GNMAvsTFIETF Comparison
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iShares GNMA Bond ETF (GNMA) belongs to the MBS & ABS segment. State Street SPDR Nuveen ICE Municipal Bond ETF (TFI) is part of the Municipal Bonds segment. GNMA's top 2 sector exposures are Industrials and Non-Corporate. In contrast, TFI's top sector exposures are Municipal. GNMA is less expensive with a Total Expense Ratio (TER) of 0.11%, versus 0.23% for TFI. GNMA is down -1.57% year-to-date (YTD) with +$36M in YTD flows. TFI performs worse with -2.49% YTD performance, and +$76M in YTD flows. Run a side-by-side ETF comparison of GNMA and TFI 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 TFI performance and flow charts
Performance
Cumulative Flows
Historic performance and flows
Data as of 10/15/2026
| 1M | 3M | YTD | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|---|---|
| Perf. | GNMA TFI | -0.43%-0.34% | -2.58%-3.82% | -1.57%-2.49% | -0.96%-1.80% | +16.04%+9.22% | +0.30%-3.41% |
| Flows | GNMA TFI | -$15M-$19M | +$7M-$5M | +$36M+$76M | +$69M-$255M | +$124M-$209M | -$12M-$283M |
Volatility and drawdown
| 3M | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|
| Volatility | GNMA TFI | +5.77%+5.47% | +4.51%+3.39% | +5.59%+4.12% | +6.56%+4.15% |
| Max drawdown | GNMA TFI | -4.45%-6.39% | -5.36%-7.00% | -5.36%-7.00% | -15.48%-14.88% |
| Max drawdown duration | GNMA TFI | 51d92d | 228d228d | 228d228d | 1397d1513d |
Trading data
GNMA | TFI | |
Last sale 10/16/2026 at 5:01 PM | $42.20 | $43.32 |
| Previous close 10/15/2026 | $42.26 | $43.31 |
| 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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GNMA | TFI | |
|---|---|---|
| Tracking error | ||
| Tracking difference | ||
| 1 year cumulative return difference | ||
| Best | ||
| Worst | ||
| Daily return difference | ||
| Average | ||
| Worst | ||
Main metrics
Last update 10/16/2026 at 5:01 PM
Live
Closed
GNMA | TFI | |
|---|---|---|
| Last price | $42.20 | $43.32 |
| 1D performance | -0.14% | +0.02% |
| AuM | $416.54 M | $2.93 B |
| E/R | 0.11% | 0.23% |
Characteristics
GNMA | TFI | |
|---|---|---|
| Management strategy | Passive | Passive |
| Provider | iShares | State Street Investment Management |
| Benchmark | Bloomberg U.S. GNMA Bond Index | ICE 1+ Year AMT-Free Broad Municipal Index |
| N° of holdings | 109 | 813 |
| Asset class | Bonds | - |
| Trailing 12m distribution yield | Join | Join |
| Inception date | February 14, 2012 | September 11, 2007 |
| ESG | No | No |
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Exposure
Countries
GNMA
USA
48.8%
Other
51.2%
TFI
USA
42.6%
Other
57.4%
Sectors
GNMA
Industrials
39.92%
Non-Corporate
8.88%
Other
51.2%
TFI
Municipal
42.6%
Other
57.4%
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Diversification
GNMA
Total weight of top 15 holdings out of 15
33.91%
TFI
Total weight of top 15 holdings out of 15
2.91%
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%
TFI
California, 5% 1nov2027, USD
0.23%
US91412HWK57
0.20%
US55844RWX87
0.20%
Triborough Bridge and Tunnel Authority, 5% 15nov2028, USD (2023B)
0.20%
US574193VL92
0.20%
State of Washington, 5% 1feb2028, USD (2024A)
0.20%
US64972GE598
0.20%
US373385LV30
0.20%
US677523KE13
0.19%
US574204S201
0.19%
US764581KP80
0.19%
US010831EC55
0.18%
California Community Choice Financing Authority, 5% 1may2054, USD (2024A)
0.18%
California, 5% 1nov2032, USD
0.18%
Triborough Bridge and Tunnel Authority, 5% 15nov2049, USD (2026A-1)
0.17%
Frequently asked questions about GNMA and TFI
How have the GNMA and TFI ETFs performed in 2026?
As of October 15, 2026, GNMA is down -1.57% year-to-date (YTD), while TFI has lost -2.49%. That puts GNMA better performer ahead so far this year.
Which ETF is attracting more investor money: GNMA or TFI?
Year-to-date, the GNMA ETF saw +$36M in flows, compared to +$76M for TFI.
Which ETF is more volatile: GNMA or TFI?
Over the past year, GNMA had a volatility of 4.51%, while TFI experienced 3.39%.
Which ETF is bigger: GNMA or TFI?
As of October 15, 2026, GNMA holds $416.54 M in assets under management (AUM), while TFI manages $2.93 B.
What sectors do the GNMA and TFI ETFs invest in?
GNMA leans toward sectors like Industrials and Non-Corporate. Meanwhile, TFI focuses on Municipal.
What are the top holdings of the GNMA ETF and TFI ETF?
GNMA top holdings include BlackRock Cash Funds - Treasury, G2 MA7192, 2% 20feb2051, USD (ABS) and US3618N5XQ77. TFI holds in its top three: California, 5% 1nov2027, USD, US91412HWK57 and US55844RWX87.
Which ETF is more diversified: GNMA or TFI?
GNMA holds 355 securities with 33.91% of its assets in the top 15. TFI has 1916 securities and a top 15 weight of 2.91%.
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