iShares GNMA Bond ETF (GNMA) Performance
GNMA total return
Distributions reinvested · as of Oct 23, 2026- YTD
- −1.3% since Dec 31, 2025
- 1 year
- −0.8% total return
- 5 years
- +0.3% a year
- 10 years
- +1.0% a year
- Since first price
- +1.2% a year since 2012
GNMA trailing returns vs AGG, TLT, SPY
| Period | GNMA total return | Price only | U.S. bonds (AGG) | 20+ yr Treasuries (TLT) | S&P 500 (SPY) |
|---|---|---|---|---|---|
| 1 month | +1.0% | +0.6% | +0.9% | +1.5% | −1.0% |
| 3 months | −1.0% | −2.1% | −0.4% | −1.0% | +3.2% |
| 6 months | −2.2% | −4.3% | −1.5% | −3.8% | +7.8% |
| YTD | −1.3% | −4.4% | −1.0% | −3.4% | +12.3% |
| 1 year | −0.8% | −5.0% | −1.1% | −6.9% | +14.4% |
| 3 years | +18.5%+5.8%/yr | +4.6% | +16.6%+5.2%/yr | +9.7%+3.1%/yr | +87.4%+23.3%/yr |
| 5 years | +1.6%+0.3%/yr | −14.3% | −0.8%−0.2%/yr | −32.5%−7.6%/yr | +79.3%+12.4%/yr |
| 10 years | +10.0%+1.0%/yr | −16.3% | +14.0%+1.3%/yr | −18.7%−2.0%/yr | +315.9%+15.3%/yr |
| Since inceptionFeb 17, 2012 | +19.2%+1.2%/yr | −14.8% | — | — | — |
Total return from adjusted closes (distributions reinvested, before tax). Periods of 3 years or more are also shown annualized. Price only excludes distributions.
Growth of $10,000: GNMA vs AGG
From Feb 17, 2012: GNMA grew to $11,921, AGG to $12,971.
Year-end values with distributions reinvested, no taxes or trading costs. Start: first common trading day of both funds.
GNMA returns by calendar year
10 of 13 full years positive. Best 2025 (+8.2%), worst 2022 (−10.8%). 2026 is year to date.
GNMA annual returns table
| Year | GNMA | Largest drop | AGG | TLT | SPY |
|---|---|---|---|---|---|
| 2026YTD | −1.3% | −5.5% | −1.0% | −3.4% | +12.3% |
| 2025 | +8.2% | −2.9% | +7.2% | +4.3% | +17.7% |
| 2024 | +1.1% | −4.1% | +1.3% | −8.1% | +24.9% |
| 2023 | +5.3% | −8.3% | +5.7% | +2.8% | +26.2% |
| 2022 | −10.8% | −14.7% | −13.0% | −31.2% | −18.2% |
| 2021 | −1.9% | −2.3% | −1.8% | −4.6% | +28.7% |
| 2020 | +3.5% | −2.5% | +7.5% | +18.2% | +18.3% |
| 2019 | +5.9% | −0.7% | +8.5% | +14.1% | +31.2% |
| 2018 | +0.8% | −2.4% | +0.1% | −1.6% | −4.6% |
| 2017 | +1.7% | −1.9% | +3.6% | +9.2% | +21.7% |
| 2016 | +1.0% | −2.8% | +2.4% | +1.2% | +12.0% |
| 2015 | +0.5% | −1.8% | +0.5% | −1.8% | +1.2% |
| 2014 | +5.9% | −1.6% | +6.0% | +27.3% | +13.5% |
| 2013 | −2.4% | −5.8% | −2.0% | −13.4% | +32.3% |
Largest drop = deepest fall from a high within that calendar year.
Calendar-year return vs largest drop within the year
Most years include a sizable fall at some point even when the year ends higher.
