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PMBS vs VMBS: Differences, Returns & Fees

PMBS's duration was 6.3 years on Jun 30, 2026 and VMBS's 5.2 on May 31, 2026; VMBS charges 0.03% to PMBS's 0.71%. Net assets: $1.4bn on Jun 30, 2026 for PIMCO Mortgage-Backed Securities Active Exchange-Traded Fund, and $15.5bn on Sep 30, 2026 for Vanguard Mortgage-Backed Securities ETF.

VMBS costs 0.68 points a year less; their one-year returns differ by 1.1 points.

PMBSVMBS
Expense ratio0.71%0.03%
Net assets, PMBS as of Jun 30, 2026 and VMBS as of Sep 30, 2026$1.4bn$15.5bn
Total return, 1 year−2.0%−0.9%
What it tracksNo index, actively managednot read by ETFIQ
Holdings in common1%
Below its high5.9%, high on Feb 27, 20264.3%, high on Feb 27, 2026

Holdings in common uses holdings dated May 31, 2026 and Jun 30, 2026.

−2.0%
PMBS total return, 1 year
−0.9%
VMBS total return, 1 year
0.71%
PMBS expense ratio
0.03%
VMBS expense ratio

What they hold in common

By the books each fund has filed, PMBS and VMBS hold 1% 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 and Jun 30, 2026.

half

1% in common

Positions both hold, largest shared weight first
Holding PMBS VMBS
Government National Mortgage Association, TBA, due Jul 20, 2056 0.49% 0.36%
Uniform Mortgage-Backed Security, TBA, due Jul 1, 2041 0.34% 0.14%
Government National Mortgage Association, due Mar 20, 2052 1.23% 0.09%
Federal Home Loan Mortgage Corp., due Oct 1, 2054 0.70% 0.04%
Federal Home Loan Mortgage Corp., due Mar 1, 2055 0.36% 0.04%
Uniform Mortgage-Backed Security, TBA, due Jul 1, 2056 0.41% 0.04%
Federal Home Loan Mortgage Corp., due Mar 1, 2049 0.03% 0.03%
Uniform Mortgage-Backed Security, TBA, due Jul 1, 2056 5.26% 0.03%
Federal Home Loan Mortgage Corp., due Apr 1, 2049 0.02% 0.03%
Uniform Mortgage-Backed Security, TBA, due Jul 1, 2056 0.01% 0.03%
Government National Mortgage Association, due Nov 20, 2045 0.01% 0.02%
Government National Mortgage Association, due Dec 20, 2045 0.01% 0.02%
Only in PMBS
Uniform Mortgage-Backed Security, TBA, due Sep 1, 2056 7.72%
Uniform Mortgage-Backed Security, TBA, due Aug 1, 2056 6.94%
Uniform Mortgage-Backed Security, TBA, due Aug 1, 2056 3.96%
Government National Mortgage Association, due Nov 20, 2055 3.67%
Federal Home Loan Mortgage Corp., due Mar 1, 2056 3.51%
Uniform Mortgage-Backed Security, TBA, due Aug 1, 2056 3.22%
Uniform Mortgage-Backed Security, TBA, due Aug 1, 2056 3.17%
Government National Mortgage Association, TBA, due Aug 20, 2056 2.96%
Only in VMBS
FNCL 2 6/26, due Jun 11, 2026 0.52%
G2 MB0025, due Nov 20, 2054 0.32%
G2 MB0871, due Jan 20, 2056 0.31%
FN CC2762, due Mar 1, 2056 0.29%
G2 MB0936, due Feb 20, 2056 0.29%
G2SF 5.5 6/26, due Jun 22, 2026 0.29%
G2 MB0024, due Nov 20, 2054 0.28%
FR SD4155, due Feb 1, 2052 0.27%

Check overlap with more funds →

On the same fields

PMBS
PIMCO Mortgage-Backed Securities Active Exchange-Traded Fund
VMBS
Vanguard Mortgage-Backed Securities ETF
Where it sits Bond ETF Bond ETF
Issuer PIMCO Vanguard
What it is Actively managed Tracks an index
Total return, 1 year −2.0% −0.9%
S&P 500 over the same days +17.3% +17.3%
Gap to the S&P 500 −19.3 pts −18.1 pts
Expense ratio 0.71% 0.03%
Holdings 1134 4890
Net assets, PMBS as of Jun 30, 2026 and VMBS as of Sep 30, 2026 $1.4bn $15.5bn

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

PMBS in plain words

PMBS is actively managed and tracks no index. Over the year to Oct 9, 2026 it returned −2.0% with distributions reinvested. The prospectus expense ratio is 0.71% a year. It sat 5.9% below its high of Feb 27, 2026 on Oct 9, 2026.

VMBS in plain words

VMBS tracks an index. Over the year to Oct 9, 2026 it returned −0.9% with distributions reinvested. The prospectus expense ratio is 0.03% a year. It sat 4.3% below its high of Feb 27, 2026 on Oct 9, 2026.

Questions people ask

Which returned more over the last year, PMBS or VMBS?
In the year to Oct 9, 2026, with distributions reinvested, PMBS returned −2.0% and VMBS −0.9%.
Which is cheaper, PMBS or VMBS?
VMBS is cheaper, by 0.68 percentage points a year. That is about $68 on $10,000 held for a year. Fees come from each fund's prospectus.
Other comparisons
MBB vs PMBSPMBS vs SMBSPMBS vs SPMBJMTG vs PMBSFSEC vs VMBSSMBS vs VMBSJMBS vs VMBSJMTG vs VMBS
PMBS on its own →VMBS on its own →Hold both: look the portfolio through →Rankings →Standards and sources →
Where these figures came from
PMBS filings on SEC EDGAR ↗PMBS prospectus with the expense ratio (SEC) ↗PIMCO website ↗VMBS filings on SEC EDGAR ↗VMBS prospectus with the expense ratio (SEC) ↗Vanguard page for VMBS ↗

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, PMBS against VMBS, data as of Oct 9, 2026. https://etfiq.com/compare/any/pmbs-vs-vmbs

Open data

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