GMMF vs. TLT
GMMF (iShares Government Money Market ETF) and TLT (iShares 20+ Year Treasury Bond ETF) are both exchange-traded funds - GMMF is a Money Market fund actively managed by iShares, while TLT is a Government Bonds fund tracking the ICE U.S. Treasury 20+ Year Bond Index. GMMF is actively managed, while TLT is passively managed. Over the past year, GMMF returned 3.75% vs 1.71% for TLT. At a correlation of -0.06, they often move in opposite directions. GMMF charges 0.20%/yr vs 0.15%/yr for TLT.
Performance
GMMF vs. TLT - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, GMMF achieves a 1.92% return, which is significantly higher than TLT's -1.84% return.
GMMF
- 1D
- 0.01%
- 1M
- 0.30%
- 6M
- 1.73%
- YTD
- 1.92%
- 1Y
- 3.75%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 3.88%
TLT
- 1D
- -0.27%
- 1M
- -3.21%
- 6M
- -1.26%
- YTD
- -1.84%
- 1Y
- 1.71%
- 3Y*
- -2.33%
- 5Y*
- -7.86%
- 10Y*
- -2.23%
- ALL TIME*
- 3.55%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $1.99M | $2.53M | $3.36M |
GMMF vs. TLT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
GMMF iShares Government Money Market ETF | 1.92% | 3.70% |
TLT iShares 20+ Year Treasury Bond ETF | -1.84% | 2.58% |
Correlation
The correlation between GMMF and TLT is -0.00, 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 | -0.00 |
Correlation (All Time) Calculated using the full available price history since Feb 5, 2025 | -0.06 |
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
GMMF vs. TLT — Risk / Return Rank
GMMF
TLT
GMMF vs. TLT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Government Money Market ETF (GMMF) and iShares 20+ Year Treasury Bond ETF (TLT). 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 | TLT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +18.68 | ||
| Sortino ratioReturn per unit of downside risk | +139.01 | ||
| Omega ratioGain probability vs. loss probability | 40.52 | 1.04 | +39.49 |
| Calmar ratioReturn relative to maximum drawdown | 251.61 | 0.23 | +251.38 |
| Martin ratioReturn relative to average drawdown | 2,214.08 | 0.51 | +2,213.57 |
Loading charts...
Drawdowns
GMMF vs. TLT - Drawdown Comparison
The maximum GMMF drawdown since its inception was -0.03%, smaller than the maximum TLT drawdown of -48.35%. Use the drawdown chart below to compare losses from any high point for GMMF and TLT.
Loading charts...
Drawdown Indicators
| GMMF | TLT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -0.03% | -48.35% | +48.32% |
Max Drawdown (1Y)Largest decline over 1 year | -0.01% | -7.58% | +7.57% |
Max Drawdown (3Y)Largest decline over 3 years | — | -17.91% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -43.70% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -48.35% | — |
Current DrawdownCurrent decline from peak | 0.00% | -41.37% | +41.37% |
Average DrawdownAverage peak-to-trough decline | -0.00% | -13.95% | +13.95% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.00% | 3.37% | -3.37% |
Volatility
GMMF vs. TLT - Volatility Comparison
The current volatility for iShares Government Money Market ETF (GMMF) is 0.05%, while iShares 20+ Year Treasury Bond ETF (TLT) has a volatility of 2.55%. This indicates that GMMF experiences smaller price fluctuations and is considered to be less risky than TLT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| GMMF | TLT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.05% | 2.55% | -2.50% |
Volatility (6M)Calculated over the trailing 6-month period | 0.13% | 6.80% | -6.67% |
Volatility (1Y)Calculated over the trailing 1-year period | 0.20% | 9.39% | -9.19% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 0.24% | 15.74% | -15.50% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 0.24% | 14.84% | -14.60% |
GMMF vs. TLT - Expense Ratio Comparison
GMMF has a 0.20% expense ratio, which is higher than TLT'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. TLT - Dividend Comparison
GMMF's dividend yield for the trailing twelve months is around 3.72%, less than TLT's 4.67% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
GMMF iShares Government Money Market ETF | 3.72% | 3.45% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
TLT iShares 20+ Year Treasury Bond ETF | 4.67% | 4.43% | 4.30% | 3.38% | 2.67% | 1.50% | 1.50% | 2.27% | 2.63% | 2.43% | 2.60% | 2.61% |
Frequently Asked Questions
GMMF and TLT have a correlation of -0.00, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TLT has higher volatility (2.55%) compared to GMMF (0.05%). In terms of maximum drawdown, GMMF dropped -0.03% vs TLT's -48.35%.
On 1-year performance, GMMF leads with 3.75% vs 1.71% for TLT. On fees, TLT is cheaper at 0.15% 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, GMMF has performed better with a 3.75% return vs 1.71%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
TLT is cheaper with a 0.15% expense ratio, compared with 0.20% for GMMF.
TLT has the higher dividend yield at 4.67%, compared with 3.72% for GMMF.
GMMF is categorized as Money Market, while TLT is Government Bonds. Their fees differ too: 0.20% for GMMF and 0.15% for TLT.
GMMF currently has the higher Sharpe Ratio (18.86 vs 0.18), 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.
Find the right allocation for GMMF and TLT
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer