FJMNX vs. JPST

Last updated Jun 3, 2026

FJMNX (Nuveen Minnesota Municipal Bond Fund) and JPST (JPMorgan Ultra-Short Income ETF) are both funds - FJMNX is a Municipal Bonds fund managed by Nuveen, while JPST is a Ultrashort Bond fund actively managed by JPMorgan. Over the past 5 years, FJMNX returned 0.66%/yr vs 3.61%/yr for JPST. At a 0.29 correlation, their price movements are largely independent. FJMNX charges 0.77%/yr vs 0.18%/yr for JPST.

Performance

FJMNX vs. JPST - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Nuveen Minnesota Municipal Bond Fund (FJMNX) and JPMorgan Ultra-Short Income ETF (JPST). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FJMNX achieves a 1.33% return, which is significantly lower than JPST's 1.40% return.

FJMNX

• 1D: 0.00%
• 1M: 0.46%
• YTD: 1.33%
• 6M: 1.91%
• 1Y: 6.93%
• 3Y*: 3.58%
• 5Y*: 0.66%
• 10Y*: 1.91%

JPST

• 1D: 0.00%
• 1M: 0.31%
• YTD: 1.40%
• 6M: 1.76%
• 1Y: 4.31%
• 3Y*: 5.16%
• 5Y*: 3.61%
• 10Y*: —

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

FJMNX vs. JPST - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FJMNX Nuveen Minnesota Municipal Bond Fund	1.33%	3.40%	2.66%	5.40%	-9.58%	1.55%	4.02%	7.92%	0.38%	3.09%
JPST JPMorgan Ultra-Short Income ETF	1.40%	4.99%	5.58%	5.13%	1.14%	0.11%	2.18%	3.34%	2.23%	1.00%

Correlation

The correlation between FJMNX and JPST is 0.34, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.34
Correlation (3Y) Calculated over the trailing 3-year period	0.34
Correlation (5Y) Calculated over the trailing 5-year period	0.34
Correlation (All Time) Calculated using the full available price history since May 22, 2017	0.29

Return for Risk

FJMNX vs. JPST — Risk / Return Rank

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

FJMNX

FJMNX Risk / Return Rank: 69
FJMNX Sharpe Ratio Rank: 78
FJMNX Sortino Ratio Rank: 86
FJMNX Omega Ratio Rank: 89
FJMNX Calmar Ratio Rank: 51
FJMNX Martin Ratio Rank: 43

JPST

JPST Risk / Return Rank: 99
JPST Sharpe Ratio Rank: 99
JPST Sortino Ratio Rank: 99
JPST Omega Ratio Rank: 99
JPST Calmar Ratio Rank: 99
JPST 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.

FJMNX vs. JPST - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Nuveen Minnesota Municipal Bond Fund (FJMNX) and JPMorgan Ultra-Short Income ETF (JPST). 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.

	FJMNX	JPST	Difference
Sharpe ratio Return per unit of total volatility	2.57	8.09	-5.53
Sortino ratio Return per unit of downside risk	4.08	17.60	-13.52
Omega ratio Gain probability vs. loss probability	1.63	3.94	-2.31
Calmar ratio Return relative to maximum drawdown	2.75	29.35	-26.60
Martin ratio Return relative to average drawdown	9.19	145.52	-136.33
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FJMNX vs. JPST - Sharpe Ratio Comparison

The current FJMNX Sharpe Ratio is 2.57, which is lower than the JPST Sharpe Ratio of 8.09. The chart below compares the historical Sharpe Ratios of FJMNX and JPST, 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

	FJMNX	JPST	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.57	8.09	-5.53
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.16	6.30	-6.14
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.46	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.89	3.20	-2.32

Drawdowns

FJMNX vs. JPST - Drawdown Comparison

The maximum FJMNX drawdown since its inception was -17.21%, which is greater than JPST's maximum drawdown of -3.28%. Use the drawdown chart below to compare losses from any high point for FJMNX and JPST.

Drawdown Indicators

	FJMNX	JPST	Difference
Max Drawdown Largest peak-to-trough decline	-17.21%	-3.28%	-13.93%
Max Drawdown (1Y) Largest decline over 1 year	-2.49%	-0.15%	-2.34%
Max Drawdown (3Y) Largest decline over 3 years	-6.93%	-0.30%	-6.63%
Max Drawdown (5Y) Largest decline over 5 years	-15.28%	-0.79%	-14.49%
Max Drawdown (10Y) Largest decline over 10 years	-15.28%	—	—
Current Drawdown Current decline from peak	-0.45%	-0.02%	-0.43%
Average Drawdown Average peak-to-trough decline	-2.40%	-0.08%	-2.32%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.74%	0.03%	+0.71%

Volatility

FJMNX vs. JPST - Volatility Comparison

Nuveen Minnesota Municipal Bond Fund (FJMNX) has a higher volatility of 1.04% compared to JPMorgan Ultra-Short Income ETF (JPST) at 0.16%. This indicates that FJMNX's price experiences larger fluctuations and is considered to be riskier than JPST based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FJMNX	JPST	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.04%	0.16%	+0.88%
Volatility (6M) Calculated over the trailing 6-month period	1.88%	0.35%	+1.53%
Volatility (1Y) Calculated over the trailing 1-year period	2.61%	0.54%	+2.07%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.09%	0.58%	+3.51%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.18%	0.93%	+3.25%

FJMNX vs. JPST - Expense Ratio Comparison

FJMNX has a 0.77% expense ratio, which is higher than JPST's 0.18% expense ratio.

Dividends

FJMNX vs. JPST - Dividend Comparison

FJMNX's dividend yield for the trailing twelve months is around 3.16%, less than JPST's 4.26% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FJMNX Nuveen Minnesota Municipal Bond Fund	3.16%	3.47%	3.56%	3.24%	2.83%	1.78%	2.49%	3.23%	3.14%	3.19%	3.42%	3.63%
JPST JPMorgan Ultra-Short Income ETF	4.26%	4.43%	5.16%	4.79%	1.83%	0.73%	1.43%	2.69%	2.07%	0.96%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FJMNX and JPST in my portfolio?

FJMNX and JPST have a correlation of 0.34, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FJMNX or JPST?

FJMNX has higher volatility (1.04%) compared to JPST (0.16%). In terms of maximum drawdown, FJMNX dropped -17.21% vs JPST's -3.28%.

Which has better risk-adjusted returns?

JPST currently has the higher Sharpe Ratio (8.09 vs 2.57), 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.