GMMF vs. IQMM

Last updated Jul 22, 2026

GMMF (iShares Government Money Market ETF) and IQMM (ProShares GENIUS Money Market ETF) are both Money Market funds. Both are actively managed. At a 0.44 correlation, their price movements are largely independent. GMMF charges 0.20%/yr vs 0.15%/yr for IQMM.

Performance

GMMF vs. IQMM - Performance Comparison

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

Returns By Period

GMMF

• 1D: 0.01%
• 1M: 0.30%
• 6M: 1.73%
• YTD: 1.92%
• 1Y: 3.75%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 3.88%

IQMM

• 1D: 0.01%
• 1M: 0.29%
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
GMMF iShares Government Money Market ETF	$1.99M	$2.53M	$3.36M

GMMF vs. IQMM - Yearly Performance Comparison

	2026 (YTD)
GMMF iShares Government Money Market ETF	1.45%
IQMM ProShares GENIUS Money Market ETF	1.48%

Correlation

The correlation between GMMF and IQMM is 0.44, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Feb 19, 2026	0.44

Return for Risk

GMMF vs. IQMM — 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

IQMM

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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. IQMM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Government Money Market ETF (GMMF) and ProShares GENIUS Money Market ETF (IQMM). 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.

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.

	GMMF	IQMM	Difference
Sharpe ratio: Return per unit of total volatility	18.86	—	—
Sortino ratio: Return per unit of downside risk	139.34	—	—
Omega ratio: Gain probability vs. loss probability	40.52	—	—
Calmar ratio: Return relative to maximum drawdown	251.61	—	—
Martin ratio: Return relative to average drawdown	2,214.08	—	—

Drawdowns

GMMF vs. IQMM - Drawdown Comparison

The maximum GMMF drawdown since its inception was -0.03%, which is greater than IQMM's maximum drawdown of -0.02%. Use the drawdown chart below to compare losses from any high point for GMMF and IQMM.

Drawdown Indicators

	GMMF	IQMM	Difference
Max Drawdown Largest peak-to-trough decline	-0.03%	-0.02%	-0.01%
Max Drawdown (1Y) Largest decline over 1 year	-0.01%	—	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-0.00%	-0.00%	0.00%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.00%	—	—

Volatility

Volatility by Period

	GMMF	IQMM	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.05%	—	—
Volatility (6M) Calculated over the trailing 6-month period	0.13%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	0.20%	0.23%	-0.03%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.24%	0.23%	+0.01%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.24%	0.23%	+0.01%

GMMF vs. IQMM - Expense Ratio Comparison

GMMF has a 0.20% expense ratio, which is higher than IQMM's 0.15% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

GMMF vs. IQMM - Dividend Comparison

GMMF's dividend yield for the trailing twelve months is around 3.72%, more than IQMM's 1.43% yield.

Position	TTM	2025
GMMF iShares Government Money Market ETF	3.72%	3.45%
IQMM ProShares GENIUS Money Market ETF	1.43%	0.00%

Frequently Asked Questions

Can I hold both GMMF and IQMM in my portfolio?

GMMF and IQMM have a correlation of 0.44, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, GMMF or IQMM?

On fees, IQMM is cheaper at 0.15% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, GMMF or IQMM?

IQMM is cheaper with a 0.15% expense ratio, compared with 0.20% for GMMF.

Which ETF pays a higher dividend yield, GMMF or IQMM?

GMMF has the higher dividend yield at 3.72%, compared with 1.43% for IQMM.

What is the main difference between GMMF and IQMM?

They also come from different issuers: iShares and ProShares. Their fees differ too: 0.20% for GMMF and 0.15% for IQMM.