FXIEX vs. USMTX

Last updated Jun 4, 2026

FXIEX (PIMCO Fixed Income SHares: Series TE) and USMTX (JPMorgan Ultra-Short Municipal Fund) are both Municipal Bonds funds. Over the past 5 years, FXIEX returned 1.67%/yr vs 1.93%/yr for USMTX. At a 0.34 correlation, their price movements are largely independent. FXIEX charges 0.07%/yr vs 0.24%/yr for USMTX.

Performance

FXIEX vs. USMTX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PIMCO Fixed Income SHares: Series TE (FXIEX) and JPMorgan Ultra-Short Municipal Fund (USMTX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FXIEX achieves a 1.81% return, which is significantly higher than USMTX's 0.79% return.

FXIEX

• 1D: 0.20%
• 1M: 0.91%
• YTD: 1.81%
• 6M: 2.24%
• 1Y: 6.90%
• 3Y*: 5.23%
• 5Y*: 1.67%
• 10Y*: 2.91%

USMTX

• 1D: 0.00%
• 1M: 0.21%
• YTD: 0.79%
• 6M: 1.01%
• 1Y: 2.65%
• 3Y*: 3.12%
• 5Y*: 1.93%
• 10Y*: —

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

FXIEX vs. USMTX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FXIEX PIMCO Fixed Income SHares: Series TE	1.81%	3.37%	5.16%	8.92%	-10.89%	2.19%	7.22%	8.45%	1.00%	7.71%
USMTX JPMorgan Ultra-Short Municipal Fund	0.79%	2.96%	3.30%	3.46%	-0.71%	-0.05%	1.07%	2.01%	1.32%	0.88%

Correlation

The correlation between FXIEX and USMTX is 0.23, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.23
Correlation (3Y) Calculated over the trailing 3-year period	0.34
Correlation (5Y) Calculated over the trailing 5-year period	0.41
Correlation (All Time) Calculated using the full available price history since Jan 4, 2017	0.34

The correlation between FXIEX and USMTX shifts across timeframes, from 0.23 (1 year) to 0.41 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

FXIEX vs. USMTX — Risk / Return Rank

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

FXIEX

FXIEX Risk / Return Rank: 78
FXIEX Sharpe Ratio Rank: 73
FXIEX Sortino Ratio Rank: 90
FXIEX Omega Ratio Rank: 88
FXIEX Calmar Ratio Rank: 80
FXIEX Martin Ratio Rank: 60

USMTX

USMTX Risk / Return Rank: 99
USMTX Sharpe Ratio Rank: 99
USMTX Sortino Ratio Rank: 99
USMTX Omega Ratio Rank: 100
USMTX Calmar Ratio Rank: 98
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.

FXIEX vs. USMTX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PIMCO Fixed Income SHares: Series TE (FXIEX) 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.

	FXIEX	USMTX	Difference
Sharpe ratio: Return per unit of total volatility	2.49	4.52	-2.03
Sortino ratio: Return per unit of downside risk	4.35	10.05	-5.70
Omega ratio: Gain probability vs. loss probability	1.61	5.63	-4.02
Calmar ratio: Return relative to maximum drawdown	3.61	8.91	-5.29
Martin ratio: Return relative to average drawdown	11.89	49.19	-37.30
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FXIEX vs. USMTX - Sharpe Ratio Comparison

The current FXIEX Sharpe Ratio is 2.49, which is lower than the USMTX Sharpe Ratio of 4.52. The chart below compares the historical Sharpe Ratios of FXIEX and USMTX, 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

	FXIEX	USMTX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.49	4.52	-2.03
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.40	2.69	-2.29
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.73	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.60	2.12	-1.52

Drawdowns

FXIEX vs. USMTX - Drawdown Comparison

The maximum FXIEX drawdown since its inception was -15.25%, which is greater than USMTX's maximum drawdown of -1.98%. Use the drawdown chart below to compare losses from any high point for FXIEX and USMTX.

Drawdown Indicators

	FXIEX	USMTX	Difference
Max Drawdown Largest peak-to-trough decline	-15.25%	-1.98%	-13.27%
Max Drawdown (1Y) Largest decline over 1 year	-2.42%	-0.30%	-2.12%
Max Drawdown (3Y) Largest decline over 3 years	-5.56%	-0.50%	-5.06%
Max Drawdown (5Y) Largest decline over 5 years	-15.25%	-1.92%	-13.33%
Max Drawdown (10Y) Largest decline over 10 years	-15.25%	—	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-2.90%	-0.18%	-2.72%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.66%	0.05%	+1.61%

Volatility

FXIEX vs. USMTX - Volatility Comparison

PIMCO Fixed Income SHares: Series TE (FXIEX) has a higher volatility of 1.29% compared to JPMorgan Ultra-Short Municipal Fund (USMTX) at 0.20%. This indicates that FXIEX'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

	FXIEX	USMTX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.29%	0.20%	+1.09%
Volatility (6M) Calculated over the trailing 6-month period	2.19%	0.44%	+1.75%
Volatility (1Y) Calculated over the trailing 1-year period	3.55%	0.59%	+2.96%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.37%	0.72%	+3.65%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.10%	0.75%	+3.35%

FXIEX vs. USMTX - Expense Ratio Comparison

FXIEX has a 0.07% expense ratio, which is lower than USMTX's 0.24% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

FXIEX vs. USMTX - Dividend Comparison

FXIEX's dividend yield for the trailing twelve months is around 2.79%, more than USMTX's 2.52% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
FXIEX PIMCO Fixed Income SHares: Series TE	2.79%	2.75%	4.53%	3.98%	3.25%	2.63%	3.37%	3.63%	3.79%	2.67%
USMTX JPMorgan Ultra-Short Municipal Fund	2.52%	2.62%	3.05%	2.58%	0.89%	0.25%	0.76%	1.49%	1.31%	0.78%

Frequently Asked Questions

Can I hold both FXIEX and USMTX in my portfolio?

FXIEX and USMTX have a correlation of 0.23, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FXIEX or USMTX?

FXIEX has higher volatility (1.29%) compared to USMTX (0.20%). In terms of maximum drawdown, FXIEX dropped -15.25% vs USMTX's -1.98%.

Which has better risk-adjusted returns?

USMTX currently has the higher Sharpe Ratio (4.52 vs 2.49), 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.