PMMF vs. MMKT

Last updated Jun 23, 2026

PMMF (iShares Prime Money Market ETF) and MMKT (Texas Capital Government Money Market ETF) are both Money Market funds. Both are actively managed. Over the past year, PMMF returned 3.97% vs 3.79% for MMKT. At a 0.08 correlation, their price movements are largely independent. Both charge a 0.20% expense ratio.

Performance

PMMF vs. MMKT - Performance Comparison

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

Returns By Period

The year-to-date returns for both stocks are quite close, with PMMF having a 1.70% return and MMKT slightly lower at 1.62%.

PMMF

• 1D: 0.02%
• 1M: 0.26%
• YTD: 1.70%
• 6M: 1.80%
• 1Y: 3.97%
• 3Y*: —
• 5Y*: —
• 10Y*: —

MMKT

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

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

PMMF vs. MMKT - Yearly Performance Comparison

	2026 (YTD)	2025
PMMF iShares Prime Money Market ETF	1.70%	3.75%
MMKT Texas Capital Government Money Market ETF	1.62%	3.71%

Correlation

The correlation between PMMF and MMKT is 0.06, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.06
Correlation (All Time) Calculated using the full available price history since Feb 6, 2025	0.08

Return for Risk

PMMF vs. MMKT — 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

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

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. MMKT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Prime Money Market ETF (PMMF) 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.

	PMMF	MMKT	Difference
Sharpe ratio: Return per unit of total volatility	19.46	16.76	+2.70
Sortino ratio: Return per unit of downside risk	91.93	62.94	+28.99
Omega ratio: Gain probability vs. loss probability	34.90	15.54	+19.36
Calmar ratio: Return relative to maximum drawdown	160.07	152.72	+7.35
Martin ratio: Return relative to average drawdown	1,439.37	913.70	+525.67

PMMF vs. MMKT - Sharpe Ratio Comparison

The current PMMF Sharpe Ratio is 19.46, which is comparable to the MMKT Sharpe Ratio of 16.76. The chart below compares the historical Sharpe Ratios of PMMF and MMKT, 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. MMKT - Drawdown Comparison

The maximum PMMF drawdown since its inception was -0.13%, which is greater than MMKT's maximum drawdown of -0.04%. Use the drawdown chart below to compare losses from any high point for PMMF and MMKT.

Drawdown Indicators

	PMMF	MMKT	Difference
Max Drawdown Largest peak-to-trough decline	-0.13%	-0.04%	-0.09%
Max Drawdown (1Y) Largest decline over 1 year	-0.02%	-0.02%	0.00%
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

PMMF vs. MMKT - Volatility Comparison

iShares Prime Money Market ETF (PMMF) has a higher volatility of 0.06% compared to Texas Capital Government Money Market ETF (MMKT) at 0.05%. This indicates that PMMF'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.

Volatility by Period

	PMMF	MMKT	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.06%	0.05%	+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	0.21%	0.23%	-0.02%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.35%	0.23%	+0.12%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.35%	0.23%	+0.12%

PMMF vs. MMKT - Expense Ratio Comparison

Both PMMF and MMKT have an expense ratio of 0.20%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.

Dividends

PMMF vs. MMKT - Dividend Comparison

PMMF's dividend yield for the trailing twelve months is around 3.96%, more than MMKT's 3.71% yield.

Position	TTM	2025	2024
MMKT Texas Capital Government Money Market ETF	3.71%	3.98%	1.07%
PMMF iShares Prime Money Market ETF	3.96%	3.59%	0.00%

Frequently Asked Questions

Can I hold both PMMF and MMKT in my portfolio?

PMMF and MMKT have a correlation of 0.06, 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 MMKT?

PMMF has higher volatility (0.06%) compared to MMKT (0.05%). In terms of maximum drawdown, PMMF dropped -0.13% vs MMKT's -0.04%.

Which ETF is better, PMMF or MMKT?

On 1-year performance, PMMF leads with 3.97% vs 3.79% for MMKT. Both ETFs have the same 0.20% expense ratio. 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, PMMF or MMKT?

Over the 1-year period, PMMF has performed better with a 3.97% return vs 3.79%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PMMF or MMKT?

PMMF and MMKT have the same expense ratio: 0.20% per year.

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

PMMF has the higher dividend yield at 3.96%, compared with 3.71% for MMKT.

What is the main difference between PMMF and MMKT?

They also come from different issuers: BlackRock and Texas Capital.

Which has better risk-adjusted returns?

PMMF currently has the higher Sharpe Ratio (19.46 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.