PMMF vs. SBIL

Last updated Apr 1, 2026

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

PMMF and SBIL 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. SBIL is an actively managed fund by Simplify. It was launched on Jul 14, 2025.

Performance

PMMF vs. SBIL - Performance Comparison

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

PMMF vs. SBIL - Yearly Performance Comparison

	2026 (YTD)	2025
PMMF iShares Prime Money Market ETF	0.86%	1.94%
SBIL Simplify Government Money Market ETF	0.86%	1.88%

Returns By Period

As of year-to-date, both investments have demonstrated similar returns, with PMMF at 0.86% and SBIL at 0.86%.

PMMF

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

SBIL

• 1D: -0.00%
• 1M: 0.27%
• YTD: 0.86%
• 6M: 1.85%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

PMMF vs. SBIL - Expense Ratio Comparison

PMMF has a 0.20% expense ratio, which is higher than SBIL'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%.

PMMF

iShares Prime Money Market ETF

SBIL

Simplify Government Money Market ETF

Return for Risk

PMMF vs. SBIL — 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

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. SBIL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Prime Money Market ETF (PMMF) and Simplify Government Money Market ETF (SBIL). 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	SBIL	Difference
Sharpe ratio Return per unit of total volatility	13.39	—	—
Sortino ratio Return per unit of downside risk	25.27	—	—
Omega ratio Gain probability vs. loss probability	11.71	—	—
Calmar ratio Return relative to maximum drawdown	31.70	—	—
Martin ratio Return relative to average drawdown	381.69	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	PMMF	SBIL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	13.39	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	11.51	14.25	-2.75

Correlation

The correlation between PMMF and SBIL is 0.15, 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

PMMF vs. SBIL - Dividend Comparison

PMMF's dividend yield for the trailing twelve months is around 3.91%, more than SBIL's 2.68% yield.

	TTM	2025
PMMF iShares Prime Money Market ETF	3.91%	3.59%
SBIL Simplify Government Money Market ETF	2.68%	1.79%

Drawdowns

PMMF vs. SBIL - Drawdown Comparison

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

Drawdown Indicators

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

Volatility

Volatility by Period

	PMMF	SBIL	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.05%	—	—
Volatility (6M) Calculated over the trailing 6-month period	0.13%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	0.31%	0.28%	+0.03%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.36%	0.28%	+0.08%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.36%	0.28%	+0.08%