GSDUX vs. USMTX

Last updated Jun 23, 2026

GSDUX (Goldman Sachs Short Duration Tax-Free Fund) and USMTX (JPMorgan Ultra-Short Municipal Fund) are both Municipal Bonds funds. Over the past 5 years, GSDUX returned 1.70%/yr vs 1.97%/yr for USMTX. At a 0.34 correlation, their price movements are largely independent. GSDUX charges 0.39%/yr vs 0.24%/yr for USMTX.

Performance

GSDUX vs. USMTX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Goldman Sachs Short Duration Tax-Free Fund (GSDUX) 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, GSDUX achieves a 1.20% return, which is significantly higher than USMTX's 0.99% return.

GSDUX

• 1D: 0.00%
• 1M: 0.65%
• YTD: 1.20%
• 6M: 1.46%
• 1Y: 3.93%
• 3Y*: 3.82%
• 5Y*: 1.70%
• 10Y*: 1.88%

USMTX

• 1D: 0.10%
• 1M: 0.41%
• YTD: 0.99%
• 6M: 1.01%
• 1Y: 2.65%
• 3Y*: 3.16%
• 5Y*: 1.97%
• 10Y*: —

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

GSDUX vs. USMTX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
GSDUX Goldman Sachs Short Duration Tax-Free Fund	1.20%	5.14%	2.89%	3.43%	-3.82%	0.33%	2.43%	3.82%	2.47%	1.79%
USMTX JPMorgan Ultra-Short Municipal Fund	0.99%	2.96%	3.30%	3.46%	-0.71%	-0.05%	1.07%	2.01%	1.32%	0.88%

Correlation

The correlation between GSDUX and USMTX is 0.31, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.31
Correlation (3Y) Calculated over the trailing 3-year period	0.30
Correlation (5Y) Calculated over the trailing 5-year period	0.39
Correlation (All Time) Calculated using the full available price history since Jan 3, 2017	0.34

Return for Risk

GSDUX vs. USMTX — Risk / Return Rank

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

GSDUX

GSDUX Risk / Return Rank: 86
GSDUX Sharpe Ratio Rank: 95
GSDUX Sortino Ratio Rank: 98
GSDUX Omega Ratio Rank: 98
GSDUX Calmar Ratio Rank: 74
GSDUX Martin Ratio Rank: 65

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.

GSDUX vs. USMTX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Goldman Sachs Short Duration Tax-Free Fund (GSDUX) 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	GSDUX	USMTX	Difference
Sharpe ratio: Return per unit of total volatility	3.06	4.52	-1.47
Sortino ratio: Return per unit of downside risk	6.11	10.05	-3.94
Omega ratio: Gain probability vs. loss probability	2.06	5.63	-3.57
Calmar ratio: Return relative to maximum drawdown	3.21	8.91	-5.70
Martin ratio: Return relative to average drawdown	11.89	49.19	-37.30

GSDUX vs. USMTX - Sharpe Ratio Comparison

The current GSDUX Sharpe Ratio is 3.06, which is lower than the USMTX Sharpe Ratio of 4.52. The chart below compares the historical Sharpe Ratios of GSDUX 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.

Drawdowns

GSDUX vs. USMTX - Drawdown Comparison

The maximum GSDUX drawdown since its inception was -6.39%, which is greater than USMTX's maximum drawdown of -1.98%. Use the drawdown chart below to compare losses from any high point for GSDUX and USMTX.

Drawdown Indicators

	GSDUX	USMTX	Difference
Max Drawdown Largest peak-to-trough decline	-6.39%	-1.98%	-4.41%
Max Drawdown (1Y) Largest decline over 1 year	-1.24%	-0.30%	-0.94%
Max Drawdown (3Y) Largest decline over 3 years	-1.73%	-0.50%	-1.23%
Max Drawdown (5Y) Largest decline over 5 years	-6.39%	-1.92%	-4.47%
Max Drawdown (10Y) Largest decline over 10 years	-6.39%	—	—
Current Drawdown Current decline from peak	-0.07%	0.00%	-0.07%
Average Drawdown Average peak-to-trough decline	-0.85%	-0.18%	-0.67%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.33%	0.05%	+0.28%

Volatility

GSDUX vs. USMTX - Volatility Comparison

Goldman Sachs Short Duration Tax-Free Fund (GSDUX) has a higher volatility of 0.43% compared to JPMorgan Ultra-Short Municipal Fund (USMTX) at 0.18%. This indicates that GSDUX'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

	GSDUX	USMTX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.43%	0.18%	+0.25%
Volatility (6M) Calculated over the trailing 6-month period	0.98%	0.45%	+0.53%
Volatility (1Y) Calculated over the trailing 1-year period	1.30%	0.59%	+0.71%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.74%	0.72%	+1.02%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.70%	0.75%	+0.95%

GSDUX vs. USMTX - Expense Ratio Comparison

GSDUX has a 0.39% expense ratio, which is higher than USMTX's 0.24% expense ratio.

Dividends

GSDUX vs. USMTX - Dividend Comparison

GSDUX's dividend yield for the trailing twelve months is around 3.08%, more than USMTX's 2.52% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GSDUX Goldman Sachs Short Duration Tax-Free Fund	3.08%	4.02%	3.04%	2.28%	1.15%	0.98%	1.46%	1.95%	1.67%	1.40%	1.32%	1.20%
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%	0.00%	0.00%

Frequently Asked Questions

Can I hold both GSDUX and USMTX in my portfolio?

GSDUX and USMTX have a correlation of 0.31, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GSDUX or USMTX?

GSDUX has higher volatility (0.43%) compared to USMTX (0.18%). In terms of maximum drawdown, GSDUX dropped -6.39% vs USMTX's -1.98%.

Which has better risk-adjusted returns?

USMTX currently has the higher Sharpe Ratio (4.52 vs 3.06), 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.