SPMB — State Street SPDR Portfolio Mortgage Backed Bond ETF
Mortgage-Backed Ranked #306 of 458 tracked ETFs · Issued by State Street Investment Management
SPMB Price Performance — Growth of $10,000
Value of a $10,000 investment in SPMB over time, compared with SPY. Both lines are rebased to $10,000 on the first shared date. Based on total returns — prices are adjusted for dividends and splits, so this assumes distributions were reinvested. Hover or tap the chart for exact values.
SPMB Drawdown
The "underwater" chart: SPMB's decline from its highest prior value at each point in time. It shows how deep past losses ran and how long the fund took to recover to break-even.
What If You'd Invested in SPMB?
See what a lump sum in SPMB would have grown to, with the option to add a regular monthly contribution on top. Figures use total returns — dividends are assumed reinvested.
Past performance doesn't predict future results. Assumes contributions on the first trading day of each month, no trading costs or taxes, and reinvested distributions. History is limited to the range published in the site's daily return data.
Overview
The State Street SPDR Portfolio Mortgage Backed Bond ETF is a mortgage-backed bond fund issued by State Street Investment Management with $7.14 billion in assets under management. It holds a C grade and ranks third among four funds in its category, reflecting a cost structure that matches the 0.04% category median expense ratio. The fund offers a 4.16% dividend yield, which sits slightly below the category median of 4.28%. Concentration is notable, with the top ten holdings representing only 13.8% of assets and the largest position, State Street Global Advisors, accounting for 7.2%. This broad diversification within the top tier contrasts with the relatively low overall ranking of 306 out of 458 tracked ETFs.
The fund’s price of $21.87 places it at the lower end of its 52-week range, indicating recent downward pressure despite a positive year-to-date return of 0.19%. Short-term performance shows a slight decline over the past month and three months, while the one-year return of 2.40% trails the category median of 2.48%. In contrast, the three-year return of 15.18% demonstrates a longer-term accumulation of value that diverges from the recent stagnation. The ETFValuer grade has remained unchanged at C over the last 35 tracked days, suggesting a stable but unimpressive risk-adjusted profile. Historical data is available for only 3.0 years, limiting the depth of the long-term performance record.
With a beta of 1.15, the fund exhibits higher sensitivity to market movements than the broader benchmark, contributing to its 4.19% annualized volatility which is labeled as Very Low. The negative Sharpe ratio of -0.62 indicates that the returns generated have not adequately compensated for the risk taken. A maximum drawdown of -5.54% highlights the extent of peak-to-trough losses experienced during the measurement period. Liquidity is characterized by an average daily volume of 1,136,663 shares, though the bid/ask spread of 8.44% suggests potential trading costs for investors. These metrics collectively describe a fund that has delivered modest returns relative to its volatility and market correlation.
AI-generated summary based on the data on this page.
SPMB Top Holdings
| # | Holding | % of Net Assets | Value |
|---|---|---|---|
| 1 | State Street Global Advisors | 7.16% | $506M |
| 2 | Freddie Mac | 1.17% | $83M |
| 3 | State Street Global Advisors | 1.03% | $73M |
| 4 | Fannie Mae | 0.79% | $56M |
| 5 | Freddie Mac | 0.76% | $54M |
| 6 | UMBS, TBA | 0.63% | $45M |
| 7 | Freddie Mac | 0.61% | $43M |
| 8 | Freddie Mac | 0.55% | $39M |
| 9 | Government National Mortgage Association | 0.55% | $39M |
| 10 | Fannie Mae | 0.51% | $36M |
Holdings as of 2026-06-30 per the fund's most recent SEC N-PORT-P filing. Top 10 holdings make up 13.8% of net assets — a rough gauge of concentration risk (the higher this figure, the more the fund's return depends on a handful of names). To see how SPMB's holdings overlap with other ETFs you own or are considering, check the Stock Overlap tool.
