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CMBSvsPMBSETF Comparison

ETF 1

CMBS

iShares CMBS ETF

This fund is part of

MBS & ABS

+0.27%

Full CMBS fund page

VS

ETF 2

PMBS

PIMCO Mortgage-Backed Securities Active Exchange-Traded Fund

This fund is part of

MBS & ABS

+0.27%

Full PMBS fund page

iShares CMBS ETF (CMBS) and PIMCO Mortgage-Backed Securities Active Exchange-Traded Fund (PMBS) have similar underlying exposures to countries and sectors. They also belong to the same industry segment: MBS & ABS. CMBS's top 3 sector exposures are Industrials, Non-Corporate and Finance. In contrast, PMBS's top sector exposures are Industrials, Sovereign and Finance. CMBS is less expensive with a Total Expense Ratio (TER) of 0.25%, versus 0.71% for PMBS. CMBS is down -0.35% year-to-date (YTD) with -$19M in YTD flows. PMBS performs worse with -1.7% YTD performance, and +$496M in YTD flows. Run a side-by-side ETF comparison of CMBS and PMBS below, and assess how they stack up in performance, liquidity, risk, exposure, holdings, and more, helping you select the best ETF for your investments.

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CMBS vs PMBS performance and flow charts

Performance

Cumulative Flows

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Daily, global ETF data for advanced analysis or integration into apps (API), from our partner Trackinsight.

Data Services

Historic performance and flows

Data as of 09/21/2026

		1M	3M	YTD	1Y	3Y	5Y
Perf.	CMBS PMBS	-0.99%-2.11%	-0.66%-2.66%	-0.35%-1.70%	+0.87%+0.19%	+17.42%n/a	+2.69%n/a
Flows	CMBS PMBS	-$2M+$43M	-$5M+$83M	-$19M+$496M	-$5M+$707M	+$14M-	-$239M-

Volatility and drawdown

		3M	1Y	3Y	5Y
Volatility	CMBS PMBS	+2.49%+5.38%	+2.54%+4.43%	+3.61%n/a	+4.56%n/a
Max drawdown	CMBS PMBS	-1.50%-4.00%	-2.12%-4.55%	-2.58%n/a	-15.21%n/a
Max drawdown duration	CMBS PMBS	27d84d	204d204d	162dn/a	1373dn/a

Trading data

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	CMBS	PMBS
Last sale 9/21/2026 at 1:30 PM	$47.60	$47.51
Previous close 09/21/2026	$47.58	$47.37
Consolidated volume 09/21/2026
Average volume 30 days
Average discount or premium 30 days
Average Bid/Ask spread 30 days

Replication quality

Data as of August 31, 2026

1-year trailing difference

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PMBS

is actively managed and doesn’t replicate an index

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	CMBS	PMBS
Tracking error
Tracking difference
1 year cumulative return difference
Best
Worst
Daily return difference
Average
Worst

Main metrics

Last update 9/21/2026 at 1:30 PM

Live

Closed

	CMBS	PMBS
Last price	$47.60	$47.51
1D performance	+0.04%	+0.30%
AuM	$462.25 M	$1.40 B
E/R	0.25%	0.71%

Characteristics

	CMBS	PMBS
Management strategy	Passive	Active
Provider	iShares	PIMCO
Benchmark	Bloomberg US CMBS ERISA Eligible Index	-
N° of holdings	19	104
Asset class	Fixed Income	-
Trailing 12m distribution yield	Join	Join
Inception date	February 14, 2012	September 20, 2024
ESG	No	No

More CMBS data on Trackinsight

More PMBS data on Trackinsight

Exposure

Countries

CMBS

Other

100%

PMBS

USA

7%

Other

93%

Sectors

CMBS

Other

100%

PMBS

Other

100%

Diversification

CMBS

Total weight of top 15 holdings out of 15

12.53%

PMBS

Total weight of top 15 holdings out of 15

36.96%

Top 15 holdings

Data as of July 31, 2026

CMBS

Freddie Mac REMICS K117, 1.406% 25aug2030, USD (ABS, A2)

