FCMKX vs. USMTX
FCMKX (Fidelity Advisor California Municipal Income Fund Class C) and USMTX (JPMorgan Ultra-Short Municipal Fund) are both Municipal Bonds funds. Over the past 5 years, FCMKX returned -0.52%/yr vs 1.91%/yr for USMTX. Their 0.36 correlation means their historical movements had little consistent relationship. FCMKX charges 1.53%/yr vs 0.24%/yr for USMTX.
Performance
FCMKX vs. USMTX - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, FCMKX achieves a -0.81% return, which is significantly lower than USMTX's 0.81% return.
FCMKX
- 1D
- -0.25%
- 1M
- -2.18%
- 6M
- -1.62%
- YTD
- -0.81%
- 1Y
- 3.64%
- 3Y*
- 2.27%
- 5Y*
- -0.52%
- 10Y*
- 0.71%
- ALL TIME*
- 1.86%
USMTX
- 1D
- 0.00%
- 1M
- 0.01%
- 6M
- 0.41%
- YTD
- 0.81%
- 1Y
- 1.89%
- 3Y*
- 2.95%
- 5Y*
- 1.91%
- 10Y*
- —
- ALL TIME*
- 1.56%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
| $0.00 | $0.00 | $0.00 |
FCMKX vs. USMTX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FCMKX Fidelity Advisor California Municipal Income Fund Class C | -0.81% | 4.26% | 0.58% | 5.14% | -10.30% | 0.48% | 3.37% | 6.33% | -0.41% | 4.74% |
USMTX JPMorgan Ultra-Short Municipal Fund | 0.81% | 2.96% | 3.30% | 3.46% | -0.71% | -0.05% | 1.07% | 2.01% | 1.32% | 0.88% |
Correlation
The correlation between FCMKX and USMTX is 0.29, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.29 |
Correlation (3Y) Balances recent behavior with more history. | 0.35 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.42 |
Correlation (All Time) Calculated using the full available price history since Jan 3, 2017 | 0.36 |
The correlation between FCMKX and USMTX shifts across timeframes, from 0.29 (1 year) to 0.42 (5 years), reflecting how their relationship changes across market environments.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
FCMKX vs. USMTX — Risk / Return Rank
FCMKX
USMTX
FCMKX vs. USMTX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Fidelity Advisor California Municipal Income Fund Class C (FCMKX) 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.
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.
| FCMKX | USMTX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.56 | ||
| Sortino ratioReturn per unit of downside risk | -3.15 | ||
| Omega ratioGain probability vs. loss probability | 1.36 | 2.86 | -1.50 |
| Calmar ratioReturn relative to maximum drawdown | 1.30 | 6.69 | -5.39 |
| Martin ratioReturn relative to average drawdown | 3.61 | 25.97 | -22.36 |
Loading charts...
Drawdowns
FCMKX vs. USMTX - Drawdown Comparison
The maximum FCMKX drawdown since its inception was -16.96%, which is greater than USMTX's maximum drawdown of -1.98%. Use the drawdown chart below to compare losses from any high point for FCMKX and USMTX.
Loading charts...
Drawdown Indicators
| FCMKX | USMTX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -16.96% | -1.98% | -14.98% |
Max Drawdown (1Y)Largest decline over 1 year | -3.42% | -0.30% | -3.12% |
Max Drawdown (3Y)Largest decline over 3 years | -5.88% | -0.50% | -5.38% |
Max Drawdown (5Y)Largest decline over 5 years | -14.87% | -1.92% | -12.95% |
Max Drawdown (10Y)Largest decline over 10 years | -14.87% | — | — |
Current DrawdownCurrent decline from peak | -2.84% | -0.18% | -2.66% |
Average DrawdownAverage peak-to-trough decline | -3.37% | -0.18% | -3.19% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.23% | 0.08% | +1.15% |
Volatility
FCMKX vs. USMTX - Volatility Comparison
Fidelity Advisor California Municipal Income Fund Class C (FCMKX) has a higher volatility of 0.97% compared to JPMorgan Ultra-Short Municipal Fund (USMTX) at 0.21%. This indicates that FCMKX'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.
Loading charts...
Volatility by Period
| FCMKX | USMTX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.97% | 0.21% | +0.76% |
Volatility (6M)Calculated over the trailing 6-month period | 2.36% | 0.51% | +1.85% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.90% | 0.65% | +2.25% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.94% | 0.73% | +3.21% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.01% | 0.75% | +3.26% |
FCMKX vs. USMTX - Expense Ratio Comparison
FCMKX has a 1.53% expense ratio, which is higher than USMTX's 0.24% expense ratio.
Dividends
FCMKX vs. USMTX - Dividend Comparison
FCMKX's dividend yield for the trailing twelve months is around 1.86%, less than USMTX's 2.28% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FCMKX Fidelity Advisor California Municipal Income Fund Class C | 1.86% | 2.48% | 1.48% | 1.49% | 0.92% | 1.38% | 1.72% | 1.64% | 1.92% | 2.43% | 2.28% | 2.04% |
USMTX JPMorgan Ultra-Short Municipal Fund | 2.28% | 2.62% | 3.05% | 2.58% | 0.89% | 0.25% | 0.76% | 1.49% | 1.31% | 0.78% | 0.00% | 0.00% |
Frequently Asked Questions
FCMKX and USMTX have a correlation of 0.29, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FCMKX has higher volatility (0.97%) compared to USMTX (0.21%). In terms of maximum drawdown, FCMKX dropped -16.96% vs USMTX's -1.98%.
USMTX currently has the higher Sharpe Ratio (3.10 vs 1.54), 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.
Find the right allocation for FCMKX and USMTX
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer