RFV vs. MMKT
RFV (Invesco S&P MidCap 400® Pure Value ETF) and MMKT (Texas Capital Government Money Market ETF) are both exchange-traded funds - RFV is a Small Cap Value Equities fund tracking the S&P Mid Cap 400 Pure Value, while MMKT is a Money Market fund actively managed by Texas Capital. RFV is passively managed, while MMKT is actively managed. Over the past year, RFV returned 21.60% vs 3.78% for MMKT. At a 0.03 correlation, their price movements are largely independent. RFV charges 0.35%/yr vs 0.20%/yr for MMKT.
Performance
RFV vs. MMKT - Performance Comparison
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Returns By Period
In the year-to-date period, RFV achieves a 12.16% return, which is significantly higher than MMKT's 1.64% return.
RFV
- 1D
- -0.25%
- 1M
- 2.83%
- YTD
- 12.16%
- 6M
- 11.00%
- 1Y
- 21.60%
- 3Y*
- 15.04%
- 5Y*
- 10.82%
- 10Y*
- 12.72%
MMKT
- 1D
- 0.02%
- 1M
- 0.27%
- YTD
- 1.64%
- 6M
- 1.74%
- 1Y
- 3.78%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
RFV vs. MMKT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
RFV Invesco S&P MidCap 400® Pure Value ETF | 12.16% | 7.66% | 3.51% |
MMKT Texas Capital Government Money Market ETF | 1.64% | 4.13% | 1.22% |
Correlation
The correlation between RFV and MMKT is -0.10, 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 | -0.10 |
Correlation (All Time) Calculated using the full available price history since Sep 25, 2024 | 0.03 |
The correlation between RFV and MMKT shifts across timeframes, from -0.10 (1 year) to 0.03 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
RFV vs. MMKT — Risk / Return Rank
RFV
MMKT
RFV vs. MMKT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco S&P MidCap 400® Pure Value ETF (RFV) 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.
| RFV | MMKT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -15.55 | ||
| Sortino ratioReturn per unit of downside risk | -60.83 | ||
| Omega ratioGain probability vs. loss probability | 1.22 | 15.48 | -14.27 |
| Calmar ratioReturn relative to maximum drawdown | 1.73 | 152.14 | -150.40 |
| Martin ratioReturn relative to average drawdown | 5.10 | 912.59 | -907.49 |
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Drawdowns
RFV vs. MMKT - Drawdown Comparison
The maximum RFV drawdown since its inception was -71.82%, which is greater than MMKT's maximum drawdown of -0.04%. Use the drawdown chart below to compare losses from any high point for RFV and MMKT.
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Drawdown Indicators
| RFV | MMKT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -71.82% | -0.04% | -71.78% |
Max Drawdown (1Y)Largest decline over 1 year | -12.51% | -0.02% | -12.49% |
Max Drawdown (3Y)Largest decline over 3 years | -24.65% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -24.65% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -52.24% | — | — |
Current DrawdownCurrent decline from peak | -2.86% | 0.00% | -2.86% |
Average DrawdownAverage peak-to-trough decline | -9.77% | -0.00% | -9.77% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.24% | 0.00% | +4.24% |
Volatility
RFV vs. MMKT - Volatility Comparison
Invesco S&P MidCap 400® Pure Value ETF (RFV) has a higher volatility of 4.28% compared to Texas Capital Government Money Market ETF (MMKT) at 0.05%. This indicates that RFV'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
| RFV | MMKT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.28% | 0.05% | +4.23% |
Volatility (6M)Calculated over the trailing 6-month period | 11.90% | 0.13% | +11.77% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.02% | 0.23% | +17.79% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 21.98% | 0.23% | +21.75% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 24.94% | 0.23% | +24.71% |
RFV vs. MMKT - Expense Ratio Comparison
RFV has a 0.35% expense ratio, which is higher than MMKT's 0.20% expense ratio.
Dividends
RFV vs. MMKT - Dividend Comparison
RFV's dividend yield for the trailing twelve months is around 1.70%, 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% |
RFV Invesco S&P MidCap 400® Pure Value ETF | 1.70% | 2.07% | 1.31% | 1.27% | 2.05% | 1.60% | 1.52% | 1.71% | 1.39% | 1.36% | 0.88% | 1.79% |
Frequently Asked Questions
RFV and MMKT have a correlation of -0.10, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
RFV has higher volatility (4.28%) compared to MMKT (0.05%). In terms of maximum drawdown, RFV dropped -71.82% vs MMKT's -0.04%.
On 1-year performance, RFV leads with 21.60% 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, RFV has performed better with a 21.60% 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 0.35% for RFV.
MMKT has the higher dividend yield at 3.71%, compared with 1.70% for RFV.
RFV is categorized as Small Cap Value Equities, while MMKT is Money Market. They also come from different issuers: Invesco and Texas Capital. Their fees differ too: 0.35% for RFV and 0.20% for MMKT.
MMKT currently has the higher Sharpe Ratio (16.75 vs 1.20), 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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