CMGUX vs. JMGIX

Last updated Jun 5, 2026

CMGUX (Columbia Ultra Short Term Bond Fund) and JMGIX (JPMorgan Managed Income Fund) are both Ultrashort Bond funds. Over the past 10 years, CMGUX returned 2.69%/yr vs 2.46%/yr for JMGIX. At a 0.39 correlation, their price movements are largely independent. Both charge a 0.25% expense ratio.

Performance

CMGUX vs. JMGIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Columbia Ultra Short Term Bond Fund (CMGUX) and JPMorgan Managed Income Fund (JMGIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CMGUX achieves a 1.58% return, which is significantly higher than JMGIX's 1.37% return. Over the past 10 years, CMGUX has outperformed JMGIX with an annualized return of 2.69%, while JMGIX has yielded a comparatively lower 2.46% annualized return.

CMGUX

• 1D: 0.00%
• 1M: 0.34%
• YTD: 1.58%
• 6M: 1.99%
• 1Y: 4.49%
• 3Y*: 5.14%
• 5Y*: 3.64%
• 10Y*: 2.69%

JMGIX

• 1D: 0.00%
• 1M: 0.34%
• YTD: 1.37%
• 6M: 1.82%
• 1Y: 4.23%
• 3Y*: 4.90%
• 5Y*: 3.35%
• 10Y*: 2.46%

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

CMGUX vs. JMGIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
CMGUX Columbia Ultra Short Term Bond Fund	1.58%	4.89%	5.31%	5.88%	0.79%	0.17%	1.78%	2.99%	1.90%	1.36%
JMGIX JPMorgan Managed Income Fund	1.37%	4.87%	5.36%	4.18%	1.13%	0.05%	1.32%	3.02%	2.07%	1.30%

Correlation

The correlation between CMGUX and JMGIX is 0.38, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.38
Correlation (3Y) Calculated over the trailing 3-year period	0.39
Correlation (5Y) Calculated over the trailing 5-year period	0.40
Correlation (10Y) Calculated over the trailing 10-year period	0.43
Correlation (All Time) Calculated using the full available price history since Jan 4, 2012	0.39

Return for Risk

CMGUX vs. JMGIX — Risk / Return Rank

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

CMGUX

CMGUX Risk / Return Rank: 99
CMGUX Sharpe Ratio Rank: 95
CMGUX Sortino Ratio Rank: 100
CMGUX Omega Ratio Rank: 99
CMGUX Calmar Ratio Rank: 100
CMGUX Martin Ratio Rank: 100

JMGIX

JMGIX Risk / Return Rank: 97
JMGIX Sharpe Ratio Rank: 91
JMGIX Sortino Ratio Rank: 99
JMGIX Omega Ratio Rank: 98
JMGIX Calmar Ratio Rank: 99
JMGIX 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.

CMGUX vs. JMGIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Columbia Ultra Short Term Bond Fund (CMGUX) and JPMorgan Managed Income Fund (JMGIX). 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.

	CMGUX	JMGIX	Difference
Sharpe ratio: Return per unit of total volatility	3.30	3.08	+0.22
Sortino ratio: Return per unit of downside risk	11.21	7.90	+3.31
Omega ratio: Gain probability vs. loss probability	3.99	2.49	+1.50
Calmar ratio: Return relative to maximum drawdown	21.44	10.68	+10.76
Martin ratio: Return relative to average drawdown	83.64	49.62	+34.02
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CMGUX vs. JMGIX - Sharpe Ratio Comparison

The current CMGUX Sharpe Ratio is 3.30, which is comparable to the JMGIX Sharpe Ratio of 3.08. The chart below compares the historical Sharpe Ratios of CMGUX and JMGIX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	CMGUX	JMGIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.30	3.08	+0.22
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	2.85	2.62	+0.24
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	2.43	2.33	+0.10
Sharpe Ratio (All Time) Calculated using the full available price history	1.81	2.00	-0.18

Drawdowns

CMGUX vs. JMGIX - Drawdown Comparison

The maximum CMGUX drawdown since its inception was -3.09%, which is greater than JMGIX's maximum drawdown of -2.18%. Use the drawdown chart below to compare losses from any high point for CMGUX and JMGIX.

Drawdown Indicators

	CMGUX	JMGIX	Difference
Max Drawdown Largest peak-to-trough decline	-3.09%	-2.18%	-0.91%
Max Drawdown (1Y) Largest decline over 1 year	-0.22%	-0.40%	+0.18%
Max Drawdown (3Y) Largest decline over 3 years	-0.32%	-0.40%	+0.08%
Max Drawdown (5Y) Largest decline over 5 years	-0.95%	-0.70%	-0.25%
Max Drawdown (10Y) Largest decline over 10 years	-3.09%	-2.18%	-0.91%
Current Drawdown Current decline from peak	-0.11%	0.00%	-0.11%
Average Drawdown Average peak-to-trough decline	-0.13%	-0.07%	-0.06%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.06%	0.09%	-0.03%

Volatility

CMGUX vs. JMGIX - Volatility Comparison

The current volatility for Columbia Ultra Short Term Bond Fund (CMGUX) is 0.37%, while JPMorgan Managed Income Fund (JMGIX) has a volatility of 0.39%. This indicates that CMGUX experiences smaller price fluctuations and is considered to be less risky than JMGIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CMGUX	JMGIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.37%	0.39%	-0.02%
Volatility (6M) Calculated over the trailing 6-month period	0.97%	0.98%	-0.01%
Volatility (1Y) Calculated over the trailing 1-year period	1.40%	1.38%	+0.02%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.28%	1.29%	-0.01%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.11%	1.06%	+0.05%

CMGUX vs. JMGIX - Expense Ratio Comparison

Both CMGUX and JMGIX have an expense ratio of 0.25%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.

Dividends

CMGUX vs. JMGIX - Dividend Comparison

CMGUX's dividend yield for the trailing twelve months is around 4.39%, more than JMGIX's 4.14% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CMGUX Columbia Ultra Short Term Bond Fund	4.39%	4.65%	4.07%	3.46%	1.34%	0.61%	1.53%	2.50%	1.99%	1.24%	0.87%	0.50%
JMGIX JPMorgan Managed Income Fund	4.14%	4.34%	5.11%	3.77%	1.32%	0.45%	1.31%	2.58%	2.15%	1.39%	0.11%	0.01%

Frequently Asked Questions

Can I hold both CMGUX and JMGIX in my portfolio?

CMGUX and JMGIX have a correlation of 0.38, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CMGUX or JMGIX?

JMGIX has higher volatility (0.39%) compared to CMGUX (0.37%). In terms of maximum drawdown, CMGUX dropped -3.09% vs JMGIX's -2.18%.

Which has better risk-adjusted returns?

CMGUX currently has the higher Sharpe Ratio (3.30 vs 3.08), 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.