CNAV vs. MMKT

Last updated Jul 11, 2026

CNAV (Mohr Company Nav ETF) and MMKT (Texas Capital Government Money Market ETF) are both exchange-traded funds - CNAV is a Large Cap Blend Equities fund actively managed by Mohr, while MMKT is a Money Market fund actively managed by Texas Capital. Both are actively managed. Over the past year, CNAV returned 62.23% vs 3.76% for MMKT. At a correlation of -0.05, they often move in opposite directions. CNAV charges 1.31%/yr vs 0.20%/yr for MMKT.

Performance

CNAV vs. MMKT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Mohr Company Nav ETF (CNAV) and Texas Capital Government Money Market ETF (MMKT). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CNAV achieves a 41.21% return, which is significantly higher than MMKT's 1.83% return.

CNAV

• 1D: -0.66%
• 1M: -0.30%
• 6M: 36.40%
• YTD: 41.21%
• 1Y: 62.23%
• 3Y*: —
• 5Y*: —
• 10Y*: —

MMKT

• 1D: 0.00%
• 1M: 0.27%
• 6M: 1.74%
• YTD: 1.83%
• 1Y: 3.76%
• 3Y*: —
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

CNAV vs. MMKT - Yearly Performance Comparison

	2026 (YTD)	2025	2024
CNAV Mohr Company Nav ETF	41.21%	16.80%	6.05%
MMKT Texas Capital Government Money Market ETF	1.83%	4.13%	1.14%

Correlation

The correlation between CNAV and MMKT is -0.18, 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	-0.18
Correlation (All Time) Calculated using the full available price history since Oct 1, 2024	-0.05

The correlation between CNAV and MMKT shifts across timeframes, from -0.18 (1 year) to -0.05 (all time), reflecting how their relationship changes across market environments.

Return for Risk

CNAV vs. MMKT — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

CNAV

CNAV Risk / Return Rank: 79
CNAV Sharpe Ratio Rank: 76
CNAV Sortino Ratio Rank: 65
CNAV Omega Ratio Rank: 72
CNAV Calmar Ratio Rank: 91
CNAV Martin Ratio Rank: 90

MMKT

MMKT Risk / Return Rank: 100
MMKT Sharpe Ratio Rank: 100
MMKT Sortino Ratio Rank: 100
MMKT Omega Ratio Rank: 100
MMKT Calmar Ratio Rank: 100
MMKT Martin Ratio Rank: 100

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

CNAV vs. MMKT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Mohr Company Nav ETF (CNAV) 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.

	CNAV	MMKT	Difference
Sharpe ratio: Return per unit of total volatility	1.93	16.91	-14.98
Sortino ratio: Return per unit of downside risk	2.42	63.12	-60.71
Omega ratio: Gain probability vs. loss probability	1.34	16.15	-14.81
Calmar ratio: Return relative to maximum drawdown	4.61	151.60	-146.99
Martin ratio: Return relative to average drawdown	16.24	914.42	-898.18

CNAV vs. MMKT - Sharpe Ratio Comparison

The current CNAV Sharpe Ratio is 1.93, which is lower than the MMKT Sharpe Ratio of 16.91. The chart below compares the historical Sharpe Ratios of CNAV and MMKT, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

CNAV vs. MMKT - Drawdown Comparison

The maximum CNAV drawdown since its inception was -30.06%, which is greater than MMKT's maximum drawdown of -0.04%. Use the drawdown chart below to compare losses from any high point for CNAV and MMKT.

Drawdown Indicators

	CNAV	MMKT	Difference
Max Drawdown Largest peak-to-trough decline	-30.06%	-0.04%	-30.02%
Max Drawdown (1Y) Largest decline over 1 year	-13.24%	-0.02%	-13.22%
Current Drawdown Current decline from peak	-9.45%	0.00%	-9.45%
Average Drawdown Average peak-to-trough decline	-5.44%	-0.00%	-5.44%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.75%	0.00%	+3.75%

Volatility

CNAV vs. MMKT - Volatility Comparison

Mohr Company Nav ETF (CNAV) has a higher volatility of 18.40% compared to Texas Capital Government Money Market ETF (MMKT) at 0.05%. This indicates that CNAV'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.

Volatility by Period

	CNAV	MMKT	Difference
Volatility (1M) Calculated over the trailing 1-month period	18.40%	0.05%	+18.35%
Volatility (6M) Calculated over the trailing 6-month period	28.75%	0.13%	+28.62%
Volatility (1Y) Calculated over the trailing 1-year period	31.66%	0.22%	+31.44%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	30.32%	0.23%	+30.09%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	30.32%	0.23%	+30.09%

CNAV vs. MMKT - Expense Ratio Comparison

CNAV has a 1.31% expense ratio, which is higher than MMKT's 0.20% expense ratio.

Dividends

CNAV vs. MMKT - Dividend Comparison

CNAV has not paid dividends to shareholders, while MMKT's dividend yield for the trailing twelve months is around 3.68%.

Position	TTM	2025	2024
CNAV Mohr Company Nav ETF	0.00%	0.00%	0.00%
MMKT Texas Capital Government Money Market ETF	3.68%	3.98%	1.07%

Frequently Asked Questions

Can I hold both CNAV and MMKT in my portfolio?

CNAV and MMKT have a correlation of -0.18, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CNAV or MMKT?

CNAV has higher volatility (18.40%) compared to MMKT (0.05%). In terms of maximum drawdown, CNAV dropped -30.06% vs MMKT's -0.04%.

Which ETF is better, CNAV or MMKT?

On 1-year performance, CNAV leads with 62.23% vs 3.76% 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.

Which ETF has performed better, CNAV or MMKT?

Over the 1-year period, CNAV has performed better with a 62.23% return vs 3.76%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CNAV or MMKT?

MMKT is cheaper with a 0.20% expense ratio, compared with 1.31% for CNAV.

Which ETF pays a higher dividend yield, CNAV or MMKT?

MMKT has the higher dividend yield at 3.68%, compared with 0.00% for CNAV.

What is the main difference between CNAV and MMKT?

CNAV is categorized as Large Cap Blend Equities, while MMKT is Money Market. They also come from different issuers: Mohr and Texas Capital. Their fees differ too: 1.31% for CNAV and 0.20% for MMKT.

Which has better risk-adjusted returns?

MMKT currently has the higher Sharpe Ratio (16.91 vs 1.93), 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.