GMMF vs XHLF: Grades, Fees and Holdings Compared

iShares Government Money Market ETF

GMMFBNYSE

BondBloxx Bloomberg Six Month Target Duration US Treasury ETF

XHLFANYSE Arca

Overlap

0.0%by weight

Expense ratio

XHLF −0.17pt a year

GMMF0.20%XHLF0.03%

Avg volume · 30D

XHLF 14.3×the volume

GMMF21.6KXHLF309K

GMMF vs XHLF Performance

Oct 31, 2025 – Oct 30, 2026

+2.6%GMMF+3.6%XHLF

Expense ratio: GMMF 0.20%; XHLF 0.03%, better
Fund size: GMMF $192M; XHLF $2.03B
1Y total return: GMMF +2.6%; XHLF +3.6%, better
Yield (12M): GMMF 3.79%, better; XHLF 3.75%
Holdings: GMMF 164; XHLF 29
Avg volume (30D): GMMF 21.6K sh; XHLF 309K sh, better
NAV per share: GMMF $100.29; XHLF $50.29
52W range

ETF.net Grade

Pillar letters and Scores for GMMF, XHLF, with each pillar’s weight
Pillar	GMMF	XHLF
Cost30% weight	D38	A99Higher
Mission25% weight	A80	A100Higher
Risk15% weight	B68Higher	C47
Tradability15% weight	B55	A79Higher
Holdings10% weight	C42Higher	D35
Durability5% weight	C45	B59Higher

Rank among Cash & Ultra-Short Income funds

How we build Categories ›

Same Category. GMMF and XHLF 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 ›

XHLF ranks 4th and GMMF 46th of 78 funds in the Cash & Ultra-Short Income Category.

Rank 4AVBILVanguard 0-3 Month Treasury Bill ETFScore 80
Rank 4AXHLFBondBloxx Bloomberg Six Month Target Duration US Treasury ETFScore 80
Rank 7ASGOViShares 0-3 Month Treasury Bond ETFScore 79
Rank 44BPMMFiShares Prime Money Market ETFScore 57
Rank 46BGMMFiShares Government Money Market ETFScore 56
Rank 46BGMOCGMO Ultra-Short Income ETFScore 56

Our read on each fund

ETF.net Research

GMMFBiShares Government Money Market ETF

XHLFABondBloxx Bloomberg Six Month Target Duration US 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.

XHLF Most cash-parking funds pick a maturity bucket. XHLF picks a number: it blends Treasury bills to an average duration of about six months, resets to that target monthly, and charges three basis points to do it.

Stated mandate

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

XHLF The Fund seeks to track the investment results of an index composed of U.S. Treasury securities.

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.

XHLF Costs 0.03% a year, against a typical short-Treasury peer near 0.14%. In cash-like funds, where returns come from bills everyone owns, fee is the main lever.
Tracks an index built to hold an average duration of roughly six months, rebalanced monthly, so exposure stays anchored instead of drifting as bills mature.bondbloxxetf.com
Sits in the gap between 0-3 month bill funds and one-year funds. Its sibling XONE targets a one-year duration at the same 0.03%, so the two can be mixed to dial in duration.
US Treasury bills only, no credit bets hiding in the portfolio, run in a multi-billion-dollar fund that has stayed close to its index.

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.

XHLF Six months of duration is not zero. Prices move a touch more when yields shift than in 0-3 month bill funds such as BIL or CLIP.
Income rides whatever Treasury bills happen to pay, and distributions arrive on an irregular rhythm rather than a fixed amount or schedule.
Volume is moderate next to the largest bill ETFs, so spreads can be a bit wider, which matters more on big tickets than small ones.

Full GMMF profile⁠

Full XHLF profile⁠

GMMF vs XHLF Holdings

How GMMF and XHLF differ

Overlap by weight

0.0%

Shared holdings make up 0.0% of GMMF and 0.0% of XHLF.

Level by level

Asset classCash, Fixed Income0.0%
Holdings0 in both0.0%
Countryby domicile100%

Sector

No Sector split for XHLF.

