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SPMB vs TSEC

State Street SPDR Portfolio Mortgage Backed Bond ETF

SPMBANYSE Arca

Touchstone Securitized Income ETF

TSECCNYSE Arca

Overlap

No data

Expense ratio

SPMB −0.36pt a year

SPMB0.04%TSEC0.40%

Avg volume · 30D

SPMB 35.4×the volume

SPMB1.62MTSEC45.7K

3Y return · a year

TSEC +0.4pt

SPMB+6.3%TSEC+6.7%

SPMB vs TSEC Performance

Oct 31, 2025 – Oct 30, 2026

+0.3%SPMB+3.2%TSEC

Oct 31, 2025 to Oct 30, 2026. SPMB +0.3%. TSEC +3.2%. Use the arrow keys to read each point.−2%2%4%Oct 2025Apr 2026Oct 2026
Expense ratio
SPMB 0.04%, better
TSEC 0.40%
Fund size
SPMB $7B
TSEC $171M
1Y total return
SPMB +0.3%
TSEC +3.2%, better
Yield (12M)
SPMB 4.23%
TSEC 7.49%, better
Holdings
SPMB 2779
TSEC 142
Avg volume (30D)
SPMB 1.62M sh, better
TSEC 45.7K sh
NAV per share
SPMB $21.63
TSEC $25.03
52W range

ETF.net Grade

SPMB: Cost 94, Risk 34, Mission 64, Tradability 95, Holdings 75, Durability 83. TSEC: Cost 44, Risk 85, Mission 8, Tradability 25, Holdings 58, Durability 47.
Pillar letters and Scores for SPMB, TSEC, with each pillar’s weight
PillarSPMBTSEC
Cost30% weightA94HigherC44
Mission25% weightB64HigherF8
Risk15% weightD34A85Higher
Tradability15% weightA95HigherD25
Holdings10% weightA75HigherB58
Durability5% weightA83HigherC47

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. SPMB and TSEC 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 TSEC 17th 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 16CMTGPWisdomTree Mortgage Plus Bond FundScore 40
  4. Rank 17CTSECTouchstone Securitized Income ETFScore 39
  5. Rank 18DCAAAFirst Trust AAA CMBS ETFScore 35

Our read on each fund

ETF.net Research

SPMBAState Street SPDR Portfolio Mortgage Backed Bond ETF

TSECCTouchstone Securitized Income ETF

In short

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.

TSEC Most mortgage-bond ETFs are cheap index trackers stuffed with agency paper. TSEC goes the other way: an active book run by Fort Washington that roams the whole securitized market, from home and commercial mortgages to asset-backed deals and CLOs.

Stated mandate

SPMB The fund seeks to track, before fees and expenses, the price and yield performance of the Bloomberg U.S. MBS Index.

TSEC The Fund pursues combined income and capital growth, with a normal-market commitment of at least 80% of assets to securitized fixed-income securities.

Why people hold it

  • 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.
  • TSEC Hunts across the full securitized market: residential and commercial mortgages, asset-backed deals and CLOs, plus Treasuries and agency paper. Index rivals mostly stop at agency mortgages.prnewswire.com
  • Actively managed and sub-advised by Fort Washington, Touchstone's affiliated bond manager, with a fully transparent portfolio.westernsouthern.comprnewswire.com
  • Built around income and pays monthly, with at least 80% of assets committed to securitized fixed income.

Worth knowing

  • 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.
  • TSEC Charges 0.73% a year against a category median near 0.35%. Index heavyweights VMBS and MBB run 0.03% and 0.04%.
  • Thinly traded next to the category's giants, so the gap between buy and sell prices can run wider.
  • The Bloomberg U.S. Aggregate is a yardstick here, not a target. This is a securitized-only book that can behave very differently from the broad bond market.westernsouthern.com

Full SPMB profile⁠

Full TSEC profile⁠

SPMB vs TSEC 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.

SPMB vs TSEC Cost

Overpaying TSEC vs SPMB

$7,241

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

  • SPMB 0.04%

    $849

  • TSEC 0.40%

    $8,090

$10,000
30 years

Cost over time

  • SPMB 0.04%
  • TSEC 0.40%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$2K$4K$6K$8K$10K051015202530TSEC $8,090SPMB $849

Year by year

YearSPMBTSECOverpaying
10$73$723$650
20$288$2,793$2,505
30$849$8,090$7,241

Expense ratio

  • 0.04%SPMB, cheaper
  • 0.40%TSEC
  • Middle half of Mortgage-Backed Securities funds
  • Median 0.38%

