VLUE vs. MMKT
VLUE (iShares MSCI USA Value Factor ETF) and MMKT (Texas Capital Government Money Market ETF) are both exchange-traded funds - VLUE is a Large Cap Value Equities fund tracking the MSCI USA Enhanced Value Index, while MMKT is a Money Market fund actively managed by Texas Capital. VLUE is passively managed, while MMKT is actively managed. Over the past year, VLUE returned 89.78% vs 3.79% for MMKT. At a correlation of -0.01, they often move in opposite directions. VLUE charges 0.15%/yr vs 0.20%/yr for MMKT.
Performance
VLUE vs. MMKT - Performance Comparison
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Returns By Period
In the year-to-date period, VLUE achieves a 50.50% return, which is significantly higher than MMKT's 1.62% return.
VLUE
- 1D
- 2.13%
- 1M
- 9.37%
- YTD
- 50.50%
- 6M
- 49.56%
- 1Y
- 89.78%
- 3Y*
- 34.06%
- 5Y*
- 17.54%
- 10Y*
- 15.97%
MMKT
- 1D
- 0.01%
- 1M
- 0.25%
- YTD
- 1.62%
- 6M
- 1.73%
- 1Y
- 3.79%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
VLUE vs. MMKT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
VLUE iShares MSCI USA Value Factor ETF | 50.50% | 32.67% | -1.75% |
MMKT Texas Capital Government Money Market ETF | 1.62% | 4.13% | 1.22% |
Correlation
The correlation between VLUE 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 VLUE 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
VLUE vs. MMKT — Risk / Return Rank
VLUE
MMKT
VLUE vs. MMKT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares MSCI USA Value Factor ETF (VLUE) 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.
| VLUE | MMKT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -11.94 | ||
| Sortino ratioReturn per unit of downside risk | -56.92 | ||
| Omega ratioGain probability vs. loss probability | 1.81 | 15.54 | -13.73 |
| Calmar ratioReturn relative to maximum drawdown | 9.99 | 152.72 | -142.74 |
| Martin ratioReturn relative to average drawdown | 41.99 | 913.70 | -871.71 |
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Drawdowns
VLUE vs. MMKT - Drawdown Comparison
The maximum VLUE drawdown since its inception was -39.47%, which is greater than MMKT's maximum drawdown of -0.04%. Use the drawdown chart below to compare losses from any high point for VLUE and MMKT.
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Drawdown Indicators
| VLUE | MMKT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -39.47% | -0.04% | -39.43% |
Max Drawdown (1Y)Largest decline over 1 year | -9.04% | -0.02% | -9.02% |
Max Drawdown (3Y)Largest decline over 3 years | -17.89% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -27.12% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -39.47% | — | — |
Current DrawdownCurrent decline from peak | 0.00% | 0.00% | 0.00% |
Average DrawdownAverage peak-to-trough decline | -6.00% | -0.00% | -6.00% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.15% | 0.00% | +2.15% |
Volatility
VLUE vs. MMKT - Volatility Comparison
iShares MSCI USA Value Factor ETF (VLUE) has a higher volatility of 8.92% compared to Texas Capital Government Money Market ETF (MMKT) at 0.05%. This indicates that VLUE'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
| VLUE | MMKT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.92% | 0.05% | +8.87% |
Volatility (6M)Calculated over the trailing 6-month period | 15.67% | 0.13% | +15.54% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.74% | 0.23% | +18.51% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.05% | 0.23% | +17.82% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 19.96% | 0.23% | +19.73% |
VLUE vs. MMKT - Expense Ratio Comparison
VLUE has a 0.15% expense ratio, which is lower than MMKT's 0.20% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
VLUE vs. MMKT - Dividend Comparison
VLUE's dividend yield for the trailing twelve months is around 1.37%, 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% |
VLUE iShares MSCI USA Value Factor ETF | 1.37% | 2.11% | 2.73% | 2.66% | 3.18% | 2.22% | 2.42% | 2.61% | 2.70% | 2.14% | 2.07% | 2.39% |
Frequently Asked Questions
VLUE 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.
VLUE has higher volatility (8.92%) compared to MMKT (0.05%). In terms of maximum drawdown, VLUE dropped -39.47% vs MMKT's -0.04%.
On 1-year performance, VLUE leads with 89.78% vs 3.79% for MMKT. On fees, VLUE is cheaper at 0.15% 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, VLUE has performed better with a 89.78% return vs 3.79%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
VLUE is cheaper with a 0.15% expense ratio, compared with 0.20% for MMKT.
MMKT has the higher dividend yield at 3.71%, compared with 1.37% for VLUE.
VLUE is categorized as Large Cap Value Equities, while MMKT is Money Market. They also come from different issuers: iShares and Texas Capital. Their fees differ too: 0.15% for VLUE and 0.20% for MMKT.
MMKT currently has the higher Sharpe Ratio (16.76 vs 4.83), 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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