GNMAvsMUNIETF Comparison
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iShares GNMA Bond ETF (GNMA) belongs to the MBS & ABS segment. PIMCO Intermediate Municipal Bond Active ETF (MUNI) is part of the Municipal Bonds segment. GNMA's top 2 sector exposures are Industrials and Non-Corporate. In contrast, MUNI's top sector exposures are Municipal and Sovereign. GNMA is less expensive with a Total Expense Ratio (TER) of 0.11%, versus 0.35% for MUNI. GNMA is down -1.65% year-to-date (YTD) with +$36M in YTD flows. MUNI performs worse with -1.74% YTD performance, and +$1.06B in YTD flows. Run a side-by-side ETF comparison of GNMA and MUNI 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 MUNI performance and flow charts
Performance
Cumulative Flows
Historic performance and flows
Data as of 10/16/2026
| 1M | 3M | YTD | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|---|---|
| Perf. | GNMA MUNI | -0.41%-0.25% | -2.53%-2.84% | -1.65%-1.74% | -1.41%-1.19% | +15.95%+11.22% | +0.31%+3.35% |
| Flows | GNMA MUNI | -$15M+$389M | +$7M+$492M | +$36M+$1.06B | +$69M+$1.29B | +$124M+$2.49B | -$12M+$2.92B |
Volatility and drawdown
| 3M | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|
| Volatility | GNMA MUNI | +5.77%+4.43% | +4.49%+2.75% | +5.59%+3.19% | +6.56%+3.12% |
| Max drawdown | GNMA MUNI | -4.45%-4.95% | -5.36%-5.76% | -5.36%-5.76% | -15.48%-10.90% |
| Max drawdown duration | GNMA MUNI | 52d92d | 229d229d | 229d229d | 1397d975d |
Trading data
GNMA | MUNI | |
Last sale 10/16/2026 at 1:30 PM | $42.27 | $50.41 |
| Previous close 10/15/2026 | $42.26 | $50.38 |
| Consolidated volume 10/15/2026 | ||
| 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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MUNI
is actively managed and doesn’t replicate an indexGNMA | MUNI | |
|---|---|---|
| Tracking error | ||
| Tracking difference | ||
| 1 year cumulative return difference | ||
| Best | ||
| Worst | ||
| Daily return difference | ||
| Average | ||
| Worst | ||
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Main metrics
Last update 10/16/2026 at 1:30 PM
Live
Closed
GNMA | MUNI | |
|---|---|---|
| Last price | $42.27 | $50.41 |
| 1D performance | +0.02% | +0.06% |
| AuM | $416.20 M | $3.47 B |
| E/R | 0.11% | 0.35% |
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Exposure
Countries
GNMA
USA
48.8%
Other
51.2%
MUNI
USA
46.28%
Other
53.72%
Sectors
GNMA
Industrials
39.92%
Non-Corporate
8.88%
Other
51.2%
MUNI
Municipal
42.7%
Other
57.3%
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Diversification
GNMA
Total weight of top 15 holdings out of 15
33.91%
MUNI
Total weight of top 15 holdings out of 15
15.11%
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%
MUNI
USA, Notes 4.25% 31jul2028, USD (BE-2028)
2.16%
US19648FJ880
1.18%
Black Belt Energy Gas District, 5% 1jan2034, USD (2026)
1.12%
US407287NG24
1.05%
Texas Municipal Gas Acquisition and Supply Corp., 5% 1apr2036, USD (2026)
1.00%
Fort Bend Independent School District, FRN 1aug2055, USD (2025B)
0.97%
Puerto Rico Sales Tax Financing Corp., 0% 1jul2046, USD (10001D)
0.97%
US20775DL830
0.96%
US31350ADW53
0.85%
New York Transitional Finance Authority, FRN 1nov2042, USD (2014)
0.84%
New York Municipal Water Finance Authority, FRN 15jun2048, USD (2014)
0.84%
US67756AH960
0.84%
Aquarion Water Authority, 5.25% 1feb2033, USD (2026)
0.80%
US594654K382
0.79%
Kentucky Public Energy Authority, 5% 1may2036, USD (2025)
0.75%
Frequently asked questions about GNMA and MUNI
How have the GNMA and MUNI ETFs performed in 2026?
As of October 16, 2026, GNMA is down -1.65% year-to-date (YTD), while MUNI has lost -1.74%. That puts GNMA better performer ahead so far this year.
Which ETF is attracting more investor money: GNMA or MUNI?
Year-to-date, the GNMA ETF saw +$36M in flows, compared to +$1.06B for MUNI.
Which ETF is more volatile: GNMA or MUNI?
Over the past year, GNMA had a volatility of 4.49%, while MUNI experienced 2.75%.
Which ETF is bigger: GNMA or MUNI?
As of October 16, 2026, GNMA holds $416.20 M in assets under management (AUM), while MUNI manages $3.47 B.
What sectors do the GNMA and MUNI ETFs invest in?
GNMA leans toward sectors like Industrials and Non-Corporate. Meanwhile, MUNI focuses on Municipal.
What are the top holdings of the GNMA ETF and MUNI ETF?
GNMA top holdings include BlackRock Cash Funds - Treasury, G2 MA7192, 2% 20feb2051, USD (ABS) and US3618N5XQ77. MUNI holds in its top three: USA, Notes 4.25% 31jul2028, USD (BE-2028), US19648FJ880 and Black Belt Energy Gas District, 5% 1jan2034, USD (2026).
Which ETF is more diversified: GNMA or MUNI?
GNMA holds 355 securities with 33.91% of its assets in the top 15. MUNI has 351 securities and a top 15 weight of 15.11%.
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