XRMI vs. MMKT

Last updated Jun 24, 2026

XRMI (Global X S&P 500 Risk Managed Income ETF) and MMKT (Texas Capital Government Money Market ETF) are both exchange-traded funds - XRMI is a Derivative Income fund tracking the Cboe S&P 500 Risk Managed Income Index, while MMKT is a Money Market fund actively managed by Texas Capital. XRMI is passively managed, while MMKT is actively managed. Over the past year, XRMI returned 9.03% vs 3.78% for MMKT. At a correlation of -0.01, they often move in opposite directions. XRMI charges 0.60%/yr vs 0.20%/yr for MMKT.

Performance

XRMI vs. MMKT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Global X S&P 500 Risk Managed Income ETF (XRMI) and Texas Capital Government Money Market ETF (MMKT). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with XRMI having a 1.66% return and MMKT slightly lower at 1.64%.

XRMI

• 1D: -0.52%
• 1M: 0.39%
• YTD: 1.66%
• 6M: 1.20%
• 1Y: 9.03%
• 3Y*: 6.90%
• 5Y*: —
• 10Y*: —

MMKT

• 1D: 0.02%
• 1M: 0.27%
• YTD: 1.64%
• 6M: 1.74%
• 1Y: 3.78%
• 3Y*: —
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

XRMI vs. MMKT - Yearly Performance Comparison

	2026 (YTD)	2025	2024
XRMI Global X S&P 500 Risk Managed Income ETF	1.66%	4.60%	4.76%
MMKT Texas Capital Government Money Market ETF	1.64%	4.13%	1.22%

Correlation

The correlation between XRMI and MMKT is -0.15, 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	-0.15
Correlation (All Time) Calculated using the full available price history since Sep 25, 2024	-0.01

The correlation between XRMI and MMKT shifts across timeframes, from -0.15 (1 year) to -0.01 (all time), reflecting how their relationship changes across market environments.

Return for Risk

XRMI vs. MMKT — Risk / Return Rank

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

XRMI

XRMI Risk / Return Rank: 48
XRMI Sharpe Ratio Rank: 51
XRMI Sortino Ratio Rank: 50
XRMI Omega Ratio Rank: 54
XRMI Calmar Ratio Rank: 38
XRMI Martin Ratio Rank: 46

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.

XRMI vs. MMKT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Global X S&P 500 Risk Managed Income ETF (XRMI) 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.

	XRMI	MMKT	Difference
Sharpe ratio: Return per unit of total volatility	1.65	16.75	-15.11
Sortino ratio: Return per unit of downside risk	2.30	62.70	-60.40
Omega ratio: Gain probability vs. loss probability	1.32	15.48	-14.17
Calmar ratio: Return relative to maximum drawdown	1.81	152.14	-150.33
Martin ratio: Return relative to average drawdown	7.28	912.59	-905.31

XRMI vs. MMKT - Sharpe Ratio Comparison

The current XRMI Sharpe Ratio is 1.65, which is lower than the MMKT Sharpe Ratio of 16.75. The chart below compares the historical Sharpe Ratios of XRMI 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

XRMI vs. MMKT - Drawdown Comparison

The maximum XRMI drawdown since its inception was -15.31%, which is greater than MMKT's maximum drawdown of -0.04%. Use the drawdown chart below to compare losses from any high point for XRMI and MMKT.

Drawdown Indicators

	XRMI	MMKT	Difference
Max Drawdown Largest peak-to-trough decline	-15.31%	-0.04%	-15.27%
Max Drawdown (1Y) Largest decline over 1 year	-5.02%	-0.02%	-5.00%
Max Drawdown (3Y) Largest decline over 3 years	-8.34%	—	—
Current Drawdown Current decline from peak	-0.52%	0.00%	-0.52%
Average Drawdown Average peak-to-trough decline	-5.87%	-0.00%	-5.87%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.24%	0.00%	+1.24%

Volatility

XRMI vs. MMKT - Volatility Comparison

Global X S&P 500 Risk Managed Income ETF (XRMI) has a higher volatility of 1.71% compared to Texas Capital Government Money Market ETF (MMKT) at 0.05%. This indicates that XRMI'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

	XRMI	MMKT	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.71%	0.05%	+1.66%
Volatility (6M) Calculated over the trailing 6-month period	4.44%	0.13%	+4.31%
Volatility (1Y) Calculated over the trailing 1-year period	5.52%	0.23%	+5.29%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.91%	0.23%	+6.68%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.91%	0.23%	+6.68%

XRMI vs. MMKT - Expense Ratio Comparison

XRMI has a 0.60% expense ratio, which is higher than MMKT's 0.20% expense ratio.

Dividends

XRMI vs. MMKT - Dividend Comparison

XRMI's dividend yield for the trailing twelve months is around 12.73%, more than MMKT's 3.71% yield.

Position	TTM	2025	2024	2023	2022	2021
MMKT Texas Capital Government Money Market ETF	3.71%	3.98%	1.07%	0.00%	0.00%	0.00%
XRMI Global X S&P 500 Risk Managed Income ETF	12.73%	12.35%	11.86%	12.62%	12.84%	2.93%

Frequently Asked Questions

Can I hold both XRMI and MMKT in my portfolio?

XRMI and MMKT have a correlation of -0.15, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, XRMI or MMKT?

XRMI has higher volatility (1.71%) compared to MMKT (0.05%). In terms of maximum drawdown, XRMI dropped -15.31% vs MMKT's -0.04%.

Which ETF is better, XRMI or MMKT?

On 1-year performance, XRMI leads with 9.03% 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.

Which ETF has performed better, XRMI or MMKT?

Over the 1-year period, XRMI has performed better with a 9.03% return vs 3.78%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, XRMI or MMKT?

MMKT is cheaper with a 0.20% expense ratio, compared with 0.60% for XRMI.

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

XRMI has the higher dividend yield at 12.73%, compared with 3.71% for MMKT.

What is the main difference between XRMI and MMKT?

XRMI is categorized as Derivative Income, while MMKT is Money Market. They also come from different issuers: Global X and Texas Capital. Their fees differ too: 0.60% for XRMI and 0.20% for MMKT.

Which has better risk-adjusted returns?

MMKT currently has the higher Sharpe Ratio (16.75 vs 1.65), 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.