MMKT vs. BIL
MMKT (Texas Capital Government Money Market ETF) and BIL (SPDR Bloomberg 1-3 Month T-Bill ETF) are both exchange-traded funds - MMKT is a Money Market fund actively managed by Texas Capital, while BIL is a Government Bonds fund tracking the Bloomberg 1-3 Month U.S. Treasury Bill Index. MMKT is actively managed, while BIL is passively managed. Over the past year, MMKT returned 3.81% vs 3.87% for BIL. At a 0.17 correlation, their price movements are largely independent. MMKT charges 0.20%/yr vs 0.14%/yr for BIL.
Performance
MMKT vs. BIL - Performance Comparison
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Returns By Period
The year-to-date returns for both investments are quite close, with MMKT having a 1.44% return and BIL slightly higher at 1.49%.
MMKT
- 1D
- 0.01%
- 1M
- 0.28%
- YTD
- 1.44%
- 6M
- 1.76%
- 1Y
- 3.81%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
BIL
- 1D
- 0.02%
- 1M
- 0.28%
- YTD
- 1.49%
- 6M
- 1.77%
- 1Y
- 3.87%
- 3Y*
- 4.64%
- 5Y*
- 3.41%
- 10Y*
- 2.18%
MMKT vs. BIL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
MMKT Texas Capital Government Money Market ETF | 1.44% | 4.13% | 1.21% |
BIL SPDR Bloomberg 1-3 Month T-Bill ETF | 1.49% | 4.15% | 1.22% |
Correlation
The correlation between MMKT and BIL is 0.26, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.26 |
Correlation (All Time) Calculated using the full available price history since Sep 26, 2024 | 0.17 |
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Return for Risk
MMKT vs. BIL — Risk / Return Rank
MMKT
BIL
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 Bloomberg 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 ratioReturn per unit of total volatility | -3.22 | ||
| Sortino ratioReturn per unit of downside risk | -111.56 | ||
| Omega ratioGain probability vs. loss probability | 15.14 | 87.91 | -72.77 |
| Calmar ratioReturn relative to maximum drawdown | 153.44 | 355.35 | -201.92 |
| Martin ratioReturn relative to average drawdown | 910.67 | 2,817.77 | -1,907.10 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| MMKT | BIL | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 16.49 | 19.71 | -3.22 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 13.16 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 8.52 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 17.60 | 2.78 | +14.83 |
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.
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Drawdown Indicators
| MMKT | BIL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -0.04% | -0.78% | +0.74% |
Max Drawdown (1Y)Largest decline over 1 year | -0.02% | -0.01% | -0.01% |
Max Drawdown (3Y)Largest decline over 3 years | — | -0.01% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -0.10% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -0.21% | — |
Current DrawdownCurrent decline from peak | 0.00% | 0.00% | 0.00% |
Average DrawdownAverage peak-to-trough decline | -0.00% | -0.26% | +0.26% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.00% | 0.00% | 0.00% |
Volatility
MMKT vs. BIL - Volatility Comparison
Texas Capital Government Money Market ETF (MMKT) and SPDR Bloomberg 1-3 Month T-Bill ETF (BIL) have volatilities of 0.05% and 0.05%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| MMKT | BIL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.05% | 0.05% | 0.00% |
Volatility (6M)Calculated over the trailing 6-month period | 0.13% | 0.13% | 0.00% |
Volatility (1Y)Calculated over the trailing 1-year period | 0.23% | 0.20% | +0.03% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 0.23% | 0.26% | -0.03% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 0.23% | 0.26% | -0.03% |
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%.
Dividends
MMKT vs. BIL - Dividend Comparison
MMKT's dividend yield for the trailing twelve months is around 3.73%, less than BIL's 3.86% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
BIL SPDR Bloomberg 1-3 Month T-Bill ETF | 3.86% | 4.13% | 5.03% | 4.92% | 1.35% | 0.00% | 0.30% | 2.05% | 1.66% | 0.68% | 0.07% |
MMKT Texas Capital Government Money Market ETF | 3.73% | 3.98% | 1.07% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
MMKT and BIL have a correlation of 0.26, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BIL has higher volatility (0.05%) compared to MMKT (0.05%). In terms of maximum drawdown, MMKT dropped -0.04% vs BIL's -0.78%.
On 1-year performance, BIL leads with 3.87% vs 3.81% for MMKT. On fees, BIL is cheaper at 0.14% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, BIL has performed better with a 3.87% return vs 3.81%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BIL is cheaper with a 0.14% expense ratio, compared with 0.20% for MMKT.
BIL has the higher dividend yield at 3.86%, compared with 3.73% for MMKT.
MMKT is categorized as Money Market, while BIL is Government Bonds. They also come from different issuers: Texas Capital and State Street. Their fees differ too: 0.20% for MMKT and 0.14% for BIL.
BIL currently has the higher Sharpe Ratio (19.71 vs 16.49), 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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