- CUSIP
- 46641U499
- Issuer
- JPMorgan
- Inception Date
- May 31, 2016
- Category
- Municipal Bonds
- Min. Investment
- $1,000
- Distribution Policy
- Distributing
- Asset Class
- Bond
Share Price Chart
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Performance
USMSX Performance Chart
JPMorgan Ultra-Short Municipal Fund (USMSX) is up 0.6% since the beginning of the year. USMSX is currently trading at $10 per share. Investors who bought $1,000 worth of USMSX shares 5 years ago would now be looking at an investment worth $1,090.
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Compare this symbol against anything
Returns By Period
JPMorgan Ultra-Short Municipal Fund (USMSX) has returned 0.62% so far this year and 1.71% over the past 12 months.
JPMorgan Ultra-Short Municipal Fund
- 1D
- -0.10%
- 1M
- -0.10%
- 6M
- 0.35%
- YTD
- 0.62%
- 1Y
- 1.71%
- 3Y*
- 2.76%
- 5Y*
- 1.73%
- 10Y*
- —
- ALL TIME*
- 1.36%
Benchmark (S&P 500 Index)
- 1D
- 0.70%
- 1M
- 0.09%
- 6M
- 7.94%
- YTD
- 9.41%
- 1Y
- 20.07%
- 3Y*
- 17.84%
- 5Y*
- 11.25%
- 10Y*
- 13.26%
- ALL TIME*
- 8.09%
USMSX Monthly Returns History
Based on dividend-adjusted daily data since Jan 3, 2017, USMSX's average daily return is +0.01%, while the average monthly return is +0.11%. At this rate, an investment would double in approximately 52.5 years.
Historically, 77% of months were positive and 23% were negative. The best month was Nov 2023 with a return of +0.7%, while the worst month was Jan 2022 at -0.6%. The longest winning streak lasted 21 consecutive months, and the longest losing streak was 4 months.
On a daily basis, USMSX closed higher 13% of trading days. The best single day was Mar 25, 2020 with a return of +0.6%, while the worst single day was Mar 20, 2020 at -0.5%.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 0.27% | 0.22% | -0.30% | 0.24% | 0.19% | 0.00% | 0.00% | 0.62% | |||||
| 2025 | 0.43% | 0.23% | -0.10% | 0.05% | 0.42% | 0.32% | 0.40% | 0.32% | 0.13% | 0.11% | 0.22% | 0.30% | 2.87% |
| 2024 | 0.23% | 0.27% | 0.13% | 0.15% | 0.25% | 0.44% | 0.43% | 0.45% | 0.25% | 0.03% | 0.33% | 0.09% | 3.09% |
| 2023 | 0.56% | -0.25% | 0.62% | -0.01% | -0.04% | 0.42% | 0.19% | 0.24% | 0.03% | 0.24% | 0.74% | 0.42% | 3.21% |
| 2022 | -0.59% | -0.18% | -0.50% | -0.28% | 0.33% | -0.06% | 0.34% | -0.40% | -0.52% | 0.13% | 0.73% | 0.11% | -0.90% |
| 2021 | 0.10% | -0.19% | 0.00% | 0.11% | 0.01% | 0.01% | 0.00% | 0.00% | -0.19% | 0.00% | 0.01% | 0.00% | -0.15% |
Benchmark Metrics
JPMorgan Ultra-Short Municipal Fund has an annualized alpha of 1.30%, beta of 0.00, and R2 of 0.01 versus S&P 500 Index. Calculated based on daily prices since January 03, 2017.
- This fund participates in less of S&P 500 Index's moves in both directions, but captures a larger share of gains (4.03%) than losses (0.37%) - typical of diversified or defensive assets.
- Beta of 0.00 may look defensive, but with R2 of 0.01 this fund is largely uncorrelated with S&P 500 Index - low beta reflects independence, not downside protection. See the Volatility section for a true picture of this fund's risk.
- R2 of 0.01 means this fund moves largely independently of S&P 500 Index - capture ratios reflect limited market correlation rather than active downside protection. Consider using a more representative benchmark.
- Alpha
- 1.30%
- Beta
- 0.00
- R²
- 0.01
- Upside Capture
- 4.03%
- Downside Capture
- 0.37%
Expense Ratio
USMSX has an expense ratio of 0.45%, placing it in the medium range.
