EXFLX vs. JMST
EXFLX (Eaton Vance National Ultra-Short Municipal Income Fund) and JMST (JPMorgan Ultra-Short Municipal Income ETF) are both funds - EXFLX is a Municipal Bonds fund managed by Eaton Vance, while JMST is a Ultrashort Bond fund actively managed by JPMorgan. Over the past 5 years, EXFLX returned 2.21%/yr vs 2.30%/yr for JMST. Their 0.13 correlation means their historical movements had little consistent relationship. EXFLX charges 0.50%/yr vs 0.18%/yr for JMST.
Performance
EXFLX vs. JMST - Performance Comparison
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Returns By Period
In the year-to-date period, EXFLX achieves a 1.08% return, which is significantly lower than JMST's 1.22% return.
EXFLX
- 1D
- -0.10%
- 1M
- -0.21%
- 6M
- 0.68%
- YTD
- 1.08%
- 1Y
- 2.17%
- 3Y*
- 3.18%
- 5Y*
- 2.21%
- 10Y*
- 1.58%
- ALL TIME*
- 1.97%
JMST
- 1D
- -0.02%
- 1M
- -0.04%
- 6M
- 0.84%
- YTD
- 1.22%
- 1Y
- 2.45%
- 3Y*
- 3.28%
- 5Y*
- 2.30%
- 10Y*
- —
- ALL TIME*
- 2.13%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
| $51.89M | $60.71M | $58.68M |
EXFLX vs. JMST - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
EXFLX Eaton Vance National Ultra-Short Municipal Income Fund | 1.08% | 3.84% | 3.47% | 2.73% | -0.01% | 0.43% | 0.01% | 1.89% | 0.30% |
JMST JPMorgan Ultra-Short Municipal Income ETF | 1.22% | 3.35% | 3.31% | 3.56% | 0.07% | 0.31% | 2.00% | 2.09% | 0.70% |
Correlation
The correlation between EXFLX and JMST is 0.19, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.19 |
Correlation (3Y) Balances recent behavior with more history. | 0.17 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.17 |
Correlation (All Time) Calculated using the full available price history since Oct 18, 2018 | 0.13 |
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Return for Risk
EXFLX vs. JMST — Risk / Return Rank
EXFLX
JMST
EXFLX vs. JMST - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Eaton Vance National Ultra-Short Municipal Income Fund (EXFLX) and JPMorgan Ultra-Short Municipal Income ETF (JMST). 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.
| EXFLX | JMST | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.47 | ||
| Sortino ratioReturn per unit of downside risk | -0.39 | ||
| Omega ratioGain probability vs. loss probability | 2.54 | 2.06 | +0.49 |
| Calmar ratioReturn relative to maximum drawdown | 5.88 | 9.82 | -3.94 |
| Martin ratioReturn relative to average drawdown | 29.05 | 50.25 | -21.21 |
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Drawdowns
EXFLX vs. JMST - Drawdown Comparison
The maximum EXFLX drawdown since its inception was -10.11%, which is greater than JMST's maximum drawdown of -2.41%. Use the drawdown chart below to compare losses from any high point for EXFLX and JMST.
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Drawdown Indicators
| EXFLX | JMST | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -10.11% | -2.41% | -7.70% |
Max Drawdown (1Y)Largest decline over 1 year | -0.41% | -0.25% | -0.16% |
Max Drawdown (3Y)Largest decline over 3 years | -0.72% | -0.71% | -0.01% |
Max Drawdown (5Y)Largest decline over 5 years | -0.91% | -1.15% | +0.24% |
Max Drawdown (10Y)Largest decline over 10 years | -1.89% | — | — |
Current DrawdownCurrent decline from peak | -0.21% | -0.04% | -0.17% |
Average DrawdownAverage peak-to-trough decline | -1.50% | -0.12% | -1.38% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.08% | 0.05% | +0.03% |
Volatility
EXFLX vs. JMST - Volatility Comparison
Eaton Vance National Ultra-Short Municipal Income Fund (EXFLX) and JPMorgan Ultra-Short Municipal Income ETF (JMST) have volatilities of 0.21% and 0.21%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| EXFLX | JMST | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.21% | 0.21% | 0.00% |
Volatility (6M)Calculated over the trailing 6-month period | 0.71% | 0.44% | +0.27% |
Volatility (1Y)Calculated over the trailing 1-year period | 0.95% | 0.63% | +0.32% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 1.09% | 0.83% | +0.26% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 0.93% | 1.13% | -0.20% |
EXFLX vs. JMST - Expense Ratio Comparison
EXFLX has a 0.50% expense ratio, which is higher than JMST's 0.18% expense ratio.
Dividends
EXFLX vs. JMST - Dividend Comparison
EXFLX's dividend yield for the trailing twelve months is around 2.46%, less than JMST's 2.62% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
EXFLX Eaton Vance National Ultra-Short Municipal Income Fund | 2.46% | 3.66% | 3.51% | 2.48% | 1.12% | 0.02% | 0.52% | 1.67% | 1.37% | 0.79% | 0.70% | 0.49% |
JMST JPMorgan Ultra-Short Municipal Income ETF | 2.40% | 2.84% | 3.32% | 3.09% | 1.10% | 0.27% | 0.87% | 1.63% | 0.28% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
EXFLX and JMST have a correlation of 0.19, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
JMST has higher volatility (0.21%) compared to EXFLX (0.21%). In terms of maximum drawdown, EXFLX dropped -10.11% vs JMST's -2.41%.
JMST currently has the higher Sharpe Ratio (4.00 vs 2.52), 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.
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