MTUM vs. MMKT
MTUM (iShares MSCI USA Momentum Factor ETF) and MMKT (Texas Capital Government Money Market ETF) are both exchange-traded funds - MTUM is a Momentum fund tracking the MSCI USA Momentum SR Variant Index, while MMKT is a Money Market fund actively managed by Texas Capital. MTUM is passively managed, while MMKT is actively managed. Over the past year, MTUM returned 29.47% vs 3.70% for MMKT. Their -0.03 correlation means they have often moved in opposite directions in the past. MTUM charges 0.15%/yr vs 0.20%/yr for MMKT.
Performance
MTUM vs. MMKT - Performance Comparison
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Returns By Period
In the year-to-date period, MTUM achieves a 24.09% return, which is significantly higher than MMKT's 2.06% return.
MTUM
- 1D
- -1.08%
- 1M
- -3.65%
- 6M
- 25.72%
- YTD
- 24.09%
- 1Y
- 29.47%
- 3Y*
- 30.12%
- 5Y*
- 12.79%
- 10Y*
- 16.09%
- ALL TIME*
- 15.89%
MMKT
- 1D
- 0.01%
- 1M
- 0.31%
- 6M
- 1.75%
- YTD
- 2.06%
- 1Y
- 3.70%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 4.01%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $580.98K | $555.61K | $727.31K | |
| $622.03M | $632.13M | $558.17M |
MTUM vs. MMKT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
MTUM iShares MSCI USA Momentum Factor ETF | 24.09% | 22.15% | 2.51% |
MMKT Texas Capital Government Money Market ETF | 2.06% | 4.13% | 1.22% |
Correlation
The correlation between MTUM and MMKT is -0.17, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.17 |
Correlation (All Time) Calculated using the full available price history since Sep 25, 2024 | -0.03 |
The correlation between MTUM and MMKT shifts across timeframes, from -0.17 (1 year) to -0.03 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
MTUM vs. MMKT — Risk / Return Rank
MTUM
MMKT
MTUM vs. MMKT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares MSCI USA Momentum Factor ETF (MTUM) and Texas Capital Government Money Market ETF (MMKT). 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.
| MTUM | MMKT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -16.39 | ||
| Sortino ratioReturn per unit of downside risk | -68.18 | ||
| Omega ratioGain probability vs. loss probability | 1.22 | 19.26 | -18.04 |
| Calmar ratioReturn relative to maximum drawdown | 1.65 | 152.70 | -151.06 |
| Martin ratioReturn relative to average drawdown | 6.51 | 1,128.57 | -1,122.06 |
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Drawdowns
MTUM vs. MMKT - Drawdown Comparison
The maximum MTUM drawdown since its inception was -34.08%, which is greater than MMKT's maximum drawdown of -0.04%. Use the drawdown chart below to compare losses from any high point for MTUM and MMKT.
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Drawdown Indicators
| MTUM | MMKT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -34.08% | -0.04% | -34.04% |
Max Drawdown (1Y)Largest decline over 1 year | -17.99% | -0.02% | -17.97% |
Max Drawdown (3Y)Largest decline over 3 years | -20.99% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -32.28% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -34.08% | — | — |
Current DrawdownCurrent decline from peak | -10.21% | 0.00% | -10.21% |
Average DrawdownAverage peak-to-trough decline | -6.22% | 0.00% | -6.22% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.54% | 0.00% | +4.54% |
Volatility
MTUM vs. MMKT - Volatility Comparison
iShares MSCI USA Momentum Factor ETF (MTUM) has a higher volatility of 11.01% compared to Texas Capital Government Money Market ETF (MMKT) at 0.06%. This indicates that MTUM's price experiences larger fluctuations and is considered to be riskier than MMKT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| MTUM | MMKT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 11.01% | 0.06% | +10.95% |
Volatility (6M)Calculated over the trailing 6-month period | 23.52% | 0.13% | +23.39% |
Volatility (1Y)Calculated over the trailing 1-year period | 25.78% | 0.21% | +25.57% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 21.96% | 0.23% | +21.73% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 21.76% | 0.23% | +21.53% |
MTUM vs. MMKT - Expense Ratio Comparison
MTUM has a 0.15% expense ratio, which is lower than MMKT's 0.20% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
MTUM vs. MMKT - Dividend Comparison
MTUM's dividend yield for the trailing twelve months is around 0.60%, less than MMKT's 3.64% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
MMKT Texas Capital Government Money Market ETF | 3.64% | 3.98% | 1.07% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
MTUM iShares MSCI USA Momentum Factor ETF | 0.60% | 0.91% | 0.75% | 1.35% | 1.80% | 0.55% | 0.83% | 1.48% | 1.27% | 1.02% | 1.43% | 1.12% |
Frequently Asked Questions
MTUM and MMKT have a correlation of -0.17, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
MTUM has higher volatility (11.01%) compared to MMKT (0.06%). In terms of maximum drawdown, MTUM dropped -34.08% vs MMKT's -0.04%.
On 1-year performance, MTUM leads with 29.47% vs 3.70% for MMKT. On fees, MTUM is cheaper at 0.15% per year. On volatility, MMKT has been the lower-risk option at 0.06%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, MTUM has performed better with a 29.47% return vs 3.70%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
MTUM is cheaper with a 0.15% expense ratio, compared with 0.20% for MMKT.
MMKT has the higher dividend yield at 3.64%, compared with 0.60% for MTUM.
MTUM is categorized as Momentum, while MMKT is Money Market. They also come from different issuers: iShares and Texas Capital. Their fees differ too: 0.15% for MTUM and 0.20% for MMKT.
MMKT currently has the higher Sharpe Ratio (17.54 vs 1.15), 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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