- ISIN
- US46641U4812
- CUSIP
- 46641U481
- Issuer
- JPMorgan
- Inception Date
- May 30, 2016
- Category
- Municipal Bonds
- Min. Investment
- $1,000,000
- Distribution Policy
- Distributing
- Asset Class
- Bond
Share Price Chart
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Performance
USMTX Performance Chart
JPMorgan Ultra-Short Municipal Fund (USMTX) is up 1.0% since the beginning of the year. USMTX is currently trading at $10 per share. Investors who bought $1,000 worth of USMTX shares 5 years ago would now be looking at an investment worth $1,102.
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Returns By Period
JPMorgan Ultra-Short Municipal Fund (USMTX) has returned 0.99% so far this year and 2.65% over the past 12 months.
JPMorgan Ultra-Short Municipal Fund
- 1D
- 0.10%
- 1M
- 0.41%
- YTD
- 0.99%
- 6M
- 1.01%
- 1Y
- 2.65%
- 3Y*
- 3.16%
- 5Y*
- 1.97%
- 10Y*
- —
Benchmark (S&P 500 Index)
- 1D
- -0.37%
- 1M
- -0.01%
- YTD
- 9.16%
- 6M
- 8.64%
- 1Y
- 25.22%
- 3Y*
- 19.78%
- 5Y*
- 11.99%
- 10Y*
- 13.88%
USMTX Monthly Returns History
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, an investment would double in approximately 44.5 years.
Historically, 82% of months were positive and 18% 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% | 0.26% | 0.21% | 0.20% | 0.99% | ||||||
| 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 1.54%, 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 captured 4.45% of S&P 500 Index gains and tended to rise during its downturns (downside capture of -0.22%) - 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
- 1.54%
- Beta
- 0.00
- R²
- 0.01
- Upside Capture
- 4.45%
- Downside Capture
- -0.22%
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 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.
| USMTX | Benchmark | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.49 | ||
| Sortino ratioReturn per unit of downside risk | +7.30 | ||
| Omega ratioGain probability vs. loss probability | 5.63 | 1.37 | +4.26 |
| Calmar ratioReturn relative to maximum drawdown | 8.91 | 2.78 | +6.12 |
| Martin ratioReturn relative to average drawdown | 49.19 | 12.44 | +36.75 |
Dividends
Dividend History
JPMorgan Ultra-Short Municipal Fund provided a 2.52% dividend yield over the last twelve months, with an annual payout of $0.25 per share.
| Period | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Dividend | $0.25 | $0.26 | $0.30 | $0.26 | $0.09 | $0.03 | $0.08 | $0.15 | $0.13 | $0.08 |
Dividend yield | 2.52% | 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 | $0.03 | $0.02 | $0.00 | $0.09 | ||||||
| 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.
Related event | Drawdown | Fall | Recovery | Underwater |
|---|---|---|---|---|
COVID crash2020 | -1.98%Mar 2020 | 10d | 3mo 5d | 3mo 15dMar 2020 - Jun 2020 |
Bear market2022 | -1.92%Sep 2022 | 1y 1mo | 5mo 27d | 1y 7moAug 2021 - Mar 2023 |
2025 selloff2025 | -0.50%Apr 2025 | 13d | 1mo 4d | 1mo 17dMar 2025 - May 2025 |
2023 pullback2023 | -0.30%May 2023 | 6d | 18d | 24dMay 2023 - Jun 2023 |
2023 pullback2023 | -0.30%Apr 2023 | 5d | 20d | 25dApr 2023 - May 2023 |
Drawdown Indicators
| USMTX | Benchmark | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -1.98% | -56.78% | +54.80% |
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 | -1.92% | -25.43% | +23.51% |
Max Drawdown (10Y)Largest decline over 10 years | — | -33.92% | — |
Current DrawdownCurrent decline from peak | 0.00% | -1.80% | +1.80% |
Average DrawdownAverage peak-to-trough decline | -0.18% | -10.71% | +10.53% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.05% | 2.03% | -1.98% |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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