GMMF vs. IQMM

Last updated Apr 1, 2026

Compare and contrast key facts about iShares Government Money Market ETF (GMMF) and ProShares GENIUS Money Market ETF (IQMM).

GMMF and IQMM 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. IQMM is an actively managed fund by ProShares. It was launched on Feb 17, 2026.

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.

GMMF vs. IQMM - Yearly Performance Comparison

	2026 (YTD)
GMMF iShares Government Money Market ETF	0.37%
IQMM ProShares GENIUS Money Market ETF	0.36%

Returns By Period

GMMF

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

IQMM

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

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

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%.

GMMF

iShares Government Money Market ETF

IQMM

ProShares GENIUS Money Market ETF

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

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.

	GMMF	IQMM	Difference
Sharpe ratio Return per unit of total volatility	16.80	—	—
Sortino ratio Return per unit of downside risk	71.56	—	—
Omega ratio Gain probability vs. loss probability	18.31	—	—
Calmar ratio Return relative to maximum drawdown	132.15	—	—
Martin ratio Return relative to average drawdown	1,102.85	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	GMMF	IQMM	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	16.80	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	16.12	21.20	-5.08

Correlation

The correlation between GMMF and IQMM is 0.30, 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. IQMM - Dividend Comparison

GMMF's dividend yield for the trailing twelve months is around 3.73%, more than IQMM's 0.33% yield.

	TTM	2025
GMMF iShares Government Money Market ETF	3.73%	3.45%
IQMM ProShares GENIUS Money Market ETF	0.33%	0.00%

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 -0.00%. 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%	0.00%	-0.03%
Max Drawdown (1Y) Largest decline over 1 year	-0.03%	—	—
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	0.15%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	0.24%	0.16%	+0.08%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.25%	0.16%	+0.09%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.25%	0.16%	+0.09%