PXF vs. MMKT
PXF (Invesco FTSE RAFI Developed Markets ex-U.S. ETF) and MMKT (Texas Capital Government Money Market ETF) are both exchange-traded funds - PXF is a Foreign Large Cap Equities fund tracking the FTSE RAFI Developed Markets ex-U.S. Index, while MMKT is a Money Market fund actively managed by Texas Capital. PXF is passively managed, while MMKT is actively managed. Over the past year, PXF returned 38.71% vs 3.78% for MMKT. At a 0.01 correlation, their price movements are largely independent. PXF charges 0.45%/yr vs 0.20%/yr for MMKT.
Performance
PXF vs. MMKT - Performance Comparison
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Returns By Period
In the year-to-date period, PXF achieves a 15.96% return, which is significantly higher than MMKT's 1.64% return.
PXF
- 1D
- -2.82%
- 1M
- -1.23%
- YTD
- 15.96%
- 6M
- 16.38%
- 1Y
- 38.71%
- 3Y*
- 23.69%
- 5Y*
- 13.10%
- 10Y*
- 12.13%
MMKT
- 1D
- 0.02%
- 1M
- 0.27%
- YTD
- 1.64%
- 6M
- 1.74%
- 1Y
- 3.78%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
PXF vs. MMKT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
PXF Invesco FTSE RAFI Developed Markets ex-U.S. ETF | 15.96% | 42.51% | -6.77% |
MMKT Texas Capital Government Money Market ETF | 1.64% | 4.13% | 1.22% |
Correlation
The correlation between PXF and MMKT is -0.12, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.12 |
Correlation (All Time) Calculated using the full available price history since Sep 25, 2024 | 0.01 |
The correlation between PXF and MMKT shifts across timeframes, from -0.12 (1 year) to 0.01 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
PXF vs. MMKT — Risk / Return Rank
PXF
MMKT
PXF vs. MMKT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco FTSE RAFI Developed Markets ex-U.S. ETF (PXF) 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.
| PXF | MMKT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -14.38 | ||
| Sortino ratioReturn per unit of downside risk | -59.60 | ||
| Omega ratioGain probability vs. loss probability | 1.43 | 15.48 | -14.05 |
| Calmar ratioReturn relative to maximum drawdown | 3.56 | 152.14 | -148.57 |
| Martin ratioReturn relative to average drawdown | 13.32 | 912.59 | -899.27 |
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Drawdowns
PXF vs. MMKT - Drawdown Comparison
The maximum PXF drawdown since its inception was -64.74%, which is greater than MMKT's maximum drawdown of -0.04%. Use the drawdown chart below to compare losses from any high point for PXF and MMKT.
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Drawdown Indicators
| PXF | MMKT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -64.74% | -0.04% | -64.70% |
Max Drawdown (1Y)Largest decline over 1 year | -10.91% | -0.02% | -10.89% |
Max Drawdown (3Y)Largest decline over 3 years | -14.06% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -26.82% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -41.59% | — | — |
Current DrawdownCurrent decline from peak | -4.37% | 0.00% | -4.37% |
Average DrawdownAverage peak-to-trough decline | -15.24% | -0.00% | -15.24% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.92% | 0.00% | +2.92% |
Volatility
PXF vs. MMKT - Volatility Comparison
Invesco FTSE RAFI Developed Markets ex-U.S. ETF (PXF) has a higher volatility of 6.95% compared to Texas Capital Government Money Market ETF (MMKT) at 0.05%. This indicates that PXF'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
| PXF | MMKT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.95% | 0.05% | +6.90% |
Volatility (6M)Calculated over the trailing 6-month period | 14.28% | 0.13% | +14.15% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.41% | 0.23% | +16.18% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.64% | 0.23% | +16.41% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.81% | 0.23% | +17.58% |
PXF vs. MMKT - Expense Ratio Comparison
PXF has a 0.45% expense ratio, which is higher than MMKT's 0.20% expense ratio.
Dividends
PXF vs. MMKT - Dividend Comparison
PXF's dividend yield for the trailing twelve months is around 3.17%, less than MMKT's 3.71% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
MMKT Texas Capital Government Money Market ETF | 3.71% | 3.98% | 1.07% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
PXF Invesco FTSE RAFI Developed Markets ex-U.S. ETF | 3.17% | 3.64% | 3.48% | 3.55% | 3.58% | 3.74% | 2.11% | 3.50% | 3.38% | 2.78% | 3.21% | 3.10% |
Frequently Asked Questions
PXF and MMKT have a correlation of -0.12, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PXF has higher volatility (6.95%) compared to MMKT (0.05%). In terms of maximum drawdown, PXF dropped -64.74% vs MMKT's -0.04%.
On 1-year performance, PXF leads with 38.71% vs 3.78% for MMKT. On fees, MMKT is cheaper at 0.20% per year. On volatility, MMKT has been the lower-risk option at 0.05%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, PXF has performed better with a 38.71% return vs 3.78%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
MMKT is cheaper with a 0.20% expense ratio, compared with 0.45% for PXF.
MMKT has the higher dividend yield at 3.71%, compared with 3.17% for PXF.
PXF is categorized as Foreign Large Cap Equities, while MMKT is Money Market. They also come from different issuers: Invesco and Texas Capital. Their fees differ too: 0.45% for PXF and 0.20% for MMKT.
MMKT currently has the higher Sharpe Ratio (16.75 vs 2.37), 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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