DSSMX vs. JMUB

Last updated Jun 23, 2026

DSSMX (DFA Selective State Municipal Bond Portfolio) and JMUB (JPMorgan Municipal ETF) are both Municipal Bonds funds. Over the past 5 years, DSSMX returned 0.68%/yr vs 1.27%/yr for JMUB. A 0.71 correlation means they provide meaningful diversification when combined. DSSMX charges 0.23%/yr vs 0.18%/yr for JMUB.

Performance

DSSMX vs. JMUB - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in DFA Selective State Municipal Bond Portfolio (DSSMX) and JPMorgan Municipal ETF (JMUB). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

As of year-to-date, both investments have demonstrated similar returns, with DSSMX at 1.48% and JMUB at 1.48%.

DSSMX

• 1D: 0.10%
• 1M: 0.86%
• YTD: 1.48%
• 6M: 1.59%
• 1Y: 5.05%
• 3Y*: 3.11%
• 5Y*: 0.68%
• 10Y*: —

JMUB

• 1D: 0.02%
• 1M: 1.28%
• YTD: 1.48%
• 6M: 1.70%
• 1Y: 5.72%
• 3Y*: 3.69%
• 5Y*: 1.27%
• 10Y*: —

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

DSSMX vs. JMUB - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
DSSMX DFA Selective State Municipal Bond Portfolio	1.48%	3.40%	2.08%	3.47%	-6.72%	0.10%	1.03%
JMUB JPMorgan Municipal ETF	1.48%	4.34%	1.88%	5.96%	-7.43%	1.58%	2.08%

Correlation

The correlation between DSSMX and JMUB is 0.64, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.64
Correlation (3Y) Calculated over the trailing 3-year period	0.71
Correlation (5Y) Calculated over the trailing 5-year period	0.72
Correlation (All Time) Calculated using the full available price history since Oct 19, 2020	0.72

The correlation between DSSMX and JMUB has been stable across timeframes, ranging from 0.64 to 0.72 - a consistent structural relationship.

Return for Risk

DSSMX vs. JMUB — Risk / Return Rank

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

DSSMX

DSSMX Risk / Return Rank: 88
DSSMX Sharpe Ratio Rank: 98
DSSMX Sortino Ratio Rank: 98
DSSMX Omega Ratio Rank: 98
DSSMX Calmar Ratio Rank: 76
DSSMX Martin Ratio Rank: 69

JMUB

JMUB Risk / Return Rank: 68
JMUB Sharpe Ratio Rank: 78
JMUB Sortino Ratio Rank: 81
JMUB Omega Ratio Rank: 88
JMUB Calmar Ratio Rank: 47
JMUB Martin Ratio Rank: 47

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.

DSSMX vs. JMUB - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for DFA Selective State Municipal Bond Portfolio (DSSMX) and JPMorgan Municipal ETF (JMUB). 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.

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.

	DSSMX	JMUB	Difference
Sharpe ratio: Return per unit of total volatility	3.49	2.40	+1.09
Sortino ratio: Return per unit of downside risk	5.85	3.45	+2.40
Omega ratio: Gain probability vs. loss probability	2.13	1.52	+0.60
Calmar ratio: Return relative to maximum drawdown	3.26	2.25	+1.00
Martin ratio: Return relative to average drawdown	12.50	7.74	+4.76

DSSMX vs. JMUB - Sharpe Ratio Comparison

The current DSSMX Sharpe Ratio is 3.49, which is higher than the JMUB Sharpe Ratio of 2.40. The chart below compares the historical Sharpe Ratios of DSSMX and JMUB, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

DSSMX vs. JMUB - Drawdown Comparison

The maximum DSSMX drawdown since its inception was -10.89%, smaller than the maximum JMUB drawdown of -12.50%. Use the drawdown chart below to compare losses from any high point for DSSMX and JMUB.

Drawdown Indicators

	DSSMX	JMUB	Difference
Max Drawdown Largest peak-to-trough decline	-10.89%	-12.50%	+1.61%
Max Drawdown (1Y) Largest decline over 1 year	-1.56%	-2.55%	+0.99%
Max Drawdown (3Y) Largest decline over 3 years	-3.57%	-4.79%	+1.22%
Max Drawdown (5Y) Largest decline over 5 years	-10.89%	-12.06%	+1.17%
Current Drawdown Current decline from peak	-0.01%	-0.38%	+0.37%
Average Drawdown Average peak-to-trough decline	-3.24%	-2.50%	-0.74%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.41%	0.74%	-0.33%

Volatility

DSSMX vs. JMUB - Volatility Comparison

The current volatility for DFA Selective State Municipal Bond Portfolio (DSSMX) is 0.36%, while JPMorgan Municipal ETF (JMUB) has a volatility of 0.69%. This indicates that DSSMX experiences smaller price fluctuations and is considered to be less risky than JMUB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DSSMX	JMUB	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.36%	0.69%	-0.33%
Volatility (6M) Calculated over the trailing 6-month period	1.10%	1.87%	-0.77%
Volatility (1Y) Calculated over the trailing 1-year period	1.46%	2.40%	-0.94%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.43%	3.33%	-0.90%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.33%	4.13%	-1.80%

DSSMX vs. JMUB - Expense Ratio Comparison

DSSMX has a 0.23% expense ratio, which is higher than JMUB's 0.18% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

DSSMX vs. JMUB - Dividend Comparison

DSSMX's dividend yield for the trailing twelve months is around 2.79%, less than JMUB's 3.59% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
DSSMX DFA Selective State Municipal Bond Portfolio	2.79%	2.37%	2.39%	1.47%	0.92%	0.60%	0.03%	0.00%	0.00%
JMUB JPMorgan Municipal ETF	3.59%	3.52%	3.50%	3.20%	2.16%	1.94%	2.13%	3.66%	0.45%

Frequently Asked Questions

Can I hold both DSSMX and JMUB in my portfolio?

DSSMX and JMUB have a correlation of 0.64, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DSSMX or JMUB?

JMUB has higher volatility (0.69%) compared to DSSMX (0.36%). In terms of maximum drawdown, DSSMX dropped -10.89% vs JMUB's -12.50%.

Which has better risk-adjusted returns?

DSSMX currently has the higher Sharpe Ratio (3.49 vs 2.40), 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.