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Performance
Performance Chart
The chart shows the growth of an initial investment of $10,000 in JPMorgan Ultra-Short Municipal Fund, comparing it to the performance of the S&P 500 index or another benchmark. All prices have been adjusted for splits and dividends.
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Returns By Period
JPMorgan Ultra-Short Municipal Fund (USMTX) has returned 0.32% so far this year and 2.68% over the past 12 months.
JPMorgan Ultra-Short Municipal Fund
- 1D
- 0.00%
- 1M
- -0.30%
- YTD
- 0.32%
- 6M
- 0.91%
- 1Y
- 2.68%
- 3Y*
- 3.01%
- 5Y*
- 1.87%
- 10Y*
- —
Benchmark (S&P 500 Index)
- 1D
- 2.91%
- 1M
- -5.09%
- YTD
- -4.63%
- 6M
- -2.39%
- 1Y
- 16.33%
- 3Y*
- 16.69%
- 5Y*
- 10.18%
- 10Y*
- 12.16%
Monthly Returns
Based on dividend-adjusted daily data since Jan 3, 2017, USMTX's average daily return is +0.01%, while the average monthly return is +0.13%. At this rate, your investment would double in approximately 44.5 years.
Historically, 81% of months were positive and 19% were negative. The best month was Nov 2023 with a return of +0.8%, while the worst month was Mar 2022 at -0.5%. The longest winning streak lasted 24 consecutive months, and the longest losing streak was 4 months.
On a daily basis, USMTX closed higher 14% 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 | 0.39% | 0.23% | -0.30% | 0.32% | |||||||||
| 2025 | 0.45% | 0.24% | -0.10% | 0.07% | 0.43% | 0.34% | 0.42% | 0.34% | 0.15% | 0.13% | 0.24% | 0.22% | 2.96% |
| 2024 | 0.25% | 0.29% | 0.15% | 0.17% | 0.26% | 0.46% | 0.44% | 0.47% | 0.27% | 0.05% | 0.35% | 0.10% | 3.30% |
| 2023 | 0.58% | -0.24% | 0.64% | 0.00% | 0.04% | 0.42% | 0.21% | 0.25% | 0.04% | 0.26% | 0.76% | 0.44% | 3.46% |
| 2022 | -0.48% | -0.16% | -0.48% | -0.36% | 0.35% | -0.05% | 0.36% | -0.40% | -0.40% | 0.04% | 0.74% | 0.13% | -0.71% |
| 2021 | 0.02% | -0.17% | 0.02% | 0.13% | 0.02% | 0.03% | 0.12% | -0.09% | -0.08% | -0.08% | 0.02% | 0.02% | -0.05% |
Benchmark Metrics
JPMorgan Ultra-Short Municipal Fund has an annualized alpha of 1.51%, beta of 0.00, and R² of 0.01 versus S&P 500 Index. Calculated based on daily prices since January 04, 2017.
- This fund captured 4.61% of S&P 500 Index gains and tended to rise during its downturns (downside capture of -0.05%) — a profile typical of hedging or uncorrelated 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
- 1.51%
- Beta
- 0.00
- R²
- 0.01
- Upside Capture
- 4.61%
- Downside Capture
- -0.05%
Expense Ratio
USMTX has an expense ratio of 0.24%, which is considered low.
Return for Risk
Risk / Return Rank
USMTX ranks 99 for risk / return — in the top 99% of mutual funds on our site. This means strong returns relative to risk — exactly what professional investors look for. Well-suited for investors who want to maximize return per unit of risk.
Return / Risk — by metrics
The table below present risk-adjusted performance metrics for JPMorgan Ultra-Short Municipal Fund (USMTX) and compare them to a chosen benchmark (S&P 500 Index).
| USMTX | Benchmark | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 3.97 | 0.90 | +3.08 |
Sortino ratioReturn per unit of downside risk | 7.18 | 1.39 | +5.79 |
Omega ratioGain probability vs. loss probability | 3.38 | 1.21 | +2.17 |
Calmar ratioReturn relative to maximum drawdown | 6.97 | 1.40 | +5.57 |
Martin ratioReturn relative to average drawdown | 37.45 | 6.61 | +30.84 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Explore USMTX risk-adjusted metrics in detail
Dive deeper into individual metrics with historical trends, benchmark comparisons, and performance across different time periods.
Dividends
Dividend History
JPMorgan Ultra-Short Municipal Fund provided a 2.55% dividend yield over the last twelve months, with an annual payout of $0.26 per share.
| Period | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Dividend | $0.26 | $0.26 | $0.30 | $0.26 | $0.09 | $0.03 | $0.08 | $0.15 | $0.13 | $0.08 |
Dividend yield | 2.55% | 2.62% | 3.05% | 2.58% | 0.89% | 0.25% | 0.76% | 1.49% | 1.31% | 0.78% |
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 | $0.04 | |||||||||
| 2025 | $0.03 | $0.02 | $0.00 | $0.03 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.26 |
| 2024 | $0.02 | $0.03 | $0.02 | $0.03 | $0.03 | $0.03 | $0.02 | $0.03 | $0.03 | $0.02 | $0.03 | $0.02 | $0.30 |
| 2023 | $0.02 | $0.02 | $0.01 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.03 | $0.03 | $0.02 | $0.26 |
| 2022 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 | $0.09 |
| 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 | $0.03 |
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 1.98%, occurring on Mar 20, 2020. Recovery took 65 trading sessions.
The current JPMorgan Ultra-Short Municipal Fund drawdown is 0.30%.
Depth | Start | To Bottom | Bottom | To Recover | End | Total |
|---|---|---|---|---|---|---|
| -1.98% | Mar 10, 2020 | 9 | Mar 20, 2020 | 65 | Jun 23, 2020 | 74 |
| -1.92% | Aug 6, 2021 | 289 | Sep 28, 2022 | 122 | Mar 24, 2023 | 411 |
| -0.5% | Mar 27, 2025 | 10 | Apr 9, 2025 | 23 | May 13, 2025 | 33 |
| -0.3% | May 16, 2023 | 5 | May 22, 2023 | 13 | Jun 9, 2023 | 18 |
| -0.3% | Apr 14, 2023 | 4 | Apr 19, 2023 | 14 | May 9, 2023 | 18 |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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