DFNMvsSPMBETF Comparison
VS
ETF 2
SPMB
State Street State Street SPDR Portfolio Mortgage Backed Bond ETF
This fund is part of
MBS & ABS
-0.3%
Dimensional National Municipal Bond ETF (DFNM) belongs to the Municipal Bonds segment. State Street State Street SPDR Portfolio Mortgage Backed Bond ETF (SPMB) is part of the MBS & ABS segment. DFNM's top 1 sector exposures are Municipal. In contrast, SPMB's top sector exposures are Industrials, Finance and Government Agencies. DFNM is more expensive with a Total Expense Ratio (TER) of 0.18%, versus 0.04% for SPMB. DFNM is up 0.32% year-to-date (YTD) with +$379M in YTD flows. SPMB performs worse with -0.27% YTD performance, and +$644M in YTD flows. Run a side-by-side ETF comparison of DFNM and SPMB 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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DFNM vs SPMB performance and flow charts
Performance
Cumulative Flows
Historic performance and flows
Data as of 08/31/2026
| 1M | 3M | YTD | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|---|---|
| Perf. | DFNM SPMB | -0.07%-0.12% | -0.81%-0.96% | +0.32%-0.27% | +3.08%+2.85% | +9.28%+14.44% | n/a+0.23% |
| Flows | DFNM SPMB | +$55M+$169M | +$173M+$305M | +$379M+$644M | +$645M+$941M | +$1.31B+$2.57B | -+$3.68B |
Volatility and drawdown
| 3M | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|
| Volatility | DFNM SPMB | +1.63%+4.72% | +1.59%+4.27% | +2.16%+5.94% | n/a+6.71% |
| Max drawdown | DFNM SPMB | -1.36%-1.90% | -1.79%-2.98% | -2.92%-5.55% | n/a-17.38% |
| Max drawdown duration | DFNM SPMB | 56d64d | 124d184d | 183d84d | n/a1500d |
Trading data
DFNM | SPMB | |
Last sale 9/2/2026 at 3:50 PM | $47.30 | $21.78 |
| Previous close 09/01/2026 | $47.36 | $21.82 |
| Consolidated volume 09/01/2026 | ||
| 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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DFNM
is actively managed and doesn’t replicate an indexDFNM | SPMB | |
|---|---|---|
| Tracking error | ||
| Tracking difference | ||
| 1 year cumulative return difference | ||
| Best | ||
| Worst | ||
| Daily return difference | ||
| Average | ||
| Worst | ||
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Main metrics
Last update 9/2/2026 at 3:50 PM
Live
Closed
DFNM | SPMB | |
|---|---|---|
| Last price | $47.30 | $21.78 |
| 1D performance | -0.13% | -0.18% |
| AuM | $2.27 B | $7.09 B |
| E/R | 0.18% | 0.04% |
Characteristics
DFNM | SPMB | |
|---|---|---|
| Management strategy | Active | Passive |
| Provider | Dimensional | State Street Investment Management |
| Benchmark | - | Bloomberg U.S. MBS Index |
| N° of holdings | 271 | 554 |
| Asset class | - | Bonds |
| Trailing 12m distribution yield | Join | Join |
| Inception date | November 15, 2021 | January 15, 2009 |
| ESG | No | No |
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Exposure
Countries
DFNM
USA
32.24%
Other
67.76%
SPMB
USA
32.64%
Other
67.36%
Sectors
DFNM
Municipal
32.24%
Other
67.76%
SPMB
Industrials
32.31%
Other
67.69%
Diversification
DFNM
Total weight of top 15 holdings out of 15
8.43%
SPMB
Total weight of top 15 holdings out of 15
9.28%
Top 15 holdings
Data as of July 31, 2026
DFNM
County of Hudson, 4% 24feb2027, USD (2026)
0.82%
Revere, 4% 29jul2027, USD
0.73%
City of Somerville (MA), 4% 28may2027, USD
0.68%
Hoboken, 4% 8mar2027, USD (2026)
0.68%
US562333SJ48
0.60%
US594712ZC81
0.60%
Maryland, 5% 1jun2037, USD (2025)
0.50%
US650028F992
0.50%
New Mexico, 5% 1mar2027, USD (2026)
0.50%
US686507NU45
0.49%
US30382AMM17
0.49%
US59333FR362
0.47%
Charleston School District, 5% 6may2027, USD (2026A)
0.47%
Danbury, 4% 22feb2027, USD
0.45%
US190819JY92
0.45%
SPMB
US3142J6C840
1.16%
US01F0526800
0.86%
FN MA4547, 2% 1feb2052, USD (ABS)
0.78%
US3142J6BK85
0.76%
US01F0506844
0.70%
FR SD8212, 2.5% 1may2052, USD (ABS)
0.60%
US3132DWMY65
0.55%
G2 MB0424, 5.5% 20jun2055, USD (ABS)
0.54%
FN MA4701, 4.5% 1aug2052, USD (ABS)
0.51%
US01F0606834
0.50%
US21H0506806
0.49%
FN FA0608, 5.5% 1feb2055, USD (ABS)
0.49%
FN MA4465, 2% 1nov2051, USD (ABS)
0.47%
FN FS2040, 2% 1feb2052, USD (ABS)
0.44%
US3132DWKV45
0.43%
Frequently asked questions about DFNM and SPMB
How have the DFNM and SPMB ETFs performed in 2026?
As of August 31, 2026, DFNM is up 0.32% year-to-date (YTD), while SPMB has lost -0.27%. That puts DFNM better performer ahead so far this year.
Which ETF is attracting more investor money: DFNM or SPMB?
Year-to-date, the DFNM ETF saw +$379M in flows, compared to +$644M for SPMB.
Which ETF is more volatile: DFNM or SPMB?
Over the past year, DFNM had a volatility of 1.59%, while SPMB experienced 4.27%.
Which ETF is bigger: DFNM or SPMB?
As of August 31, 2026, DFNM holds $2.27 B in assets under management (AUM), while SPMB manages $7.09 B.
What sectors do the DFNM and SPMB ETFs invest in?
DFNM leans toward sectors like Municipal. Meanwhile, SPMB focuses on Industrials.
What are the top holdings of the DFNM ETF and SPMB ETF?
DFNM top holdings include County of Hudson, 4% 24feb2027, USD (2026), Revere, 4% 29jul2027, USD and City of Somerville (MA), 4% 28may2027, USD. SPMB holds in its top three: US3142J6C840, US01F0526800 and FN MA4547, 2% 1feb2052, USD (ABS).
Which ETF is more diversified: DFNM or SPMB?
DFNM holds 1204 securities with 8.43% of its assets in the top 15. SPMB has 2713 securities and a top 15 weight of 9.28%.
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