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FSEC vs SMBS: Differences, Returns & Fees

On May 31, 2026 FSEC's duration was 5.2 years and SMBS's 5.1; SMBS charges 0.03% to FSEC's 0.36%. Net assets: $4.5bn on Sep 30, 2026 for Fidelity Investment Grade Securitized ETF, and $6.4bn on May 31, 2026 for Schwab Mortgage-Backed Securities ETF.

SMBS costs 0.33 points a year less; their one-year returns differ by 0.2 points; SMBS is 1.4 times larger.

FSECSMBS
Expense ratio0.36%0.03%
Net assets, as of May 31, 2026$4.5bn$6.4bn
Total return, 1 year−1.2%−1.0%
What it tracksNo index, actively managedBloomberg US MBS Float Adjusted Total Return Index
Holdings in common3%
Below its high4.4%, high on Feb 27, 2026

Holdings in common uses holdings dated May 31, 2026.

−1.2%
FSEC total return, 1 year
−1.0%
SMBS total return, 1 year
0.36%
FSEC expense ratio
0.03%
SMBS expense ratio

What they hold in common

By the books each fund has filed, FSEC and SMBS hold 3% of their money in the same securities at the same weight. Above 50%, holding both is close to holding one of them twice. Holdings dated May 31, 2026.

half

3% in common

Positions both hold, largest shared weight first
Holding FSEC SMBS
FHLG 30YR 2% 11/01/2050#SD8106, due Nov 1, 2050 0.85% 0.26%
FHLG 30YR 2% 03/01/2051#SD8134, due Mar 1, 2051 0.18% 0.21%
GNII II 4.5% 11/20/2054#MB0024, due Nov 20, 2054 0.70% 0.16%
FHLG 30YR 2% 02/01/2051#SD8128, due Feb 1, 2051 0.15% 0.18%
FHLG 30YR 3% 08/01/2052#SD7555, due Aug 1, 2052 0.21% 0.13%
GNII II 2% 10/20/2050#MA6930, due Oct 20, 2050 0.16% 0.11%
FHLG 30YR 2% 09/01/2050#SD8090, due Sep 1, 2050 0.28% 0.10%
FNMA 30YR 2% 01/01/2051#MA4237, due Jan 1, 2051 0.20% 0.10%
GNII II 3% 04/20/2052#MA7988, due Apr 20, 2052 1.03% 0.10%
FHLG 30YR 2.5% 01/01/2052#SD8189, due Jan 1, 2052 0.09% 0.09%
FNMA 30YR 2% 04/01/2051#MA4305, due Apr 1, 2051 0.09% 0.08%
FNMA 30YR 2% 05/01/2051#MA4325, due May 1, 2051 0.08% 0.28%
Only in FSEC
GNII II 5.5% 06/01/2056 #TBA, due Jun 1, 2056 6.97%
UMBS 30YR 5% 06/01/2056 #TBA, due Jun 1, 2056 5.97%
GNII II 5.5% 07/01/2056 #TBA, due Jul 1, 2056 4.64%
GNII II 5% 06/01/2056 #TBA, due Jun 1, 2056 4.20%
UMBS 30YR 2% 06/01/2056 #TBA, due Jun 1, 2056 3.54%
GNII II 2% 06/01/2056 #TBA, due Jun 1, 2056 3.04%
GNII II 6% 06/01/2056 #TBA, due Jun 1, 2056 3.02%
GNII II 2.5% 06/01/2056 #TBA, due Jun 1, 2056 2.90%
Only in SMBS
Freddie Mac Pool, due Jan 1, 2054 0.29%
Freddie Mac Pool, due Feb 1, 2052 0.27%
Freddie Mac Pool, due Apr 1, 2056 0.25%
Freddie Mac Pool, due Mar 1, 2052 0.25%
Ginnie Mae II Pool, due Jan 20, 2056 0.24%
Freddie Mac Pool, due Aug 1, 2055 0.24%
Ginnie Mae II Pool, due Dec 20, 2055 0.24%
Freddie Mac Pool, due Dec 1, 2050 0.22%

Check overlap with more funds →

On the same fields

FSEC
Fidelity Investment Grade Securitized ETF
SMBS
Schwab Mortgage-Backed Securities ETF
Where it sits Bond ETF Bond ETF
Issuer Fidelity Schwab
What it is Actively managed Tracks an index
Total return, 1 year −1.2% −1.0%
S&P 500 over the same days +17.3% +17.3%
Gap to the S&P 500 −18.4 pts −18.2 pts
Expense ratio 0.36% 0.03%
Holdings 1059 4196
Net assets, FSEC as of Sep 30, 2026 and SMBS as of May 31, 2026 $4.5bn $6.4bn

FSEC and SMBS on the fields both publish, as of Oct 9, 2026. Source: ETFIQ.

FSEC in plain words

FSEC is actively managed and tracks no index. Over the year to Oct 9, 2026 it returned −1.2% with distributions reinvested. The prospectus expense ratio is 0.36% a year. It sat 4.4% below its high of Feb 27, 2026 on Oct 9, 2026.

SMBS in plain words

SMBS tracks an index. Over the year to Oct 9, 2026 it returned −1.0% with distributions reinvested, against −1.2% for its benchmark, the Bloomberg US MBS Float Adjusted Total Return Index, measured by the closely related Bloomberg U.S. MBS Index. The prospectus expense ratio is 0.03% a year.

Questions people ask

Which returned more over the last year, FSEC or SMBS?
In the year to Oct 9, 2026, with distributions reinvested, FSEC returned −1.2% and SMBS −1.0%.
Which is cheaper, FSEC or SMBS?
SMBS is cheaper, by 0.33 percentage points a year. That is about $33 on $10,000 held for a year. Fees come from each fund's prospectus.
Other comparisons
FSEC vs VMBSFSEC vs PMBSFSEC vs MBBFSEC vs JMBSSMBS vs SPMBSMBS vs VMBSJMBS vs SMBSJMTG vs SMBS
FSEC on its own →SMBS on its own →Hold both: look the portfolio through →Rankings →Standards and sources →
Where these figures came from
FSEC filings on SEC EDGAR ↗FSEC prospectus with the expense ratio (SEC) ↗Fidelity website ↗SMBS filings on SEC EDGAR ↗SMBS prospectus with the expense ratio (SEC) ↗Schwab website ↗

ETFIQ links to the documents behind every figure; a link is not an endorsement. A comparison is not a recommendation.

How this is computed

Overlap adds up the smaller of the two weights for each security both funds hold.

Cite this pageCitation, APA and Markdown

ETFIQ, FSEC against SMBS, data as of Oct 9, 2026. https://etfiq.com/compare/any/fsec-vs-smbs

Open data

Free to use with attribution for figures ETFIQ computes; issuer data stays under its owner's terms.