MMKT vs. PMMF

Last updated Jun 24, 2026

MMKT (Texas Capital Government Money Market ETF) and PMMF (iShares Prime Money Market ETF) are both Money Market funds. Both are actively managed. Over the past year, MMKT returned 3.78% vs 3.95% for PMMF. At a 0.08 correlation, their price movements are largely independent. Both charge a 0.20% expense ratio.

Performance

MMKT vs. PMMF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Texas Capital Government Money Market ETF (MMKT) and iShares Prime Money Market ETF (PMMF). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with MMKT having a 1.64% return and PMMF slightly higher at 1.71%.

MMKT

• 1D: 0.02%
• 1M: 0.27%
• YTD: 1.64%
• 6M: 1.74%
• 1Y: 3.78%
• 3Y*: —
• 5Y*: —
• 10Y*: —

PMMF

• 1D: 0.01%
• 1M: 0.28%
• YTD: 1.71%
• 6M: 1.81%
• 1Y: 3.95%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

MMKT vs. PMMF - Yearly Performance Comparison

	2026 (YTD)	2025
MMKT Texas Capital Government Money Market ETF	1.64%	3.71%
PMMF iShares Prime Money Market ETF	1.71%	3.75%

Correlation

The correlation between MMKT and PMMF is 0.05, 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	0.05
Correlation (All Time) Calculated using the full available price history since Feb 6, 2025	0.08

Return for Risk

MMKT vs. PMMF — 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

PMMF

PMMF Risk / Return Rank: 100
PMMF Sharpe Ratio Rank: 100
PMMF Sortino Ratio Rank: 100
PMMF Omega Ratio Rank: 100
PMMF Calmar Ratio Rank: 100
PMMF 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. PMMF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Texas Capital Government Money Market ETF (MMKT) and iShares Prime Money Market ETF (PMMF). 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.

	MMKT	PMMF	Difference
Sharpe ratio: Return per unit of total volatility	16.75	19.44	-2.68
Sortino ratio: Return per unit of downside risk	62.70	91.58	-28.88
Omega ratio: Gain probability vs. loss probability	15.48	34.77	-19.29
Calmar ratio: Return relative to maximum drawdown	152.14	159.45	-7.31
Martin ratio: Return relative to average drawdown	912.59	1,433.74	-521.15

MMKT vs. PMMF - Sharpe Ratio Comparison

The current MMKT Sharpe Ratio is 16.75, which is comparable to the PMMF Sharpe Ratio of 19.44. The chart below compares the historical Sharpe Ratios of MMKT and PMMF, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

MMKT vs. PMMF - Drawdown Comparison

The maximum MMKT drawdown since its inception was -0.04%, smaller than the maximum PMMF drawdown of -0.13%. Use the drawdown chart below to compare losses from any high point for MMKT and PMMF.

Drawdown Indicators

	MMKT	PMMF	Difference
Max Drawdown Largest peak-to-trough decline	-0.04%	-0.13%	+0.09%
Max Drawdown (1Y) Largest decline over 1 year	-0.02%	-0.02%	0.00%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-0.00%	-0.00%	0.00%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.00%	0.00%	0.00%

Volatility

MMKT vs. PMMF - Volatility Comparison

The current volatility for Texas Capital Government Money Market ETF (MMKT) is 0.05%, while iShares Prime Money Market ETF (PMMF) has a volatility of 0.06%. This indicates that MMKT experiences smaller price fluctuations and is considered to be less risky than PMMF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MMKT	PMMF	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.05%	0.06%	-0.01%
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%	0.35%	-0.12%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.23%	0.35%	-0.12%

MMKT vs. PMMF - Expense Ratio Comparison

Both MMKT and PMMF have an expense ratio of 0.20%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.

Dividends

MMKT vs. PMMF - Dividend Comparison

MMKT's dividend yield for the trailing twelve months is around 3.71%, less than PMMF's 3.96% yield.

Position	TTM	2025	2024
MMKT Texas Capital Government Money Market ETF	3.71%	3.98%	1.07%
PMMF iShares Prime Money Market ETF	3.96%	3.59%	0.00%

Frequently Asked Questions

Can I hold both MMKT and PMMF in my portfolio?

MMKT and PMMF have a correlation of 0.05, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MMKT or PMMF?

PMMF has higher volatility (0.06%) compared to MMKT (0.05%). In terms of maximum drawdown, MMKT dropped -0.04% vs PMMF's -0.13%.

Which ETF is better, MMKT or PMMF?

On 1-year performance, PMMF leads with 3.95% vs 3.78% for MMKT. Both ETFs have the same 0.20% expense ratio. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MMKT or PMMF?

Over the 1-year period, PMMF has performed better with a 3.95% return vs 3.78%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MMKT or PMMF?

MMKT and PMMF have the same expense ratio: 0.20% per year.

Which ETF pays a higher dividend yield, MMKT or PMMF?

PMMF has the higher dividend yield at 3.96%, compared with 3.71% for MMKT.

What is the main difference between MMKT and PMMF?

They also come from different issuers: Texas Capital and BlackRock.

Which has better risk-adjusted returns?

PMMF currently has the higher Sharpe Ratio (19.44 vs 16.75), 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.