PMMF vs. LSAT

Last updated Jun 4, 2026

PMMF (iShares Prime Money Market ETF) and LSAT (Leadershares Alphafactor Tactical Focused ETF) are both Money Market funds. Both are actively managed. Over the past year, PMMF returned 4.00% vs 10.20% for LSAT. At a 0.04 correlation, their price movements are largely independent. PMMF charges 0.20%/yr vs 0.99%/yr for LSAT.

Performance

PMMF vs. LSAT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Prime Money Market ETF (PMMF) and Leadershares Alphafactor Tactical Focused ETF (LSAT). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PMMF achieves a 1.52% return, which is significantly lower than LSAT's 10.11% return.

PMMF

• 1D: 0.01%
• 1M: 0.30%
• YTD: 1.52%
• 6M: 1.82%
• 1Y: 4.00%
• 3Y*: —
• 5Y*: —
• 10Y*: —

LSAT

• 1D: -0.59%
• 1M: 2.09%
• YTD: 10.11%
• 6M: 8.58%
• 1Y: 10.20%
• 3Y*: 11.66%
• 5Y*: 5.78%
• 10Y*: —

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

PMMF vs. LSAT - Yearly Performance Comparison

	2026 (YTD)	2025
PMMF iShares Prime Money Market ETF	1.52%	3.85%
LSAT Leadershares Alphafactor Tactical Focused ETF	10.11%	-2.88%

Correlation

The correlation between PMMF and LSAT is 0.11, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.11
Correlation (All Time) Calculated using the full available price history since Feb 7, 2025	0.04

Return for Risk

PMMF vs. LSAT — 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

LSAT

LSAT Risk / Return Rank: 24
LSAT Sharpe Ratio Rank: 23
LSAT Sortino Ratio Rank: 24
LSAT Omega Ratio Rank: 22
LSAT Calmar Ratio Rank: 27
LSAT Martin Ratio Rank: 24

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. LSAT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Prime Money Market ETF (PMMF) and Leadershares Alphafactor Tactical Focused ETF (LSAT). 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.

	PMMF	LSAT	Difference
Sharpe ratio Return per unit of total volatility	19.72	0.81	+18.91
Sortino ratio Return per unit of downside risk	95.22	1.27	+93.95
Omega ratio Gain probability vs. loss probability	38.37	1.15	+37.23
Calmar ratio Return relative to maximum drawdown	161.17	1.29	+159.88
Martin ratio Return relative to average drawdown	1,488.23	3.03	+1,485.20
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PMMF vs. LSAT - Sharpe Ratio Comparison

The current PMMF Sharpe Ratio is 19.72, which is higher than the LSAT Sharpe Ratio of 0.81. The chart below compares the historical Sharpe Ratios of PMMF and LSAT, 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

	PMMF	LSAT	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	19.72	0.81	+18.91
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.36	—
Sharpe Ratio (All Time) Calculated using the full available price history	11.97	0.73	+11.24

Drawdowns

PMMF vs. LSAT - Drawdown Comparison

The maximum PMMF drawdown since its inception was -0.13%, smaller than the maximum LSAT drawdown of -20.48%. Use the drawdown chart below to compare losses from any high point for PMMF and LSAT.

Drawdown Indicators

	PMMF	LSAT	Difference
Max Drawdown Largest peak-to-trough decline	-0.13%	-20.48%	+20.35%
Max Drawdown (1Y) Largest decline over 1 year	-0.02%	-7.94%	+7.92%
Max Drawdown (3Y) Largest decline over 3 years	—	-18.25%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-20.48%	—
Current Drawdown Current decline from peak	0.00%	-0.59%	+0.59%
Average Drawdown Average peak-to-trough decline	-0.00%	-5.55%	+5.55%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.00%	3.37%	-3.37%

Volatility

PMMF vs. LSAT - Volatility Comparison

The current volatility for iShares Prime Money Market ETF (PMMF) is 0.05%, while Leadershares Alphafactor Tactical Focused ETF (LSAT) has a volatility of 3.26%. This indicates that PMMF experiences smaller price fluctuations and is considered to be less risky than LSAT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PMMF	LSAT	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.05%	3.26%	-3.21%
Volatility (6M) Calculated over the trailing 6-month period	0.12%	9.11%	-8.99%
Volatility (1Y) Calculated over the trailing 1-year period	0.20%	12.59%	-12.39%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.34%	16.25%	-15.91%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.34%	16.76%	-16.42%

PMMF vs. LSAT - Expense Ratio Comparison

PMMF has a 0.20% expense ratio, which is lower than LSAT's 0.99% expense ratio.

Dividends

PMMF vs. LSAT - Dividend Comparison

PMMF's dividend yield for the trailing twelve months is around 3.83%, more than LSAT's 1.72% yield.

Position	TTM	2025	2024	2023	2022	2021	2020
LSAT Leadershares Alphafactor Tactical Focused ETF	1.72%	1.90%	1.31%	1.85%	0.36%	3.44%	0.30%
PMMF iShares Prime Money Market ETF	3.83%	3.59%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both PMMF and LSAT in my portfolio?

PMMF and LSAT have a correlation of 0.11, 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 LSAT?

LSAT has higher volatility (3.26%) compared to PMMF (0.05%). In terms of maximum drawdown, PMMF dropped -0.13% vs LSAT's -20.48%.

Which ETF is better, PMMF or LSAT?

On 1-year performance, LSAT leads with 10.20% vs 4.00% for PMMF. On fees, PMMF is cheaper at 0.20% per year. On volatility, PMMF has been the lower-risk option at 0.05%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PMMF or LSAT?

Over the 1-year period, LSAT has performed better with a 10.20% return vs 4.00%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PMMF or LSAT?

PMMF is cheaper with a 0.20% expense ratio, compared with 0.99% for LSAT.

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

PMMF has the higher dividend yield at 3.83%, compared with 1.72% for LSAT.

What is the main difference between PMMF and LSAT?

They also come from different issuers: BlackRock and Redwood. Their fees differ too: 0.20% for PMMF and 0.99% for LSAT.

Which has better risk-adjusted returns?

PMMF currently has the higher Sharpe Ratio (19.72 vs 0.81), 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.