- ISIN
- US46429B3336
- CUSIP
- 46429B333
- Issuer
- iShares
- Inception Date
- Feb 14, 2012
- Region
- North America (U.S.)
- Category
- Mortgage Backed Securities
- Leveraged
- 1x (No leverage)
- Index Tracked
- Barclays Capital GNMA Index
- Distribution Policy
- Distributing
- Asset Class
- Bond
- Assets Under Management
- $428M
Share Price Chart
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Performance
GNMA Performance Chart
iShares GNMA Bond ETF (GNMA) is up 0.7% since the beginning of the year. GNMA is currently trading at $44 per share. Investors who bought $1,000 worth of GNMA shares 5 years ago would now be looking at an investment worth $1,030.
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Returns By Period
iShares GNMA Bond ETF (GNMA) has returned 0.73% so far this year and 5.85% over the past 12 months. Over the last ten years, GNMA has returned 1.20% per year, falling short of the S&P 500 Index benchmark, which averaged 13.88% annually.
iShares GNMA Bond ETF
- 1D
- -0.14%
- 1M
- 0.81%
- YTD
- 0.73%
- 6M
- 1.01%
- 1Y
- 5.85%
- 3Y*
- 4.20%
- 5Y*
- 0.60%
- 10Y*
- 1.20%
Benchmark (S&P 500 Index)
- 1D
- -0.37%
- 1M
- -0.01%
- YTD
- 9.16%
- 6M
- 8.64%
- 1Y
- 25.22%
- 3Y*
- 19.78%
- 5Y*
- 11.99%
- 10Y*
- 13.88%
GNMA Monthly Returns History
Based on dividend-adjusted daily data since Feb 21, 2012, GNMA's average daily return is +0.01%, while the average monthly return is +0.12%. At this rate, an investment would double in approximately 48.2 years.
Historically, 56% of months were positive and 44% were negative. The best month was Nov 2023 with a return of +5.3%, while the worst month was Sep 2022 at -5.1%. The longest winning streak lasted 8 consecutive months, and the longest losing streak was 9 months.
On a daily basis, GNMA closed higher 50% of trading days. The best single day was Nov 10, 2022 with a return of +2.5%, while the worst single day was Aug 16, 2012 at -3.7%.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 0.47% | 1.52% | -1.75% | 0.26% | 0.32% | -0.07% | 0.73% | ||||||
| 2025 | 0.61% | 2.34% | 0.03% | 0.40% | -0.88% | 1.67% | -0.58% | 2.04% | 0.54% | 0.98% | 0.67% | 0.19% | 8.25% |
| 2024 | -0.47% | -1.60% | 0.80% | -2.49% | 1.73% | 1.14% | 2.52% | 1.70% | 0.77% | -2.62% | 1.38% | -1.61% | 1.07% |
| 2023 | 3.20% | -2.58% | 2.21% | 0.28% | -0.63% | -0.22% | -0.04% | -0.73% | -3.11% | -1.94% | 5.26% | 3.89% | 5.34% |
| 2022 | -1.29% | -0.50% | -2.18% | -3.37% | 1.14% | -1.90% | 3.52% | -3.44% | -5.05% | -0.69% | 3.90% | -1.16% | -10.83% |
| 2021 | -0.24% | -0.92% | 0.08% | 0.31% | -0.37% | -0.23% | 0.24% | -0.14% | -0.13% | -0.31% | -0.16% | 0.00% | -1.86% |
Benchmark Metrics
iShares GNMA Bond ETF has an annualized alpha of 1.19%, beta of 0.03, and R2 of 0.01 versus S&P 500 Index. Calculated based on daily prices since February 21, 2012.
- This ETF participated in 13.01% of S&P 500 Index downside but only 9.39% of its upside - more exposed to losses than it benefited from rallies.
- Beta of 0.03 may look defensive, but with R2 of 0.01 this ETF is largely uncorrelated with S&P 500 Index - low beta reflects independence, not downside protection. See the Volatility section for a true picture of this ETF's risk.
- R2 of 0.01 means this ETF moves largely independently of S&P 500 Index - capture ratios reflect limited market correlation rather than active downside protection. Consider using a more representative benchmark.
- Alpha
- 1.19%
- Beta
- 0.03
- R²
- 0.01
- Upside Capture
- 9.39%
- Downside Capture
- 13.01%
Expense Ratio
GNMA has an expense ratio of 0.15%, which is considered low.
Return for Risk
Risk / Return Rank
GNMA ranks 42 for risk / return — on par with similar ETFs. You're getting a typical balance of risk and reward. Not a standout, but not a red flag either — a reasonable choice if other factors align with your goals.