Which Funds Overlap With SPMB
Holding two funds that own the same companies adds cost and complexity without adding much diversification. These tracked ETFs share the most names with SPMB's top 10 — MBB overlaps most, holding 4 of the same companies as SPMB's top 10 (5.6% of SPMB's assets).
| ETF | Name | Shared Companies | SPMB Weight | Examples |
|---|---|---|---|---|
| MBB | iShares MBS ETF | 4 | 5.6% | Freddie Mac, Government National Mortgage Association, UMBS, TBA… |
| MINT | PIMCO Enhanced Short Maturity Active Exchange-Traded Fund | 2 | 4.4% | Freddie Mac, Fannie Mae |
| SPDW | State Street SPDR Portfolio Developed World ex-US ETF | 1 | 8.2% | State Street Global Advisors |
| SPEM | State Street SPDR Portfolio Emerging Markets ETF | 1 | 8.2% | State Street Global Advisors |
| SDY | State Street SPDR S&P Dividend ETF | 1 | 8.2% | State Street Global Advisors |
Compares the top 10 reported holdings of each fund, so it's a floor on true overlap — two S&P 500 trackers overlap ~100% even when only 10 names are listed. Use the Stock Overlap tool to search by individual company.
Market Backdrop
10-Year Treasury Yield: 4.77% (as of 2026-09-03) — The yield on 10-year US Treasury bonds — the standard "risk-free rate" benchmark used to contextualize this fund’s Sharpe ratio and returns.
CBOE Volatility Index (VIX): 14.32 (as of 2026-09-03) — A real-time gauge of expected S&P 500 volatility over the next 30 days — useful context for this fund’s own volatility label.
Federal Funds Rate: 3.63% (as of 2026-08-01) — The Federal Reserve’s target policy rate, which anchors short-term borrowing costs across the economy.
What SPMB's Fees Cost You
SPMB charges an expense ratio of 0.04% a year, deducted automatically from the fund's value. Small percentages compound into real money — adjust the figures below to see the impact on your own numbers.
Assumes a constant gross return and no additional contributions — a simplification, but it isolates exactly what the expense ratio costs. Try the full fee calculator to model contributions and compare any two funds.
SPMB Dividend Income Estimator
SPMB currently yields 4.16%. Enter an amount to see the income that implies, or set a monthly income target to see the investment it would take.
Based on the fund's current trailing yield, which varies with price and distributions — treat it as an estimate, not a guarantee. Yields are not adjusted for tax.
SPMB Liquidity, Domicile & Tax Treatment
Liquidity: Quoted bid/ask spread is 8.44% and average daily volume is 1.1M/day. Tighter spreads and higher volume mean lower round-trip trading costs; this is a live-market snapshot and can widen during volatile sessions. AUM of $7.14B provides ample scale, supporting tight spreads and issuer commitment to keep the fund open.
Domicile & tax treatment: SPMB is a US-domiciled, SEC-registered ('40 Act) exchange-traded fund. Dividends and capital gains distributions are reported to US investors on Form 1099-DIV, and the fund is not subject to the PFIC reporting or UCITS-specific rules that apply to Irish- or Luxembourg-domiciled funds. Non-US investors should note that US-domiciled ETFs are generally subject to 30% US withholding tax on dividends (unless reduced by treaty) and to US estate tax exposure on the position — Irish-domiciled UCITS ETFs tracking the same index often avoid both, which is why non-US residents frequently prefer the UCITS equivalent where one exists. This is general information, not tax advice — consult a tax professional for your situation.
SPMB Performance History
| Period | Return |
|---|---|
| 1-Day | +0.05% |
| 1-Week | -0.22% |
| 1-Month | -0.09% |
| 3-Month | -0.12% |
| 6-Month | -1.06% |
| YTD | +0.19% |
| 1-Year | +2.40% |
| 3-Year | +15.18% |
How SPMB Compares to Other Mortgage-Backed ETFs
| Rank | Grade | Ticker | Name | 1-Year | Exp. Ratio | AUM |
|---|---|---|---|---|---|---|
| #247 | C |
MBB | iShares MBS ETF | +2.46% | 0.04% | $39.6B |
| #267 | C |
VMBS | Vanguard Mortgage-Backed Securities Index Fund ETF Shares | +2.59% | 0.03% | $17.6B |
| #306 | C |
SPMB | State Street SPDR Portfolio Mortgage Backed Bond ETF | +2.40% | 0.04% | $7.14B |
| #379 | C |
GNMA | iShares GNMA Bond ETF | +2.50% | 0.1% | $435M |