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GMMF vs VUSB

iShares Government Money Market ETF

GMMFBNYSE

Vanguard Ultra-Short Bond ETF

VUSBACboe

Overlap

Expense ratio

VUSB −0.10pt a year

GMMF0.20%VUSB0.10%

Avg volume · 30D

VUSB 91.5×the volume

GMMF21.6KVUSB1.97M

GMMF vs VUSB Performance

Oct 31, 2025 – Oct 30, 2026

+2.6%GMMF+3.7%VUSB

Oct 31, 2025 to Oct 30, 2026. GMMF +2.6%. VUSB +3.7%. Use the arrow keys to read each point.0%1%2%Oct 2025Mar 2026Oct 2026
Expense ratio
GMMF 0.20%
VUSB 0.10%, better
Fund size
GMMF $192M
VUSB $9.9B
1Y total return
GMMF +2.6%
VUSB +3.7%, better
Yield (12M)
GMMF 3.79%
VUSB 4.27%, better
Holdings
GMMF 164
VUSB 1348
Avg volume (30D)
GMMF 21.6K sh
VUSB 1.97M sh, better
NAV per share
GMMF $100.29
VUSB $49.62
52W range

ETF.net Grade

GMMF: Cost 38, Risk 68, Mission 80, Tradability 55, Holdings 42, Durability 45. VUSB: Cost 84, Risk 53, Mission 100, Tradability 66, Holdings 90, Durability 89.
Pillar letters and Scores for GMMF, VUSB, with each pillar’s weight
PillarGMMFVUSB
Cost30% weightD38A84Higher
Mission25% weightA80A100Higher
Risk15% weightB68HigherC53
Tradability15% weightB55B66Higher
Holdings10% weightC42A90Higher
Durability5% weightC45A89Higher

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 VUSB 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 ›

VUSB ranks 3rd 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 44BPMMFiShares Prime Money Market ETFScore 57
  6. Rank 46BGMMFiShares Government Money Market ETFScore 56
  7. Rank 46BGMOCGMO Ultra-Short Income ETFScore 56

Our read on each fund

ETF.net Research

GMMFBiShares Government Money Market ETF

VUSBAVanguard Ultra-Short Bond 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.

VUSB Vanguard's first actively managed bond ETF, run by its in-house fixed income team and priced at 0.10%. It holds investment-grade paper maturing inside two years: a step past a money fund, well short of a real bond fund.

Stated mandate

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

VUSB The fund seeks current income with limited price volatility while investing in diversified high- and medium-quality fixed-income securities. It expects to maintain a dollar-weighted average maturity of 0–2 years.

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.
  • VUSB At 0.10%, it costs half the typical ultra-short bond ETF and undercuts the other leaders in the group: SHV, PULS, FLDR and DUSB all charge 0.15%.
  • Active, not adventurous. The managers buy investment-grade bonds (A3-or-better high quality plus BBB-tier medium quality) and hold average maturity to zero-to-two years.vanguard.com
  • Income lands monthly, sourced from roughly 170 bonds, so no single issuer drives the outcome.
  • A multi-billion-dollar fund that trades actively, and the same portfolio team also runs a similar Vanguard ultra-short fund.vanguard.com

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.
  • VUSB This is not a money market fund. No fixed $1 share price, and the market price can trade above or below the value of the holdings.vanguard.com
  • The mandate allows BBB-tier credit, a notch of risk a Treasury-only neighbor like SHV doesn't take.vanguard.com
  • Bonds this short reprice with short-term rates, so the monthly payout drifts up and down instead of holding a set level.vanguard.com

Full GMMF profile⁠

Full VUSB profile⁠

GMMF vs VUSB 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 VUSB Cost

Overpaying GMMF vs VUSB

$2,049

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

  • GMMF 0.20%

    $4,155

  • VUSB 0.10%

    $2,106

$10,000
30 years

Cost over time

  • GMMF 0.20%
  • VUSB 0.10%
  • 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 $4,155VUSB $2,106

Year by year

YearGMMFVUSBOverpaying
10$365$183$182
20$1,421$717$704
30$4,155$2,106$2,049

Expense ratio

  • 0.20%GMMF
  • 0.10%VUSB, cheaper
  • Middle half of Cash & Ultra-Short Income funds
  • Median 0.18%

VUSB 13th cheapest of 78 funds

GMMF 45th cheapest of 78 funds

GMMF vs VUSB Dividends

Last 12 months to Oct 30, 2026
Yield (12M)
GMMF 3.79%
VUSB 4.27%, better
Payout (12M)
GMMF $3.80
VUSB $2.12
Last payment
GMMF $0.07
VUSB $0.18
Ex-dividend
GMMF Oct 28, 2026
VUSB Oct 1, 2026
Paid on
GMMF Oct 29, 2026
VUSB Oct 5, 2026
Frequency
GMMF Weekly
VUSB 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
VUSBMonthly · 9 paymentsAll VUSB payments⁠
One bar per payment. 9 payments in 2026 YTD. Feb 2, 2026 $0.18; Mar 2, 2026 $0.17; Apr 1, 2026 $0.18; May 1, 2026 $0.18; Jun 1, 2026 $0.17; Jul 1, 2026 $0.18; Aug 3, 2026 $0.17; Sep 1, 2026 $0.17; Oct 1, 2026 $0.18. Use the arrow keys to read each point.$0$0.252026YTD

GMMF vs VUSB 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 2025VUSB 0.8%
Return per unit of riskSharpe ratio, 3 years
GMMF −2.54since Mar 2025VUSB 0.86
Worst fallMax drawdown, 5 years
GMMF −0.1%since Feb 2025VUSB −1.7%
Market sensitivityBeta, 5 years
GMMF −0.01VUSB 0.10

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