JMHI vs. SHYM

Last updated Jun 3, 2026

JMHI (JPMorgan High Yield Municipal ETF) and SHYM (iShares Short Duration High Yield Muni Active ETF) are both High Yield Muni funds. Both are actively managed. Over the past year, JMHI returned 6.44% vs 5.14% for SHYM. A 0.63 correlation means they provide meaningful diversification when combined. Both charge a 0.35% expense ratio.

Performance

JMHI vs. SHYM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in JPMorgan High Yield Municipal ETF (JMHI) and iShares Short Duration High Yield Muni Active ETF (SHYM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, JMHI achieves a 1.56% return, which is significantly lower than SHYM's 1.93% return.

JMHI

• 1D: 0.05%
• 1M: 0.52%
• YTD: 1.56%
• 6M: 1.62%
• 1Y: 6.44%
• 3Y*: —
• 5Y*: —
• 10Y*: —

SHYM

• 1D: 0.09%
• 1M: 0.79%
• YTD: 1.93%
• 6M: 2.24%
• 1Y: 5.14%
• 3Y*: 6.00%
• 5Y*: 1.06%
• 10Y*: —

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

JMHI vs. SHYM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
JMHI JPMorgan High Yield Municipal ETF	1.56%	4.60%	5.92%	1.43%
SHYM iShares Short Duration High Yield Muni Active ETF	1.93%	2.58%	6.99%	4.52%

Correlation

The correlation between JMHI and SHYM is 0.54, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.54
Correlation (All Time) Calculated using the full available price history since Jul 18, 2023	0.63

The correlation between JMHI and SHYM has been stable across timeframes, ranging from 0.54 to 0.63 - a consistent structural relationship.

Return for Risk

JMHI vs. SHYM — Risk / Return Rank

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

JMHI

JMHI Risk / Return Rank: 54
JMHI Sharpe Ratio Rank: 58
JMHI Sortino Ratio Rank: 60
JMHI Omega Ratio Rank: 65
JMHI Calmar Ratio Rank: 42
JMHI Martin Ratio Rank: 45

SHYM

SHYM Risk / Return Rank: 49
SHYM Sharpe Ratio Rank: 50
SHYM Sortino Ratio Rank: 51
SHYM Omega Ratio Rank: 56
SHYM Calmar Ratio Rank: 42
SHYM Martin Ratio Rank: 44

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.

JMHI vs. SHYM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for JPMorgan High Yield Municipal ETF (JMHI) and iShares Short Duration High Yield Muni Active ETF (SHYM). 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.

	JMHI	SHYM	Difference
Sharpe ratio Return per unit of total volatility	2.00	1.72	+0.27
Sortino ratio Return per unit of downside risk	2.88	2.52	+0.36
Omega ratio Gain probability vs. loss probability	1.40	1.35	+0.05
Calmar ratio Return relative to maximum drawdown	2.16	2.15	+0.01
Martin ratio Return relative to average drawdown	7.55	7.27	+0.28
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

JMHI vs. SHYM - Sharpe Ratio Comparison

The current JMHI Sharpe Ratio is 2.00, which is comparable to the SHYM Sharpe Ratio of 1.72. The chart below compares the historical Sharpe Ratios of JMHI and SHYM, 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

	JMHI	SHYM	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.00	1.72	+0.27
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.15	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.05	0.27	+0.78

Drawdowns

JMHI vs. SHYM - Drawdown Comparison

The maximum JMHI drawdown since its inception was -7.11%, smaller than the maximum SHYM drawdown of -22.55%. Use the drawdown chart below to compare losses from any high point for JMHI and SHYM.

Drawdown Indicators

	JMHI	SHYM	Difference
Max Drawdown Largest peak-to-trough decline	-7.11%	-22.55%	+15.44%
Max Drawdown (1Y) Largest decline over 1 year	-2.93%	-2.23%	-0.70%
Max Drawdown (3Y) Largest decline over 3 years	—	-8.06%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-22.55%	—
Current Drawdown Current decline from peak	-0.51%	0.00%	-0.51%
Average Drawdown Average peak-to-trough decline	-1.29%	-6.77%	+5.48%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.84%	0.66%	+0.18%

Volatility

JMHI vs. SHYM - Volatility Comparison

JPMorgan High Yield Municipal ETF (JMHI) has a higher volatility of 1.09% compared to iShares Short Duration High Yield Muni Active ETF (SHYM) at 0.78%. This indicates that JMHI's price experiences larger fluctuations and is considered to be riskier than SHYM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	JMHI	SHYM	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.09%	0.78%	+0.31%
Volatility (6M) Calculated over the trailing 6-month period	2.33%	1.81%	+0.52%
Volatility (1Y) Calculated over the trailing 1-year period	3.24%	3.01%	+0.23%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.50%	7.07%	-2.57%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.50%	6.95%	-2.45%

JMHI vs. SHYM - Expense Ratio Comparison

Both JMHI and SHYM have an expense ratio of 0.35%.

Dividends

JMHI vs. SHYM - Dividend Comparison

JMHI's dividend yield for the trailing twelve months is around 4.54%, more than SHYM's 4.30% yield.

Position	TTM	2025	2024	2023	2022	2021
JMHI JPMorgan High Yield Municipal ETF	4.54%	4.42%	4.49%	2.48%	0.00%	0.00%
SHYM iShares Short Duration High Yield Muni Active ETF	4.30%	4.55%	4.35%	4.35%	4.01%	2.97%

Frequently Asked Questions

Can I hold both JMHI and SHYM in my portfolio?

JMHI and SHYM have a correlation of 0.54, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, JMHI or SHYM?

JMHI has higher volatility (1.09%) compared to SHYM (0.78%). In terms of maximum drawdown, JMHI dropped -7.11% vs SHYM's -22.55%.

Which ETF is better, JMHI or SHYM?

On 1-year performance, JMHI leads with 6.44% vs 5.14% for SHYM. Both ETFs have the same 0.35% expense ratio. On volatility, SHYM has been the lower-risk option at 0.78%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, JMHI or SHYM?

Over the 1-year period, JMHI has performed better with a 6.44% return vs 5.14%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, JMHI or SHYM?

JMHI and SHYM have the same expense ratio: 0.35% per year.

Which ETF pays a higher dividend yield, JMHI or SHYM?

JMHI has the higher dividend yield at 4.54%, compared with 4.30% for SHYM.

What is the main difference between JMHI and SHYM?

They also come from different issuers: JPMorgan and iShares.

Which has better risk-adjusted returns?

JMHI currently has the higher Sharpe Ratio (2.00 vs 1.72), 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.