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CLIP vs GMMF

Global X 1-3 Month T-Bill ETF

CLIPANYSE Arca

iShares Government Money Market ETF

GMMFBNYSE

Overlap

Expense ratio

CLIP −0.13pt a year

CLIP0.07%GMMF0.20%

Avg volume · 30D

CLIP 13.2×the volume

CLIP285KGMMF21.6K

CLIP vs GMMF Performance

Oct 31, 2025 – Oct 30, 2026

+3.8%CLIP+2.6%GMMF

Oct 31, 2025 to Oct 30, 2026. CLIP +3.8%. GMMF +2.6%. Use the arrow keys to read each point.0%1%2%Oct 2025Mar 2026Oct 2026
Expense ratio
CLIP 0.07%, better
GMMF 0.20%
Fund size
CLIP $2.35B
GMMF $192M
1Y total return
CLIP +3.8%, better
GMMF +2.6%
Yield (12M)
CLIP 3.72%
GMMF 3.79%, better
Holdings
CLIP 26
GMMF 164
Avg volume (30D)
CLIP 285K sh, better
GMMF 21.6K sh
NAV per share
CLIP $100.38
GMMF $100.29
52W range

ETF.net Grade

CLIP: Cost 89, Risk 47, Mission 100, Tradability 80, Holdings not scored, Durability 68. GMMF: Cost 38, Risk 68, Mission 80, Tradability 55, Holdings 42, Durability 45.
Pillar letters and Scores for CLIP, GMMF, with each pillar’s weight
PillarCLIPGMMF
Cost30% weightA89HigherD38
Mission25% weightA100HigherA80
Risk15% weightC47B68Higher
Tradability15% weightA80HigherB55
Holdings10% weightNot scoredC42
Durability5% weightB68HigherC45

Rank among Cash & Ultra-Short Income funds

How we build Categories ›
Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

Same Category. CLIP and GMMF are both graded against the same 78 Cash & Ultra-Short Income funds, so their Grades compare head to head.

Cash & Ultra-Short Income⁠

Category · 78 funds
See all 78 ›

CLIP ranks 2nd and GMMF 46th of 78 funds in the Cash & Ultra-Short Income Category.

  1. Rank 1AICSHiShares Ultra Short Duration Bond Active ETFScore 85
  2. Rank 2ACLIPGlobal X 1-3 Month T-Bill ETFScore 82
  3. Rank 3AVUSBVanguard Ultra-Short Bond ETFScore 81
  4. Rank 44BPMMFiShares Prime Money Market ETFScore 57
  5. Rank 46BGMMFiShares Government Money Market ETFScore 56
  6. Rank 46BGMOCGMO Ultra-Short Income ETFScore 56

Our read on each fund

ETF.net Research

CLIPAGlobal X 1-3 Month T-Bill ETF

GMMFBiShares Government Money Market ETF

In short

CLIP Treasury bills, one to three months out, at half the fee of the category's longtime giant. Global X launched CLIP in 2023 as the cheap challenger in the parking-lot corner of the bond market, and it has hugged its index tightly since.

GMMF Money market funds price once a day. GMMF puts one on an exchange: an iShares government cash strategy whose stated job is current income with liquidity and stability of principal, plus intraday trading.

Stated mandate

CLIP CLIP seeks to track, before fees and expenses, the price and yield performance of the Solactive 1-3 month US T-Bill Index. It invests in U.S. government Treasury bills with remaining maturities from one month to under three months.

GMMF The fund seeks current income consistent with liquidity and stability of principal, while providing intraday exchange trading.

Why people hold it

  • CLIP 0.07% a year, half the 0.14% median for its bill-fund cohort and half what category veteran BIL charges for the same one-to-three-month exposure.
  • The mandate fits on one line: US Treasury bills maturing in one month to under three, roughly two dozen of them. Government paper only, no corporate credit slipped in.globalxetfs.com
  • Sticks to the Solactive 1-3 month US T-Bill Index about as tightly as anything in its peer group, which is the entire job description for a bill fund.
  • Distributes monthly, and it has already gathered billions in assets, so it is no thin-ice launch.
  • GMMF The mandate is literal: current income consistent with liquidity and stability of principal, plus intraday exchange trading. What it holds lines up with what the label says.ishares.com
  • Roughly 50 positions in short-dated US government paper, run by iShares. A cash sleeve you can buy and sell during market hours like any stock.
  • The 0.20% fee sits right at the median for cash-alternative ETFs, so the exchange-traded wrapper does not come at a price premium.

