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The Perils of Underweighting Mortgages


Head of SPDR Americas Research
CFA

Source: Morningstar, Bloomberg Finance L.P., as of 02/13/2020. Calculations per SPDR Americas Research

Source: Bloomberg Finance L.P. as of 02/13/2020. Past performance is not a guarantee of future results.

Source: Bloomberg Finance L.P. as of 12/31/2019. Past performance is not a guarantee of future results. Treasuries: Bloomberg Barclays US Treasury Index, MBS: Bloomberg Barclays US Securitized Index, Agg: Bloomberg Barclays US Aggregate Bond Index

source: Source: Bloomberg Finance L.P. as of 12/31/2019. Past performance is not a guarantee of future results. Treasuries: Bloomberg Barclays US Treasury Index, MBS: Bloomberg Barclays US Securitized Index, Agg: Bloomberg Barclays US Aggregate Bond Index, IG Corp: Bloomberg Barclays US Corporate Bond Index.

Source: Bloomberg Finance L.P. as of 12/31/2019. Past performance is not a guarantee of future results. Treasuries: Bloomberg Barclays US Treasury Index, MBS: Bloomberg Barclays US Securitized Index, Agg: Bloomberg Barclays US Aggregate Bond Index, IG Corp: Bloomberg Barclays US Corporate Bond Index

Source: Bloomberg Finance L.P. as of 12/31/2019. Past performance is not a guarantee of future results. Treasuries: Bloomberg Barclays US Treasury Index, MBS: Bloomberg Barclays US Securitized Index, Agg: Bloomberg Barclays US Aggregate Bond Index, IG Corp: Bloomberg Barclays US Corporate Bond Index, High Yield: Bloomberg Barclays US Corporate High Yield Index, EM Debt: Bloomberg Barclays Emerging Market Hard Currency Aggregate Index, Global Credit Ex-US: Bloomberg Barclays Global Aggregate Credit Ex-US, Global Treasuries Ex-US: Bloomberg Barclays Global Treasury Ex-US

Source: Bloomberg Finance L.P. as of 12/31/2019. Past performance is not a guarantee of future results. Based on a monthly rebalanced portfolio from January 1997 to December 2019. Figures shown are total returns based on index returns and do not assume any fees. Treasuries: Bloomberg Barclays US Treasury Index, MBS: Bloomberg Barclays US Securitized Index, Agg: Bloomberg Barclays US Aggregate Bond Index, IG corp: Bloomberg Barclays US Corporate Bond Index, Government-related: Bloomberg Barclays US Government-Related Index 

Source: Bloomberg Finance L.P. as of 12/31/2019. Past performance is not a guarantee of future results. Based on a monthly rebalanced portfolio from January 1997 to December 2019. Figures shown are total returns based on index returns and do not assume any fees. Treasuries: Bloomberg Barclays US Treasury Index, MBS: Bloomberg Barclays US Securitized Index, Agg: Bloomberg Barclays US Aggregate Bond Index, IG corp: Bloomberg Barclays US Corporate Bond Index, government-related: Bloomberg Barclays US Government-Related Index.

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