GMMF vs. IAU

Last updated Apr 1, 2026

Compare and contrast key facts about iShares Government Money Market ETF (GMMF) and iShares Gold Trust (IAU).

GMMF and IAU are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. GMMF is an actively managed fund by iShares. It was launched on Feb 4, 2025. IAU is a passively managed fund by iShares that tracks the performance of the LBMA Gold Price. It was launched on Jan 21, 2005.

Performance

GMMF vs. IAU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Government Money Market ETF (GMMF) and iShares Gold Trust (IAU). The values are adjusted to include any dividend payments, if applicable.

GMMF vs. IAU - Yearly Performance Comparison

	2026 (YTD)	2025
GMMF iShares Government Money Market ETF	0.84%	3.70%
IAU iShares Gold Trust	8.61%	50.26%

Returns By Period

In the year-to-date period, GMMF achieves a 0.84% return, which is significantly lower than IAU's 8.61% return.

GMMF

• 1D: 0.00%
• 1M: 0.29%
• YTD: 0.84%
• 6M: 1.83%
• 1Y: 3.94%
• 3Y*: —
• 5Y*: —
• 10Y*: —

IAU

• 1D: 3.80%
• 1M: -11.01%
• YTD: 8.61%
• 6M: 21.15%
• 1Y: 49.53%
• 3Y*: 33.12%
• 5Y*: 21.78%
• 10Y*: 14.08%

*Multi-year figures are annualized to reflect compound growth (CAGR)

GMMF vs. IAU - Expense Ratio Comparison

GMMF has a 0.20% expense ratio, which is lower than IAU's 0.25% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

IAU

iShares Gold Trust

GMMF

iShares Government Money Market ETF

Return for Risk

GMMF vs. IAU — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

GMMF

GMMF Risk / Return Rank: 100
GMMF Sharpe Ratio Rank: 100
GMMF Sortino Ratio Rank: 100
GMMF Omega Ratio Rank: 100
GMMF Calmar Ratio Rank: 100
GMMF Martin Ratio Rank: 100

IAU

IAU Risk / Return Rank: 87
IAU Sharpe Ratio Rank: 88
IAU Sortino Ratio Rank: 86
IAU Omega Ratio Rank: 86
IAU Calmar Ratio Rank: 89
IAU Martin Ratio Rank: 87

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

GMMF vs. IAU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Government Money Market ETF (GMMF) and iShares Gold Trust (IAU). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

	GMMF	IAU	Difference
Sharpe ratio Return per unit of total volatility	16.80	1.80	+15.00
Sortino ratio Return per unit of downside risk	71.56	2.24	+69.32
Omega ratio Gain probability vs. loss probability	18.31	1.33	+16.97
Calmar ratio Return relative to maximum drawdown	132.15	2.69	+129.45
Martin ratio Return relative to average drawdown	1,102.85	9.97	+1,092.88
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

GMMF vs. IAU - Sharpe Ratio Comparison

The current GMMF Sharpe Ratio is 16.80, which is higher than the IAU Sharpe Ratio of 1.80. The chart below compares the historical Sharpe Ratios of GMMF and IAU, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	GMMF	IAU	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	16.80	1.80	+15.00
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	1.24	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.89	—
Sharpe Ratio (All Time) Calculated using the full available price history	16.12	0.64	+15.48

Correlation

The correlation between GMMF and IAU is 0.05, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

GMMF vs. IAU - Dividend Comparison

GMMF's dividend yield for the trailing twelve months is around 3.73%, while IAU has not paid dividends to shareholders.

	TTM	2025
GMMF iShares Government Money Market ETF	3.73%	3.45%
IAU iShares Gold Trust	0.00%	0.00%

Drawdowns

GMMF vs. IAU - Drawdown Comparison

The maximum GMMF drawdown since its inception was -0.03%, smaller than the maximum IAU drawdown of -45.14%. Use the drawdown chart below to compare losses from any high point for GMMF and IAU.

Drawdown Indicators

	GMMF	IAU	Difference
Max Drawdown Largest peak-to-trough decline	-0.03%	-45.14%	+45.11%
Max Drawdown (1Y) Largest decline over 1 year	-0.03%	-19.18%	+19.15%
Max Drawdown (5Y) Largest decline over 5 years	—	-20.93%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-21.82%	—
Current Drawdown Current decline from peak	0.00%	-13.20%	+13.20%
Average Drawdown Average peak-to-trough decline	0.00%	-15.98%	+15.98%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.00%	5.18%	-5.18%

Volatility

GMMF vs. IAU - Volatility Comparison

The current volatility for iShares Government Money Market ETF (GMMF) is 0.05%, while iShares Gold Trust (IAU) has a volatility of 11.02%. This indicates that GMMF experiences smaller price fluctuations and is considered to be less risky than IAU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GMMF	IAU	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.05%	11.02%	-10.97%
Volatility (6M) Calculated over the trailing 6-month period	0.15%	24.11%	-23.96%
Volatility (1Y) Calculated over the trailing 1-year period	0.24%	27.62%	-27.38%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.25%	17.69%	-17.44%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.25%	15.82%	-15.57%