GNMA vs. CLIP
Compare and contrast key facts about iShares GNMA Bond ETF (GNMA) and Global X 1-3 Month T-Bill ETF (CLIP).
GNMA and CLIP are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. GNMA is a passively managed fund by iShares that tracks the performance of the Barclays Capital GNMA Index. It was launched on Feb 14, 2012. CLIP is a passively managed fund by Global X that tracks the performance of the Solactive 1-3 month US T-Bill Index - USD. It was launched on Jun 20, 2023. Both GNMA and CLIP are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.
Performance
GNMA vs. CLIP - Performance Comparison
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GNMA vs. CLIP - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
GNMA iShares GNMA Bond ETF | 0.22% | 8.25% | 1.07% | 2.42% |
CLIP Global X 1-3 Month T-Bill ETF | 0.86% | 4.23% | 5.26% | 2.82% |
Returns By Period
In the year-to-date period, GNMA achieves a 0.22% return, which is significantly lower than CLIP's 0.86% return.
GNMA
- 1D
- 0.05%
- 1M
- -1.75%
- YTD
- 0.22%
- 6M
- 2.07%
- 1Y
- 5.33%
- 3Y*
- 3.97%
- 5Y*
- 0.40%
- 10Y*
- 1.24%
CLIP
- 1D
- 0.01%
- 1M
- 0.29%
- YTD
- 0.86%
- 6M
- 1.89%
- 1Y
- 4.04%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
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GNMA vs. CLIP - Expense Ratio Comparison
GNMA has a 0.15% expense ratio, which is higher than CLIP's 0.07% 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%.
Return for Risk
GNMA vs. CLIP — Risk / Return Rank
GNMA
CLIP
GNMA vs. CLIP - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares GNMA Bond ETF (GNMA) and Global X 1-3 Month T-Bill ETF (CLIP). 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.
| GNMA | CLIP | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 1.12 | 13.56 | -12.44 |
Sortino ratioReturn per unit of downside risk | 1.63 | 40.64 | -39.01 |
Omega ratioGain probability vs. loss probability | 1.20 | 11.02 | -9.82 |
Calmar ratioReturn relative to maximum drawdown | 1.88 | 74.34 | -72.46 |
Martin ratioReturn relative to average drawdown | 5.60 | 595.00 | -589.40 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| GNMA | CLIP | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.12 | 13.56 | -12.44 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.06 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.24 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.25 | 10.60 | -10.35 |
Correlation
The correlation between GNMA and CLIP is 0.02, 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
GNMA vs. CLIP - Dividend Comparison
GNMA's dividend yield for the trailing twelve months is around 4.21%, more than CLIP's 4.03% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
GNMA iShares GNMA Bond ETF | 4.21% | 4.19% | 4.15% | 3.43% | 2.01% | 0.64% | 1.89% | 2.61% | 2.41% | 2.15% | 1.89% | 1.50% |
CLIP Global X 1-3 Month T-Bill ETF | 4.03% | 4.14% | 5.11% | 2.75% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Drawdowns
GNMA vs. CLIP - Drawdown Comparison
The maximum GNMA drawdown since its inception was -17.09%, which is greater than CLIP's maximum drawdown of -0.08%. Use the drawdown chart below to compare losses from any high point for GNMA and CLIP.
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Drawdown Indicators
| GNMA | CLIP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -17.09% | -0.08% | -17.01% |
Max Drawdown (1Y)Largest decline over 1 year | -2.93% | -0.05% | -2.88% |
Max Drawdown (5Y)Largest decline over 5 years | -16.02% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -17.09% | — | — |
Current DrawdownCurrent decline from peak | -1.75% | 0.00% | -1.75% |
Average DrawdownAverage peak-to-trough decline | -3.69% | 0.00% | -3.69% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.98% | 0.01% | +0.97% |
Volatility
GNMA vs. CLIP - Volatility Comparison
iShares GNMA Bond ETF (GNMA) has a higher volatility of 1.77% compared to Global X 1-3 Month T-Bill ETF (CLIP) at 0.05%. This indicates that GNMA's price experiences larger fluctuations and is considered to be riskier than CLIP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| GNMA | CLIP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.77% | 0.05% | +1.72% |
Volatility (6M)Calculated over the trailing 6-month period | 2.76% | 0.15% | +2.61% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.78% | 0.30% | +4.48% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.56% | 0.45% | +6.11% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.11% | 0.45% | +4.66% |