GNMAvsBSMWETF Comparison
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iShares GNMA Bond ETF (GNMA) belongs to the MBS & ABS segment. Invesco BulletShares 2032 Municipal Bond ETF (BSMW) is part of the Municipal Bonds segment. GNMA's top 2 sector exposures are Industrials and Non-Corporate. In contrast, BSMW's top sector exposures are Municipal. GNMA is less expensive with a Total Expense Ratio (TER) of 0.11%, versus 0.18% for BSMW. GNMA is down -1.93% year-to-date (YTD) with +$36M in YTD flows. BSMW performs worse with -2.16% YTD performance, and +$89M in YTD flows. Run a side-by-side ETF comparison of GNMA and BSMW below, and assess how they stack up in performance, liquidity, risk, exposure, holdings, and more, helping you select the best ETF for your investments.
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GNMA vs BSMW performance and flow charts
Performance
Cumulative Flows
Historic performance and flows
Data as of 10/19/2026
| 1M | 3M | YTD | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|---|---|
| Perf. | GNMA BSMW | -1.10%-0.14% | -2.60%-2.96% | -1.93%-2.16% | -1.77%-1.66% | +17.90%+12.45% | +0.13%n/a |
| Flows | GNMA BSMW | -$15M+$14M | +$7M+$27M | +$36M+$89M | +$69M+$112M | +$124M+$207M | -$12M- |
Volatility and drawdown
| 3M | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|
| Volatility | GNMA BSMW | +5.81%+5.01% | +4.51%+3.12% | +5.56%+4.12% | +6.56%n/a |
| Max drawdown | GNMA BSMW | -4.45%-5.48% | -5.36%-6.62% | -5.36%-6.62% | -15.48%n/a |
| Max drawdown duration | GNMA BSMW | 55d67d | 232d232d | 232d232d | 1397dn/a |
Trading data
GNMA | BSMW | |
Last sale 10/19/2026 at 1:30 PM | $42.10 | $23.96 |
| Previous close 10/19/2026 | $42.27 | $24.03 |
| Consolidated volume 10/19/2026 | ||
| Average volume 30 days | ||
| Average discount or premium 30 days | ||
| Average Bid/Ask spread 30 days |
Replication quality
Data as of September 30, 2026
1-year trailing difference
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GNMA | BSMW | |
|---|---|---|
| Tracking error | ||
| Tracking difference | ||
| 1 year cumulative return difference | ||
| Best | ||
| Worst | ||
| Daily return difference | ||
| Average | ||
| Worst | ||
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Main metrics
Last update 10/19/2026 at 1:30 PM
Live
Closed
GNMA | BSMW | |
|---|---|---|
| Last price | $42.10 | $23.96 |
| 1D performance | -0.40% | -0.29% |
| AuM | $415.03 M | $226.90 M |
| E/R | 0.11% | 0.18% |
Characteristics
GNMA | BSMW | |
|---|---|---|
| Management strategy | Passive | Passive |
| Provider | iShares | Invesco |
| Benchmark | Bloomberg U.S. GNMA Bond Index | ICE BulletShares USD Municipal Bond 2032 Index |
| N° of holdings | 109 | 629 |
| Asset class | Bonds | Fixed Income |
| Trailing 12m distribution yield | Join | Join |
| Inception date | February 14, 2012 | March 1, 2023 |
| ESG | No | No |
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Exposure
Countries
GNMA
USA
48.8%
Other
51.2%
BSMW
USA
40.37%
Other
59.63%
Sectors
GNMA
Industrials
39.92%
Non-Corporate
8.88%
Other
51.2%
BSMW
Municipal
40.37%
Other
59.63%
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Diversification
GNMA
Total weight of top 15 holdings out of 15
33.91%
BSMW
Total weight of top 15 holdings out of 15
5.14%
Top 15 holdings
Data as of August 31, 2026
GNMA
BlackRock Cash Funds - Treasury
8.88%
G2 MA7192, 2% 20feb2051, USD (ABS)
2.59%
US3618N5XQ77
2.51%
G2 MA9360, 4.5% 20dec2053, USD (ABS)
2.42%
US21H0526945
1.97%
US36179WTX64
1.90%
G2 MA8878, 5% 20may2053, USD (ABS)
1.67%
G2 MB0025, 5% 20nov2054, USD (ABS)
1.64%
US36179WJR07
1.62%
G2 MA7880, 2% 20feb2052, USD (ABS)
1.59%
G2 MA8801, 5.5% 20apr2053, USD (ABS)
1.59%
G2 MA6864, 2% 20sep2050, USD (ABS)
1.44%
US36179WLP13
1.40%
US36179WFG87
1.38%
US3617NWEY42
1.32%
BSMW
University of California Medical Center, 5% 15may2047, USD (2022)
0.51%
New York Municipal Water Finance Authority, 5.25% 15jun2052, USD (2023)
0.49%
US46246SAU96
0.42%
University of California, 5% 15may2032, USD (2022)
0.41%
University of California, 5% 15may2052, USD (2022)
0.38%
New York Dormitory Authority, 5% 1may2052, USD (2022A)
0.35%
Los Angeles Unified School District, 5% 1jul2032, USD (2024)
0.31%
New Jersey, 4% 1jun2032, USD
0.30%
Tarrant Cultural Education Facilities Finance Corp., 5% 15nov2051, USD (2022D)
0.29%
US13063DT817
0.29%
US89602HEY99
0.28%
US01728VWU06
0.28%
New York Transitional Finance Authority, 5% 1feb2047, USD
0.28%
New York Municipal Water Finance Authority, 5% 15jun2047, USD
0.28%
Triborough Bridge and Tunnel Authority, 5.25% 15may2052, USD (2022C)
0.28%
Frequently asked questions about GNMA and BSMW
How have the GNMA and BSMW ETFs performed in 2026?
As of October 19, 2026, GNMA is down -1.93% year-to-date (YTD), while BSMW has lost -2.16%. That puts GNMA better performer ahead so far this year.
Which ETF is attracting more investor money: GNMA or BSMW?
Year-to-date, the GNMA ETF saw +$36M in flows, compared to +$89M for BSMW.
Which ETF is more volatile: GNMA or BSMW?
Over the past year, GNMA had a volatility of 4.51%, while BSMW experienced 3.12%.
Which ETF is bigger: GNMA or BSMW?
As of October 19, 2026, GNMA holds $415.03 M in assets under management (AUM), while BSMW manages $226.90 M.
What sectors do the GNMA and BSMW ETFs invest in?
GNMA leans toward sectors like Industrials and Non-Corporate. Meanwhile, BSMW focuses on Municipal.
What are the top holdings of the GNMA ETF and BSMW ETF?
GNMA top holdings include BlackRock Cash Funds - Treasury, G2 MA7192, 2% 20feb2051, USD (ABS) and US3618N5XQ77. BSMW holds in its top three: University of California Medical Center, 5% 15may2047, USD (2022), New York Municipal Water Finance Authority, 5.25% 15jun2052, USD (2023) and US46246SAU96.
Which ETF is more diversified: GNMA or BSMW?
GNMA holds 355 securities with 33.91% of its assets in the top 15. BSMW has 1912 securities and a top 15 weight of 5.14%.
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