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PMMF vs XHLF

iShares Prime Money Market ETF

PMMFBNYSE

BondBloxx Bloomberg Six Month Target Duration US Treasury ETF

XHLFANYSE Arca

Overlap

Expense ratio

XHLF −0.17pt a year

PMMF0.20%XHLF0.03%

Avg volume · 30D

XHLF 2.1×the volume

PMMF150KXHLF309K

PMMF vs XHLF Performance

Oct 31, 2025 – Oct 30, 2026

+2.7%PMMF+3.6%XHLF

Oct 31, 2025 to Oct 30, 2026. PMMF +2.7%. XHLF +3.6%. Use the arrow keys to read each point.0%1%2%Oct 2025Mar 2026Oct 2026
Expense ratio
PMMF 0.20%
XHLF 0.03%, better
Fund size
PMMF $796M
XHLF $2.03B
1Y total return
PMMF +2.7%
XHLF +3.6%, better
Yield (12M)
PMMF 4.08%, better
XHLF 3.75%
Holdings
PMMF 249
XHLF 29
Avg volume (30D)
PMMF 150K sh
XHLF 309K sh, better
NAV per share
PMMF $100.28
XHLF $50.29
52W range

ETF.net Grade

PMMF: Cost 38, Risk 68, Mission 69, Tradability 73, Holdings 48, Durability 66. XHLF: Cost 99, Risk 47, Mission 100, Tradability 79, Holdings 35, Durability 59.
Pillar letters and Scores for PMMF, XHLF, with each pillar’s weight
PillarPMMFXHLF
Cost30% weightD38A99Higher
Mission25% weightB69A100Higher
Risk15% weightB68HigherC47
Tradability15% weightA73A79Higher
Holdings10% weightC48HigherD35
Durability5% weightB66HigherB59

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 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 PMMF 44th of 78 funds in the Cash & Ultra-Short Income Category.

  1. Rank 4AVBILVanguard 0-3 Month Treasury Bill ETFScore 80
  2. Rank 4AXHLFBondBloxx Bloomberg Six Month Target Duration US Treasury ETFScore 80
  3. Rank 7ASGOViShares 0-3 Month Treasury Bond ETFScore 79
  4. Rank 44BCSHPiShares Dynamic Short-Term Active ETFScore 57
  5. Rank 44BPMMFiShares Prime Money Market ETFScore 57
  6. Rank 46BGMMFiShares Government Money Market ETFScore 56

Our read on each fund

ETF.net Research

PMMFBiShares Prime Money Market ETF

XHLFABondBloxx Bloomberg Six Month Target Duration US 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.

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

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

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

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.
  • 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

  • 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
  • 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 PMMF profile⁠

Full XHLF profile⁠

PMMF vs 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.

PMMF vs XHLF Cost

Overpaying PMMF vs XHLF

$3,517

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

  • PMMF 0.20%

    $4,155

  • XHLF 0.03%

    $638

$10,000
30 years

Cost over time

  • PMMF 0.20%
  • XHLF 0.03%
  • 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 $4,155XHLF $638

Year by year

YearPMMFXHLFOverpaying
10$365$55$310
20$1,421$216$1,205
30$4,155$638$3,517

Expense ratio

  • 0.20%PMMF
  • 0.03%XHLF, cheaper
  • Middle half of Cash & Ultra-Short Income funds
  • Median 0.18%

XHLF cheapest of 78 funds

PMMF 45th cheapest of 78 funds

PMMF vs XHLF Dividends

Last 12 months to Oct 30, 2026
Yield (12M)
PMMF 4.08%, better
XHLF 3.75%
Payout (12M)
PMMF $4.09
XHLF $1.89
Last payment
PMMF $0.07
XHLF $0.15
Ex-dividend
PMMF Oct 28, 2026
XHLF Oct 1, 2026
Paid on
PMMF Oct 29, 2026
XHLF Oct 6, 2026
Frequency
PMMF Weekly
XHLF 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
XHLFMonthly · 9 paymentsAll XHLF payments⁠
One bar per payment. 9 payments in 2026 YTD. Feb 2, 2026 $0.16; Mar 2, 2026 $0.14; Apr 1, 2026 $0.16; May 1, 2026 $0.15; Jun 1, 2026 $0.15; Jul 1, 2026 $0.15; Aug 3, 2026 $0.15; Sep 1, 2026 $0.16; Oct 1, 2026 $0.15. Use the arrow keys to read each point.$0$0.252026YTD

PMMF vs XHLF 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 2025XHLF 0.3%
Return per unit of riskSharpe ratio, 3 years
PMMF −0.63since Mar 2025XHLF −0.52
Worst fallMax drawdown, 5 years
PMMF −0.1%since Feb 2025XHLF −0.1%since Sep 2022Same figure. Both funds show the same value, so neither comes out ahead.
Market sensitivityBeta, 5 years
PMMF −0.01XHLF 0.03

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