VMBS vs SPY

Comparison between VANGUARD MORTGAGE-BACKED SECURITIES INDEX FUND ETF SHARES (VMBS, ETF) and SPDR S&P 500 ETF Trust (SPY, ETF).

5-Year PerformanceSPY has outperformed VMBS, delivering a return of +13.3% compared to +0.5%

VMBS vs SPY - Performance Comparison

Log

Key Characteristics

Financial metrics and valuation ratios

Metric	VMBS(ETF)	SPY(ETF)
Net Assets	$17B	$652B
Expense Ratio	0.03%	0.09%
Max Drawdown	22.61%	56.47%
Sharpe Ratio	0.64	2.07
5Y Beta	0.04	1.00
P/E Ratio	N/A	28.24
Forward P/E	N/A	21.85
5Y Dividends CAGR	19.16%	5.43%
5Y EPS CAGR	N/A	25.79%
Debt to Equity	N/A	22.35%
P/S Ratio	N/A	3.55
P/B Ratio	N/A	5.29

Net Assets

VMBS

$17B

Winner

SPY

$652B

Expense Ratio

Winner

VMBS

0.03%

SPY

0.09%

Max Drawdown

Winner

VMBS

22.61%

SPY

56.47%

Sharpe Ratio

VMBS

0.64

Winner

SPY

2.07

5Y Beta

Winner

VMBS

0.04

SPY

1.00

P/E Ratio

VMBS

N/A

SPY

28.24

Forward P/E

VMBS

N/A

SPY

21.85

5Y Dividends CAGR

Winner

VMBS

19.16%

SPY

5.43%

5Y EPS CAGR

VMBS

N/A

SPY

25.79%

Debt to Equity

VMBS

N/A

SPY

22.35%

P/S Ratio

VMBS

N/A

SPY

3.55

P/B Ratio

VMBS

N/A

SPY

5.29

VMBS vs SPY - Historical Returns

Returns include dividend reinvestment.

Period	VMBS	SPY
1 month	+0.13%	+9.11%
3 months	+0.39%	+6.59%
6 months	+1.78%	+10.56%
1 year	+7.22%	+32.04%
5 years(CAGR)	+0.51%	+13.35%
10 years(CAGR)	+1.42%	+15.49%
Max(CAGR)	+2.13%	+8.50%

VMBS

+0.13%

Winner

SPY

+9.11%

VMBS

+0.39%

Winner

SPY

+6.59%

VMBS

+1.78%

Winner

SPY

+10.56%

VMBS

+7.22%

Winner

SPY

+32.04%

5Y(CAGR)

VMBS

+0.51%

Winner

SPY

+13.35%

10Y(CAGR)

VMBS

+1.42%

Winner

SPY

+15.49%

Max(CAGR)

VMBS

+2.13%

Winner

SPY

+8.50%

VMBS vs SPY - Annual Returns (1999 - 2026)

Returns include dividend reinvestment.

Year	VMBS	SPY
2026	+1.23%	+8.27%
2025	+8.50%	+18.00%
2024	+2.27%	+25.59%
2023	+4.56%	+26.72%
2022	-11.51%	-18.64%
2021	-1.30%	+30.52%
2020	+3.66%	+17.28%
2019	+6.04%	+31.09%
2018	+0.95%	-5.24%
2017	+2.35%	+20.78%
2016	+1.28%	+13.59%
2015	+1.42%	+1.31%
2014	+5.91%	+14.56%
2013	-1.21%	+29.00%
2012	+2.35%	+14.17%
2011	+5.83%	+0.85%
2010	+5.12%	+13.14%
2009	-1.00%	+22.67%
2008	N/A	-36.25%
2007	N/A	+5.32%
2006	N/A	+13.85%
2005	N/A	+5.32%
2004	N/A	+10.75%
2003	N/A	+24.18%
2002	N/A	-22.42%
2001	N/A	-10.13%
2000	N/A	-8.84%
1999	N/A	+8.61%

VMBS vs SPY Drawdown Comparison

The maximum drawdown for VMBS was -17.47%, occurring on Oct 20, 2022. Recovery took 1201 trading sessions.

The maximum drawdown for SPY was -55.20%, occurring on Mar 9, 2009. Recovery took 1224 trading sessions.

The current VMBS drawdown is -0.89%.

Rank	VMBS	SPY
#1	-17.47% Jan 5, 2021 - Oct 16, 2025	-55.20% Oct 9, 2007 - Aug 16, 2012
#2	-5.08% Mar 9, 2020 - Mar 27, 2020	-47.50% Mar 24, 2000 - Oct 26, 2006
#3	-4.00% Sep 26, 2012 - Mar 3, 2014	-33.70% Feb 19, 2020 - Aug 10, 2020
#4	-3.26% Sep 27, 2016 - Aug 3, 2017	-24.50% Jan 3, 2022 - Dec 13, 2023
#5	-2.81% Sep 7, 2017 - Dec 28, 2018	-19.34% Sep 20, 2018 - Apr 12, 2019
#6	-2.79% Nov 4, 2010 - Mar 16, 2011	-18.76% Feb 19, 2025 - Jun 26, 2025
#7	-2.51% Feb 27, 2026 - Mar 26, 2026	-13.02% Jul 20, 2015 - Apr 18, 2016
#8	-1.50% Apr 24, 2015 - Sep 17, 2015	-10.10% Jan 26, 2018 - Aug 6, 2018
#9	-1.47% Nov 30, 2009 - Feb 4, 2010	-9.44% Sep 2, 2020 - Nov 11, 2020
#10	-1.33% Mar 16, 2011 - Apr 18, 2011	-9.30% Jan 19, 2000 - Mar 17, 2000
#11	-1.30% Sep 22, 2011 - Dec 7, 2011	-9.05% Jul 19, 2007 - Oct 5, 2007
#12	-1.13% Mar 23, 2010 - May 7, 2010	-8.88% Jan 27, 2026 - Apr 14, 2026
#13	-1.01% Jun 8, 2011 - Jul 29, 2011	-8.41% Jul 16, 2024 - Sep 19, 2024
#14	-0.95% Aug 18, 2011 - Sep 22, 2011	-7.35% Sep 14, 2012 - Jan 2, 2013
#15	-0.91% Oct 19, 2015 - Jan 7, 2016	-7.27% Sep 18, 2014 - Oct 31, 2014

Correlation

Correlation between VMBS and SPY is 0.77 which considered as a strong positive correlation - the stocks tend to move together.

0.77

-101

Dividend Comparison (1999 - 2026)

VMBS vs SPY dividend yield comparison.

Year	VMBS	SPY
2026	1.38%	0.24%
2025	4.20%	1.07%
2024	3.94%	1.21%
2023	3.31%	1.40%
2022	2.35%	1.65%
2021	1.02%	1.20%
2020	2.01%	1.52%
2019	2.77%	1.75%
2018	2.72%	2.04%
2017	2.16%	1.80%
2016	2.10%	2.03%
2015	2.12%	2.06%
2014	1.90%	1.87%
2013	0.99%	1.81%
2012	1.62%	2.18%
2011	2.65%	2.05%
2010	3.88%	1.80%
2009	0.20%	1.95%
2008	0.00%	3.02%
2007	0.00%	1.85%
2006	0.00%	1.73%
2005	0.00%	1.73%
2004	0.00%	1.82%
2003	0.00%	1.47%
2002	0.00%	1.70%
2001	0.00%	1.25%
2000	0.00%	1.15%
1999	0.00%	0.24%