Return / Risk — by metrics
The table below present risk-adjusted performance metrics for iShares GNMA Bond ETF (GNMA) and compare them to S&P 500 Index.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| GNMA | Benchmark | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.65 | ||
| Sortino ratioReturn per unit of downside risk | -0.65 | ||
| Omega ratioGain probability vs. loss probability | 1.24 | 1.37 | -0.12 |
| Calmar ratioReturn relative to maximum drawdown | 2.25 | 2.78 | -0.54 |
| Martin ratioReturn relative to average drawdown | 6.76 | 12.44 | -5.68 |
Dividends
Dividend History
iShares GNMA Bond ETF provided a 4.23% dividend yield over the last twelve months, with an annual payout of $1.87 per share. The fund has been increasing its distributions for 4 consecutive years.
| Period | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend | $1.87 | $1.86 | $1.78 | $1.52 | $0.87 | $0.32 | $0.96 | $1.31 | $1.17 | $1.06 | $0.94 | $0.75 |
Dividend yield | 4.23% | 4.19% | 4.15% | 3.43% | 2.01% | 0.64% | 1.89% | 2.61% | 2.41% | 2.15% | 1.89% | 1.50% |
Monthly Dividends
The table displays the monthly dividend distributions for iShares GNMA Bond ETF. The dividends shown in the table have been adjusted to account for any splits that may have occurred.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | $0.00 | $0.16 | $0.15 | $0.15 | $0.16 | $0.15 | $0.77 | ||||||
| 2025 | $0.00 | $0.16 | $0.15 | $0.15 | $0.16 | $0.15 | $0.16 | $0.16 | $0.16 | $0.16 | $0.15 | $0.31 | $1.86 |
| 2024 | $0.00 | $0.15 | $0.15 | $0.16 | $0.14 | $0.15 | $0.15 | $0.15 | $0.15 | $0.15 | $0.15 | $0.29 | $1.78 |
| 2023 | $0.00 | $0.12 | $0.12 | $0.12 | $0.12 | $0.12 | $0.12 | $0.13 | $0.13 | $0.13 | $0.12 | $0.27 | $1.52 |
| 2022 | $0.00 | $0.03 | $0.04 | $0.09 | $0.07 | $0.07 | $0.07 | $0.08 | $0.08 | $0.08 | $0.09 | $0.19 | $0.87 |
| 2021 | $0.00 | $0.08 | $0.08 | $0.08 | $0.07 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.01 | $0.32 |
Drawdowns
Drawdowns Chart
The Drawdowns chart displays portfolio losses from any high point along the way. Drawdowns are calculated considering price movements and all distributions paid, if any.
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Worst Drawdowns
The table below displays the maximum drawdowns of the iShares GNMA Bond ETF. A maximum drawdown is a measure of risk, indicating the largest reduction in portfolio value due to a series of losing trades.
The maximum drawdown for the iShares GNMA Bond ETF was 17.09%, occurring on Oct 20, 2022. Recovery took 757 trading sessions.
The current iShares GNMA Bond ETF drawdown is 1.24%.
Related event | Drawdown | Fall | Recovery | Underwater |
|---|---|---|---|---|
Bear market2022 | -17.09%Oct 2022 | 2y 6mo | 3y 9d | 5y 6moApr 2020 - Oct 2025 |
2013 pullback2013 | -9.58%Jul 2013 | 10mo 26d | 2y 6mo | 3y 5moAug 2012 - Jan 2016 |
2017 pullback2017 | -3.06%Mar 2017 | 7mo 5d | 5mo 25d | 1y 25dAug 2016 - Sep 2017 |
2018 pullback2018 | -2.96%May 2018 | 8mo 13d | 7mo 15d | 1y 3moSep 2017 - Dec 2018 |
2026 pullback2026 | -2.61%May 2026 | 2mo 18d | — | 3mo 23dMar 2026 - now |
Drawdown Indicators
| GNMA | Benchmark | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -17.09% | -56.78% | +39.69% |
Max Drawdown (1Y)Largest decline over 1 year | -2.61% | -9.10% | +6.49% |
Max Drawdown (3Y)Largest decline over 3 years | -7.13% | -18.90% | +11.77% |
Max Drawdown (5Y)Largest decline over 5 years | -15.83% | -25.43% | +9.60% |
Max Drawdown (10Y)Largest decline over 10 years | -17.09% | -33.92% | +16.83% |
Current DrawdownCurrent decline from peak | -1.24% | -1.80% | +0.56% |
Average DrawdownAverage peak-to-trough decline | -3.65% | -10.71% | +7.06% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.87% | 2.03% | -1.16% |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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