BIDAX vs. USMTX

Last updated Apr 1, 2026

Compare and contrast key facts about iShares Municipal Bond Index Fund (BIDAX) and JPMorgan Ultra-Short Municipal Fund (USMTX).

BIDAX is managed by BlackRock. It was launched on Dec 17, 2000. USMTX is managed by JPMorgan. It was launched on May 30, 2016.

Performance

BIDAX vs. USMTX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Municipal Bond Index Fund (BIDAX) and JPMorgan Ultra-Short Municipal Fund (USMTX). The values are adjusted to include any dividend payments, if applicable.

BIDAX vs. USMTX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
BIDAX iShares Municipal Bond Index Fund	-0.75%	4.52%	1.44%	5.74%	-9.41%	1.38%	4.70%	7.56%	1.44%
USMTX JPMorgan Ultra-Short Municipal Fund	0.32%	2.96%	3.30%	3.46%	-0.71%	-0.05%	1.07%	2.01%	0.36%

Returns By Period

In the year-to-date period, BIDAX achieves a -0.75% return, which is significantly lower than USMTX's 0.32% return.

BIDAX

• 1D: 0.18%
• 1M: -2.77%
• YTD: -0.75%
• 6M: 0.57%
• 1Y: 3.58%
• 3Y*: 2.68%
• 5Y*: 0.54%
• 10Y*: —

USMTX

• 1D: 0.00%
• 1M: -0.30%
• YTD: 0.32%
• 6M: 0.91%
• 1Y: 2.68%
• 3Y*: 3.01%
• 5Y*: 1.87%
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

BIDAX vs. USMTX - Expense Ratio Comparison

BIDAX has a 0.50% expense ratio, which is higher than USMTX's 0.24% expense ratio.

BIDAX

iShares Municipal Bond Index Fund

USMTX

JPMorgan Ultra-Short Municipal Fund

Return for Risk

BIDAX vs. USMTX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

BIDAX

BIDAX Risk / Return Rank: 44
BIDAX Sharpe Ratio Rank: 45
BIDAX Sortino Ratio Rank: 38
BIDAX Omega Ratio Rank: 68
BIDAX Calmar Ratio Rank: 36
BIDAX Martin Ratio Rank: 31

USMTX

USMTX Risk / Return Rank: 99
USMTX Sharpe Ratio Rank: 99
USMTX Sortino Ratio Rank: 99
USMTX Omega Ratio Rank: 99
USMTX Calmar Ratio Rank: 99
USMTX Martin Ratio Rank: 99

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

BIDAX vs. USMTX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Municipal Bond Index Fund (BIDAX) and JPMorgan Ultra-Short Municipal Fund (USMTX). 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.

	BIDAX	USMTX	Difference
Sharpe ratio Return per unit of total volatility	0.90	3.97	-3.08
Sortino ratio Return per unit of downside risk	1.22	7.18	-5.96
Omega ratio Gain probability vs. loss probability	1.26	3.38	-2.12
Calmar ratio Return relative to maximum drawdown	0.97	6.97	-6.00
Martin ratio Return relative to average drawdown	3.38	37.45	-34.07
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BIDAX vs. USMTX - Sharpe Ratio Comparison

The current BIDAX Sharpe Ratio is 0.90, which is lower than the USMTX Sharpe Ratio of 3.97. The chart below compares the historical Sharpe Ratios of BIDAX and USMTX, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	BIDAX	USMTX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.90	3.97	-3.08
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.13	2.62	-2.49
Sharpe Ratio (All Time) Calculated using the full available price history	0.48	2.09	-1.61

Correlation

The correlation between BIDAX and USMTX is 0.41, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

BIDAX vs. USMTX - Dividend Comparison

BIDAX's dividend yield for the trailing twelve months is around 3.14%, more than USMTX's 2.55% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
BIDAX iShares Municipal Bond Index Fund	3.14%	4.09%	3.25%	2.16%	1.92%	2.36%	2.35%	3.64%	0.48%	0.00%
USMTX JPMorgan Ultra-Short Municipal Fund	2.55%	2.62%	3.05%	2.58%	0.89%	0.25%	0.76%	1.49%	1.31%	0.78%

Drawdowns

BIDAX vs. USMTX - Drawdown Comparison

The maximum BIDAX drawdown since its inception was -14.39%, which is greater than USMTX's maximum drawdown of -1.98%. Use the drawdown chart below to compare losses from any high point for BIDAX and USMTX.

Drawdown Indicators

	BIDAX	USMTX	Difference
Max Drawdown Largest peak-to-trough decline	-14.39%	-1.98%	-12.41%
Max Drawdown (1Y) Largest decline over 1 year	-4.83%	-0.40%	-4.43%
Max Drawdown (5Y) Largest decline over 5 years	-14.39%	-1.92%	-12.47%
Current Drawdown Current decline from peak	-2.77%	-0.30%	-2.47%
Average Drawdown Average peak-to-trough decline	-3.56%	-0.19%	-3.37%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.39%	0.07%	+1.32%

Volatility

BIDAX vs. USMTX - Volatility Comparison

iShares Municipal Bond Index Fund (BIDAX) has a higher volatility of 1.08% compared to JPMorgan Ultra-Short Municipal Fund (USMTX) at 0.22%. This indicates that BIDAX's price experiences larger fluctuations and is considered to be riskier than USMTX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BIDAX	USMTX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.08%	0.22%	+0.86%
Volatility (6M) Calculated over the trailing 6-month period	1.66%	0.40%	+1.26%
Volatility (1Y) Calculated over the trailing 1-year period	4.82%	0.70%	+4.12%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.04%	0.72%	+3.32%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.46%	0.75%	+3.71%