GMMF vs IVV
iShares Government Money Market ETF vs iShares Core S&P 500 ETF
Quick Verdict
IVV has a lower expense ratio. IVV delivered stronger 1-year returns. IVV offers more diversification with 508 holdings.
Side-by-Side Comparison
| Metric | GMMF | IVV | Winner |
|---|---|---|---|
| Expense Ratio | 0.20% | 0.03% | |
| AUM | $191M | $907.0B | |
| Dividend Yield | 3.86% | 1.10% | |
| Holdings | 152 | 508 | |
| YTD Return | +2.13% | +12.28% | |
| 1Y Return | +3.63% | +20.94% | |
| 3Y Return (annualized) | - | +21.81% | |
| 5Y Return (annualized) | - | +13.05% | |
| Volatility (annualized) | 0.6% | 15.1% | |
| Max Drawdown | -0.3% | -56.5% | |
| Fund Family | iShares by BlackRock (US) | iShares by BlackRock (US) | |
| Category | Money Market | Equity | |
| Inception | Feb 4, 2025 | May 15, 2000 |
GMMF vs IVV Performance
iShares Government Money Market ETF (GMMF) is a ETF from iShares by BlackRock (US) and iShares Core S&P 500 ETF (IVV) is a ETF from iShares by BlackRock (US). Over the past year GMMF returned +3.63% while IVV returned +20.94%. Year to date, GMMF is up 2.13% versus a gain of 12.28% for IVV.
Risk: Volatility and Drawdowns
IVV has been the more volatile fund, with annualized monthly volatility of 15.1% compared with 0.6% for GMMF. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.
The deepest peak-to-trough decline in our data was -0.3% for GMMF and -56.5% for IVV. Drawdown depth is worth weighing if you expect to sell during market stress rather than ride it out.
The two funds' monthly returns correlate at 0.12. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
GMMF charges 0.20% per year while IVV charges 0.03%. On a $10,000 position that is $20 vs $3 annually, a gap of $17 per year that compounds over a long holding period. On income, GMMF currently yields 3.86% against 1.10% for IVV.
Holdings Overlap
GMMF and IVV share 0 holdings out of 521 unique holdings combined, representing a 0.0% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
Frequently Asked Questions
Which is cheaper, GMMF or IVV?
GMMF has an expense ratio of 0.20% while IVV charges 0.03%. IVV is the cheaper option. On a $10,000 investment, that is $17 per year of difference.
Which performed better, GMMF or IVV?
Over the past year GMMF returned +3.63% vs +20.94% for IVV, so IVV leads on 1-year performance. Over the longest common window we track (2 years), GMMF annualized +3.83% vs +6.98% for IVV. Past performance does not guarantee future results.
Which is riskier, GMMF or IVV?
IVV has been the more volatile fund at 15.1% annualized versus 0.6% for GMMF. Worst drawdown: GMMF -0.3% vs IVV -56.5%.
Should I hold both GMMF and IVV?
GMMF and IVV have a monthly-return correlation of 0.12, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between GMMF and IVV?
GMMF and IVV share 0 common holdings with a 0.0% weight overlap. Combined, they hold 521 unique securities.
Which pays a higher dividend, GMMF or IVV?
GMMF yields 3.86% while IVV yields 1.10%, so GMMF currently pays the higher dividend yield.
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