GMMF vs. PMMF

Last updated Apr 1, 2026

Compare and contrast key facts about iShares Government Money Market ETF (GMMF) and iShares Prime Money Market ETF (PMMF).

GMMF and PMMF 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. PMMF is an actively managed fund by BlackRock. It was launched on Feb 4, 2025.

Performance

GMMF vs. PMMF - Performance Comparison

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

GMMF vs. PMMF - Yearly Performance Comparison

	2026 (YTD)	2025
GMMF iShares Government Money Market ETF	0.84%	3.68%
PMMF iShares Prime Money Market ETF	0.86%	3.85%

Returns By Period

The year-to-date returns for both investments are quite close, with GMMF having a 0.84% return and PMMF slightly higher at 0.86%.

GMMF

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

PMMF

• 1D: 0.01%
• 1M: 0.28%
• YTD: 0.86%
• 6M: 1.87%
• 1Y: 4.07%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

GMMF vs. PMMF - Expense Ratio Comparison

Both GMMF and PMMF have an expense ratio of 0.20%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.

GMMF

iShares Government Money Market ETF

PMMF

iShares Prime Money Market ETF

Return for Risk

GMMF vs. PMMF — 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

PMMF

PMMF Risk / Return Rank: 100
PMMF Sharpe Ratio Rank: 100
PMMF Sortino Ratio Rank: 100
PMMF Omega Ratio Rank: 100
PMMF Calmar Ratio Rank: 99
PMMF 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. PMMF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Government Money Market ETF (GMMF) and iShares Prime Money Market ETF (PMMF). 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	PMMF	Difference
Sharpe ratio Return per unit of total volatility	16.80	13.39	+3.42
Sortino ratio Return per unit of downside risk	71.56	25.27	+46.29
Omega ratio Gain probability vs. loss probability	18.31	11.71	+6.59
Calmar ratio Return relative to maximum drawdown	132.15	31.70	+100.45
Martin ratio Return relative to average drawdown	1,102.85	381.69	+721.15
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. PMMF - Sharpe Ratio Comparison

The current GMMF Sharpe Ratio is 16.80, which is comparable to the PMMF Sharpe Ratio of 13.39. The chart below compares the historical Sharpe Ratios of GMMF and PMMF, 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	PMMF	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	16.80	13.39	+3.42
Sharpe Ratio (All Time) Calculated using the full available price history	16.12	11.51	+4.62

Correlation

The correlation between GMMF and PMMF is 0.48, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

GMMF vs. PMMF - Dividend Comparison

GMMF's dividend yield for the trailing twelve months is around 3.73%, less than PMMF's 3.91% yield.

	TTM	2025
GMMF iShares Government Money Market ETF	3.73%	3.45%
PMMF iShares Prime Money Market ETF	3.91%	3.59%

Drawdowns

GMMF vs. PMMF - Drawdown Comparison

The maximum GMMF drawdown since its inception was -0.03%, smaller than the maximum PMMF drawdown of -0.13%. Use the drawdown chart below to compare losses from any high point for GMMF and PMMF.

Drawdown Indicators

	GMMF	PMMF	Difference
Max Drawdown Largest peak-to-trough decline	-0.03%	-0.13%	+0.10%
Max Drawdown (1Y) Largest decline over 1 year	-0.03%	-0.13%	+0.10%
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%	0.01%	-0.01%

Volatility

GMMF vs. PMMF - Volatility Comparison

iShares Government Money Market ETF (GMMF) and iShares Prime Money Market ETF (PMMF) have volatilities of 0.05% and 0.05%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GMMF	PMMF	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.05%	0.05%	0.00%
Volatility (6M) Calculated over the trailing 6-month period	0.15%	0.13%	+0.02%
Volatility (1Y) Calculated over the trailing 1-year period	0.24%	0.31%	-0.07%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.25%	0.36%	-0.11%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.25%	0.36%	-0.11%