iShares CMBS ETF (CMBS) Performance
CMBS total return
Distributions reinvested · as of Oct 23, 2026- YTD
- +0.1% since Dec 31, 2025
- 1 year
- +0.6% total return
- 5 years
- +0.9% a year
- 10 years
- +1.9% a year
- Since first price
- +2.3% a year since 2012
CMBS trailing returns vs AGG, TLT, SPY
| Period | CMBS total return | Price only | U.S. bonds (AGG) | 20+ yr Treasuries (TLT) | S&P 500 (SPY) |
|---|---|---|---|---|---|
| 1 month | +1.0% | +0.7% | +0.9% | +1.5% | −1.0% |
| 3 months | +0.2% | −0.7% | −0.4% | −1.0% | +3.2% |
| 6 months | −0.3% | −2.2% | −1.5% | −3.8% | +7.8% |
| YTD | +0.1% | −2.6% | −1.0% | −3.4% | +12.3% |
| 1 year | +0.6% | −3.0% | −1.1% | −6.9% | +14.4% |
| 3 years | +19.2%+6.0%/yr | +7.5% | +16.6%+5.2%/yr | +9.7%+3.1%/yr | +87.4%+23.3%/yr |
| 5 years | +4.5%+0.9%/yr | −10.6% | −0.8%−0.2%/yr | −32.5%−7.6%/yr | +79.3%+12.4%/yr |
| 10 years | +21.3%+1.9%/yr | −8.9% | +14.0%+1.3%/yr | −18.7%−2.0%/yr | +315.9%+15.3%/yr |
| Since inceptionFeb 16, 2012 | +39.4%+2.3%/yr | −5.6% | — | — | — |
Total return from adjusted closes (distributions reinvested, before tax). Periods of 3 years or more are also shown annualized. Price only excludes distributions.
Growth of $10,000: CMBS vs AGG
From Feb 16, 2012: CMBS grew to $13,941, AGG to $12,955.
Year-end values with distributions reinvested, no taxes or trading costs. Start: first common trading day of both funds.
CMBS returns by calendar year
11 of 13 full years positive. Best 2019 (+7.9%), worst 2022 (−11.2%). 2026 is year to date.
CMBS annual returns table
| Year | CMBS | Largest drop | AGG | TLT | SPY |
|---|---|---|---|---|---|
| 2026YTD | +0.1% | −3.3% | −1.0% | −3.4% | +12.3% |
| 2025 | +7.7% | −1.7% | +7.2% | +4.3% | +17.7% |
| 2024 | +4.3% | −3.1% | +1.3% | −8.1% | +24.9% |
| 2023 | +5.1% | −4.9% | +5.7% | +2.8% | +26.2% |
| 2022 | −11.2% | −13.6% | −13.0% | −31.2% | −18.2% |
| 2021 | −2.0% | −2.7% | −1.8% | −4.6% | +28.7% |
| 2020 | +7.9% | −9.9% | +7.5% | +18.2% | +18.3% |
| 2019 | +7.9% | −2.0% | +8.5% | +14.1% | +31.2% |
| 2018 | +0.8% | −2.7% | +0.1% | −1.6% | −4.6% |
| 2017 | +2.9% | −1.7% | +3.6% | +9.2% | +21.7% |
| 2016 | +3.1% | −4.9% | +2.4% | +1.2% | +12.0% |
| 2015 | +1.2% | −2.2% | +0.5% | −1.8% | +1.2% |
| 2014 | +2.4% | −1.4% | +6.0% | +27.3% | +13.5% |
| 2013 | +0.6% | −3.3% | −2.0% | −13.4% | +32.3% |
Largest drop = deepest fall from a high within that calendar year.
Calendar-year return vs largest drop within the year
Most years include a sizable fall at some point even when the year ends higher.
