MMKT vs. ICSH
MMKT (Texas Capital Government Money Market ETF) and ICSH (iShares Ultra Short Duration Bond Active ETF) are both exchange-traded funds - MMKT is a Money Market fund actively managed by Texas Capital, while ICSH is a Ultrashort Bond fund tracking the ICE BofA US 6-Month Treasury Bill Index (USD). MMKT is actively managed, while ICSH is passively managed. Over the past year, MMKT returned 3.81% vs 4.36% for ICSH. At a 0.08 correlation, their price movements are largely independent. MMKT charges 0.20%/yr vs 0.08%/yr for ICSH.
Performance
MMKT vs. ICSH - 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 ICSH slightly higher at 1.45%.
MMKT
- 1D
- 0.01%
- 1M
- 0.28%
- YTD
- 1.44%
- 6M
- 1.76%
- 1Y
- 3.81%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
ICSH
- 1D
- 0.00%
- 1M
- 0.34%
- YTD
- 1.45%
- 6M
- 1.79%
- 1Y
- 4.36%
- 3Y*
- 5.20%
- 5Y*
- 3.67%
- 10Y*
- 2.76%
MMKT vs. ICSH - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
MMKT Texas Capital Government Money Market ETF | 1.44% | 4.13% | 1.21% |
ICSH iShares Ultra Short Duration Bond Active ETF | 1.45% | 4.96% | 1.11% |
Correlation
The correlation between MMKT and ICSH is 0.06, 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 | 0.06 |
Correlation (All Time) Calculated using the full available price history since Sep 26, 2024 | 0.08 |
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Return for Risk
MMKT vs. ICSH — Risk / Return Rank
MMKT
ICSH
MMKT vs. ICSH - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Texas Capital Government Money Market ETF (MMKT) and iShares Ultra Short Duration Bond Active ETF (ICSH). 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 | ICSH | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +5.26 | ||
| Sortino ratioReturn per unit of downside risk | +34.14 | ||
| Omega ratioGain probability vs. loss probability | 15.14 | 6.79 | +8.35 |
| Calmar ratioReturn relative to maximum drawdown | 153.44 | 44.30 | +109.14 |
| Martin ratioReturn relative to average drawdown | 910.67 | 297.17 | +613.50 |
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 | ICSH | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 16.49 | 11.22 | +5.26 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 7.64 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 2.62 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 17.60 | 1.93 | +15.67 |
Drawdowns
MMKT vs. ICSH - Drawdown Comparison
The maximum MMKT drawdown since its inception was -0.04%, smaller than the maximum ICSH drawdown of -3.94%. Use the drawdown chart below to compare losses from any high point for MMKT and ICSH.
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Drawdown Indicators
| MMKT | ICSH | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -0.04% | -3.94% | +3.90% |
Max Drawdown (1Y)Largest decline over 1 year | -0.02% | -0.10% | +0.08% |
Max Drawdown (3Y)Largest decline over 3 years | — | -0.10% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -0.73% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -3.94% | — |
Current DrawdownCurrent decline from peak | 0.00% | 0.00% | 0.00% |
Average DrawdownAverage peak-to-trough decline | -0.00% | -0.08% | +0.08% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.00% | 0.01% | -0.01% |
Volatility
MMKT vs. ICSH - Volatility Comparison
The current volatility for Texas Capital Government Money Market ETF (MMKT) is 0.05%, while iShares Ultra Short Duration Bond Active ETF (ICSH) has a volatility of 0.15%. This indicates that MMKT experiences smaller price fluctuations and is considered to be less risky than ICSH based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| MMKT | ICSH | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.05% | 0.15% | -0.10% |
Volatility (6M)Calculated over the trailing 6-month period | 0.13% | 0.30% | -0.17% |
Volatility (1Y)Calculated over the trailing 1-year period | 0.23% | 0.39% | -0.16% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 0.23% | 0.48% | -0.25% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 0.23% | 1.06% | -0.83% |
MMKT vs. ICSH - Expense Ratio Comparison
MMKT has a 0.20% expense ratio, which is higher than ICSH's 0.08% 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. ICSH - Dividend Comparison
MMKT's dividend yield for the trailing twelve months is around 3.73%, less than ICSH's 4.34% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ICSH iShares Ultra Short Duration Bond Active ETF | 4.34% | 4.55% | 5.24% | 4.78% | 1.66% | 0.42% | 1.21% | 2.61% | 2.20% | 1.36% | 0.88% | 0.54% |
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% | 0.00% |
Frequently Asked Questions
MMKT and ICSH have a correlation of 0.06, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
ICSH has higher volatility (0.15%) compared to MMKT (0.05%). In terms of maximum drawdown, MMKT dropped -0.04% vs ICSH's -3.94%.
On 1-year performance, ICSH leads with 4.36% vs 3.81% for MMKT. On fees, ICSH is cheaper at 0.08% 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, ICSH has performed better with a 4.36% return vs 3.81%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
ICSH is cheaper with a 0.08% expense ratio, compared with 0.20% for MMKT.
ICSH has the higher dividend yield at 4.34%, compared with 3.73% for MMKT.
MMKT is categorized as Money Market, while ICSH is Ultrashort Bond. They also come from different issuers: Texas Capital and iShares. Their fees differ too: 0.20% for MMKT and 0.08% for ICSH.
MMKT currently has the higher Sharpe Ratio (16.49 vs 11.22), 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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