GNMAvsSMMUETF Comparison
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iShares GNMA Bond ETF (GNMA) belongs to the MBS & ABS segment. PIMCO Short Term Municipal Bond Active ETF (SMMU) is part of the Municipal Bonds segment. GNMA's top 2 sector exposures are Industrials and Non-Corporate. In contrast, SMMU's top sector exposures are Municipal, Sovereign and Government Agencies. GNMA is less expensive with a Total Expense Ratio (TER) of 0.11%, versus 0.35% for SMMU. GNMA is down -1.93% year-to-date (YTD) with +$36M in YTD flows. SMMU performs better with 0.95% YTD performance, and +$276M in YTD flows. Run a side-by-side ETF comparison of GNMA and SMMU 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 SMMU 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 SMMU | -1.10%+0.24% | -2.60%-0.24% | -1.93%+0.95% | -1.77%+1.50% | +17.90%+11.04% | +0.13%+9.77% |
| Flows | GNMA SMMU | -$15M+$51M | +$7M+$110M | +$36M+$276M | +$69M+$272M | +$124M+$695M | -$12M+$707M |
Volatility and drawdown
| 3M | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|
| Volatility | GNMA SMMU | +5.81%+2.02% | +4.51%+1.19% | +5.56%+1.38% | +6.56%+1.34% |
| Max drawdown | GNMA SMMU | -4.45%-1.87% | -5.36%-1.87% | -5.36%-1.87% | -15.48%-4.42% |
| Max drawdown duration | GNMA SMMU | 55d52d | 232d52d | 232d52d | 1397d738d |
Trading data
GNMA | SMMU | |
Last sale 10/19/2026 at 1:30 PM | $42.10 | $49.82 |
| Previous close 10/19/2026 | $42.27 | $49.82 |
| 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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SMMU
is actively managed and doesn’t replicate an indexGNMA | SMMU | |
|---|---|---|
| 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 | SMMU | |
|---|---|---|
| Last price | $42.10 | $49.82 |
| 1D performance | -0.40% | +0.00% |
| AuM | $415.03 M | $1.24 B |
| E/R | 0.11% | 0.35% |
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Exposure
Countries
GNMA
USA
48.8%
Other
51.2%
SMMU
USA
42.82%
Other
57.18%
Sectors
GNMA
Industrials
39.92%
Non-Corporate
8.88%
Other
51.2%
SMMU
Municipal
27.39%
Sovereign
10.62%
Other
61.99%
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Diversification
GNMA
Total weight of top 15 holdings out of 15
33.91%
SMMU
Total weight of top 15 holdings out of 15
24.02%
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%
SMMU
USA, Bills 0% 20oct2026, USD (119D)
5.93%
FHLB, 0% 21sep2026, USD (364D)
2.62%
USA, Notes 4.25% 31jul2028, USD (BE-2028)
1.69%
US20775DL830
1.65%
USA, Bills 0% 15sep2026, USD (119D)
1.42%
FHLB, 0% 4sep2026, USD (365D)
1.40%
New York Municipal Water Finance Authority, FRN 15jun2050, USD
1.27%
Tarrant Cultural Education Facilities Finance Corp., FRN 15nov2063, USD (2026A&B)
1.16%
Fort Bend Independent School District, FRN 1aug2055, USD (2025B)
1.15%
US593344CB87
1.04%
US20775DZL99
1.03%
US20775DTS17
0.98%
US57585BRA88
0.91%
US678604AC33
0.90%
US13063EUT18
0.86%
Frequently asked questions about GNMA and SMMU
How have the GNMA and SMMU ETFs performed in 2026?
As of October 19, 2026, GNMA is down -1.93% year-to-date (YTD), while SMMU has returned 0.95%. That puts SMMU better performer ahead so far this year.
Which ETF is attracting more investor money: GNMA or SMMU?
Year-to-date, the GNMA ETF saw +$36M in flows, compared to +$276M for SMMU.
Which ETF is more volatile: GNMA or SMMU?
Over the past year, GNMA had a volatility of 4.51%, while SMMU experienced 1.19%.
Which ETF is bigger: GNMA or SMMU?
As of October 19, 2026, GNMA holds $415.03 M in assets under management (AUM), while SMMU manages $1.24 B.
What sectors do the GNMA and SMMU ETFs invest in?
GNMA leans toward sectors like Industrials and Non-Corporate. Meanwhile, SMMU focuses on Municipal and Sovereign.
What are the top holdings of the GNMA ETF and SMMU ETF?
GNMA top holdings include BlackRock Cash Funds - Treasury, G2 MA7192, 2% 20feb2051, USD (ABS) and US3618N5XQ77. SMMU holds in its top three: USA, Bills 0% 20oct2026, USD (119D), FHLB, 0% 21sep2026, USD (364D) and USA, Notes 4.25% 31jul2028, USD (BE-2028).
Which ETF is more diversified: GNMA or SMMU?
GNMA holds 355 securities with 33.91% of its assets in the top 15. SMMU has 344 securities and a top 15 weight of 24.02%.
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