DFAC vs. MMKT

Last updated Jun 23, 2026

DFAC (Dimensional U.S. Core Equity 2 ETF) and MMKT (Texas Capital Government Money Market ETF) are both exchange-traded funds - DFAC is a Large Cap Blend Equities fund actively managed by Dimensional, while MMKT is a Money Market fund actively managed by Texas Capital. Both are actively managed. Over the past year, DFAC returned 28.74% vs 3.79% for MMKT. At a 0.02 correlation, their price movements are largely independent. DFAC charges 0.17%/yr vs 0.20%/yr for MMKT.

Performance

DFAC vs. MMKT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Dimensional U.S. Core Equity 2 ETF (DFAC) 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, DFAC achieves a 11.90% return, which is significantly higher than MMKT's 1.62% return.

DFAC

• 1D: -0.02%
• 1M: 1.38%
• YTD: 11.90%
• 6M: 10.98%
• 1Y: 28.74%
• 3Y*: 20.04%
• 5Y*: 12.14%
• 10Y*: —

MMKT

• 1D: 0.01%
• 1M: 0.25%
• YTD: 1.62%
• 6M: 1.73%
• 1Y: 3.79%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

DFAC vs. MMKT - Yearly Performance Comparison

	2026 (YTD)	2025	2024
DFAC Dimensional U.S. Core Equity 2 ETF	11.90%	15.66%	1.63%
MMKT Texas Capital Government Money Market ETF	1.62%	4.13%	1.22%

Correlation

The correlation between DFAC and MMKT is -0.09, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.09
Correlation (All Time) Calculated using the full available price history since Sep 25, 2024	0.02

The correlation between DFAC and MMKT shifts across timeframes, from -0.09 (1 year) to 0.02 (all time), reflecting how their relationship changes across market environments.

Return for Risk

DFAC vs. MMKT — Risk / Return Rank

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

DFAC

DFAC Risk / Return Rank: 74
DFAC Sharpe Ratio Rank: 75
DFAC Sortino Ratio Rank: 73
DFAC Omega Ratio Rank: 72
DFAC Calmar Ratio Rank: 70
DFAC Martin Ratio Rank: 79

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.

DFAC vs. MMKT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Dimensional U.S. Core Equity 2 ETF (DFAC) 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.

	DFAC	MMKT	Difference
Sharpe ratio: Return per unit of total volatility	2.30	16.76	-14.47
Sortino ratio: Return per unit of downside risk	3.14	62.94	-59.80
Omega ratio: Gain probability vs. loss probability	1.41	15.54	-14.13
Calmar ratio: Return relative to maximum drawdown	3.40	152.72	-149.32
Martin ratio: Return relative to average drawdown	14.87	913.70	-898.83

DFAC vs. MMKT - Sharpe Ratio Comparison

The current DFAC Sharpe Ratio is 2.30, which is lower than the MMKT Sharpe Ratio of 16.76. The chart below compares the historical Sharpe Ratios of DFAC 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

DFAC vs. MMKT - Drawdown Comparison

The maximum DFAC drawdown since its inception was -23.12%, which is greater than MMKT's maximum drawdown of -0.04%. Use the drawdown chart below to compare losses from any high point for DFAC and MMKT.

Drawdown Indicators

	DFAC	MMKT	Difference
Max Drawdown Largest peak-to-trough decline	-23.12%	-0.04%	-23.08%
Max Drawdown (1Y) Largest decline over 1 year	-8.49%	-0.02%	-8.47%
Max Drawdown (3Y) Largest decline over 3 years	-20.02%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-23.12%	—	—
Current Drawdown Current decline from peak	-0.79%	0.00%	-0.79%
Average Drawdown Average peak-to-trough decline	-5.41%	-0.00%	-5.41%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.94%	0.00%	+1.94%

Volatility

DFAC vs. MMKT - Volatility Comparison

Dimensional U.S. Core Equity 2 ETF (DFAC) has a higher volatility of 4.35% compared to Texas Capital Government Money Market ETF (MMKT) at 0.05%. This indicates that DFAC'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

	DFAC	MMKT	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.35%	0.05%	+4.30%
Volatility (6M) Calculated over the trailing 6-month period	9.65%	0.13%	+9.52%
Volatility (1Y) Calculated over the trailing 1-year period	12.59%	0.23%	+12.36%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.14%	0.23%	+16.91%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.14%	0.23%	+16.91%

DFAC vs. MMKT - Expense Ratio Comparison

DFAC has a 0.17% expense ratio, which is lower than MMKT's 0.20% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

DFAC vs. MMKT - Dividend Comparison

DFAC's dividend yield for the trailing twelve months is around 0.91%, less than MMKT's 3.71% yield.

Position	TTM	2025	2024	2023	2022	2021
DFAC Dimensional U.S. Core Equity 2 ETF	0.91%	0.97%	1.03%	1.20%	1.50%	0.88%
MMKT Texas Capital Government Money Market ETF	3.71%	3.98%	1.07%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both DFAC and MMKT in my portfolio?

DFAC and MMKT have a correlation of -0.09, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DFAC or MMKT?

DFAC has higher volatility (4.35%) compared to MMKT (0.05%). In terms of maximum drawdown, DFAC dropped -23.12% vs MMKT's -0.04%.

Which ETF is better, DFAC or MMKT?

On 1-year performance, DFAC leads with 28.74% vs 3.79% for MMKT. On fees, DFAC is cheaper at 0.17% 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, DFAC or MMKT?

Over the 1-year period, DFAC has performed better with a 28.74% return vs 3.79%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DFAC or MMKT?

DFAC is cheaper with a 0.17% expense ratio, compared with 0.20% for MMKT.

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

MMKT has the higher dividend yield at 3.71%, compared with 0.91% for DFAC.

What is the main difference between DFAC and MMKT?

DFAC is categorized as Large Cap Blend Equities, while MMKT is Money Market. They also come from different issuers: Dimensional and Texas Capital. Their fees differ too: 0.17% for DFAC and 0.20% for MMKT.

Which has better risk-adjusted returns?

MMKT currently has the higher Sharpe Ratio (16.76 vs 2.30), 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.