Return for Risk
Risk / Return Rank
USMSX ranks 98 for risk / return — above 98% of mutual funds peers on PortfoliosLab. Its historical combined result is among the stronger results in the peer group.
Risk / Return Metrics
The table below present risk-adjusted performance metrics for JPMorgan Ultra-Short Municipal Fund (USMSX) and compare them to S&P 500 Index.
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.
| USMSX | Benchmark | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.32 | ||
| Sortino ratioReturn per unit of downside risk | +2.66 | ||
| Omega ratioGain probability vs. loss probability | 2.63 | 1.25 | +1.38 |
| Calmar ratioReturn relative to maximum drawdown | 5.76 | 2.00 | +3.75 |
| Martin ratioReturn relative to average drawdown | 24.12 | 8.49 | +15.63 |
Dividends
Dividend History
JPMorgan Ultra-Short Municipal Fund provided a 2.11% dividend yield over the last twelve months, with an annual payout of $0.21 per share.
| Period | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Dividend | $0.21 | $0.24 | $0.28 | $0.23 | $0.07 | $0.01 | $0.06 | $0.13 | $0.10 | $0.06 |
Dividend yield | 2.11% | 2.42% | 2.84% | 2.35% | 0.70% | 0.05% | 0.57% | 1.28% | 1.01% | 0.59% |
Monthly Dividends
The table displays the monthly dividend distributions for JPMorgan Ultra-Short Municipal Fund. The dividends shown in the table have been adjusted to account for any splits that may have occurred.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | $0.02 | $0.02 | $0.00 | $0.02 | $0.02 | $0.00 | $0.02 | $0.10 | |||||
| 2025 | $0.02 | $0.02 | $0.00 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.24 |
| 2024 | $0.02 | $0.03 | $0.02 | $0.03 | $0.02 | $0.02 | $0.02 | $0.02 | $0.03 | $0.02 | $0.02 | $0.02 | $0.28 |
| 2023 | $0.02 | $0.01 | $0.01 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.23 |
| 2022 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 | $0.07 |
| 2021 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.01 |
Drawdowns
Drawdowns Chart
The Drawdowns chart displays portfolio losses from any high point along the way. Drawdowns are calculated considering price movements and all distributions paid, if any.
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Worst Drawdowns
The table below displays the maximum drawdowns of the JPMorgan Ultra-Short Municipal Fund. A maximum drawdown is a measure of risk, indicating the largest reduction in portfolio value due to a series of losing trades.
The maximum drawdown for the JPMorgan Ultra-Short Municipal Fund was 2.09%, occurring on Sep 28, 2022. Recovery took 180 trading sessions.
The current JPMorgan Ultra-Short Municipal Fund drawdown is 0.20%.
Drawdown | Fall | Recovery | Underwater | Related event |
|---|---|---|---|---|
-2.09%Sep 2022 | 1y 7mo | 8mo 21d | 2y 3moFeb 2021 - Jun 2023 | Bear market2022 |
-1.88%Mar 2020 | 9d | 3mo 8d | 3mo 17dMar 2020 - Jun 2020 | COVID crash2020 |
-0.50%Apr 2025 | 14d | 1mo 4d | 1mo 18dMar 2025 - May 2025 | 2025 selloff2025 |
-0.30%Mar 2026 | 7d | 1mo 12d | 1mo 19dMar 2026 - May 2026 | — |
-0.29%Nov 2017 | 1mo 6d | 2mo 19d | 3mo 25dOct 2017 - Feb 2018 | — |
Drawdown Indicators
| USMSX | Benchmark | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -2.09% | -56.78% | +54.69% |
Max Drawdown (1Y)Largest decline over 1 year | -0.30% | -9.10% | +8.80% |
Max Drawdown (3Y)Largest decline over 3 years | -0.50% | -18.90% | +18.40% |
Max Drawdown (5Y)Largest decline over 5 years | -2.03% | -25.43% | +23.40% |
Max Drawdown (10Y)Largest decline over 10 years | — | -33.92% | — |
Current DrawdownCurrent decline from peak | -0.20% | -1.58% | +1.38% |
Average DrawdownAverage peak-to-trough decline | -0.22% | -10.70% | +10.48% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.07% | 2.14% | -2.07% |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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