FCSTX vs. USMTX
Compare and contrast key facts about Fidelity California Limited Term Tax-Free Bond Fund (FCSTX) and JPMorgan Ultra-Short Municipal Fund (USMTX).
FCSTX is managed by Fidelity. It was launched on Oct 25, 2005. USMTX is managed by JPMorgan. It was launched on May 30, 2016.
Performance
FCSTX vs. USMTX - Performance Comparison
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FCSTX vs. USMTX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FCSTX Fidelity California Limited Term Tax-Free Bond Fund | -0.49% | 5.23% | 1.73% | 3.53% | -4.71% | 0.20% | 2.93% | 4.07% | 1.25% | 2.27% |
USMTX JPMorgan Ultra-Short Municipal Fund | 0.32% | 2.96% | 3.30% | 3.46% | -0.71% | -0.05% | 1.07% | 2.01% | 1.32% | 0.88% |
Returns By Period
In the year-to-date period, FCSTX achieves a -0.49% return, which is significantly lower than USMTX's 0.32% return.
FCSTX
- 1D
- 0.00%
- 1M
- -1.88%
- YTD
- -0.49%
- 6M
- 0.09%
- 1Y
- 3.43%
- 3Y*
- 2.81%
- 5Y*
- 1.13%
- 10Y*
- 1.43%
USMTX
- 1D
- 0.00%
- 1M
- -0.30%
- YTD
- 0.32%
- 6M
- 0.91%
- 1Y
- 2.68%
- 3Y*
- 3.01%
- 5Y*
- 1.87%
- 10Y*
- —
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FCSTX vs. USMTX - Expense Ratio Comparison
FCSTX has a 0.47% expense ratio, which is higher than USMTX's 0.24% expense ratio.
Return for Risk
FCSTX vs. USMTX — Risk / Return Rank
FCSTX
USMTX
FCSTX vs. USMTX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Fidelity California Limited Term Tax-Free Bond Fund (FCSTX) 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.
| FCSTX | USMTX | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 1.74 | 3.97 | -2.23 |
Sortino ratioReturn per unit of downside risk | 2.40 | 7.18 | -4.78 |
Omega ratioGain probability vs. loss probability | 1.57 | 3.38 | -1.81 |
Calmar ratioReturn relative to maximum drawdown | 1.86 | 6.97 | -5.11 |
Martin ratioReturn relative to average drawdown | 7.27 | 37.45 | -30.18 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| FCSTX | USMTX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.74 | 3.97 | -2.23 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.54 | 2.62 | -2.08 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.65 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.23 | 2.09 | -0.86 |
Correlation
The correlation between FCSTX and USMTX is 0.37, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.
Dividends
FCSTX vs. USMTX - Dividend Comparison
FCSTX's dividend yield for the trailing twelve months is around 2.22%, less than USMTX's 2.55% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FCSTX Fidelity California Limited Term Tax-Free Bond Fund | 2.22% | 2.85% | 2.00% | 1.68% | 1.01% | 1.22% | 1.68% | 1.72% | 1.71% | 1.58% | 1.89% | 1.63% |
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% | 0.00% | 0.00% |
Drawdowns
FCSTX vs. USMTX - Drawdown Comparison
The maximum FCSTX drawdown since its inception was -7.58%, which is greater than USMTX's maximum drawdown of -1.98%. Use the drawdown chart below to compare losses from any high point for FCSTX and USMTX.
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Drawdown Indicators
| FCSTX | USMTX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -7.58% | -1.98% | -5.60% |
Max Drawdown (1Y)Largest decline over 1 year | -2.21% | -0.40% | -1.81% |
Max Drawdown (5Y)Largest decline over 5 years | -7.58% | -1.92% | -5.66% |
Max Drawdown (10Y)Largest decline over 10 years | -7.58% | — | — |
Current DrawdownCurrent decline from peak | -1.88% | -0.30% | -1.58% |
Average DrawdownAverage peak-to-trough decline | -0.92% | -0.19% | -0.73% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.57% | 0.07% | +0.50% |
Volatility
FCSTX vs. USMTX - Volatility Comparison
Fidelity California Limited Term Tax-Free Bond Fund (FCSTX) has a higher volatility of 0.61% compared to JPMorgan Ultra-Short Municipal Fund (USMTX) at 0.22%. This indicates that FCSTX'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.
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Volatility by Period
| FCSTX | USMTX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.61% | 0.22% | +0.39% |
Volatility (6M)Calculated over the trailing 6-month period | 1.00% | 0.40% | +0.60% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.31% | 0.70% | +1.61% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 2.08% | 0.72% | +1.36% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 2.20% | 0.75% | +1.45% |