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MMK vs TBLL

State Street Prime Money Market ETF

MMKCNYSE

Invesco Short Term Treasury ETF

TBLLANYSE Arca

Overlap

Expense ratio

TBLL −0.10pt a year

MMK0.18%TBLL0.08%

Avg volume · 30D

TBLL 151.0×the volume

MMK2.07KTBLL313K

MMK vs TBLL Performance

Jul 31, 2026 – Oct 30, 2026

+0.9%MMK+0.9%TBLL

Jul 31, 2026 to Oct 30, 2026. MMK +0.9%. TBLL +0.9%. Use the arrow keys to read each point.0%0.2%0.4%0.6%Jul 2026Sep 2026Oct 2026
Expense ratio
MMK 0.18%
TBLL 0.08%, better
Fund size
MMK $32M
TBLL $2.9B
1Y total return
MMK No data
TBLL +3.6%
Yield (12M)
MMK No data
TBLL 3.59%
Holdings
MMK 74
TBLL 90
Avg volume (30D)
MMK 2.07K sh
TBLL 313K sh, better
NAV per share
MMK $100.31
TBLL $105.62
52W range

ETF.net Grade

MMK: Cost 53, Risk 49, Mission 100, Tradability 39, Holdings 45, Durability 44. TBLL: Cost 89, Risk 44, Mission 100, Tradability 80, Holdings 66, Durability 80.
Pillar letters and Scores for MMK, TBLL, with each pillar’s weight
PillarMMKTBLL
Cost30% weightC53A89Higher
Mission25% weightA100A100
Risk15% weightC49HigherC44
Tradability15% weightD39A80Higher
Holdings10% weightC45B66Higher
Durability5% weightC44A80Higher

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. MMK 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 MMK 39th 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 36BVNLAJanus Henderson Short Duration Income ETFScore 61
  7. Rank 39CMMKState Street Prime Money Market ETFScore 60
  8. Rank 40BCBILCorgi 3-12 Month T-Bill ETFScore 59

Our read on each fund

ETF.net Research

MMKCState Street Prime Money Market ETF

TBLLAInvesco Short Term Treasury ETF

In short

MMK A money market fund that trades like a stock. MMK is built to qualify under Rule 2a-7, and it's the prime version, so State Street's cash desk underwrites short-term credit instead of sticking to government paper only.

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

MMK The Fund seeks to maximize current income while maintaining capital preservation and liquidity.

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

  • MMK Built to qualify as a money market fund under Rule 2a-7, the same rulebook as traditional money funds, but bought and sold intraday like any ETF.ssga.comstatestreet.com
  • Prime mandate, run by State Street's cash management team with a dedicated short-term credit research team behind the paper it buys.ssga.com
  • Costs 0.18% a year, a shade under the median for cash-alternative ETFs.
  • Measured against the ICE BofA SOFR Overnight Rate Index, so there's a plain overnight-cash yardstick to judge it by.ssga.com
  • 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

  • MMK A 2026 launch that is still small and thinly traded, which can mean wider bid-ask spreads than long-running cash ETFs.
  • Prime paper carries bank and corporate credit risk that government-only money funds sidestep, and the fund is not FDIC insured.statestreet.com
  • Cheaper cash options exist: SBIL and IQMM charge 0.15% and ICSH 0.08%, though those run government or ultra-short bond mandates.
  • 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 MMK profile⁠

Full TBLL profile⁠

MMK 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.

MMK vs TBLL Cost

Overpaying MMK vs TBLL

$2,060

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

  • MMK 0.18%

    $3,749

  • TBLL 0.08%

    $1,689

$10,000
30 years

Cost over time

  • MMK 0.18%
  • 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$4K051015202530MMK $3,749TBLL $1,689

Year by year

YearMMKTBLLOverpaying
10$328$147$181
20$1,281$575$706
30$3,749$1,689$2,060

Expense ratio

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

TBLL 10th cheapest of 78 funds

MMK 36th cheapest of 78 funds

MMK vs TBLL Dividends

Last 12 months to Oct 30, 2026
Yield (12M)
MMK No data
TBLL 3.59%
Payout (12M)
MMK No data
TBLL $3.79
Last payment
MMK $0.31
TBLL $0.34
Ex-dividend
MMK Oct 1, 2026
TBLL Oct 19, 2026
Paid on
MMK Oct 6, 2026
TBLL Oct 23, 2026
Frequency
MMK Monthly
TBLL Monthly

Distribution history

Per share, 2023 to 2026, same scale for both

MMKMonthly · 8 paymentsAll MMK payments⁠
One bar per payment. 8 payments from 2023 to 2026 YTD. Mar 2, 2026 $0.18; Apr 1, 2026 $0.31; May 1, 2026 $0.30; Jun 1, 2026 $0.31; Jul 1, 2026 $0.29; Aug 3, 2026 $0.31; Sep 1, 2026 $0.31; Oct 1, 2026 $0.31. Use the arrow keys to read each point.$0$0.5020232026YTD
TBLLMonthly · 46 paymentsAll TBLL payments⁠
One bar per payment. 46 payments from 2023 to 2026 YTD. Jan 23, 2023 $0.32; Feb 21, 2023 $0.32; Mar 20, 2023 $0.37; Apr 24, 2023 $0.37; May 22, 2023 $0.40; Jun 20, 2023 $0.39; Jul 24, 2023 $0.43; Aug 21, 2023 $0.44; Sep 18, 2023 $0.43; Oct 23, 2023 $0.45; Nov 20, 2023 $0.47; Dec 18, 2023 $0.49; Jan 22, 2024 $0.45; Feb 20, 2024 $0.46; Mar 18, 2024 $0.44; Apr 22, 2024 $0.43; May 20, 2024 $0.44; Jun 24, 2024 $0.44; Jul 22, 2024 $0.46; Aug 19, 2024 $0.47; Sep 23, 2024 $0.44; Oct 21, 2024 $0.43; Nov 18, 2024 $0.42; Dec 23, 2024 $0.37; Jan 21, 2025 $0.39; Feb 24, 2025 $0.37; Mar 24, 2025 $0.36; Apr 21, 2025 $0.35; May 19, 2025 $0.33; Jun 23, 2025 $0.37; Jul 21, 2025 $0.38; Aug 18, 2025 $0.35; Sep 22, 2025 $0.35; Oct 20, 2025 $0.35; Nov 24, 2025 $0.33; Dec 22, 2025 $0.35; 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$0.5020232026YTD

MMK vs TBLL Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years
MMK No dataTBLL 0.3%
Return per unit of riskSharpe ratio, 3 years
MMK No dataTBLL −0.66
Worst fallMax drawdown, 5 years
MMK No dataTBLL −0.4%
Market sensitivityBeta, 5 years
MMK −0.004TBLL 0.01

MMK and TBLL in the news

All news⁠

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