AIA vs. MMKT
AIA (iShares Asia 50 ETF) and MMKT (Texas Capital Government Money Market ETF) are both exchange-traded funds - AIA is a Asia Pacific Equities fund tracking the S&P Asia 50 Index, while MMKT is a Money Market fund actively managed by Texas Capital. AIA is passively managed, while MMKT is actively managed. Over the past year, AIA returned 80.75% vs 3.78% for MMKT. At a correlation of -0.08, they often move in opposite directions. AIA charges 0.50%/yr vs 0.20%/yr for MMKT.
Performance
AIA vs. MMKT - Performance Comparison
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Returns By Period
In the year-to-date period, AIA achieves a 43.04% return, which is significantly higher than MMKT's 1.64% return.
AIA
- 1D
- -7.46%
- 1M
- 3.93%
- YTD
- 43.04%
- 6M
- 46.22%
- 1Y
- 80.75%
- 3Y*
- 36.18%
- 5Y*
- 11.29%
- 10Y*
- 14.96%
MMKT
- 1D
- 0.02%
- 1M
- 0.27%
- YTD
- 1.64%
- 6M
- 1.74%
- 1Y
- 3.78%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
AIA vs. MMKT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
AIA iShares Asia 50 ETF | 43.04% | 47.79% | -3.23% |
MMKT Texas Capital Government Money Market ETF | 1.64% | 4.13% | 1.22% |
Correlation
The correlation between AIA and MMKT is -0.17, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.17 |
Correlation (All Time) Calculated using the full available price history since Sep 25, 2024 | -0.08 |
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Return for Risk
AIA vs. MMKT — Risk / Return Rank
AIA
MMKT
AIA vs. MMKT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Asia 50 ETF (AIA) and Texas Capital Government Money Market ETF (MMKT). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| AIA | MMKT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -14.00 | ||
| Sortino ratioReturn per unit of downside risk | -59.50 | ||
| Omega ratioGain probability vs. loss probability | 1.48 | 15.48 | -14.01 |
| Calmar ratioReturn relative to maximum drawdown | 5.74 | 152.14 | -146.40 |
| Martin ratioReturn relative to average drawdown | 19.64 | 912.59 | -892.95 |
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Drawdowns
AIA vs. MMKT - Drawdown Comparison
The maximum AIA drawdown since its inception was -60.89%, which is greater than MMKT's maximum drawdown of -0.04%. Use the drawdown chart below to compare losses from any high point for AIA and MMKT.
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Drawdown Indicators
| AIA | MMKT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -60.89% | -0.04% | -60.85% |
Max Drawdown (1Y)Largest decline over 1 year | -14.15% | -0.02% | -14.13% |
Max Drawdown (3Y)Largest decline over 3 years | -21.64% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -50.11% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -54.64% | — | — |
Current DrawdownCurrent decline from peak | -7.46% | 0.00% | -7.46% |
Average DrawdownAverage peak-to-trough decline | -16.64% | -0.00% | -16.64% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.13% | 0.00% | +4.13% |
Volatility
AIA vs. MMKT - Volatility Comparison
iShares Asia 50 ETF (AIA) has a higher volatility of 16.92% compared to Texas Capital Government Money Market ETF (MMKT) at 0.05%. This indicates that AIA's price experiences larger fluctuations and is considered to be riskier than MMKT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| AIA | MMKT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 16.92% | 0.05% | +16.87% |
Volatility (6M)Calculated over the trailing 6-month period | 26.32% | 0.13% | +26.19% |
Volatility (1Y)Calculated over the trailing 1-year period | 29.51% | 0.23% | +29.28% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 26.34% | 0.23% | +26.11% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 23.93% | 0.23% | +23.70% |
AIA vs. MMKT - Expense Ratio Comparison
AIA has a 0.50% expense ratio, which is higher than MMKT's 0.20% expense ratio.
Dividends
AIA vs. MMKT - Dividend Comparison
AIA's dividend yield for the trailing twelve months is around 1.54%, less than MMKT's 3.71% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
AIA iShares Asia 50 ETF | 1.54% | 2.50% | 2.78% | 2.07% | 2.59% | 1.54% | 1.11% | 2.24% | 2.49% | 1.45% | 2.29% | 2.88% |
MMKT Texas Capital Government Money Market ETF | 3.71% | 3.98% | 1.07% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
AIA and MMKT have a correlation of -0.17, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
AIA has higher volatility (16.92%) compared to MMKT (0.05%). In terms of maximum drawdown, AIA dropped -60.89% vs MMKT's -0.04%.
On 1-year performance, AIA leads with 80.75% vs 3.78% for MMKT. On fees, MMKT is cheaper at 0.20% per year. On volatility, MMKT has been the lower-risk option at 0.05%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, AIA has performed better with a 80.75% return vs 3.78%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
MMKT is cheaper with a 0.20% expense ratio, compared with 0.50% for AIA.
MMKT has the higher dividend yield at 3.71%, compared with 1.54% for AIA.
AIA is categorized as Asia Pacific Equities, while MMKT is Money Market. They also come from different issuers: iShares and Texas Capital. Their fees differ too: 0.50% for AIA and 0.20% for MMKT.
MMKT currently has the higher Sharpe Ratio (16.75 vs 2.75), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.
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