GNMA — iShares GNMA Bond ETF

GNMA Price Performance — Growth of $10,000

Value of a $10,000 investment in GNMA over time, compared with SPY. Both lines are rebased to $10,000 on the first shared date. Based on total returns — prices are adjusted for dividends and splits, so this assumes distributions were reinvested. Hover or tap the chart for exact values.

GNMA Drawdown

The "underwater" chart: GNMA's decline from its highest prior value at each point in time. It shows how deep past losses ran and how long the fund took to recover to break-even.

Overview

The iShares GNMA Bond ETF, identified by the ticker GNMA, operates within the Mortgage-Backed category managed by issuer iShares. This fund holds an overall rank of #366 out of 458 tracked ETFs across all categories and has received an ETFValuer grade of C with a score of 52.1 out of 100. It carries an expense ratio of 0.1% and offers a dividend yield of 4.22%, while trading at a price of $43.54. The fund manages $429 million in assets under management, positioning it as a mid-sized option within its specific sector. In the Mortgage-Backed category, ETFValuer tracks a total of 4 funds, placing GNMA as the third-ranked option among its peers. The combination of its moderate asset size and specific yield profile suggests a targeted approach for investors seeking exposure to this niche segment.

Over the most recent trading day, the fund posted a return of +0.11%, though it declined by -0.77% over the subsequent week. Monthly performance showed a contraction of -1.50% over one month, followed by a -1.12% drop over three months and a -0.38% loss over six months. Year-to-date returns have recovered slightly to +0.18%, while the one-year return stands at +4.33%. Extending the timeframe further, the fund has generated a three-year return of +12.63%. This pattern indicates a divergence where short-term periods have experienced negative momentum, contrasting with positive returns over the one-year and three-year horizons.

The fund is assigned a Very Low volatility label, yet it exhibits a beta of 1.08, suggesting it moves slightly more than the broader market despite its classification. A Sharpe ratio of -0.16 indicates that the risk-adjusted returns have been negative over the measured period. The maximum drawdown recorded for the fund is -6.88%, representing the largest peak-to-trough decline observed. This combination of a negative Sharpe ratio and a beta greater than one implies that the fund has faced periods where volatility and market correlation have not been adequately compensated by returns. The Very Low volatility label contrasts with the beta figure, highlighting a specific risk profile where the fund may experience market-like movements despite its classification.

AI-generated summary based on the data on this page.

GNMA Top Holdings

Holdings as of 2026-04-30 per the fund's most recent SEC N-PORT-P filing. Top 10 holdings make up 27.5% of net assets — a rough gauge of concentration risk (the higher this figure, the more the fund's return depends on a handful of names). To see how GNMA's holdings overlap with other ETFs you own or are considering, check the Stock Overlap tool.

Which Funds Overlap With GNMA

Holding two funds that own the same companies adds cost and complexity without adding much diversification. These tracked ETFs share the most names with GNMA's top 10 — MBB overlaps most, holding 1 of the same companies as GNMA's top 10 (18.5% of GNMA's assets).

Compares the top 10 reported holdings of each fund, so it's a floor on true overlap — two S&P 500 trackers overlap ~100% even when only 10 names are listed. Use the Stock Overlap tool to search by individual company.

Market Backdrop

10-Year Treasury Yield: 4.71% (as of 2026-07-23) — The yield on 10-year US Treasury bonds — the standard "risk-free rate" benchmark used to contextualize this fund’s Sharpe ratio and returns.

CBOE Volatility Index (VIX): 18.70 (as of 2026-07-23) — A real-time gauge of expected S&P 500 volatility over the next 30 days — useful context for this fund’s own volatility label.

Federal Funds Rate: 3.63% (as of 2026-06-01) — The Federal Reserve’s target policy rate, which anchors short-term borrowing costs across the economy.

GNMA Liquidity, Domicile & Tax Treatment

Liquidity: Quoted bid/ask spread is 57.48% and average daily volume is 33K/day. Tighter spreads and higher volume mean lower round-trip trading costs; this is a live-market snapshot and can widen during volatile sessions. AUM of $429M provides ample scale, supporting tight spreads and issuer commitment to keep the fund open.

Domicile & tax treatment: GNMA is a US-domiciled, SEC-registered ('40 Act) exchange-traded fund. Dividends and capital gains distributions are reported to US investors on Form 1099-DIV, and the fund is not subject to the PFIC reporting or UCITS-specific rules that apply to Irish- or Luxembourg-domiciled funds. Non-US investors should note that US-domiciled ETFs are generally subject to 30% US withholding tax on dividends (unless reduced by treaty) and to US estate tax exposure on the position — Irish-domiciled UCITS ETFs tracking the same index often avoid both, which is why non-US residents frequently prefer the UCITS equivalent where one exists. This is general information, not tax advice — consult a tax professional for your situation.

GNMA Performance History

How GNMA Compares to Other Mortgage-Backed ETFs