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GMMF vs TBLL

iShares Government Money Market ETF

GMMFBNYSE

Invesco Short Term Treasury ETF

TBLLANYSE Arca

Overlap

Expense ratio

TBLL −0.12pt a year

GMMF0.20%TBLL0.08%

Avg volume · 30D

TBLL 14.5×the volume

GMMF21.6KTBLL313K

GMMF vs TBLL Performance

Oct 31, 2025 – Oct 30, 2026

+2.6%GMMF+3.6%TBLL

Oct 31, 2025 to Oct 30, 2026. GMMF +2.6%. TBLL +3.6%. Use the arrow keys to read each point.0%1%2%Oct 2025Mar 2026Oct 2026
Expense ratio
GMMF 0.20%
TBLL 0.08%, better
Fund size
GMMF $192M
TBLL $2.9B
1Y total return
GMMF +2.6%
TBLL +3.6%, better
Yield (12M)
GMMF 3.79%, better
TBLL 3.59%
Holdings
GMMF 164
TBLL 90
Avg volume (30D)
GMMF 21.6K sh
TBLL 313K sh, better
NAV per share
GMMF $100.29
TBLL $105.62
52W range

ETF.net Grade

GMMF: Cost 38, Risk 68, Mission 80, Tradability 55, Holdings 42, Durability 45. TBLL: Cost 89, Risk 44, Mission 100, Tradability 80, Holdings 66, Durability 80.
Pillar letters and Scores for GMMF, TBLL, with each pillar’s weight
PillarGMMFTBLL
Cost30% weightD38A89Higher
Mission25% weightA80A100Higher
Risk15% weightB68HigherC44
Tradability15% weightB55A80Higher
Holdings10% weightC42B66Higher
Durability5% weightC45A80Higher

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. GMMF and TBLL 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 ›

TBLL ranks 4th 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 4ATBLLInvesco Short Term Treasury ETFScore 80
  5. Rank 4AVBILVanguard 0-3 Month Treasury Bill ETFScore 80
  6. Rank 44BPMMFiShares Prime Money Market ETFScore 57
  7. Rank 46BGMMFiShares Government Money Market ETFScore 56
  8. Rank 46BGMOCGMO Ultra-Short Income ETFScore 56

Our read on each fund

ETF.net Research

GMMFBiShares Government Money Market ETF

TBLLAInvesco Short Term Treasury ETF

In short

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.

TBLL The bill fund that stretches to a full year. TBLL owns U.S. Treasuries maturing in one year or less and charges 0.08%, well under the typical fund in its 0-1 year Treasury group.

Stated mandate

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

TBLL The fund invests primarily in U.S. Treasury obligations with maturities of one year or less and seeks exposure to the ICE U.S. Treasury Short Bond Index.

Why people hold it

  • 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.
  • TBLL Charges 0.08% a year against a 0.14% median for its 0-1 year Treasury cohort, and undercuts BIL, the 1-3 month bill fund at 0.14%.
  • Fishes the entire under-one-year curve, about 90 Treasury positions, instead of camping in 1-3 month paper like much of the peer shelf.
  • Live since 2017 and a multi-billion-dollar fund, with index tracking among the tighter implementations in its 17-fund group.
  • Distributions land monthly, and the portfolio is Treasury obligations only, so no corporate credit rides along.

Worth knowing

  • 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.
  • TBLL Not the cheapest seat in the row: XONE runs 0.03% and VBIL 0.06%, so the cost gap is a few basis points.
  • Reaching out to one-year maturities carries slightly more interest-rate sensitivity than a strict 1-3 month bill portfolio.
  • Moderately traded rather than the volume leader of its category, so spreads deserve a look on larger orders.

Full GMMF profile⁠

Full TBLL profile⁠

GMMF vs TBLL Holdings

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.

GMMF vs TBLL Cost

Overpaying GMMF vs TBLL

$2,466

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

  • GMMF 0.20%

    $4,155

  • TBLL 0.08%

    $1,689

$10,000
30 years

Cost over time

  • GMMF 0.20%
  • TBLL 0.08%
  • 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 $4,155TBLL $1,689

Year by year

YearGMMFTBLLOverpaying
10$365$147$218
20$1,421$575$846
30$4,155$1,689$2,466

Expense ratio

  • 0.20%GMMF
  • 0.08%TBLL, cheaper
  • Middle half of Cash & Ultra-Short Income funds
  • Median 0.18%

TBLL 10th cheapest of 78 funds

GMMF 45th cheapest of 78 funds

GMMF vs TBLL Dividends

Last 12 months to Oct 30, 2026
Yield (12M)
GMMF 3.79%, better
TBLL 3.59%
Payout (12M)
GMMF $3.80
TBLL $3.79
Last payment
GMMF $0.07
TBLL $0.34
Ex-dividend
GMMF Oct 28, 2026
TBLL Oct 19, 2026
Paid on
GMMF Oct 29, 2026
TBLL Oct 23, 2026
Frequency
GMMF Weekly
TBLL Monthly

Distribution history

Per share, 2026, same scale for both

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
TBLLMonthly · 10 paymentsAll TBLL payments⁠
One bar per payment. 10 payments in 2026 YTD. Jan 20, 2026 $0.33; Feb 23, 2026 $0.32; Mar 23, 2026 $0.30; Apr 20, 2026 $0.27; May 18, 2026 $0.32; Jun 22, 2026 $0.32; Jul 20, 2026 $0.31; Aug 24, 2026 $0.30; Sep 21, 2026 $0.32; Oct 19, 2026 $0.34. Use the arrow keys to read each point.$0$0.252026YTD

GMMF vs TBLL Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years
GMMF 0.2%since Mar 2025TBLL 0.3%
Return per unit of riskSharpe ratio, 3 years
GMMF −2.54since Mar 2025TBLL −0.66
Worst fallMax drawdown, 5 years
GMMF −0.1%since Feb 2025TBLL −0.4%
Market sensitivityBeta, 5 years
GMMF −0.01TBLL 0.01

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