MMKT vs. BIL

Last updated Apr 1, 2026

Compare and contrast key facts about Texas Capital Government Money Market ETF (MMKT) and SPDR Barclays 1-3 Month T-Bill ETF (BIL).

MMKT and BIL are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. MMKT is an actively managed fund by Texas Capital. It was launched on Sep 24, 2024. BIL is a passively managed fund by State Street that tracks the performance of the Barclays Capital U.S. 1-3 Month Treasury Bill Index. It was launched on May 25, 2007.

Performance

MMKT vs. BIL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Texas Capital Government Money Market ETF (MMKT) and SPDR Barclays 1-3 Month T-Bill ETF (BIL). The values are adjusted to include any dividend payments, if applicable.

MMKT vs. BIL - Yearly Performance Comparison

	2026 (YTD)	2025	2024
MMKT Texas Capital Government Money Market ETF	0.84%	4.13%	1.21%
BIL SPDR Barclays 1-3 Month T-Bill ETF	0.85%	4.15%	1.22%

Returns By Period

The year-to-date returns for both investments are quite close, with MMKT having a 0.84% return and BIL slightly higher at 0.85%.

MMKT

• 1D: 0.03%
• 1M: 0.28%
• YTD: 0.84%
• 6M: 1.81%
• 1Y: 3.94%
• 3Y*: —
• 5Y*: —
• 10Y*: —

BIL

• 1D: 0.00%
• 1M: 0.29%
• YTD: 0.85%
• 6M: 1.84%
• 1Y: 3.99%
• 3Y*: 4.70%
• 5Y*: 3.27%
• 10Y*: 2.12%

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

MMKT vs. BIL - Expense Ratio Comparison

MMKT has a 0.20% expense ratio, which is higher than BIL's 0.14% 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%.

MMKT

Texas Capital Government Money Market ETF

BIL

SPDR Barclays 1-3 Month T-Bill ETF

Return for Risk

MMKT vs. BIL — Risk / Return Rank

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

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

BIL

BIL Risk / Return Rank: 100
BIL Sharpe Ratio Rank: 100
BIL Sortino Ratio Rank: 100
BIL Omega Ratio Rank: 100
BIL Calmar Ratio Rank: 100
BIL 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.

MMKT vs. BIL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Texas Capital Government Money Market ETF (MMKT) and SPDR Barclays 1-3 Month T-Bill ETF (BIL). 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.

	MMKT	BIL	Difference
Sharpe ratio Return per unit of total volatility	15.67	19.52	-3.85
Sortino ratio Return per unit of downside risk	51.57	254.04	-202.47
Omega ratio Gain probability vs. loss probability	12.51	180.28	-167.77
Calmar ratio Return relative to maximum drawdown	93.84	365.54	-271.69
Martin ratio Return relative to average drawdown	761.18	4,104.04	-3,342.86
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MMKT vs. BIL - Sharpe Ratio Comparison

The current MMKT Sharpe Ratio is 15.67, which is comparable to the BIL Sharpe Ratio of 19.52. The chart below compares the historical Sharpe Ratios of MMKT and BIL, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	MMKT	BIL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	15.67	19.52	-3.85
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	12.54	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	8.22	—
Sharpe Ratio (All Time) Calculated using the full available price history	17.44	2.72	+14.72

Correlation

The correlation between MMKT and BIL is 0.17, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

MMKT vs. BIL - Dividend Comparison

MMKT's dividend yield for the trailing twelve months is around 3.85%, less than BIL's 4.01% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
MMKT Texas Capital Government Money Market ETF	3.85%	3.98%	1.07%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
BIL SPDR Barclays 1-3 Month T-Bill ETF	4.01%	4.13%	5.03%	4.92%	1.35%	0.00%	0.30%	2.05%	1.66%	0.68%	0.07%

Drawdowns

MMKT vs. BIL - Drawdown Comparison

The maximum MMKT drawdown since its inception was -0.04%, smaller than the maximum BIL drawdown of -0.78%. Use the drawdown chart below to compare losses from any high point for MMKT and BIL.

Drawdown Indicators

	MMKT	BIL	Difference
Max Drawdown Largest peak-to-trough decline	-0.04%	-0.78%	+0.74%
Max Drawdown (1Y) Largest decline over 1 year	-0.04%	-0.01%	-0.03%
Max Drawdown (5Y) Largest decline over 5 years	—	-0.12%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-0.21%	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	0.00%	-0.26%	+0.26%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.01%	0.00%	+0.01%

Volatility

MMKT vs. BIL - Volatility Comparison

Texas Capital Government Money Market ETF (MMKT) has a higher volatility of 0.08% compared to SPDR Barclays 1-3 Month T-Bill ETF (BIL) at 0.05%. This indicates that MMKT's price experiences larger fluctuations and is considered to be riskier than BIL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MMKT	BIL	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.08%	0.05%	+0.03%
Volatility (6M) Calculated over the trailing 6-month period	0.16%	0.14%	+0.02%
Volatility (1Y) Calculated over the trailing 1-year period	0.25%	0.21%	+0.04%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.24%	0.26%	-0.02%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.24%	0.26%	-0.02%