SPHB vs. MMKT
SPHB (Invesco S&P 500® High Beta ETF) and MMKT (Texas Capital Government Money Market ETF) are both exchange-traded funds - SPHB is a S&P 500 fund tracking the S&P 500 High Beta Index, while MMKT is a Money Market fund actively managed by Texas Capital. SPHB is passively managed, while MMKT is actively managed. Over the past year, SPHB returned 62.78% vs 3.78% for MMKT. At a correlation of -0.01, they often move in opposite directions. SPHB charges 0.25%/yr vs 0.20%/yr for MMKT.
Performance
SPHB vs. MMKT - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, SPHB achieves a 29.05% return, which is significantly higher than MMKT's 1.64% return.
SPHB
- 1D
- -4.02%
- 1M
- 6.10%
- YTD
- 29.05%
- 6M
- 26.31%
- 1Y
- 62.78%
- 3Y*
- 28.21%
- 5Y*
- 15.53%
- 10Y*
- 19.46%
MMKT
- 1D
- 0.02%
- 1M
- 0.27%
- YTD
- 1.64%
- 6M
- 1.74%
- 1Y
- 3.78%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
SPHB vs. MMKT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
SPHB Invesco S&P 500® High Beta ETF | 29.05% | 32.87% | 0.15% |
MMKT Texas Capital Government Money Market ETF | 1.64% | 4.13% | 1.22% |
Correlation
The correlation between SPHB and MMKT is -0.13, 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 | -0.13 |
Correlation (All Time) Calculated using the full available price history since Sep 25, 2024 | -0.01 |
The correlation between SPHB and MMKT shifts across timeframes, from -0.13 (1 year) to -0.01 (all time), reflecting how their relationship changes across market environments.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
SPHB vs. MMKT — Risk / Return Rank
SPHB
MMKT
SPHB vs. MMKT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco S&P 500® High Beta ETF (SPHB) 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.
| SPHB | MMKT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -14.16 | ||
| Sortino ratioReturn per unit of downside risk | -59.52 | ||
| Omega ratioGain probability vs. loss probability | 1.42 | 15.48 | -14.06 |
| Calmar ratioReturn relative to maximum drawdown | 5.90 | 152.14 | -146.24 |
| Martin ratioReturn relative to average drawdown | 22.17 | 912.59 | -890.42 |
Loading charts...
Drawdowns
SPHB vs. MMKT - Drawdown Comparison
The maximum SPHB drawdown since its inception was -46.84%, which is greater than MMKT's maximum drawdown of -0.04%. Use the drawdown chart below to compare losses from any high point for SPHB and MMKT.
Loading charts...
Drawdown Indicators
| SPHB | MMKT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -46.84% | -0.04% | -46.80% |
Max Drawdown (1Y)Largest decline over 1 year | -10.70% | -0.02% | -10.68% |
Max Drawdown (3Y)Largest decline over 3 years | -29.21% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -31.49% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -46.84% | — | — |
Current DrawdownCurrent decline from peak | -4.02% | 0.00% | -4.02% |
Average DrawdownAverage peak-to-trough decline | -8.48% | -0.00% | -8.48% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.84% | 0.00% | +2.84% |
Volatility
SPHB vs. MMKT - Volatility Comparison
Invesco S&P 500® High Beta ETF (SPHB) has a higher volatility of 11.78% compared to Texas Capital Government Money Market ETF (MMKT) at 0.05%. This indicates that SPHB'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.
Loading charts...
Volatility by Period
| SPHB | MMKT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 11.78% | 0.05% | +11.73% |
Volatility (6M)Calculated over the trailing 6-month period | 19.72% | 0.13% | +19.59% |
Volatility (1Y)Calculated over the trailing 1-year period | 24.30% | 0.23% | +24.07% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 27.73% | 0.23% | +27.50% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 28.54% | 0.23% | +28.31% |
SPHB vs. MMKT - Expense Ratio Comparison
SPHB has a 0.25% expense ratio, which is higher than MMKT's 0.20% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
SPHB vs. MMKT - Dividend Comparison
SPHB's dividend yield for the trailing twelve months is around 0.54%, 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% |
SPHB Invesco S&P 500® High Beta ETF | 0.54% | 0.60% | 0.80% | 0.73% | 0.72% | 0.91% | 1.90% | 1.26% | 1.96% | 1.34% | 0.93% | 1.69% |
Frequently Asked Questions
SPHB and MMKT have a correlation of -0.13, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SPHB has higher volatility (11.78%) compared to MMKT (0.05%). In terms of maximum drawdown, SPHB dropped -46.84% vs MMKT's -0.04%.
On 1-year performance, SPHB leads with 62.78% 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, SPHB has performed better with a 62.78% 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 0.25% for SPHB.
MMKT has the higher dividend yield at 3.71%, compared with 0.54% for SPHB.
SPHB is categorized as S&P 500, while MMKT is Money Market. They also come from different issuers: Invesco and Texas Capital. Their fees differ too: 0.25% for SPHB and 0.20% for MMKT.
MMKT currently has the higher Sharpe Ratio (16.75 vs 2.60), 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.
Find the right allocation for SPHB and MMKT
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer