PXH vs. MMKT

Last updated Jun 23, 2026

PXH (Invesco FTSE RAFI Emerging Markets ETF) and MMKT (Texas Capital Government Money Market ETF) are both exchange-traded funds - PXH is a Emerging Markets Equities fund tracking the FTSE RAFI Emerging Markets Index, while MMKT is a Money Market fund actively managed by Texas Capital. PXH is passively managed, while MMKT is actively managed. Over the past year, PXH returned 33.42% vs 3.79% for MMKT. At a correlation of -0.07, they often move in opposite directions. PXH charges 0.50%/yr vs 0.20%/yr for MMKT.

Performance

PXH vs. MMKT - Performance Comparison

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

Returns By Period

In the year-to-date period, PXH achieves a 13.81% return, which is significantly higher than MMKT's 1.62% return.

PXH

• 1D: 0.72%
• 1M: 2.16%
• YTD: 13.81%
• 6M: 14.70%
• 1Y: 33.42%
• 3Y*: 21.30%
• 5Y*: 9.35%
• 10Y*: 10.82%

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)

PXH vs. MMKT - Yearly Performance Comparison

	2026 (YTD)	2025	2024
PXH Invesco FTSE RAFI Emerging Markets ETF	13.81%	31.44%	-4.86%
MMKT Texas Capital Government Money Market ETF	1.62%	4.13%	1.22%

Correlation

The correlation between PXH and MMKT is -0.14, 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	-0.14
Correlation (All Time) Calculated using the full available price history since Sep 25, 2024	-0.07

Return for Risk

PXH vs. MMKT — Risk / Return Rank

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

PXH

PXH Risk / Return Rank: 66
PXH Sharpe Ratio Rank: 67
PXH Sortino Ratio Rank: 63
PXH Omega Ratio Rank: 68
PXH Calmar Ratio Rank: 67
PXH Martin Ratio Rank: 66

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.

PXH vs. MMKT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco FTSE RAFI Emerging Markets ETF (PXH) 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.

	PXH	MMKT	Difference
Sharpe ratio: Return per unit of total volatility	2.12	16.76	-14.65
Sortino ratio: Return per unit of downside risk	2.83	62.94	-60.11
Omega ratio: Gain probability vs. loss probability	1.39	15.54	-14.15
Calmar ratio: Return relative to maximum drawdown	3.28	152.72	-149.45
Martin ratio: Return relative to average drawdown	11.66	913.70	-902.05

PXH vs. MMKT - Sharpe Ratio Comparison

The current PXH Sharpe Ratio is 2.12, which is lower than the MMKT Sharpe Ratio of 16.76. The chart below compares the historical Sharpe Ratios of PXH 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

PXH vs. MMKT - Drawdown Comparison

The maximum PXH drawdown since its inception was -63.63%, which is greater than MMKT's maximum drawdown of -0.04%. Use the drawdown chart below to compare losses from any high point for PXH and MMKT.

Drawdown Indicators

	PXH	MMKT	Difference
Max Drawdown Largest peak-to-trough decline	-63.63%	-0.04%	-63.59%
Max Drawdown (1Y) Largest decline over 1 year	-10.24%	-0.02%	-10.22%
Max Drawdown (3Y) Largest decline over 3 years	-17.72%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-29.59%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-40.42%	—	—
Current Drawdown Current decline from peak	-2.34%	0.00%	-2.34%
Average Drawdown Average peak-to-trough decline	-16.83%	-0.00%	-16.83%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.87%	0.00%	+2.87%

Volatility

PXH vs. MMKT - Volatility Comparison

Invesco FTSE RAFI Emerging Markets ETF (PXH) has a higher volatility of 6.19% compared to Texas Capital Government Money Market ETF (MMKT) at 0.05%. This indicates that PXH'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

	PXH	MMKT	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.19%	0.05%	+6.14%
Volatility (6M) Calculated over the trailing 6-month period	13.19%	0.13%	+13.06%
Volatility (1Y) Calculated over the trailing 1-year period	15.90%	0.23%	+15.67%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.89%	0.23%	+17.66%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.04%	0.23%	+19.81%

PXH vs. MMKT - Expense Ratio Comparison

PXH has a 0.50% expense ratio, which is higher than MMKT's 0.20% expense ratio.

Dividends

PXH vs. MMKT - Dividend Comparison

PXH's dividend yield for the trailing twelve months is around 4.77%, more 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%
PXH Invesco FTSE RAFI Emerging Markets ETF	4.77%	4.02%	4.43%	4.84%	5.33%	4.69%	2.79%	3.28%	3.30%	2.74%	1.97%	3.44%

Frequently Asked Questions

Can I hold both PXH and MMKT in my portfolio?

PXH and MMKT have a correlation of -0.14, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PXH or MMKT?

PXH has higher volatility (6.19%) compared to MMKT (0.05%). In terms of maximum drawdown, PXH dropped -63.63% vs MMKT's -0.04%.

Which ETF is better, PXH or MMKT?

On 1-year performance, PXH leads with 33.42% vs 3.79% 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.

Which ETF has performed better, PXH or MMKT?

Over the 1-year period, PXH has performed better with a 33.42% return vs 3.79%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PXH or MMKT?

MMKT is cheaper with a 0.20% expense ratio, compared with 0.50% for PXH.

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

PXH has the higher dividend yield at 4.77%, compared with 3.71% for MMKT.

What is the main difference between PXH and MMKT?

PXH is categorized as Emerging Markets Equities, while MMKT is Money Market. They also come from different issuers: Invesco and Texas Capital. Their fees differ too: 0.50% for PXH and 0.20% for MMKT.

Which has better risk-adjusted returns?

MMKT currently has the higher Sharpe Ratio (16.76 vs 2.12), 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.