GMUN vs IVV
Goldman Sachs Access Municipal Bond 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 | GMUN | IVV | Winner |
|---|---|---|---|
| Expense Ratio | 0.08% | 0.03% | |
| AUM | $10M | $907.0B | |
| Dividend Yield | 3.12% | 1.10% | |
| Holdings | 277 | 508 | |
| YTD Return | -0.72% | +12.71% | |
| 1Y Return | +4.67% | +21.89% | |
| 3Y Return (annualized) | +2.91% | +22.08% | |
| 5Y Return (annualized) | - | +12.96% | |
| Volatility (annualized) | 3.9% | 15.1% | |
| Max Drawdown | -4.3% | -56.5% | |
| Fund Family | Goldman Sachs Asset Management | iShares by BlackRock (US) | |
| Category | Fixed Income | Equity | |
| Inception | Mar 7, 2023 | May 15, 2000 |
GMUN vs IVV Performance
Goldman Sachs Access Municipal Bond ETF (GMUN) is a ETF from Goldman Sachs Asset Management and iShares Core S&P 500 ETF (IVV) is a ETF from iShares by BlackRock (US). Over the past year GMUN returned +4.67% while IVV returned +21.89%. Year to date, GMUN is down 0.72% versus a gain of 12.71% for IVV.
Over three years, GMUN compounded at +2.91% per year against +22.08% for IVV. Across the full 3-year window we track, IVV has the edge at +7.00% annualized vs +2.84%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
IVV has been the more volatile fund, with annualized monthly volatility of 15.1% compared with 3.9% for GMUN. 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 -4.3% for GMUN 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 0.66. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
GMUN charges 0.08% per year while IVV charges 0.03%. On a $10,000 position that is $8 vs $3 annually, a gap of $5 per year that compounds over a long holding period. On income, GMUN currently yields 3.12% against 1.10% for IVV.
Holdings Overlap
GMUN and IVV share 0 holdings out of 713 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, GMUN or IVV?
GMUN has an expense ratio of 0.08% while IVV charges 0.03%. IVV is the cheaper option. On a $10,000 investment, that is $5 per year of difference.
Which performed better, GMUN or IVV?
Over the past year GMUN returned +4.67% vs +21.89% for IVV, so IVV leads on 1-year performance. Over the longest common window we track (3 years), GMUN annualized +2.84% vs +7.00% for IVV. Past performance does not guarantee future results.
Which is riskier, GMUN or IVV?
IVV has been the more volatile fund at 15.1% annualized versus 3.9% for GMUN. Worst drawdown: GMUN -4.3% vs IVV -56.5%.
Should I hold both GMUN and IVV?
GMUN and IVV have a monthly-return correlation of 0.66, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between GMUN and IVV?
GMUN and IVV share 0 common holdings with a 0.0% weight overlap. Combined, they hold 713 unique securities.
Which pays a higher dividend, GMUN or IVV?
GMUN yields 3.12% while IVV yields 1.10%, so GMUN currently pays the higher dividend yield.
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