CMBS largest drawdowns
Now 1.8% below the high| Peak | Decline | Bottom | Recovered | Fall | Underwater |
|---|---|---|---|---|---|
| Jul 20, 2021 | −16.1% | Nov 3, 2022 | Aug 4, 2025 | 1.3 years | 4.0 years |
| Mar 9, 2020 | −9.9% | Mar 25, 2020 | Jul 30, 2020 | 16 days | 5 months |
Declines from a closing high (distributions reinvested) of 5% or more. Underwater = time from the peak until the old high was regained.
CMBS risk statistics
| Statistic | 3 years | 5 years | 10 years | Since 2012 |
|---|---|---|---|---|
| Annualized return | +5.2% | +0.4% | +1.7% | +2.3% |
| Volatility (annualized) | 4.5% | 5.3% | 4.4% | 4.0% |
| Sharpe ratio | 0.18 | -0.59 | -0.11 | 0.20 |
| Sortino ratio | 0.25 | -0.73 | -0.15 | 0.28 |
| Best month | +3.1% | +3.1% | +3.1% | +3.1% |
| Worst month | −2.5% | −3.2% | −3.2% | −3.2% |
| Best 12 months | +12.2% | +12.2% | +12.2% | +12.2% |
| Worst 12 months | −0.1% | −14.2% | −14.2% | −14.2% |
| Positive months | 64% | 50% | 57% | 59% |
| Beta vs S&P 500 | 0.18 | 0.18 | 0.10 | — |
| Correlation with S&P 500 | 0.50 | 0.53 | 0.33 | — |
From monthly total returns. Sharpe and Sortino use 1–3 month T-bills (BIL) as the risk-free rate, so they need history from 2007 on.
CMBS rolling returns
| Holding period | Periods | Worst | Median | Best | Positive |
|---|---|---|---|---|---|
| 1-year | 165 | −14.2% | +2.6% | +12.2% | 79% |
| 3-year (a year) | 141 | −4.4% | +2.3% | +6.3% | 78% |
| 5-year (a year) | 117 | −0.1% | +1.6% | +4.5% | 99% |
| 10-year (a year) | 57 | +1.0% | +1.8% | +2.7% | 100% |
Every holding period starting at a month-end since 2012. Returns for 3 years and longer are annualized.
CMBS performance overview
iShares CMBS ETF (CMBS) returned +0.6% over the past year and +1.9% a year over ten years, with distributions reinvested. Since its first recorded price in 2012 it has returned +2.3% a year, turning $10,000 into about $13,941. Over the same year U.S. bonds (AGG) returned −1.1%.
The deepest decline was −16.1%, from Jul 20, 2021 to Nov 3, 2022, and it took 2.8 years to get back to the old high. CMBS finished 11 of its 13 full calendar years with a gain; the best year was 2019 (+7.9%) and the worst 2022 (−11.2%). Volatility has been 4.0% a year.
Related: CMBS chart, CMBS dividends, CMBS bond profile. See the CMBS overview for the latest quote and fund facts.
CMBS performance FAQ
What is the CMBS return over the past year?
CMBS returned +0.6% over the 12 months to October 23, 2026, including reinvested distributions. On price alone it fell 3.0%.
What is the average annual return of CMBS?
CMBS has returned +0.9% a year over 5 years, +1.9% a year over 10 years, +2.3% a year since February 16, 2012 (total return, distributions reinvested).
How much would $10,000 invested in CMBS be worth?
$10,000 invested in CMBS at its first recorded close on February 16, 2012 would be worth about $13,941 on October 23, 2026 with distributions reinvested.
What was the worst year for CMBS?
The worst calendar year was 2022, with a total return of −11.2%. The best was 2019 at +7.9%.
What is the biggest drawdown of CMBS?
The largest peak-to-trough decline was −16.1% between July 20, 2021 and November 3, 2022. It recovered to the old high on August 4, 2025, 2.8 years after the bottom.
How volatile is CMBS?
Over the past 3 years CMBS had an annualized volatility of 4.5% and a Sharpe ratio of 0.18 (excess return over 1–3 month T-bills per unit of risk).