PMMF vs. DYNF

Last updated Jun 24, 2026

PMMF (iShares Prime Money Market ETF) and DYNF (iShares U.S. Equity Factor Rotation Active ETF) are both exchange-traded funds - PMMF is a Money Market fund actively managed by BlackRock, while DYNF is a Large Cap Blend Equities fund actively managed by iShares. Both are actively managed. Over the past year, PMMF returned 3.95% vs 27.42% for DYNF. At a 0.06 correlation, their price movements are largely independent. PMMF charges 0.20%/yr vs 0.26%/yr for DYNF.

Performance

PMMF vs. DYNF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Prime Money Market ETF (PMMF) and iShares U.S. Equity Factor Rotation Active ETF (DYNF). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PMMF achieves a 1.71% return, which is significantly lower than DYNF's 10.04% return.

PMMF

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

DYNF

• 1D: -1.62%
• 1M: 0.13%
• YTD: 10.04%
• 6M: 8.91%
• 1Y: 27.42%
• 3Y*: 25.19%
• 5Y*: 14.71%
• 10Y*: —

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

PMMF vs. DYNF - Yearly Performance Comparison

	2026 (YTD)	2025
PMMF iShares Prime Money Market ETF	1.71%	3.75%
DYNF iShares U.S. Equity Factor Rotation Active ETF	10.04%	16.08%

Correlation

The correlation between PMMF and DYNF is 0.13, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.13
Correlation (All Time) Calculated using the full available price history since Feb 6, 2025	0.06

Return for Risk

PMMF vs. DYNF — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

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

DYNF

DYNF Risk / Return Rank: 68
DYNF Sharpe Ratio Rank: 67
DYNF Sortino Ratio Rank: 63
DYNF Omega Ratio Rank: 65
DYNF Calmar Ratio Rank: 66
DYNF Martin Ratio Rank: 79

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.

PMMF vs. DYNF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Prime Money Market ETF (PMMF) and iShares U.S. Equity Factor Rotation Active ETF (DYNF). 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.

	PMMF	DYNF	Difference
Sharpe ratio: Return per unit of total volatility	19.44	2.09	+17.35
Sortino ratio: Return per unit of downside risk	91.58	2.82	+88.76
Omega ratio: Gain probability vs. loss probability	34.77	1.37	+33.40
Calmar ratio: Return relative to maximum drawdown	159.45	3.18	+156.27
Martin ratio: Return relative to average drawdown	1,433.74	14.86	+1,418.88

PMMF vs. DYNF - Sharpe Ratio Comparison

The current PMMF Sharpe Ratio is 19.44, which is higher than the DYNF Sharpe Ratio of 2.09. The chart below compares the historical Sharpe Ratios of PMMF and DYNF, 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

PMMF vs. DYNF - Drawdown Comparison

The maximum PMMF drawdown since its inception was -0.13%, smaller than the maximum DYNF drawdown of -34.72%. Use the drawdown chart below to compare losses from any high point for PMMF and DYNF.

Drawdown Indicators

	PMMF	DYNF	Difference
Max Drawdown Largest peak-to-trough decline	-0.13%	-34.72%	+34.59%
Max Drawdown (1Y) Largest decline over 1 year	-0.02%	-8.67%	+8.65%
Max Drawdown (3Y) Largest decline over 3 years	—	-18.70%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-28.65%	—
Current Drawdown Current decline from peak	0.00%	-1.97%	+1.97%
Average Drawdown Average peak-to-trough decline	-0.00%	-5.94%	+5.94%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.00%	1.85%	-1.85%

Volatility

PMMF vs. DYNF - Volatility Comparison

The current volatility for iShares Prime Money Market ETF (PMMF) is 0.06%, while iShares U.S. Equity Factor Rotation Active ETF (DYNF) has a volatility of 5.38%. This indicates that PMMF experiences smaller price fluctuations and is considered to be less risky than DYNF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PMMF	DYNF	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.06%	5.38%	-5.32%
Volatility (6M) Calculated over the trailing 6-month period	0.13%	10.64%	-10.51%
Volatility (1Y) Calculated over the trailing 1-year period	0.20%	13.24%	-13.04%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.35%	17.62%	-17.27%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.35%	19.91%	-19.56%

PMMF vs. DYNF - Expense Ratio Comparison

PMMF has a 0.20% expense ratio, which is lower than DYNF's 0.26% 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

PMMF vs. DYNF - Dividend Comparison

PMMF's dividend yield for the trailing twelve months is around 3.96%, more than DYNF's 0.81% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
DYNF iShares U.S. Equity Factor Rotation Active ETF	0.81%	1.01%	0.65%	1.11%	1.66%	2.89%	1.52%	1.22%
PMMF iShares Prime Money Market ETF	3.96%	3.59%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both PMMF and DYNF in my portfolio?

PMMF and DYNF have a correlation of 0.13, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PMMF or DYNF?

DYNF has higher volatility (5.38%) compared to PMMF (0.06%). In terms of maximum drawdown, PMMF dropped -0.13% vs DYNF's -34.72%.

Which ETF is better, PMMF or DYNF?

On 1-year performance, DYNF leads with 27.42% vs 3.95% for PMMF. On fees, PMMF is cheaper at 0.20% per year. On volatility, PMMF has been the lower-risk option at 0.06%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PMMF or DYNF?

Over the 1-year period, DYNF has performed better with a 27.42% return vs 3.95%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PMMF or DYNF?

PMMF is cheaper with a 0.20% expense ratio, compared with 0.26% for DYNF.

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

PMMF has the higher dividend yield at 3.96%, compared with 0.81% for DYNF.

What is the main difference between PMMF and DYNF?

PMMF is categorized as Money Market, while DYNF is Large Cap Blend Equities. They also come from different issuers: BlackRock and iShares. Their fees differ too: 0.20% for PMMF and 0.26% for DYNF.

Which has better risk-adjusted returns?

PMMF currently has the higher Sharpe Ratio (19.44 vs 2.09), 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.