GTOvsTFIETF Comparison
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Invesco Total Return Bond ETF (GTO) belongs to the Money Market Bonds segment. State Street SPDR Nuveen ICE Municipal Bond ETF (TFI) is part of the Municipal Bonds segment. GTO's top 3 sector exposures are Finance, Sovereign and Industrials. In contrast, TFI's top sector exposures are Municipal. GTO is more expensive with a Total Expense Ratio (TER) of 0.35%, versus 0.23% for TFI. GTO is down -3.87% year-to-date (YTD) with +$673M in YTD flows. TFI performs better with -1.39% YTD performance, and +$124M in YTD flows. Run a side-by-side ETF comparison of GTO 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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GTO vs TFI performance and flow charts
Performance
Cumulative Flows
Historic performance and flows
Data as of 10/23/2026
| 1M | 3M | YTD | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|---|---|
| Perf. | GTO TFI | +0.32%+1.70% | -1.33%-1.23% | -3.87%-1.39% | -3.77%-1.04% | +15.33%+11.99% | -4.21%-1.98% |
| Flows | GTO TFI | +$114M+$116M | +$214M+$34M | +$673M+$124M | +$761M-$207M | +$1.62B-$286M | +$1.87B-$291M |
Volatility and drawdown
| 3M | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|
| Volatility | GTO TFI | +4.43%+5.56% | +3.92%+3.49% | +4.74%+4.11% | +5.41%+4.16% |
| Max drawdown | GTO TFI | -3.65%-6.01% | -6.36%-7.00% | -6.36%-7.00% | -19.94%-14.88% |
| Max drawdown duration | GTO TFI | 65d71d | 248d236d | 248d236d | 1809d1513d |
Trading data
GTO | TFI | |
Last sale 10/26/2026 at 1:30 PM | $45.08 | $43.98 |
| Previous close 10/23/2026 | $45.03 | $43.80 |
| Consolidated volume 10/23/2026 | ||
| Average volume 30 days | ||
| Average discount or premium 30 days | ||
| Average Bid/Ask spread 30 days |
Replication quality
Data as of October 27, 2026
1-year trailing difference
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GTO
is actively managed and doesn’t replicate an indexGTO | TFI | |
|---|---|---|
| Tracking error | ||
| Tracking difference | ||
| 1 year cumulative return difference | ||
| Best | ||
| Worst | ||
| Daily return difference | ||
| Average | ||
| Worst | ||
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Main metrics
Last update 10/26/2026 at 1:30 PM
Live
Closed
GTO | TFI | |
|---|---|---|
| Last price | $45.08 | $43.98 |
| 1D performance | +0.11% | +0.41% |
| AuM | $2.57 B | $3.01 B |
| E/R | 0.35% | 0.23% |
Characteristics
GTO | TFI | |
|---|---|---|
| Management strategy | Active | Passive |
| Provider | Invesco | State Street Investment Management |
| Benchmark | - | ICE 1+ Year AMT-Free Broad Municipal Index |
| N° of holdings | 2245 | 813 |
| Asset class | - | - |
| Trailing 12m distribution yield | Join | Join |
| Inception date | February 10, 2016 | September 11, 2007 |
| ESG | No | No |
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Exposure
Countries
GTO
USA
30.77%
Other
69.23%
TFI
USA
42.6%
Other
57.4%
Sectors
GTO
Finance
11.93%
Sovereign
10.76%
Industrials
7.26%
Other
70.05%
TFI
Municipal
42.6%
Other
57.4%
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Diversification
GTO
Total weight of top 15 holdings out of 15
28.22%
TFI
Total weight of top 15 holdings out of 15
2.91%
Top 15 holdings
Data as of August 31, 2026
GTO
US91282CRF04
5.23%
USA, Bonds 5% 15may2056, USD
3.57%
US21H0226975
3.11%
USA, Notes 4.375% 31jul2031, USD (AB-2031)
2.95%
US21H0206910
1.78%
US01F0306948
1.64%
US91282CRG86
1.53%
US01F0526982
1.40%
US01F0326904
1.24%
US01F0506927
1.20%
US01F0406938
1.07%
USA, Notes 4.375% 31jul2033, USD (N-2033)
0.97%
US912810UX45
0.86%
USA, Notes 4.25% 31jul2028, USD (BE-2028)
0.84%
US21H0306900
0.83%
TFI
California, 5% 1nov2027, USD
0.23%
US55844RWX87
0.20%
US574193VL92
0.20%
US64972GE598
0.20%
US373385LV30
0.20%
Triborough Bridge and Tunnel Authority, 5% 15nov2028, USD (2023B)
0.20%
State of Washington, 5% 1feb2028, USD (2024A)
0.20%
US91412HWK57
0.20%
US574204S201
0.19%
US764581KP80
0.19%
US677523KE13
0.19%
US010831EC55
0.18%
California, 5% 1nov2032, USD
0.18%
California Community Choice Financing Authority, 5% 1may2054, USD (2024A)
0.18%
US207758N749
0.17%
Frequently asked questions about GTO and TFI
How have the GTO and TFI ETFs performed in 2026?
As of October 23, 2026, GTO is down -3.87% year-to-date (YTD), while TFI has lost -1.39%. That puts TFI better performer ahead so far this year.
Which ETF is attracting more investor money: GTO or TFI?
Year-to-date, the GTO ETF saw +$673M in flows, compared to +$124M for TFI.
Which ETF is more volatile: GTO or TFI?
Over the past year, GTO had a volatility of 3.92%, while TFI experienced 3.49%.
Which ETF is bigger: GTO or TFI?
As of October 23, 2026, GTO holds $2.57 B in assets under management (AUM), while TFI manages $3.01 B.
What sectors do the GTO and TFI ETFs invest in?
GTO leans toward sectors like Finance, Sovereign and Industrials. Meanwhile, TFI focuses on Municipal.
What are the top holdings of the GTO ETF and TFI ETF?
GTO top holdings include US91282CRF04, USA, Bonds 5% 15may2056, USD and US21H0226975. TFI holds in its top three: California, 5% 1nov2027, USD, US55844RWX87 and US574193VL92.
Which ETF is more diversified: GTO or TFI?
GTO holds 2660 securities with 28.22% of its assets in the top 15. TFI has 1916 securities and a top 15 weight of 2.91%.
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