SPMB 3rd cheapest of 24 funds

TSEC 15th cheapest of 24 funds

SPMB vs TSEC Dividends

Last 12 months to Oct 30, 2026
Yield (12M)
SPMB 4.23%
TSEC 7.49%, better
Payout (12M)
SPMB $0.92
TSEC $1.88
Last payment
SPMB $0.07
TSEC $0.15
Ex-dividend
SPMB Oct 1, 2026
TSEC Oct 29, 2026
Paid on
SPMB Oct 6, 2026
TSEC Oct 30, 2026
Frequency
SPMB Monthly
TSEC Monthly

Distribution history

Per share, 2023 to 2026, same scale for both

SPMBMonthly · 45 paymentsAll SPMB payments⁠
One bar per payment. 45 payments from 2023 to 2026 YTD. Feb 1, 2023 $0.06; Mar 1, 2023 $0.06; Apr 3, 2023 $0.06; May 1, 2023 $0.06; Jun 1, 2023 $0.06; Jul 3, 2023 $0.06; Aug 1, 2023 $0.06; Sep 1, 2023 $0.06; Oct 2, 2023 $0.06; Nov 1, 2023 $0.06; Dec 1, 2023 $0.06; Dec 18, 2023 $0.06; Feb 1, 2024 $0.06; Mar 1, 2024 $0.06; Apr 1, 2024 $0.06; May 1, 2024 $0.06; Jun 3, 2024 $0.06; Jul 1, 2024 $0.06; Aug 1, 2024 $0.06; Sep 3, 2024 $0.07; Oct 1, 2024 $0.07; Nov 1, 2024 $0.07; Dec 2, 2024 $0.07; Dec 19, 2024 $0.10; Feb 3, 2025 $0.07; Mar 3, 2025 $0.07; Apr 1, 2025 $0.07; May 1, 2025 $0.07; Jun 2, 2025 $0.07; Jul 1, 2025 $0.07; Aug 1, 2025 $0.07; Sep 2, 2025 $0.07; Oct 1, 2025 $0.07; Nov 3, 2025 $0.07; Dec 1, 2025 $0.07; Dec 18, 2025 $0.14; Feb 2, 2026 $0.07; Mar 2, 2026 $0.07; Apr 1, 2026 $0.07; May 1, 2026 $0.07; Jun 1, 2026 $0.07; Jul 1, 2026 $0.07; Aug 3, 2026 $0.07; Sep 1, 2026 $0.07; Oct 1, 2026 $0.07. Use the arrow keys to read each point.$0$0.2520232026YTD
TSECMonthly · 41 paymentsAll TSEC payments⁠
One bar per payment. 41 payments from 2023 to 2026 YTD. Aug 30, 2023 $0.19; Sep 27, 2023 $0.15; Oct 30, 2023 $0.09; Nov 29, 2023 $0.15; Dec 27, 2023 $0.15; Jan 30, 2024 $0.08; Feb 28, 2024 $0.12; Mar 28, 2024 $0.12; Apr 29, 2024 $0.13; May 30, 2024 $0.12; Jun 27, 2024 $0.11; Jul 30, 2024 $0.11; Aug 29, 2024 $0.13; Sep 27, 2024 $0.11; Oct 30, 2024 $0.15; Nov 27, 2024 $0.11; Dec 11, 2024 $0.05; Dec 30, 2024 $0.17; Jan 30, 2025 $0.10; Feb 27, 2025 $0.10; Mar 28, 2025 $0.10; Apr 29, 2025 $0.13; May 29, 2025 $0.10; Jun 27, 2025 $0.14; Jul 30, 2025 $0.11; Aug 28, 2025 $0.22; Sep 29, 2025 $0.15; Oct 30, 2025 $0.16; Nov 26, 2025 $0.14; Dec 11, 2025 $0.06; Dec 30, 2025 $0.17; Jan 29, 2026 $0.12; Feb 26, 2026 $0.19; Mar 30, 2026 $0.13; Apr 29, 2026 $0.16; May 28, 2026 $0.12; Jun 29, 2026 $0.16; Jul 30, 2026 $0.16; Aug 28, 2026 $0.14; Sep 29, 2026 $0.17; Oct 29, 2026 $0.15. Use the arrow keys to read each point.$0$0.2520232026YTD

SPMB vs TSEC Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years
SPMB 6.5%TSEC 2.5%, better
Return per unit of riskSharpe ratio, 3 years
SPMB 0.28TSEC 0.86, better
Worst fallMax drawdown, 5 years
SPMB −17.0%TSEC −1.7%since Jul 2023
Market sensitivityBeta, 5 years
SPMB 1.15TSEC 0.08

SPMB and TSEC in the news

All news⁠

Popular comparisons

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