GNMA vs. MDIV
GNMA (iShares GNMA Bond ETF) and MDIV (First Trust Multi-Asset Diversified Income Index Fund) are both exchange-traded funds - GNMA is a Mortgage Backed Securities fund tracking the Barclays Capital GNMA Index, while MDIV is a Diversified Portfolio fund tracking the NASDAQ US Multi-Asset Diversified Income Index. Both are passively managed. Over the past 10 years, GNMA returned 1.23%/yr vs 4.70%/yr for MDIV. At a 0.08 correlation, their price movements are largely independent. GNMA charges 0.15%/yr vs 0.73%/yr for MDIV.
Performance
GNMA vs. MDIV - Performance Comparison
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Returns By Period
In the year-to-date period, GNMA achieves a 0.67% return, which is significantly lower than MDIV's 8.61% return. Over the past 10 years, GNMA has underperformed MDIV with an annualized return of 1.23%, while MDIV has yielded a comparatively higher 4.70% annualized return.
GNMA
- 1D
- 0.11%
- 1M
- 0.08%
- YTD
- 0.67%
- 6M
- 1.08%
- 1Y
- 5.88%
- 3Y*
- 4.33%
- 5Y*
- 0.55%
- 10Y*
- 1.23%
MDIV
- 1D
- 0.86%
- 1M
- 0.77%
- YTD
- 8.61%
- 6M
- 8.42%
- 1Y
- 12.31%
- 3Y*
- 11.83%
- 5Y*
- 5.83%
- 10Y*
- 4.70%
GNMA vs. MDIV - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
GNMA iShares GNMA Bond ETF | 0.67% | 8.25% | 1.07% | 5.34% | -10.83% | -1.86% | 3.51% | 5.85% | 0.85% | 1.74% |
MDIV First Trust Multi-Asset Diversified Income Index Fund | 8.61% | 3.77% | 10.05% | 11.50% | -3.86% | 16.51% | -14.84% | 18.59% | -5.78% | 5.61% |
Correlation
The correlation between GNMA and MDIV is 0.20, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.20 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.28 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.24 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.11 |
Correlation (All Time) Calculated using the full available price history since Aug 15, 2012 | 0.08 |
The correlation between GNMA and MDIV shifts across timeframes, from 0.08 (all time) to 0.28 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
GNMA vs. MDIV — Risk / Return Rank
GNMA
MDIV
GNMA vs. MDIV - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares GNMA Bond ETF (GNMA) and First Trust Multi-Asset Diversified Income Index Fund (MDIV). 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 | MDIV | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.44 | ||
| Sortino ratioReturn per unit of downside risk | -0.59 | ||
| Omega ratioGain probability vs. loss probability | 1.25 | 1.32 | -0.08 |
| Calmar ratioReturn relative to maximum drawdown | 2.26 | 3.64 | -1.38 |
| Martin ratioReturn relative to average drawdown | 7.20 | 10.15 | -2.95 |
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 | MDIV | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.40 | 1.83 | -0.44 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.08 | 0.54 | -0.45 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.24 | 0.31 | -0.07 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.25 | 0.35 | -0.10 |
Drawdowns
GNMA vs. MDIV - Drawdown Comparison
The maximum GNMA drawdown since its inception was -17.09%, smaller than the maximum MDIV drawdown of -48.50%. Use the drawdown chart below to compare losses from any high point for GNMA and MDIV.
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Drawdown Indicators
| GNMA | MDIV | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -17.09% | -48.50% | +31.41% |
Max Drawdown (1Y)Largest decline over 1 year | -2.61% | -3.39% | +0.78% |
Max Drawdown (3Y)Largest decline over 3 years | -7.13% | -9.62% | +2.49% |
Max Drawdown (5Y)Largest decline over 5 years | -15.83% | -13.02% | -2.81% |
Max Drawdown (10Y)Largest decline over 10 years | -17.09% | -48.50% | +31.41% |
Current DrawdownCurrent decline from peak | -1.30% | -0.29% | -1.01% |
Average DrawdownAverage peak-to-trough decline | -3.66% | -4.58% | +0.92% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.82% | 1.22% | -0.40% |
Volatility
GNMA vs. MDIV - Volatility Comparison
The current volatility for iShares GNMA Bond ETF (GNMA) is 1.54%, while First Trust Multi-Asset Diversified Income Index Fund (MDIV) has a volatility of 1.82%. This indicates that GNMA experiences smaller price fluctuations and is considered to be less risky than MDIV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| GNMA | MDIV | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.54% | 1.82% | -0.28% |
Volatility (6M)Calculated over the trailing 6-month period | 3.14% | 4.37% | -1.23% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.29% | 6.76% | -2.47% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.61% | 10.94% | -4.33% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.13% | 15.23% | -10.10% |
GNMA vs. MDIV - Expense Ratio Comparison
GNMA has a 0.15% expense ratio, which is lower than MDIV's 0.73% expense ratio.
Dividends
GNMA vs. MDIV - Dividend Comparison
GNMA's dividend yield for the trailing twelve months is around 4.23%, less than MDIV's 6.33% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
GNMA iShares GNMA Bond ETF | 4.23% | 4.19% | 4.15% | 3.43% | 2.01% | 0.64% | 1.89% | 2.61% | 2.41% | 2.15% | 1.89% | 1.50% |
MDIV First Trust Multi-Asset Diversified Income Index Fund | 6.33% | 6.51% | 6.40% | 6.08% | 6.71% | 5.30% | 6.00% | 5.90% | 6.76% | 6.04% | 6.35% | 7.38% |
Frequently Asked Questions
GNMA and MDIV have a correlation of 0.20, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
MDIV has higher volatility (1.82%) compared to GNMA (1.54%). In terms of maximum drawdown, GNMA dropped -17.09% vs MDIV's -48.50%.
On 10-year performance, MDIV leads with 4.70% vs 1.23% for GNMA. On fees, GNMA is cheaper at 0.15% per year. On volatility, GNMA has been the lower-risk option at 1.54%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, MDIV has performed better with a 4.70% return vs 1.23%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
GNMA is cheaper with a 0.15% expense ratio, compared with 0.73% for MDIV.
MDIV has the higher dividend yield at 6.33%, compared with 4.23% for GNMA.
GNMA is categorized as Mortgage Backed Securities, while MDIV is Diversified Portfolio. GNMA tracks Barclays Capital GNMA Index, while MDIV tracks NASDAQ US Multi-Asset Diversified Income Index. They also come from different issuers: iShares and First Trust. Their fees differ too: 0.15% for GNMA and 0.73% for MDIV.
MDIV currently has the higher Sharpe Ratio (1.83 vs 1.40), 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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