MMKT vs. SGOV

Last updated Jun 23, 2026

MMKT (Texas Capital Government Money Market ETF) and SGOV (iShares 0-3 Month Treasury Bond ETF) are both exchange-traded funds - MMKT is a Money Market fund actively managed by Texas Capital, while SGOV is a Ultrashort Bond fund tracking the ICE 0-3 Month US Treasury Securities Index. MMKT is actively managed, while SGOV is passively managed. Over the past year, MMKT returned 3.79% vs 3.93% for SGOV. At a 0.21 correlation, their price movements are largely independent. MMKT charges 0.20%/yr vs 0.09%/yr for SGOV.

Performance

MMKT vs. SGOV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Texas Capital Government Money Market ETF (MMKT) and iShares 0-3 Month Treasury Bond ETF (SGOV). 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 1.62% return and SGOV slightly higher at 1.70%.

MMKT

• 1D: 0.01%
• 1M: 0.25%
• YTD: 1.62%
• 6M: 1.73%
• 1Y: 3.79%
• 3Y*: —
• 5Y*: —
• 10Y*: —

SGOV

• 1D: 0.01%
• 1M: 0.27%
• YTD: 1.70%
• 6M: 1.80%
• 1Y: 3.93%
• 3Y*: 4.68%
• 5Y*: 3.58%
• 10Y*: —

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

MMKT vs. SGOV - Yearly Performance Comparison

	2026 (YTD)	2025	2024
MMKT Texas Capital Government Money Market ETF	1.62%	4.13%	1.22%
SGOV iShares 0-3 Month Treasury Bond ETF	1.70%	4.24%	1.25%

Correlation

The correlation between MMKT and SGOV is 0.32, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.32
Correlation (All Time) Calculated using the full available price history since Sep 25, 2024	0.21

The correlation between MMKT and SGOV shifts across timeframes, from 0.21 (all time) to 0.32 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

MMKT vs. SGOV — 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

SGOV

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

This table presents a comparison of risk-adjusted performance metrics for Texas Capital Government Money Market ETF (MMKT) and iShares 0-3 Month Treasury Bond ETF (SGOV). 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	SGOV	Difference
Sharpe ratio: Return per unit of total volatility	16.76	20.38	-3.62
Sortino ratio: Return per unit of downside risk	62.94	274.27	-211.33
Omega ratio: Gain probability vs. loss probability	15.54	194.55	-179.01
Calmar ratio: Return relative to maximum drawdown	152.72	396.11	-243.39
Martin ratio: Return relative to average drawdown	913.70	4,438.60	-3,524.89

MMKT vs. SGOV - Sharpe Ratio Comparison

The current MMKT Sharpe Ratio is 16.76, which is comparable to the SGOV Sharpe Ratio of 20.38. The chart below compares the historical Sharpe Ratios of MMKT and SGOV, 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. SGOV - Drawdown Comparison

The maximum MMKT drawdown since its inception was -0.04%, which is greater than SGOV's maximum drawdown of -0.03%. Use the drawdown chart below to compare losses from any high point for MMKT and SGOV.

Drawdown Indicators

	MMKT	SGOV	Difference
Max Drawdown Largest peak-to-trough decline	-0.04%	-0.03%	-0.01%
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	—	-0.03%	—
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. SGOV - Volatility Comparison

The current volatility for Texas Capital Government Money Market ETF (MMKT) is 0.05%, while iShares 0-3 Month Treasury Bond ETF (SGOV) has a volatility of 0.06%. This indicates that MMKT experiences smaller price fluctuations and is considered to be less risky than SGOV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MMKT	SGOV	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%	0.19%	+0.04%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.23%	0.24%	-0.01%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.23%	0.24%	-0.01%

MMKT vs. SGOV - Expense Ratio Comparison

MMKT has a 0.20% expense ratio, which is higher than SGOV's 0.09% 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. SGOV - Dividend Comparison

MMKT's dividend yield for the trailing twelve months is around 3.71%, less than SGOV's 3.85% yield.

Position	TTM	2025	2024	2023	2022	2021	2020
MMKT Texas Capital Government Money Market ETF	3.71%	3.98%	1.07%	0.00%	0.00%	0.00%	0.00%
SGOV iShares 0-3 Month Treasury Bond ETF	3.85%	4.10%	5.10%	4.87%	1.45%	0.03%	0.05%

Frequently Asked Questions

Can I hold both MMKT and SGOV in my portfolio?

MMKT and SGOV have a correlation of 0.32, 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 SGOV?

SGOV has higher volatility (0.06%) compared to MMKT (0.05%). In terms of maximum drawdown, MMKT dropped -0.04% vs SGOV's -0.03%.

Which ETF is better, MMKT or SGOV?

On 1-year performance, SGOV leads with 3.93% vs 3.79% for MMKT. On fees, SGOV is cheaper at 0.09% per year. 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 SGOV?

Over the 1-year period, SGOV has performed better with a 3.93% return vs 3.79%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MMKT or SGOV?

SGOV is cheaper with a 0.09% expense ratio, compared with 0.20% for MMKT.

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

SGOV has the higher dividend yield at 3.85%, compared with 3.71% for MMKT.

What is the main difference between MMKT and SGOV?

MMKT is categorized as Money Market, while SGOV is Ultrashort Bond. They also come from different issuers: Texas Capital and iShares. Their fees differ too: 0.20% for MMKT and 0.09% for SGOV.

Which has better risk-adjusted returns?

SGOV currently has the higher Sharpe Ratio (20.38 vs 16.76), 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.