The microwave performance potential of Si/SiGe pseudomorphic MODFETs are studied, in comparison to state of the art InGaAs pseudomorphic HEMTs. Both devices have equivalent structures corresponding to a physical HEMT used for calibration. We use an RF analysis technique based on transient Monte Carlo simulations to estimate the intrinsic noise figures, the RF figures of merit fT and fmax, and the effect of contact and gate resistances. Both devices exhibit velocity overshoot below the gate region. It is shown that the difference in noise figures and fT values can be mainly attributed to differences in device channel velocity, fmax exhibits a strong dependence on device contact resistance, eroding some of the performance advantage of the pseudomorphic HEMT.