FXI vs. MMKT
FXI (iShares China Large-Cap ETF) and MMKT (Texas Capital Government Money Market ETF) are both exchange-traded funds - FXI is a China Equities fund tracking the FTSE China 50 Index, while MMKT is a Money Market fund actively managed by Texas Capital. FXI is passively managed, while MMKT is actively managed. Over the past year, FXI returned -7.33% vs 3.78% for MMKT. At a correlation of -0.05, they often move in opposite directions. FXI charges 0.74%/yr vs 0.20%/yr for MMKT.
Performance
FXI vs. MMKT - Performance Comparison
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Returns By Period
In the year-to-date period, FXI achieves a -13.61% return, which is significantly lower than MMKT's 1.64% return.
FXI
- 1D
- -1.79%
- 1M
- -6.88%
- YTD
- -13.61%
- 6M
- -14.15%
- 1Y
- -7.33%
- 3Y*
- 9.64%
- 5Y*
- -4.39%
- 10Y*
- 2.55%
MMKT
- 1D
- 0.02%
- 1M
- 0.27%
- YTD
- 1.64%
- 6M
- 1.74%
- 1Y
- 3.78%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
FXI vs. MMKT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
FXI iShares China Large-Cap ETF | -13.61% | 28.95% | 1.63% |
MMKT Texas Capital Government Money Market ETF | 1.64% | 4.13% | 1.22% |
Correlation
The correlation between FXI and MMKT is -0.12, 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 | -0.12 |
Correlation (All Time) Calculated using the full available price history since Sep 25, 2024 | -0.05 |
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Return for Risk
FXI vs. MMKT — Risk / Return Rank
FXI
MMKT
FXI vs. MMKT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares China Large-Cap ETF (FXI) 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.
| FXI | MMKT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -17.12 | ||
| Sortino ratioReturn per unit of downside risk | -63.10 | ||
| Omega ratioGain probability vs. loss probability | 0.95 | 15.48 | -14.53 |
| Calmar ratioReturn relative to maximum drawdown | -0.37 | 152.14 | -152.50 |
| Martin ratioReturn relative to average drawdown | -0.90 | 912.59 | -913.49 |
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Drawdowns
FXI vs. MMKT - Drawdown Comparison
The maximum FXI drawdown since its inception was -72.68%, which is greater than MMKT's maximum drawdown of -0.04%. Use the drawdown chart below to compare losses from any high point for FXI and MMKT.
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Drawdown Indicators
| FXI | MMKT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -72.68% | -0.04% | -72.64% |
Max Drawdown (1Y)Largest decline over 1 year | -19.91% | -0.02% | -19.89% |
Max Drawdown (3Y)Largest decline over 3 years | -28.72% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -54.94% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -60.81% | — | — |
Current DrawdownCurrent decline from peak | -31.97% | 0.00% | -31.97% |
Average DrawdownAverage peak-to-trough decline | -31.21% | -0.00% | -31.21% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.13% | 0.00% | +8.13% |
Volatility
FXI vs. MMKT - Volatility Comparison
iShares China Large-Cap ETF (FXI) has a higher volatility of 6.02% compared to Texas Capital Government Money Market ETF (MMKT) at 0.05%. This indicates that FXI'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
| FXI | MMKT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.02% | 0.05% | +5.97% |
Volatility (6M)Calculated over the trailing 6-month period | 14.66% | 0.13% | +14.53% |
Volatility (1Y)Calculated over the trailing 1-year period | 20.00% | 0.23% | +19.77% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 31.72% | 0.23% | +31.49% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 27.60% | 0.23% | +27.37% |
FXI vs. MMKT - Expense Ratio Comparison
FXI has a 0.74% expense ratio, which is higher than MMKT's 0.20% expense ratio.
Dividends
FXI vs. MMKT - Dividend Comparison
FXI's dividend yield for the trailing twelve months is around 2.07%, less than MMKT's 3.71% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FXI iShares China Large-Cap ETF | 2.07% | 2.42% | 1.76% | 3.17% | 2.61% | 1.60% | 2.19% | 2.74% | 2.69% | 2.31% | 2.69% | 2.90% |
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
FXI and MMKT have a correlation of -0.12, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FXI has higher volatility (6.02%) compared to MMKT (0.05%). In terms of maximum drawdown, FXI dropped -72.68% vs MMKT's -0.04%.
On 1-year performance, MMKT leads with 3.78% vs -7.33% for FXI. 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, MMKT has performed better with a 3.78% return vs -7.33%. 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 0.74% for FXI.
MMKT has the higher dividend yield at 3.71%, compared with 2.07% for FXI.
FXI is categorized as China Equities, while MMKT is Money Market. They also come from different issuers: iShares and Texas Capital. Their fees differ too: 0.74% for FXI and 0.20% for MMKT.
MMKT currently has the higher Sharpe Ratio (16.75 vs -0.37), 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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