MMKT vs. USFR

Last updated Jun 4, 2026

MMKT (Texas Capital Government Money Market ETF) and USFR (WisdomTree Floating Rate Treasury Fund) are both exchange-traded funds - MMKT is a Money Market fund actively managed by Texas Capital, while USFR is a Government Bonds fund tracking the Bloomberg U.S. Treasury Floating Rate Bond Index. MMKT is actively managed, while USFR is passively managed. Over the past year, MMKT returned 3.81% vs 4.03% for USFR. At a 0.26 correlation, their price movements are largely independent. MMKT charges 0.20%/yr vs 0.15%/yr for USFR.

Performance

MMKT vs. USFR - Performance Comparison

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

Returns By Period

In the year-to-date period, MMKT achieves a 1.44% return, which is significantly lower than USFR's 1.60% return.

MMKT

• 1D: 0.01%
• 1M: 0.28%
• YTD: 1.44%
• 6M: 1.76%
• 1Y: 3.81%
• 3Y*: —
• 5Y*: —
• 10Y*: —

USFR

• 1D: 0.02%
• 1M: 0.29%
• YTD: 1.60%
• 6M: 1.98%
• 1Y: 4.03%
• 3Y*: 4.76%
• 5Y*: 3.66%
• 10Y*: 2.47%

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

MMKT vs. USFR - Yearly Performance Comparison

	2026 (YTD)	2025	2024
MMKT Texas Capital Government Money Market ETF	1.44%	4.13%	1.21%
USFR WisdomTree Floating Rate Treasury Fund	1.60%	4.23%	1.42%

Correlation

The correlation between MMKT and USFR 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 26, 2024	0.26

Return for Risk

MMKT vs. USFR — 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

USFR

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

This table presents a comparison of risk-adjusted performance metrics for Texas Capital Government Money Market ETF (MMKT) and WisdomTree Floating Rate Treasury Fund (USFR). 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	USFR	Difference
Sharpe ratio: Return per unit of total volatility	16.49	15.11	+1.37
Sortino ratio: Return per unit of downside risk	62.61	50.64	+11.97
Omega ratio: Gain probability vs. loss probability	15.14	13.43	+1.71
Calmar ratio: Return relative to maximum drawdown	153.44	203.42	-49.98
Martin ratio: Return relative to average drawdown	910.67	787.84	+122.84
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. USFR - Sharpe Ratio Comparison

The current MMKT Sharpe Ratio is 16.49, which is comparable to the USFR Sharpe Ratio of 15.11. The chart below compares the historical Sharpe Ratios of MMKT and USFR, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	MMKT	USFR	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	16.49	15.11	+1.37
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	9.26	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	3.07	—
Sharpe Ratio (All Time) Calculated using the full available price history	17.60	1.60	+16.00

Drawdowns

MMKT vs. USFR - Drawdown Comparison

The maximum MMKT drawdown since its inception was -0.04%, smaller than the maximum USFR drawdown of -1.36%. Use the drawdown chart below to compare losses from any high point for MMKT and USFR.

Drawdown Indicators

	MMKT	USFR	Difference
Max Drawdown Largest peak-to-trough decline	-0.04%	-1.36%	+1.32%
Max Drawdown (1Y) Largest decline over 1 year	-0.02%	-0.02%	0.00%
Max Drawdown (3Y) Largest decline over 3 years	—	-0.06%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-0.18%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-0.80%	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-0.00%	-0.16%	+0.16%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.00%	0.01%	-0.01%

Volatility

MMKT vs. USFR - Volatility Comparison

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

Volatility by Period

	MMKT	USFR	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%	0.18%	-0.05%
Volatility (1Y) Calculated over the trailing 1-year period	0.23%	0.27%	-0.04%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.23%	0.40%	-0.17%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.23%	0.81%	-0.58%

MMKT vs. USFR - Expense Ratio Comparison

MMKT has a 0.20% expense ratio, which is higher than USFR's 0.15% 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. USFR - Dividend Comparison

MMKT's dividend yield for the trailing twelve months is around 3.73%, less than USFR's 3.91% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
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%
USFR WisdomTree Floating Rate Treasury Fund	3.91%	4.15%	5.17%	5.12%	1.78%	0.01%	0.40%	2.08%	1.67%	1.03%	0.29%

Frequently Asked Questions

Can I hold both MMKT and USFR in my portfolio?

MMKT and USFR 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 USFR?

USFR has higher volatility (0.06%) compared to MMKT (0.05%). In terms of maximum drawdown, MMKT dropped -0.04% vs USFR's -1.36%.

Which ETF is better, MMKT or USFR?

On 1-year performance, USFR leads with 4.03% vs 3.81% for MMKT. On fees, USFR is cheaper at 0.15% 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 USFR?

Over the 1-year period, USFR has performed better with a 4.03% return vs 3.81%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MMKT or USFR?

USFR is cheaper with a 0.15% expense ratio, compared with 0.20% for MMKT.

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

USFR has the higher dividend yield at 3.91%, compared with 3.73% for MMKT.

What is the main difference between MMKT and USFR?

MMKT is categorized as Money Market, while USFR is Government Bonds. They also come from different issuers: Texas Capital and WisdomTree. Their fees differ too: 0.20% for MMKT and 0.15% for USFR.

Which has better risk-adjusted returns?

MMKT currently has the higher Sharpe Ratio (16.49 vs 15.11), 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.