Worth knowing

  • CLIP Income comes straight off short-term Treasury rates. Monthly payouts move up and down with those rates rather than sitting at a fixed level.
  • It opened in 2023, so the track record is short next to the bill funds it undercuts on fee.
  • Volume is respectable, not the deepest in the cohort, and a hair cheaper exists (Vanguard's VBIL at 0.06%). At these fee levels the gap is rounding error.
  • GMMF Trading is thin. Bid-ask spreads can run wider than in the heavily traded cash ETFs, which shows up most on large or hurried orders.
  • It launched in 2025, so the track record is short and covers a single rate backdrop. Stability of principal is the stated objective, not a promise.
  • Cheaper cash parking exists: ICSH charges 0.08% and JPST 0.18%, though both are ultra-short bond funds rather than money market strategies.

Full CLIP profile⁠

Full GMMF profile⁠

CLIP vs GMMF Holdings

As of
How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

CLIP vs GMMF Cost

Overpaying GMMF vs CLIP

$2,675

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

  • CLIP 0.07%

    $1,480

  • GMMF 0.20%

    $4,155

$10,000
30 years

Cost over time

  • CLIP 0.07%
  • GMMF 0.20%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$1K$2K$3K$4K$5K051015202530GMMF $4,155CLIP $1,480

Year by year

YearCLIPGMMFOverpaying
10$128$365$237
20$503$1,421$918
30$1,480$4,155$2,675

Expense ratio

  • 0.07%CLIP, cheaper
  • 0.20%GMMF
  • Middle half of Cash & Ultra-Short Income funds
  • Median 0.18%

CLIP 8th cheapest of 78 funds

GMMF 45th cheapest of 78 funds

CLIP vs GMMF Dividends

Last 12 months to Oct 30, 2026
Yield (12M)
CLIP 3.72%
GMMF 3.79%, better
Payout (12M)
CLIP $3.74
GMMF $3.80
Last payment
CLIP $0.31
GMMF $0.07
Ex-dividend
CLIP Oct 1, 2026
GMMF Oct 28, 2026
Paid on
CLIP Oct 6, 2026
GMMF Oct 29, 2026
Frequency
CLIP Monthly
GMMF Weekly

Distribution history

Per share, 2026, same scale for both

CLIPMonthly · 9 paymentsAll CLIP payments⁠
One bar per payment. 9 payments in 2026 YTD. Feb 2, 2026 $0.31; Mar 2, 2026 $0.30; Apr 1, 2026 $0.31; May 1, 2026 $0.30; Jun 1, 2026 $0.30; Jul 1, 2026 $0.30; Aug 3, 2026 $0.31; Sep 1, 2026 $0.31; Oct 1, 2026 $0.31. Use the arrow keys to read each point.$0$0.252026YTD
GMMFWeekly · 33 paymentsAll GMMF payments⁠
One bar per payment. 33 payments in 2026 YTD. Feb 2, 2026 $0.30; Mar 2, 2026 $0.25; Apr 1, 2026 $0.31; Apr 8, 2026 $0.06; Apr 15, 2026 $0.07; Apr 22, 2026 $0.07; Apr 29, 2026 $0.07; May 6, 2026 $0.06; May 13, 2026 $0.06; May 20, 2026 $0.06; May 27, 2026 $0.06; Jun 3, 2026 $0.07; Jun 10, 2026 $0.06; Jun 17, 2026 $0.07; Jun 24, 2026 $0.07; Jul 1, 2026 $0.07; Jul 8, 2026 $0.07; Jul 15, 2026 $0.07; Jul 22, 2026 $0.07; Jul 29, 2026 $0.07; Aug 5, 2026 $0.07; Aug 12, 2026 $0.07; Aug 19, 2026 $0.07; Aug 26, 2026 $0.07; Sep 2, 2026 $0.07; Sep 9, 2026 $0.07; Sep 16, 2026 $0.07; Sep 23, 2026 $0.07; Sep 30, 2026 $0.07; Oct 7, 2026 $0.07; Oct 14, 2026 $0.07; Oct 21, 2026 $0.08; Oct 28, 2026 $0.07. Use the arrow keys to read each point.$0$0.252026YTD

CLIP vs GMMF Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years
CLIP 0.2%GMMF 0.2%since Mar 2025Same figure. Both funds show the same value, so neither comes out ahead.
Return per unit of riskSharpe ratio, 3 years
CLIP −0.51GMMF −2.54since Mar 2025
Worst fallMax drawdown, 5 years
CLIP −0.1%since Jun 2023GMMF −0.1%since Feb 2025Same figure. Both funds show the same value, so neither comes out ahead.
Market sensitivityBeta, 5 years
CLIP 0.01GMMF −0.01

CLIP and GMMF in the news

All news⁠

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