Country, concentration and asset class

Country by domicile

Country weights in GMMF and XHLF, widest gap first
Country	More in GMMFMore in XHLF	GMMF	XHLF
United States	Same weight	100.0%	100.0%

Concentration

Weight in the 10 largest Holdings

GMMF50.1%
XHLF79.1%

Securities held

GMMF8
XHLF29

Asset class

GMMF: Cash
XHLF: Fixed Income

Holdings

Only in GMMF8
In both0
Only in XHLF29

Only in GMMF

8 securities, 100% of GMMF by weight

Treasury Bill65.51%
Federal Home Loan Banks12.52%
Fhlb6.70%
Ffcb4.40%
Treasury Floating Rate Note4.34%
Treasury Note4.08%
Federal Farm Credit Banks Funding3.12%
Federal Farm Credit Bank0.06%

Only in XHLF

29 securities, 100% of XHLF by weight

Us T Bill Zcp 05/13/279.27%
Us T Bill Zcp 03/18/279.13%
Us T Bill Zcp 07/08/279.11%
Us T Bill Zcp 08/05/278.90%
Us T Bill Zcp 06/10/278.85%
Us T Bill Zcp 04/15/277.94%
Us T Bill Zcp 09/02/277.19%
Us T Bill Zcp 01/21/276.53%
Us T Bill Zcp 12/24/266.26%
Us T Bill Zcp 02/18/275.91%
Us T Bill Zcp 10/28/274.73%
Cashusd4.27%
Us T Bill Zcp 09/30/273.85%
Us T Bill Zcp 11/27/261.84%
Us T Bill Zcp 11/12/261.63%
Us T Bill Zcp 12/17/261.08%
Us T Bill Zcp 11/05/261.02%
Us T Bill Zcp 11/19/260.99%
Us T Bill Zcp 12/03/260.98%
Us T Bill Zcp 12/10/260.76%
Us T Bill Zcp 12/31/260.73%
Us T Bill Zcp 12/08/260.59%
Us T Bill Zcp 12/15/260.52%
Us T Bill Zcp 01/28/270.49%
Us T Bill Zcp 11/10/260.37%
Us T Bill Zcp 12/22/260.34%
Us T Bill Zcp 11/17/260.24%
Us T Bill Zcp 01/05/270.20%
Us T Bill Zcp 01/07/270.20%

Weight gaps

GMMF and XHLF share no securities.

All GMMF holdings⁠All XHLF 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 XHLF Cost

Overpaying GMMF vs XHLF

$3,517

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

GMMF 0.20%
$4,155
XHLF 0.03%
$638

Amount$10,000

Years30 years

Cost over time

GMMF 0.20%
XHLF 0.03%
Overpaying

Year by year

Year	GMMF	XHLF	Overpaying
10	$365	$55	$310
20	$1,421	$216	$1,205
30	$4,155	$638	$3,517

Expense ratio

0.20%GMMF
0.03%XHLF, cheaper

XHLF0.03%GMMF0.20%

0.03%1.00%

Middle half of Cash & Ultra-Short Income funds
Median 0.18%

XHLF cheapest of 78 funds

GMMF 45th cheapest of 78 funds

GMMF vs XHLF Dividends

Last 12 months to Oct 30, 2026

Yield (12M): GMMF 3.79%, better; XHLF 3.75%
Payout (12M): GMMF $3.80; XHLF $1.89
Last payment: GMMF $0.07; XHLF $0.15
Ex-dividend: GMMF Oct 28, 2026; XHLF Oct 1, 2026
Paid on: GMMF Oct 29, 2026; XHLF Oct 6, 2026
Frequency: GMMF Weekly; XHLF Monthly

Distribution history

Per share, 2026, same scale for both

GMMFWeekly · 33 paymentsAll GMMF payments⁠

XHLFMonthly · 9 paymentsAll XHLF payments⁠

GMMF vs XHLF 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 2025XHLF 0.3%
Return per unit of riskSharpe ratio, 3 years: GMMF −2.54since Mar 2025XHLF −0.52
Worst fallMax drawdown, 5 years: GMMF −0.1%since Feb 2025XHLF −0.1%since Sep 2022
Market sensitivityBeta, 5 years: GMMF −0.01XHLF 0.03; Market = 1

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