funds show the same value, so neither comes out ahead.

SMBS0.03%VMBS0.03%

Avg volume · 30D

VMBS 1.8×the volume

SMBS1.01MVMBS1.85M

SMBS vs VMBS Performance

Oct 31, 2025 – Oct 30, 2026

+0.3%SMBS+0.9%VMBS

Oct 31, 2025 to Oct 30, 2026. SMBS +0.3%. VMBS +0.9%. Use the arrow keys to read each point.−2%−1%2%3%Oct 2025Apr 2026Oct 2026
Expense ratio
SMBS 0.03%
VMBS 0.03%
Fund size
SMBS $6.45B
VMBS $17.1B
1Y total return
SMBS +0.3%
VMBS +0.9%, better
Yield (12M)
SMBS 5.32%, better
VMBS 4.31%
Holdings
SMBS 4343
VMBS 4924
Avg volume (30D)
SMBS 1.01M sh
VMBS 1.85M sh, better
NAV per share
SMBS $24.67
VMBS $45.51
52W range

ETF.net Grade

SMBS: Cost 94, Risk 35, Mission 61, Tradability 68, Holdings 86, Durability 60. VMBS: Cost 94, Risk 36, Mission 64, Tradability 63, Holdings 86, Durability 92.
Pillar letters and Scores for SMBS, VMBS, with each pillar’s weight
PillarSMBSVMBS
Cost30% weightA94A94
Mission25% weightB61B64Higher
Risk15% weightD35D36Higher
Tradability15% weightB68HigherB63
Holdings10% weightA86A86
Durability5% weightB60A92Higher

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. SMBS 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 SMBS 4th 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 5BJMTGJPMorgan Mortgage-Backed Securities ETFScore 63

Our read on each fund

ETF.net Research

SMBSASchwab Mortgage-Backed Securities ETF

VMBSAVanguard Mortgage-Backed Securities ETF

In short

SMBS No data

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

SMBS No data

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

SMBS No data

  • 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

SMBS No data

  • 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 SMBS profile⁠

Full VMBS profile⁠

SMBS 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.

SMBS vs VMBS Cost

Same expense ratio

$638

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

  • SMBS 0.03%

    $638

  • VMBS 0.03%

    $638

$10,000
30 years

Cost over time

  • SMBS 0.03%
  • VMBS 0.03%
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$200$400$600$800051015202530SMBS $638VMBS $638

Year by year

YearSMBSVMBS
10$55$55
20$216$216
30$638$638

Expense ratio

  • 0.03%SMBS
  • 0.03%VMBS
  • Middle half of Mortgage-Backed Securities funds
  • Median 0.38%

SMBS cheapest of 24 funds

VMBS cheapest of 24 funds

SMBS vs VMBS Dividends

Last 12 months to Oct 30, 2026
Yield (12M)
SMBS 5.32%, better
VMBS 4.31%
Payout (12M)
SMBS $1.31
VMBS $1.97
Last payment
SMBS $0.11
VMBS $0.16
Ex-dividend
SMBS Oct 1, 2026
VMBS Oct 1, 2026
Paid on
SMBS Oct 7, 2026
VMBS Oct 5, 2026
Frequency
SMBS Monthly
VMBS Monthly

Distribution history

Per share, 2023 to 2026, same scale for both

SMBSMonthly · 22 paymentsAll SMBS payments⁠
One bar per payment. 22 payments from 2023 to 2026 YTD. Dec 20, 2024 $0.12; Feb 3, 2025 $0.13; Mar 3, 2025 $0.10; Apr 1, 2025 $0.10; May 1, 2025 $0.03; Jun 2, 2025 $0.11; Jul 1, 2025 $0.11; Aug 1, 2025 $0.12; Sep 2, 2025 $0.11; Oct 1, 2025 $0.11; Nov 3, 2025 $0.12; Dec 1, 2025 $0.10; Dec 19, 2025 $0.10; Feb 2, 2026 $0.11; Mar 2, 2026 $0.11; Apr 1, 2026 $0.10; May 1, 2026 $0.11; Jun 1, 2026 $0.11; Jul 1, 2026 $0.11; Aug 3, 2026 $0.12; Sep 1, 2026 $0.10; Oct 1, 2026 $0.11. 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

SMBS vs VMBS 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 2024VMBS 6.3%
Return per unit of riskSharpe ratio, 3 years
SMBS −0.16since Dec 2024VMBS 0.33
Worst fallMax drawdown, 5 years
SMBS −5.2%since Nov 2024VMBS −16.9%
Market sensitivityBeta, 5 years
SMBS 0.07VMBS 1.12

Popular comparisons

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