1.25%

US3137HCXK30

1.14%

US3137FTBM86

1.10%

US3136BXM355

0.92%

US3137FPHK45

0.90%

US3136BMXZ61

0.87%

US3137HLJ526

0.85%

US3137FCJK14

0.74%

US05555PAB85

0.73%

US3137HAAG19

0.72%

US3137HPUE10

0.71%

US3137FMTY89

0.69%

US22945DAG88

0.67%

US09661XAB47

0.64%

US3137HHHY05

0.62%

PMBS

US01F0606917

6.89%

US01F0306948

4.06%

US01F0506927

3.44%

US01F0206874

2.49%

US3618N5ZG77

2.29%

US3142GWVD80

2.20%

US21H0526945

2.05%

US01F0506844

2.04%

US21H0506806

2.03%

US01F0426993

1.93%

US21H0226892

1.87%

US21H0626851

1.86%

US21H0206910

1.29%

US21H0406817

1.28%

US01F0226831

1.25%

Frequently asked questions about CMBS and PMBS

How have the CMBS and PMBS ETFs performed in 2026?

As of September 21, 2026, CMBS is down -0.35% year-to-date (YTD), while PMBS has lost -1.7%. That puts CMBS better performer ahead so far this year.

Which ETF is attracting more investor money: CMBS or PMBS?

Year-to-date, the CMBS ETF saw -$19M in flows, compared to +$496M for PMBS.

Which ETF is more volatile: CMBS or PMBS?

Over the past year, CMBS had a volatility of 2.54%, while PMBS experienced 4.43%.

Which ETF is bigger: CMBS or PMBS?

As of September 21, 2026, CMBS holds $462.25 M in assets under management (AUM), while PMBS manages $1.40 B.

What are the top holdings of the CMBS ETF and PMBS ETF?

CMBS top holdings include Freddie Mac REMICS K117, 1.406% 25aug2030, USD (ABS, A2), US3137HCXK30 and US3137FTBM86. PMBS holds in its top three: US01F0606917, US01F0306948 and US01F0506927.

Which ETF is more diversified: CMBS or PMBS?

CMBS holds 454 securities with 12.53% of its assets in the top 15. PMBS has 1059 securities and a top 15 weight of 36.96%.

Agency MBS Valuations are Historically Cheap

January 1, 1970

PMBS

CMBSvsPMBSETF Comparison

iShares CMBS ETF

PIMCO Mortgage-Backed Securities Active Exchange-Traded Fund

CMBS vs PMBS performance and flow charts

Performance

Cumulative Flows

Get all the metrics on this page, and more, through a reliable ETF data feed

Countries

Sectors

Diversification

Top 15 holdings

How have the CMBS and PMBS ETFs performed in 2026?

As of September 21, 2026, CMBS is down -0.35% year-to-date (YTD), while PMBS has lost -1.7%. That puts CMBS better performer ahead so far this year.

Which ETF is attracting more investor money: CMBS or PMBS?

Year-to-date, the CMBS ETF saw -$19M in flows, compared to +$496M for PMBS.

Which ETF is more volatile: CMBS or PMBS?

Over the past year, CMBS had a volatility of 2.54%, while PMBS experienced 4.43%.

Which ETF is bigger: CMBS or PMBS?

As of September 21, 2026, CMBS holds $462.25 M in assets under management (AUM), while PMBS manages $1.40 B.

What are the top holdings of the CMBS ETF and PMBS ETF?

CMBS top holdings include Freddie Mac REMICS K117, 1.406% 25aug2030, USD (ABS, A2), US3137HCXK30 and US3137FTBM86. PMBS holds in its top three: US01F0606917, US01F0306948 and US01F0506927.

Which ETF is more diversified: CMBS or PMBS?

CMBS holds 454 securities with 12.53% of its assets in the top 15. PMBS has 1059 securities and a top 15 weight of 36.96%.

Agency MBS Valuations are Historically Cheap

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