FUEMX vs. USMSX
Compare and contrast key facts about Fidelity Flex Conservative Income Municipal Bond Fund (FUEMX) and JPMorgan Ultra-Short Municipal Fund (USMSX).
FUEMX is managed by Fidelity. It was launched on Oct 12, 2017. USMSX is managed by JPMorgan. It was launched on May 31, 2016.
Performance
FUEMX vs. USMSX - Performance Comparison
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FUEMX vs. USMSX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FUEMX Fidelity Flex Conservative Income Municipal Bond Fund | 0.44% | 3.43% | 3.56% | 3.55% | 0.05% | 0.34% | 1.08% | 2.50% | 1.77% | 0.02% |
USMSX JPMorgan Ultra-Short Municipal Fund | 0.19% | 2.87% | 3.09% | 3.21% | -0.90% | -0.15% | 0.77% | 1.90% | 1.01% | -0.08% |
Returns By Period
In the year-to-date period, FUEMX achieves a 0.44% return, which is significantly higher than USMSX's 0.19% return.
FUEMX
- 1D
- 0.00%
- 1M
- -0.30%
- YTD
- 0.44%
- 6M
- 1.16%
- 1Y
- 2.98%
- 3Y*
- 3.33%
- 5Y*
- 2.25%
- 10Y*
- —
USMSX
- 1D
- 0.00%
- 1M
- -0.30%
- YTD
- 0.19%
- 6M
- 0.82%
- 1Y
- 2.49%
- 3Y*
- 2.80%
- 5Y*
- 1.67%
- 10Y*
- —
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FUEMX vs. USMSX - Expense Ratio Comparison
FUEMX has a 0.00% expense ratio, which is lower than USMSX's 0.45% expense ratio.
Return for Risk
FUEMX vs. USMSX — Risk / Return Rank
FUEMX
USMSX
FUEMX vs. USMSX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Fidelity Flex Conservative Income Municipal Bond Fund (FUEMX) and JPMorgan Ultra-Short Municipal Fund (USMSX). 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.
| FUEMX | USMSX | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 2.89 | 3.75 | -0.86 |
Sortino ratioReturn per unit of downside risk | 6.63 | 6.76 | -0.12 |
Omega ratioGain probability vs. loss probability | 2.62 | 3.27 | -0.65 |
Calmar ratioReturn relative to maximum drawdown | 6.57 | 6.48 | +0.08 |
Martin ratioReturn relative to average drawdown | 28.89 | 34.69 | -5.80 |
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
| FUEMX | USMSX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.89 | 3.75 | -0.86 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 1.93 | 2.39 | -0.46 |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.87 | 1.86 | +0.02 |
Correlation
The correlation between FUEMX and USMSX is 0.26, 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
FUEMX vs. USMSX - Dividend Comparison
FUEMX's dividend yield for the trailing twelve months is around 2.84%, more than USMSX's 2.36% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FUEMX Fidelity Flex Conservative Income Municipal Bond Fund | 2.84% | 3.17% | 3.49% | 2.87% | 0.75% | 0.44% | 0.97% | 1.97% | 1.75% | 0.28% |
USMSX JPMorgan Ultra-Short Municipal Fund | 2.36% | 2.42% | 2.84% | 2.35% | 0.70% | 0.05% | 0.57% | 1.28% | 1.01% | 0.59% |
Drawdowns
FUEMX vs. USMSX - Drawdown Comparison
The maximum FUEMX drawdown since its inception was -1.99%, roughly equal to the maximum USMSX drawdown of -2.09%. Use the drawdown chart below to compare losses from any high point for FUEMX and USMSX.
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Drawdown Indicators
| FUEMX | USMSX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -1.99% | -2.09% | +0.10% |
Max Drawdown (1Y)Largest decline over 1 year | -0.50% | -0.40% | -0.10% |
Max Drawdown (5Y)Largest decline over 5 years | -1.20% | -2.03% | +0.83% |
Current DrawdownCurrent decline from peak | -0.30% | -0.30% | 0.00% |
Average DrawdownAverage peak-to-trough decline | -0.11% | -0.22% | +0.11% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.11% | 0.07% | +0.04% |
Volatility
FUEMX vs. USMSX - Volatility Comparison
Fidelity Flex Conservative Income Municipal Bond Fund (FUEMX) and JPMorgan Ultra-Short Municipal Fund (USMSX) have volatilities of 0.22% and 0.22%, 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
| FUEMX | USMSX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.22% | 0.22% | 0.00% |
Volatility (6M)Calculated over the trailing 6-month period | 0.71% | 0.40% | +0.31% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.14% | 0.69% | +0.45% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 1.17% | 0.70% | +0.47% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 1.07% | 0.74% | +0.33% |