PMMF vs. GMMF

Last updated Apr 1, 2026

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

PMMF and GMMF are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. PMMF is an actively managed fund by BlackRock. It was launched on Feb 4, 2025. GMMF is an actively managed fund by iShares. It was launched on Feb 4, 2025.

Performance

PMMF vs. GMMF - Performance Comparison

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

PMMF vs. GMMF - Yearly Performance Comparison

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

Returns By Period

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

PMMF

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

GMMF

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

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

PMMF vs. GMMF - Expense Ratio Comparison

Both PMMF and GMMF 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%.

PMMF

iShares Prime Money Market ETF

GMMF

iShares Government Money Market ETF

Return for Risk

PMMF vs. GMMF — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

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

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

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.

PMMF vs. GMMF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Prime Money Market ETF (PMMF) and iShares Government Money Market ETF (GMMF). 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.

	PMMF	GMMF	Difference
Sharpe ratio Return per unit of total volatility	13.39	16.80	-3.42
Sortino ratio Return per unit of downside risk	25.27	71.56	-46.29
Omega ratio Gain probability vs. loss probability	11.71	18.31	-6.59
Calmar ratio Return relative to maximum drawdown	31.70	132.15	-100.45
Martin ratio Return relative to average drawdown	381.69	1,102.85	-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.

PMMF vs. GMMF - Sharpe Ratio Comparison

The current PMMF Sharpe Ratio is 13.39, which is comparable to the GMMF Sharpe Ratio of 16.80. The chart below compares the historical Sharpe Ratios of PMMF and GMMF, 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

	PMMF	GMMF	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	13.39	16.80	-3.42
Sharpe Ratio (All Time) Calculated using the full available price history	11.51	16.12	-4.62

Correlation

The correlation between PMMF and GMMF 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

PMMF vs. GMMF - Dividend Comparison

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

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

Drawdowns

PMMF vs. GMMF - Drawdown Comparison

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

Drawdown Indicators

	PMMF	GMMF	Difference
Max Drawdown Largest peak-to-trough decline	-0.13%	-0.03%	-0.10%
Max Drawdown (1Y) Largest decline over 1 year	-0.13%	-0.03%	-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	0.01%	0.00%	+0.01%

Volatility

PMMF vs. GMMF - Volatility Comparison

iShares Prime Money Market ETF (PMMF) and iShares Government Money Market ETF (GMMF) 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

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