FNYTX vs. USMTX

Last updated Apr 2, 2026

Compare and contrast key facts about Franklin New York Tax Free Income Fund (FNYTX) and JPMorgan Ultra-Short Municipal Fund (USMTX).

FNYTX is managed by Franklin Templeton. It was launched on Sep 12, 1982. USMTX is managed by JPMorgan. It was launched on May 30, 2016.

Performance

FNYTX vs. USMTX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Franklin New York Tax Free Income Fund (FNYTX) and JPMorgan Ultra-Short Municipal Fund (USMTX). The values are adjusted to include any dividend payments, if applicable.

FNYTX vs. USMTX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FNYTX Franklin New York Tax Free Income Fund	-0.45%	3.90%	2.47%	6.93%	-12.00%	1.85%	4.75%	7.56%	0.43%	2.45%
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, FNYTX achieves a -0.45% return, which is significantly lower than USMTX's 0.32% return.

FNYTX

• 1D: 0.31%
• 1M: -2.30%
• YTD: -0.45%
• 6M: 0.95%
• 1Y: 3.29%
• 3Y*: 3.15%
• 5Y*: 0.47%
• 10Y*: 1.60%

USMTX

• 1D: 0.00%
• 1M: -0.30%
• YTD: 0.32%
• 6M: 0.91%
• 1Y: 2.68%
• 3Y*: 3.01%
• 5Y*: 1.85%
• 10Y*: —

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

FNYTX vs. USMTX - Expense Ratio Comparison

FNYTX has a 0.66% expense ratio, which is higher than USMTX's 0.24% expense ratio.

FNYTX

Franklin New York Tax Free Income Fund

USMTX

JPMorgan Ultra-Short Municipal Fund

Return for Risk

FNYTX vs. USMTX — Risk / Return Rank

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

FNYTX

FNYTX Risk / Return Rank: 23
FNYTX Sharpe Ratio Rank: 23
FNYTX Sortino Ratio Rank: 18
FNYTX Omega Ratio Rank: 34
FNYTX Calmar Ratio Rank: 22
FNYTX Martin Ratio Rank: 17

USMTX

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

FNYTX vs. USMTX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Franklin New York Tax Free Income Fund (FNYTX) 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.

	FNYTX	USMTX	Difference
Sharpe ratio Return per unit of total volatility	0.69	3.86	-3.17
Sortino ratio Return per unit of downside risk	0.94	6.92	-5.98
Omega ratio Gain probability vs. loss probability	1.18	3.29	-2.11
Calmar ratio Return relative to maximum drawdown	0.83	6.97	-6.14
Martin ratio Return relative to average drawdown	2.31	36.30	-33.99
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FNYTX vs. USMTX - Sharpe Ratio Comparison

The current FNYTX Sharpe Ratio is 0.69, which is lower than the USMTX Sharpe Ratio of 3.86. The chart below compares the historical Sharpe Ratios of FNYTX and USMTX, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	FNYTX	USMTX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.69	3.86	-3.17
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.10	2.60	-2.50
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.37	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.99	2.09	-1.09

Correlation

The correlation between FNYTX and USMTX is 0.35, 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

FNYTX vs. USMTX - Dividend Comparison

FNYTX's dividend yield for the trailing twelve months is around 3.51%, more than USMTX's 2.55% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FNYTX Franklin New York Tax Free Income Fund	3.51%	4.57%	3.85%	2.78%	2.84%	2.45%	2.64%	3.41%	3.38%	3.43%	3.63%	3.60%
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

FNYTX vs. USMTX - Drawdown Comparison

The maximum FNYTX drawdown since its inception was -18.90%, which is greater than USMTX's maximum drawdown of -1.98%. Use the drawdown chart below to compare losses from any high point for FNYTX and USMTX.

Drawdown Indicators

	FNYTX	USMTX	Difference
Max Drawdown Largest peak-to-trough decline	-18.90%	-1.98%	-16.92%
Max Drawdown (1Y) Largest decline over 1 year	-5.57%	-0.40%	-5.17%
Max Drawdown (5Y) Largest decline over 5 years	-17.45%	-1.92%	-15.53%
Max Drawdown (10Y) Largest decline over 10 years	-17.45%	—	—
Current Drawdown Current decline from peak	-2.60%	-0.30%	-2.30%
Average Drawdown Average peak-to-trough decline	-2.54%	-0.19%	-2.35%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.00%	0.08%	+1.92%

Volatility

FNYTX vs. USMTX - Volatility Comparison

Franklin New York Tax Free Income Fund (FNYTX) has a higher volatility of 1.34% compared to JPMorgan Ultra-Short Municipal Fund (USMTX) at 0.22%. This indicates that FNYTX'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.

Volatility by Period

	FNYTX	USMTX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.34%	0.22%	+1.12%
Volatility (6M) Calculated over the trailing 6-month period	1.99%	0.40%	+1.59%
Volatility (1Y) Calculated over the trailing 1-year period	5.62%	0.70%	+4.92%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.60%	0.72%	+3.88%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.38%	0.75%	+3.63%