GNMA largest drawdowns
Now 3.2% below the high| Peak | Decline | Bottom | Recovered | Fall | Underwater |
|---|---|---|---|---|---|
| Apr 8, 2020 | −17.1% | Oct 20, 2022 | Oct 28, 2025 | 2.5 years | 5.6 years |
| Aug 15, 2012 | −9.6% | Jul 8, 2013 | Jan 20, 2016 | 11 months | 3.4 years |
| Feb 27, 2026 | −5.5% | Oct 7, 2026 | not yet | 7 months | 8 months so far |
Declines from a closing high (distributions reinvested) of 5% or more. Underwater = time from the peak until the old high was regained.
GNMA risk statistics
| Statistic | 3 years | 5 years | 10 years | Since 2012 |
|---|---|---|---|---|
| Annualized return | +4.3% | −0.2% | +0.7% | +1.1% |
| Volatility (annualized) | 6.2% | 7.0% | 5.2% | 4.6% |
| Sharpe ratio | 0.00 | -0.52 | -0.27 | -0.08 |
| Sortino ratio | 0.01 | -0.66 | -0.36 | -0.11 |
| Best month | +5.3% | +5.3% | +5.3% | +5.3% |
| Worst month | −3.5% | −5.1% | −5.1% | −5.1% |
| Best 12 months | +11.6% | +11.6% | +11.6% | +11.6% |
| Worst 12 months | −1.5% | −13.3% | −13.3% | −13.3% |
| Positive months | 69% | 52% | 56% | 56% |
| Beta vs S&P 500 | 0.24 | 0.28 | 0.13 | — |
| Correlation with S&P 500 | 0.48 | 0.63 | 0.38 | — |
From monthly total returns. Sharpe and Sortino use 1–3 month T-bills (BIL) as the risk-free rate, so they need history from 2007 on.
GNMA rolling returns
| Holding period | Periods | Worst | Median | Best | Positive |
|---|---|---|---|---|---|
| 1-year | 165 | −13.3% | +1.6% | +11.6% | 64% |
| 3-year (a year) | 141 | −5.4% | +1.6% | +5.7% | 75% |
| 5-year (a year) | 117 | −1.2% | +1.1% | +2.8% | 71% |
| 10-year (a year) | 57 | −0.1% | +0.9% | +1.4% | 98% |
Every holding period starting at a month-end since 2012. Returns for 3 years and longer are annualized.
GNMA performance overview
iShares GNMA Bond ETF (GNMA) returned −0.8% over the past year and +1.0% a year over ten years, with distributions reinvested. Since its first recorded price in 2012 it has returned +1.2% a year, turning $10,000 into about $11,921. Over the same year U.S. bonds (AGG) returned −1.1%.
The deepest decline was −17.1%, from Apr 8, 2020 to Oct 20, 2022, and it took 3.0 years to get back to the old high. GNMA finished 10 of its 13 full calendar years with a gain; the best year was 2025 (+8.2%) and the worst 2022 (−10.8%). Volatility has been 4.6% a year.
Related: GNMA chart, GNMA dividends, GNMA bond profile. See the GNMA overview for the latest quote and fund facts.
GNMA performance FAQ
What is the GNMA return over the past year?
GNMA returned −0.8% over the 12 months to October 23, 2026, including reinvested distributions. On price alone it fell 5.0%.
What is the average annual return of GNMA?
GNMA has returned +0.3% a year over 5 years, +1.0% a year over 10 years, +1.2% a year since February 17, 2012 (total return, distributions reinvested).
How much would $10,000 invested in GNMA be worth?
$10,000 invested in GNMA at its first recorded close on February 17, 2012 would be worth about $11,921 on October 23, 2026 with distributions reinvested.
What was the worst year for GNMA?
The worst calendar year was 2022, with a total return of −10.8%. The best was 2025 at +8.2%.
What is the biggest drawdown of GNMA?
The largest peak-to-trough decline was −17.1% between April 8, 2020 and October 20, 2022. It recovered to the old high on October 28, 2025, 3.0 years after the bottom.
How volatile is GNMA?
Over the past 3 years GNMA had an annualized volatility of 6.2% and a Sharpe ratio of 0.00 (excess return over 1–3 month T-bills per unit of risk).