SPYD vs. GMMF
SPYD (State Street SPDR Portfolio S&P 500 High Dividend ETF) and GMMF (iShares Government Money Market ETF) are both exchange-traded funds - SPYD is a S&P 500 fund tracking the S&P 500 High Dividend Index, while GMMF is a Money Market fund actively managed by iShares. SPYD is passively managed, while GMMF is actively managed. Over the past year, SPYD returned 16.38% vs 3.87% for GMMF. At a correlation of -0.06, they often move in opposite directions. SPYD charges 0.07%/yr vs 0.20%/yr for GMMF.
Performance
SPYD vs. GMMF - Performance Comparison
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Returns By Period
In the year-to-date period, SPYD achieves a 10.34% return, which is significantly higher than GMMF's 1.47% return.
SPYD
- 1D
- -0.44%
- 1M
- 1.57%
- YTD
- 10.34%
- 6M
- 10.97%
- 1Y
- 16.38%
- 3Y*
- 14.37%
- 5Y*
- 6.76%
- 10Y*
- 8.59%
GMMF
- 1D
- 0.02%
- 1M
- 0.28%
- YTD
- 1.47%
- 6M
- 1.75%
- 1Y
- 3.87%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
SPYD vs. GMMF - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
SPYD State Street SPDR Portfolio S&P 500 High Dividend ETF | 10.34% | 3.31% |
GMMF iShares Government Money Market ETF | 1.47% | 3.70% |
Correlation
The correlation between SPYD and GMMF is -0.10, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.10 |
Correlation (All Time) Calculated using the full available price history since Feb 6, 2025 | -0.06 |
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Return for Risk
SPYD vs. GMMF — Risk / Return Rank
SPYD
GMMF
SPYD vs. GMMF - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for State Street SPDR Portfolio S&P 500 High Dividend ETF (SPYD) 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.
| SPYD | GMMF | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -16.10 | ||
| Sortino ratioReturn per unit of downside risk | -84.42 | ||
| Omega ratioGain probability vs. loss probability | 1.24 | 24.81 | -23.57 |
| Calmar ratioReturn relative to maximum drawdown | 2.33 | 129.87 | -127.54 |
| Martin ratioReturn relative to average drawdown | 6.77 | 1,318.32 | -1,311.54 |
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
| SPYD | GMMF | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.42 | 17.52 | -16.10 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.42 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.44 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.47 | 16.34 | -15.87 |
Drawdowns
SPYD vs. GMMF - Drawdown Comparison
The maximum SPYD drawdown since its inception was -46.42%, which is greater than GMMF's maximum drawdown of -0.03%. Use the drawdown chart below to compare losses from any high point for SPYD and GMMF.
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Drawdown Indicators
| SPYD | GMMF | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -46.42% | -0.03% | -46.39% |
Max Drawdown (1Y)Largest decline over 1 year | -7.05% | -0.03% | -7.02% |
Max Drawdown (3Y)Largest decline over 3 years | -16.13% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -22.25% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -46.42% | — | — |
Current DrawdownCurrent decline from peak | -1.11% | 0.00% | -1.11% |
Average DrawdownAverage peak-to-trough decline | -6.17% | -0.00% | -6.17% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.43% | 0.00% | +2.43% |
Volatility
SPYD vs. GMMF - Volatility Comparison
State Street SPDR Portfolio S&P 500 High Dividend ETF (SPYD) has a higher volatility of 2.57% compared to iShares Government Money Market ETF (GMMF) at 0.06%. This indicates that SPYD's price experiences larger fluctuations and is considered to be riskier than GMMF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SPYD | GMMF | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.57% | 0.06% | +2.51% |
Volatility (6M)Calculated over the trailing 6-month period | 7.71% | 0.14% | +7.57% |
Volatility (1Y)Calculated over the trailing 1-year period | 11.62% | 0.22% | +11.40% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.13% | 0.24% | +15.89% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 19.78% | 0.24% | +19.54% |
SPYD vs. GMMF - Expense Ratio Comparison
SPYD has a 0.07% expense ratio, which is lower than GMMF's 0.20% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
SPYD vs. GMMF - Dividend Comparison
SPYD's dividend yield for the trailing twelve months is around 4.21%, more than GMMF's 3.67% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
GMMF iShares Government Money Market ETF | 3.67% | 3.45% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
SPYD State Street SPDR Portfolio S&P 500 High Dividend ETF | 4.21% | 4.52% | 4.31% | 4.66% | 5.01% | 3.68% | 4.95% | 4.42% | 4.75% | 4.63% | 4.34% | 1.13% |
Frequently Asked Questions
SPYD and GMMF have a correlation of -0.10, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SPYD has higher volatility (2.57%) compared to GMMF (0.06%). In terms of maximum drawdown, SPYD dropped -46.42% vs GMMF's -0.03%.
On 1-year performance, SPYD leads with 16.38% vs 3.87% for GMMF. On fees, SPYD is cheaper at 0.07% per year. On volatility, GMMF has been the lower-risk option at 0.06%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, SPYD has performed better with a 16.38% return vs 3.87%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPYD is cheaper with a 0.07% expense ratio, compared with 0.20% for GMMF.
SPYD has the higher dividend yield at 4.21%, compared with 3.67% for GMMF.
SPYD is categorized as S&P 500, while GMMF is Money Market. They also come from different issuers: State Street and iShares. Their fees differ too: 0.07% for SPYD and 0.20% for GMMF.
GMMF currently has the higher Sharpe Ratio (17.52 vs 1.42), 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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