JPHY vs. MMKT
JPHY (JPMorgan High Yield Research Enhanced ETF) and MMKT (Texas Capital Government Money Market ETF) are both exchange-traded funds - JPHY is a High Yield Bonds fund actively managed by JPMorgan, while MMKT is a Money Market fund actively managed by Texas Capital. Both are actively managed. Over the past year, JPHY returned 6.37% vs 3.79% for MMKT. At a correlation of -0.07, they often move in opposite directions. JPHY charges 0.24%/yr vs 0.20%/yr for MMKT.
Performance
JPHY vs. MMKT - Performance Comparison
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Returns By Period
In the year-to-date period, JPHY achieves a 2.22% return, which is significantly higher than MMKT's 1.65% return.
JPHY
- 1D
- -0.03%
- 1M
- 0.45%
- YTD
- 2.22%
- 6M
- 2.19%
- 1Y
- 6.37%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
MMKT
- 1D
- 0.01%
- 1M
- 0.28%
- YTD
- 1.65%
- 6M
- 1.74%
- 1Y
- 3.79%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
JPHY vs. MMKT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
JPHY JPMorgan High Yield Research Enhanced ETF | 2.22% | 4.06% |
MMKT Texas Capital Government Money Market ETF | 1.65% | 2.11% |
Correlation
The correlation between JPHY and MMKT is -0.07, 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 (All Time) Calculated using the full available price history since Jun 25, 2025 | -0.07 |
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Return for Risk
JPHY vs. MMKT — Risk / Return Rank
JPHY
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
MMKT
JPHY vs. MMKT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for JPMorgan High Yield Research Enhanced ETF (JPHY) 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.
| JPHY | MMKT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | — | 15.82 | — |
| Calmar ratioReturn relative to maximum drawdown | — | 152.75 | — |
| Martin ratioReturn relative to average drawdown | — | 916.29 | — |
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Drawdowns
JPHY vs. MMKT - Drawdown Comparison
The maximum JPHY drawdown since its inception was -1.65%, which is greater than MMKT's maximum drawdown of -0.04%. Use the drawdown chart below to compare losses from any high point for JPHY and MMKT.
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Drawdown Indicators
| JPHY | MMKT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -1.65% | -0.04% | -1.61% |
Max Drawdown (1Y)Largest decline over 1 year | -1.65% | -0.02% | -1.63% |
Current DrawdownCurrent decline from peak | -0.15% | 0.00% | -0.15% |
Average DrawdownAverage peak-to-trough decline | -0.21% | -0.00% | -0.21% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | — | 0.00% | — |
Volatility
JPHY vs. MMKT - Volatility Comparison
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Volatility by Period
| JPHY | MMKT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | — | 0.04% | — |
Volatility (6M)Calculated over the trailing 6-month period | — | 0.13% | — |
Volatility (1Y)Calculated over the trailing 1-year period | 3.01% | 0.23% | +2.78% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.01% | 0.23% | +2.78% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.01% | 0.23% | +2.78% |
JPHY vs. MMKT - Expense Ratio Comparison
JPHY has a 0.24% expense ratio, which is higher than MMKT's 0.20% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
JPHY vs. MMKT - Dividend Comparison
JPHY's dividend yield for the trailing twelve months is around 5.91%, more than MMKT's 3.71% yield.
| Position | TTM | 2025 | 2024 |
|---|---|---|---|
JPHY JPMorgan High Yield Research Enhanced ETF | 5.91% | 3.32% | 0.00% |
MMKT Texas Capital Government Money Market ETF | 3.71% | 3.98% | 1.07% |
Frequently Asked Questions
JPHY and MMKT have a correlation of -0.07, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On 1-year performance, JPHY leads with 6.37% vs 3.79% for MMKT. On fees, MMKT is cheaper at 0.20% per year. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, JPHY has performed better with a 6.37% return vs 3.79%. 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 0.24% for JPHY.
JPHY has the higher dividend yield at 5.91%, compared with 3.71% for MMKT.
JPHY is categorized as High Yield Bonds, while MMKT is Money Market. They also come from different issuers: JPMorgan and Texas Capital. Their fees differ too: 0.24% for JPHY and 0.20% for MMKT.
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