SMMUvsGNMAETF Comparison
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PIMCO Short Term Municipal Bond Active ETF (SMMU) belongs to the Municipal Bonds segment. iShares GNMA Bond ETF (GNMA) is part of the MBS & ABS segment. SMMU's top 3 sector exposures are Municipal, Sovereign and Government Agencies. In contrast, GNMA's top sector exposures are Industrials and Non-Corporate. SMMU is more expensive with a Total Expense Ratio (TER) of 0.35%, versus 0.11% for GNMA. SMMU is up 0.95% year-to-date (YTD) with +$276M in YTD flows. GNMA performs worse with -1.65% YTD performance, and +$36M in YTD flows. Run a side-by-side ETF comparison of SMMU and GNMA 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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SMMU vs GNMA performance and flow charts
Performance
Cumulative Flows
Historic performance and flows
Data as of 10/16/2026
| 1M | 3M | YTD | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|---|---|
| Perf. | SMMU GNMA | +0.24%-0.41% | -0.24%-2.53% | +0.95%-1.65% | +1.50%-1.41% | +11.04%+15.95% | +9.77%+0.31% |
| Flows | SMMU GNMA | +$51M-$15M | +$110M+$7M | +$276M+$36M | +$272M+$69M | +$695M+$124M | +$707M-$12M |
Volatility and drawdown
| 3M | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|
| Volatility | SMMU GNMA | +2.02%+5.77% | +1.19%+4.49% | +1.38%+5.59% | +1.34%+6.56% |
| Max drawdown | SMMU GNMA | -1.87%-4.45% | -1.87%-5.36% | -1.87%-5.36% | -4.42%-15.48% |
| Max drawdown duration | SMMU GNMA | 52d52d | 52d229d | 52d229d | 738d1397d |
Trading data
SMMU | GNMA | |
Last sale 10/16/2026 at 1:30 PM | $49.82 | $42.27 |
| Previous close 10/15/2026 | $49.83 | $42.26 |
| 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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SMMU
is actively managed and doesn’t replicate an indexSMMU | GNMA | |
|---|---|---|
| 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
SMMU | GNMA | |
|---|---|---|
| Last price | $49.82 | $42.27 |
| 1D performance | -0.02% | +0.02% |
| AuM | $1.24 B | $416.20 M |
| E/R | 0.35% | 0.11% |
Exposure
Countries
SMMU
USA
42.82%
Other
57.18%
GNMA
USA
48.8%
Other
51.2%
Sectors
SMMU
Municipal
27.39%
Sovereign
10.62%
Other
61.99%
GNMA
Industrials
39.92%
Non-Corporate
8.88%
Other
51.2%
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Diversification
SMMU
Total weight of top 15 holdings out of 15
24.02%
GNMA
Total weight of top 15 holdings out of 15
33.91%
Top 15 holdings
Data as of August 31, 2026
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%
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%
Frequently asked questions about SMMU and GNMA
How have the SMMU and GNMA ETFs performed in 2026?
As of October 16, 2026, SMMU is up 0.95% year-to-date (YTD), while GNMA has lost -1.65%. That puts SMMU better performer ahead so far this year.
Which ETF is attracting more investor money: SMMU or GNMA?
Year-to-date, the SMMU ETF saw +$276M in flows, compared to +$36M for GNMA.
Which ETF is more volatile: SMMU or GNMA?
Over the past year, SMMU had a volatility of 1.19%, while GNMA experienced 4.49%.
Which ETF is bigger: SMMU or GNMA?
As of October 16, 2026, SMMU holds $1.24 B in assets under management (AUM), while GNMA manages $416.20 M.
What sectors do the SMMU and GNMA ETFs invest in?
SMMU leans toward sectors like Municipal and Sovereign. Meanwhile, GNMA focuses on Industrials and Non-Corporate.
What are the top holdings of the SMMU ETF and GNMA ETF?
SMMU top holdings include USA, Bills 0% 20oct2026, USD (119D), FHLB, 0% 21sep2026, USD (364D) and USA, Notes 4.25% 31jul2028, USD (BE-2028). GNMA holds in its top three: BlackRock Cash Funds - Treasury, G2 MA7192, 2% 20feb2051, USD (ABS) and US3618N5XQ77.
Which ETF is more diversified: SMMU or GNMA?
SMMU holds 344 securities with 24.02% of its assets in the top 15. GNMA has 355 securities and a top 15 weight of 33.91%.
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