GMMF vs. LSAT
GMMF (iShares Government Money Market ETF) and LSAT (Leadershares Alphafactor Tactical Focused ETF) are both Money Market funds. Both are actively managed. Over the past year, GMMF returned 3.75% vs 16.02% for LSAT. At a correlation of -0.03, they often move in opposite directions. GMMF charges 0.20%/yr vs 0.99%/yr for LSAT.
Performance
GMMF vs. LSAT - Performance Comparison
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Returns By Period
In the year-to-date period, GMMF achieves a 1.92% return, which is significantly lower than LSAT's 16.72% return.
GMMF
- 1D
- 0.01%
- 1M
- 0.30%
- 6M
- 1.73%
- YTD
- 1.92%
- 1Y
- 3.75%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 3.88%
LSAT
- 1D
- -0.42%
- 1M
- 6.07%
- 6M
- 17.32%
- YTD
- 16.72%
- 1Y
- 16.02%
- 3Y*
- 10.80%
- 5Y*
- 7.41%
- 10Y*
- —
- ALL TIME*
- 12.80%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $1.99M | $2.53M | $3.36M |
GMMF vs. LSAT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
GMMF iShares Government Money Market ETF | 1.92% | 3.70% |
LSAT Leadershares Alphafactor Tactical Focused ETF | 16.72% | -3.76% |
Correlation
The correlation between GMMF and LSAT is -0.05, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.05 |
Correlation (All Time) Calculated using the full available price history since Feb 5, 2025 | -0.03 |
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Return for Risk
GMMF vs. LSAT — Risk / Return Rank
GMMF
LSAT
GMMF vs. LSAT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Government Money Market ETF (GMMF) and Leadershares Alphafactor Tactical Focused ETF (LSAT). 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 | LSAT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +17.61 | ||
| Sortino ratioReturn per unit of downside risk | +137.45 | ||
| Omega ratioGain probability vs. loss probability | 40.52 | 1.22 | +39.31 |
| Calmar ratioReturn relative to maximum drawdown | 251.61 | 2.03 | +249.58 |
| Martin ratioReturn relative to average drawdown | 2,214.08 | 4.77 | +2,209.31 |
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Drawdowns
GMMF vs. LSAT - Drawdown Comparison
The maximum GMMF drawdown since its inception was -0.03%, smaller than the maximum LSAT drawdown of -20.48%. Use the drawdown chart below to compare losses from any high point for GMMF and LSAT.
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Drawdown Indicators
| GMMF | LSAT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -0.03% | -20.48% | +20.45% |
Max Drawdown (1Y)Largest decline over 1 year | -0.01% | -7.94% | +7.93% |
Max Drawdown (3Y)Largest decline over 3 years | — | -18.25% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -20.48% | — |
Current DrawdownCurrent decline from peak | 0.00% | -1.23% | +1.23% |
Average DrawdownAverage peak-to-trough decline | -0.00% | -5.45% | +5.45% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.00% | 3.37% | -3.37% |
Volatility
GMMF vs. LSAT - Volatility Comparison
The current volatility for iShares Government Money Market ETF (GMMF) is 0.05%, while Leadershares Alphafactor Tactical Focused ETF (LSAT) has a volatility of 3.87%. This indicates that GMMF experiences smaller price fluctuations and is considered to be less risky than LSAT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| GMMF | LSAT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.05% | 3.87% | -3.82% |
Volatility (6M)Calculated over the trailing 6-month period | 0.13% | 9.71% | -9.58% |
Volatility (1Y)Calculated over the trailing 1-year period | 0.20% | 12.91% | -12.71% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 0.24% | 16.23% | -15.99% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 0.24% | 16.71% | -16.47% |
GMMF vs. LSAT - Expense Ratio Comparison
GMMF has a 0.20% expense ratio, which is lower than LSAT's 0.99% expense ratio.
Dividends
GMMF vs. LSAT - Dividend Comparison
GMMF's dividend yield for the trailing twelve months is around 3.72%, more than LSAT's 1.63% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
GMMF iShares Government Money Market ETF | 3.72% | 3.45% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
LSAT Leadershares Alphafactor Tactical Focused ETF | 1.63% | 1.90% | 1.31% | 1.85% | 0.36% | 3.44% | 0.30% |
Frequently Asked Questions
GMMF and LSAT have a correlation of -0.05, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
LSAT has higher volatility (3.87%) compared to GMMF (0.05%). In terms of maximum drawdown, GMMF dropped -0.03% vs LSAT's -20.48%.
On 1-year performance, LSAT leads with 16.02% vs 3.75% for GMMF. On fees, GMMF is cheaper at 0.20% per year. On volatility, GMMF has been the lower-risk option at 0.05%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, LSAT has performed better with a 16.02% return vs 3.75%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
GMMF is cheaper with a 0.20% expense ratio, compared with 0.99% for LSAT.
GMMF has the higher dividend yield at 3.72%, compared with 1.63% for LSAT.
They also come from different issuers: iShares and Redwood. Their fees differ too: 0.20% for GMMF and 0.99% for LSAT.
GMMF currently has the higher Sharpe Ratio (18.86 vs 1.25), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.
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