OSTAX vs. SHM
OSTAX (JPMorgan Short-Intermediate Municipal Bond Fund) and SHM (SPDR Nuveen Bloomberg Barclays Short Term Municipal Bond ETF) are both Municipal Bonds funds. Over the past 10 years, OSTAX returned 1.15%/yr vs 1.20%/yr for SHM. At a 0.37 correlation, their price movements are largely independent. OSTAX charges 0.87%/yr vs 0.20%/yr for SHM.
Performance
OSTAX vs. SHM - Performance Comparison
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Returns By Period
In the year-to-date period, OSTAX achieves a 0.46% return, which is significantly lower than SHM's 0.78% return. Both investments have delivered pretty close results over the past 10 years, with OSTAX having a 1.15% annualized return and SHM not far ahead at 1.20%.
OSTAX
- 1D
- 0.10%
- 1M
- 0.30%
- YTD
- 0.46%
- 6M
- 0.77%
- 1Y
- 3.22%
- 3Y*
- 2.81%
- 5Y*
- 0.68%
- 10Y*
- 1.15%
SHM
- 1D
- 0.04%
- 1M
- 0.39%
- YTD
- 0.78%
- 6M
- 1.08%
- 1Y
- 3.47%
- 3Y*
- 2.93%
- 5Y*
- 0.91%
- 10Y*
- 1.20%
OSTAX vs. SHM - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
OSTAX JPMorgan Short-Intermediate Municipal Bond Fund | 0.46% | 3.89% | 1.64% | 3.13% | -5.27% | -0.26% | 3.02% | 4.31% | 0.80% | 2.01% |
SHM SPDR Nuveen Bloomberg Barclays Short Term Municipal Bond ETF | 0.78% | 3.95% | 1.22% | 2.92% | -3.82% | -0.37% | 2.65% | 3.64% | 1.56% | 0.99% |
Correlation
The correlation between OSTAX and SHM is 0.50, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.50 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.58 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.58 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.50 |
Correlation (All Time) Calculated using the full available price history since Oct 19, 2007 | 0.37 |
The correlation between OSTAX and SHM shifts across timeframes, from 0.37 (all time) to 0.58 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
OSTAX vs. SHM — Risk / Return Rank
OSTAX
SHM
OSTAX vs. SHM - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for JPMorgan Short-Intermediate Municipal Bond Fund (OSTAX) and SPDR Nuveen Bloomberg Barclays Short Term Municipal Bond ETF (SHM). 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.
| OSTAX | SHM | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | 0.00 | ||
| Sortino ratioReturn per unit of downside risk | -0.26 | ||
| Omega ratioGain probability vs. loss probability | 1.92 | 1.59 | +0.33 |
| Calmar ratioReturn relative to maximum drawdown | 2.22 | 3.08 | -0.86 |
| Martin ratioReturn relative to average drawdown | 5.97 | 7.88 | -1.92 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| OSTAX | SHM | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.76 | 2.76 | 0.00 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.34 | 0.44 | -0.10 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.49 | 0.36 | +0.13 |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.16 | 0.48 | +0.69 |
Drawdowns
OSTAX vs. SHM - Drawdown Comparison
The maximum OSTAX drawdown since its inception was -8.72%, smaller than the maximum SHM drawdown of -11.61%. Use the drawdown chart below to compare losses from any high point for OSTAX and SHM.
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Drawdown Indicators
| OSTAX | SHM | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -8.72% | -11.61% | +2.89% |
Max Drawdown (1Y)Largest decline over 1 year | -1.46% | -1.13% | -0.33% |
Max Drawdown (3Y)Largest decline over 3 years | -2.39% | -2.03% | -0.36% |
Max Drawdown (5Y)Largest decline over 5 years | -8.72% | -6.67% | -2.05% |
Max Drawdown (10Y)Largest decline over 10 years | -8.72% | -11.61% | +2.89% |
Current DrawdownCurrent decline from peak | -0.73% | -0.37% | -0.36% |
Average DrawdownAverage peak-to-trough decline | -0.86% | -0.97% | +0.11% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.54% | 0.44% | +0.10% |
Volatility
OSTAX vs. SHM - Volatility Comparison
JPMorgan Short-Intermediate Municipal Bond Fund (OSTAX) has a higher volatility of 0.44% compared to SPDR Nuveen Bloomberg Barclays Short Term Municipal Bond ETF (SHM) at 0.35%. This indicates that OSTAX's price experiences larger fluctuations and is considered to be riskier than SHM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| OSTAX | SHM | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.44% | 0.35% | +0.09% |
Volatility (6M)Calculated over the trailing 6-month period | 0.95% | 0.85% | +0.10% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.17% | 1.26% | -0.09% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 2.01% | 2.07% | -0.06% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 2.34% | 3.31% | -0.97% |
OSTAX vs. SHM - Expense Ratio Comparison
OSTAX has a 0.87% expense ratio, which is higher than SHM's 0.20% expense ratio.
Dividends
OSTAX vs. SHM - Dividend Comparison
OSTAX's dividend yield for the trailing twelve months is around 2.39%, less than SHM's 2.67% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
OSTAX JPMorgan Short-Intermediate Municipal Bond Fund | 2.39% | 2.62% | 2.52% | 1.88% | 1.33% | 1.03% | 1.20% | 1.56% | 1.56% | 1.03% | 1.45% | 0.68% |
SHM SPDR Nuveen Bloomberg Barclays Short Term Municipal Bond ETF | 2.67% | 2.61% | 2.06% | 1.15% | 0.69% | 0.86% | 1.24% | 1.40% | 1.23% | 1.06% | 0.94% | 0.92% |
Frequently Asked Questions
OSTAX and SHM have a correlation of 0.50, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
OSTAX has higher volatility (0.44%) compared to SHM (0.35%). In terms of maximum drawdown, OSTAX dropped -8.72% vs SHM's -11.61%.
OSTAX currently has the higher Sharpe Ratio (2.76 vs 2.76), 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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