GMMF vs. LSAT

Last updated Apr 1, 2026

Compare and contrast key facts about iShares Government Money Market ETF (GMMF) and Leadershares Alphafactor Tactical Focused ETF (LSAT).

GMMF and LSAT 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. LSAT is an actively managed fund by Redwood. It was launched on Oct 27, 2020.

Performance

GMMF vs. LSAT - Performance Comparison

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

GMMF vs. LSAT - Yearly Performance Comparison

	2026 (YTD)	2025
GMMF iShares Government Money Market ETF	0.84%	3.70%
LSAT Leadershares Alphafactor Tactical Focused ETF	1.40%	-3.87%

Returns By Period

In the year-to-date period, GMMF achieves a 0.84% return, which is significantly lower than LSAT's 1.40% return.

GMMF

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

LSAT

• 1D: 1.77%
• 1M: -1.78%
• YTD: 1.40%
• 6M: -2.97%
• 1Y: 0.13%
• 3Y*: 9.21%
• 5Y*: 5.57%
• 10Y*: —

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

GMMF vs. LSAT - Expense Ratio Comparison

GMMF has a 0.20% expense ratio, which is lower than LSAT's 0.99% expense ratio.

LSAT

Leadershares Alphafactor Tactical Focused ETF

GMMF

iShares Government Money Market ETF

Return for Risk

GMMF vs. LSAT — 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

LSAT

LSAT Risk / Return Rank: 12
LSAT Sharpe Ratio Rank: 12
LSAT Sortino Ratio Rank: 12
LSAT Omega Ratio Rank: 12
LSAT Calmar Ratio Rank: 13
LSAT Martin Ratio Rank: 13

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. 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.

	GMMF	LSAT	Difference
Sharpe ratio Return per unit of total volatility	16.80	0.01	+16.80
Sortino ratio Return per unit of downside risk	71.56	0.13	+71.42
Omega ratio Gain probability vs. loss probability	18.31	1.02	+17.29
Calmar ratio Return relative to maximum drawdown	132.15	0.07	+132.08
Martin ratio Return relative to average drawdown	1,102.85	0.21	+1,102.63
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. LSAT - Sharpe Ratio Comparison

The current GMMF Sharpe Ratio is 16.80, which is higher than the LSAT Sharpe Ratio of 0.01. The chart below compares the historical Sharpe Ratios of GMMF and LSAT, 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	LSAT	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	16.80	0.01	+16.80
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.34	—
Sharpe Ratio (All Time) Calculated using the full available price history	16.12	0.65	+15.47

Correlation

The correlation between GMMF and LSAT is -0.04. This indicates that the assets' prices tend to move in opposite directions. Negative correlation can be particularly beneficial for diversification and risk management, as one asset may offset the losses of the other during market fluctuations.

Dividends

GMMF vs. LSAT - Dividend Comparison

GMMF's dividend yield for the trailing twelve months is around 3.73%, more than LSAT's 1.87% yield.

	TTM	2025	2024	2023	2022	2021	2020
GMMF iShares Government Money Market ETF	3.73%	3.45%	0.00%	0.00%	0.00%	0.00%	0.00%
LSAT Leadershares Alphafactor Tactical Focused ETF	1.87%	1.90%	1.31%	1.85%	0.36%	3.44%	0.30%

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.

Drawdown Indicators

	GMMF	LSAT	Difference
Max Drawdown Largest peak-to-trough decline	-0.03%	-20.48%	+20.45%
Max Drawdown (1Y) Largest decline over 1 year	-0.03%	-13.54%	+13.51%
Max Drawdown (5Y) Largest decline over 5 years	—	-20.48%	—
Current Drawdown Current decline from peak	0.00%	-6.77%	+6.77%
Average Drawdown Average peak-to-trough decline	0.00%	-5.68%	+5.68%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.00%	4.22%	-4.22%

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 4.05%. 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.

Volatility by Period

	GMMF	LSAT	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.05%	4.05%	-4.00%
Volatility (6M) Calculated over the trailing 6-month period	0.15%	9.35%	-9.20%
Volatility (1Y) Calculated over the trailing 1-year period	0.24%	17.26%	-17.02%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.25%	16.28%	-16.03%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.25%	16.90%	-16.65%