Skip to content
etf.net

PMMF vs TBLL

iShares Prime Money Market ETF

PMMFBNYSE

Invesco Short Term Treasury ETF

TBLLANYSE Arca

Overlap

Expense ratio

TBLL −0.12pt a year

PMMF0.20%TBLL0.08%

Avg volume · 30D

TBLL 2.1×the volume

PMMF150KTBLL313K

PMMF vs TBLL Performance

Oct 31, 2025 – Oct 30, 2026

+2.7%PMMF+3.6%TBLL

Oct 31, 2025 to Oct 30, 2026. PMMF +2.7%. TBLL +3.6%. Use the arrow keys to read each point.0%1%2%Oct 2025Mar 2026Oct 2026
Expense ratio
PMMF 0.20%
TBLL 0.08%, better
Fund size
PMMF $796M
TBLL $2.9B
1Y total return
PMMF +2.7%
TBLL +3.6%, better
Yield (12M)
PMMF 4.08%, better
TBLL 3.59%
Holdings
PMMF 249
TBLL 90
Avg volume (30D)
PMMF 150K sh
TBLL 313K sh, better
NAV per share
PMMF $100.28
TBLL $105.62
52W range

ETF.net Grade

PMMF: Cost 38, Risk 68, Mission 69, Tradability 73, Holdings 48, Durability 66. TBLL: Cost 89, Risk 44, Mission 100, Tradability 80, Holdings 66, Durability 80.
Pillar letters and Scores for PMMF, TBLL, with each pillar’s weight
PillarPMMFTBLL
Cost30% weightD38A89Higher
Mission25% weightB69A100Higher
Risk15% weightB68HigherC44
Tradability15% weightA73A80Higher
Holdings10% weightC48B66Higher
Durability5% weightB66A80Higher

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. PMMF 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 PMMF 44th 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 44BCSHPiShares Dynamic Short-Term Active ETFScore 57
  7. Rank 44BPMMFiShares Prime Money Market ETFScore 57
  8. Rank 46BGMMFiShares Government Money Market ETFScore 56

Our read on each fund

ETF.net Research

PMMFBiShares Prime Money Market ETF

TBLLAInvesco Short Term Treasury ETF

In short

PMMF Money market discipline in an ETF shell. PMMF runs a short-term credit portfolio under the SEC's strict Rule 2a-7 money fund rules, pays income monthly, and trades on an exchange during the day.

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

PMMF The fund seeks current income consistent with liquidity and principal stability while providing intraday trading flexibility.

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

  • PMMF Held to Rule 2a-7, the SEC's money market rulebook, for credit quality, maturity and liquidity, with daily portfolio disclosure.blackrock.com
  • Prime, not government-only. It buys short-term corporate credit instead of sticking to Treasury and agency paper, spread across roughly 120 positions.blackrock.com
  • What it holds lines up with what it promises: current income with liquidity and principal stability, plus intraday trading. Monthly distributions.
  • The 0.20% fee sits right at the median for cash-alternative funds, so the ETF wrapper doesn't carry a novelty 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

  • PMMF Cheaper parking spots exist: ICSH at 0.08% and JPST at 0.18%. Both are ultra-short bond funds, though, not 2a-7 money market funds.
  • Shares change hands at a market price driven by supply and demand as well as NAV, which is a different experience from a traditional money fund account.dividend.com
  • Prime paper carries issuer credit risk that Treasury-only cash funds sidestep. Launched in 2025, so its record is still short.blackrock.com
  • 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 PMMF profile⁠

Full TBLL profile⁠

PMMF 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.

PMMF vs TBLL Cost

Overpaying PMMF vs TBLL

$2,466

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

  • PMMF 0.20%

    $4,155

  • TBLL 0.08%

    $1,689

$10,000
30 years

Cost over time

  • PMMF 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$5K051015202530PMMF $4,155TBLL $1,689

Year by year

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

Expense ratio

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

TBLL 10th cheapest of 78 funds

PMMF 45th cheapest of 78 funds

PMMF vs TBLL Dividends

Last 12 months to Oct 30, 2026
Yield (12M)
PMMF 4.08%, better
TBLL 3.59%
Payout (12M)
PMMF $4.09
TBLL $3.79
Last payment
PMMF $0.07
TBLL $0.34
Ex-dividend
PMMF Oct 28, 2026
TBLL Oct 19, 2026
Paid on
PMMF Oct 29, 2026
TBLL Oct 23, 2026
Frequency
PMMF Weekly
TBLL Monthly

Distribution history

Per share, 2026, same scale for both

PMMFWeekly · 35 paymentsAll PMMF payments⁠
One bar per payment. 35 payments in 2026 YTD. Feb 2, 2026 $0.30; Mar 2, 2026 $0.29; Apr 1, 2026 $0.28; Apr 8, 2026 $0.06; Apr 15, 2026 $0.07; Apr 22, 2026 $0.07; Apr 29, 2026 $0.07; May 6, 2026 $0.07; May 13, 2026 $0.07; May 20, 2026 $0.07; May 27, 2026 $0.07; Jun 1, 2026 $0.07; Jun 3, 2026 $0.07; Jun 10, 2026 $0.07; 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 3, 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 $0.08; Oct 7, 2026 $0.08; 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

PMMF vs TBLL Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years
PMMF 0.2%since Mar 2025TBLL 0.3%
Return per unit of riskSharpe ratio, 3 years
PMMF −0.63since Mar 2025TBLL −0.66
Worst fallMax drawdown, 5 years
PMMF −0.1%since Feb 2025TBLL −0.4%
Market sensitivityBeta, 5 years
PMMF −0.01TBLL 0.01

Popular comparisons

  • PMMFBvsICSHA

    iShares Prime Money Market ETF · iShares Ultra Short Duration Bond Active ETF

    Expense ratio
    0.20% · 0.08%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

  • TBLLAvsICSHA

    Invesco Short Term Treasury ETF · iShares Ultra Short Duration Bond Active ETF

    Expense ratio
    0.08% · 0.08%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

  • PMMFBvsCLIPA

    iShares Prime Money Market ETF · Global X 1-3 Month T-Bill ETF

    Expense ratio
    0.20% · 0.07%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

  • TBLLAvsCLIPA

    Invesco Short Term Treasury ETF · Global X 1-3 Month T-Bill ETF

    Expense ratio
    0.08% · 0.07%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

  • PMMFBvsVUSBA

    iShares Prime Money Market ETF · Vanguard Ultra-Short Bond ETF

    Expense ratio
    0.20% · 0.10%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

  • TBLLAvsVUSBA

    Invesco Short Term Treasury ETF · Vanguard Ultra-Short Bond ETF

    Expense ratio
    0.08% · 0.10%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.