m.funds are most clearly not constant however they have a tendency to be less volatile then well known etfs like spy, especially when the market is bottoming out. M. funds at the retail class are typically much more volatile because uneducated investors always run at the first sign of danger however, if you take a look at I class shares, they are much less volatile because the investors typically compose of more sophisticated traers like banks therefore the liquidity risk is lower. However what do you mean by constant? Nothing is constant in the market
