TFIvsGNMAETF Comparison
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State Street SPDR Nuveen ICE Municipal Bond ETF (TFI) belongs to the Municipal Bonds segment. iShares GNMA Bond ETF (GNMA) is part of the MBS & ABS segment. TFI's top 1 sector exposures are Municipal. In contrast, GNMA's top sector exposures are Industrials and Non-Corporate. TFI is more expensive with a Total Expense Ratio (TER) of 0.23%, versus 0.11% for GNMA. TFI is up 0.47% year-to-date (YTD) with +$9M in YTD flows. GNMA performs worse with 0.45% YTD performance, and +$44M in YTD flows. Run a side-by-side ETF comparison of TFI 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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TFI vs GNMA performance and flow charts
Performance
Cumulative Flows
Historic performance and flows
Data as of 11/06/2026
| 1M | 3M | YTD | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|---|---|
| Perf. | TFI GNMA | +4.61%+3.52% | -0.07%+0.04% | +0.47%+0.45% | +0.89%+0.96% | +11.66%+16.93% | -0.83%+2.26% |
| Flows | TFI GNMA | -$20M+$9M | -$189M+$7M | +$9M+$44M | -$46M+$71M | -$506M+$102M | -$565M+$1M |
Volatility and drawdown
| 3M | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|
| Volatility | TFI GNMA | +5.68%+5.94% | +3.57%+4.60% | +4.06%+5.42% | +4.18%+6.58% |
| Max drawdown | TFI GNMA | -6.01%-4.45% | -7.00%-5.36% | -7.00%-5.36% | -14.88%-15.40% |
| Max drawdown duration | TFI GNMA | 85d73d | 250d250d | 250d250d | 1513d1395d |
Trading data
TFI | GNMA | |
Last sale 11/6/2026 at 2:30 PM | $44.44 | $43.02 |
| Previous close 11/04/2026 | $44.39 | $43.00 |
| Consolidated volume 11/04/2026 | ||
| Average volume 30 days | ||
| Average discount or premium 30 days | ||
| Average Bid/Ask spread 30 days |
Replication quality
Data as of October 30, 2026
1-year trailing difference
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TFI | 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 11/6/2026 at 2:30 PM
Live
Closed
TFI | GNMA | |
|---|---|---|
| Last price | $44.44 | $43.02 |
| 1D performance | +0.11% | +0.05% |
| AuM | $2.95 B | $432.10 M |
| E/R | 0.23% | 0.11% |
Characteristics
TFI | GNMA | |
|---|---|---|
| Management strategy | Passive | Passive |
| Provider | State Street Investment Management | iShares |
| Benchmark | ICE 1+ Year AMT-Free Broad Municipal Index | Bloomberg U.S. GNMA Bond Index |
| N° of holdings | 826 | 109 |
| Asset class | - | Bonds |
| Trailing 12m distribution yield | Join | Join |
| Inception date | September 11, 2007 | February 14, 2012 |
| ESG | No | No |
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Exposure
Countries
TFI
USA
42.95%
Other
57.05%
GNMA
USA
48.73%
Other
51.27%
Sectors
TFI
Municipal
42.95%
Other
57.05%
GNMA
Industrials
40.92%
Non-Corporate
7.81%
Other
51.27%
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Diversification
TFI
Total weight of top 15 holdings out of 15
2.82%
GNMA
Total weight of top 15 holdings out of 15
32.76%
Top 15 holdings
Data as of September 30, 2026
TFI
Triborough Bridge and Tunnel Authority, 5% 15nov2028, USD (2023B)
0.22%
State of Washington, 5% 1feb2028, USD (2024A)
0.22%
US373385LV30
0.21%
US764581KP80
0.20%
US574193VL92
0.20%
US010831EC55
0.19%
California, 5% 1nov2032, USD
0.19%
California Community Choice Financing Authority, 5% 1may2054, USD (2024A)
0.18%
California, 5% 1nov2031, USD
0.18%
US207758N749
0.18%
City of New York, 5% 1aug2029, USD
0.18%
US452152B916
0.18%
US13068XJP50
0.17%
US64972LBD47
0.16%
US13013JBJ43
0.16%
GNMA
BlackRock Cash Funds - Treasury
7.81%
G2 MA7192, 2% 20feb2051, USD (ABS)
2.65%
US3618N5XQ77
2.58%
G2 MA9360, 4.5% 20dec2053, USD (ABS)
2.48%
US36179WTX64
1.94%
G2 MA8878, 5% 20may2053, USD (ABS)
1.70%
G2 MB0025, 5% 20nov2054, USD (ABS)
1.68%
US36179WJR07
1.66%
G2 MA7880, 2% 20feb2052, USD (ABS)
1.63%
G2 MA8801, 5.5% 20apr2053, USD (ABS)
1.63%
G2 MA6864, 2% 20sep2050, USD (ABS)
1.47%
US36179WLP13
1.44%
US36179WFG87
1.42%
US3617NWEY42
1.36%
US36179WVT25
1.32%
Frequently asked questions about TFI and GNMA
How have the TFI and GNMA ETFs performed in 2026?
As of November 6, 2026, TFI is up 0.47% year-to-date (YTD), while GNMA has returned 0.45%. That puts TFI better performer ahead so far this year.
Which ETF is attracting more investor money: TFI or GNMA?
Year-to-date, the TFI ETF saw +$9M in flows, compared to +$44M for GNMA.
Which ETF is more volatile: TFI or GNMA?
Over the past year, TFI had a volatility of 3.57%, while GNMA experienced 4.6%.
Which ETF is bigger: TFI or GNMA?
As of November 6, 2026, TFI holds $2.95 B in assets under management (AUM), while GNMA manages $432.10 M.
What sectors do the TFI and GNMA ETFs invest in?
TFI leans toward sectors like Municipal. Meanwhile, GNMA focuses on Industrials and Non-Corporate.
What are the top holdings of the TFI ETF and GNMA ETF?
TFI top holdings include Triborough Bridge and Tunnel Authority, 5% 15nov2028, USD (2023B), State of Washington, 5% 1feb2028, USD (2024A) and US373385LV30. GNMA holds in its top three: BlackRock Cash Funds - Treasury, G2 MA7192, 2% 20feb2051, USD (ABS) and US3618N5XQ77.
Which ETF is more diversified: TFI or GNMA?
TFI holds 1926 securities with 2.82% of its assets in the top 15. GNMA has 355 securities and a top 15 weight of 32.76%.
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