JMSI vs. SCMB

Last updated Jun 24, 2026

JMSI (J P Morgan Exchange-Traded Fund Trust - Sustainable Municipal Income Etf Fund) and SCMB (Schwab Municipal Bond ETF) are both Municipal Bonds funds. JMSI is actively managed, while SCMB is passively managed. Over the past year, JMSI returned 5.96% vs 6.25% for SCMB. A 0.73 correlation means they provide meaningful diversification when combined. JMSI charges 0.18%/yr vs 0.03%/yr for SCMB.

Performance

JMSI vs. SCMB - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in J P Morgan Exchange-Traded Fund Trust - Sustainable Municipal Income Etf Fund (JMSI) and Schwab Municipal Bond ETF (SCMB). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with JMSI having a 1.41% return and SCMB slightly lower at 1.39%.

JMSI

• 1D: 0.08%
• 1M: 1.45%
• YTD: 1.41%
• 6M: 1.59%
• 1Y: 5.96%
• 3Y*: —
• 5Y*: —
• 10Y*: —

SCMB

• 1D: -0.16%
• 1M: 1.47%
• YTD: 1.39%
• 6M: 1.58%
• 1Y: 6.25%
• 3Y*: 3.13%
• 5Y*: —
• 10Y*: —

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

JMSI vs. SCMB - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
JMSI J P Morgan Exchange-Traded Fund Trust - Sustainable Municipal Income Etf Fund	1.41%	4.40%	2.77%	2.71%
SCMB Schwab Municipal Bond ETF	1.39%	3.78%	0.91%	3.34%

Correlation

The correlation between JMSI and SCMB is 0.68, 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	0.68
Correlation (All Time) Calculated using the full available price history since Jul 17, 2023	0.73

The correlation between JMSI and SCMB has been stable across timeframes, ranging from 0.68 to 0.73 - a consistent structural relationship.

Return for Risk

JMSI vs. SCMB — Risk / Return Rank

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

JMSI

JMSI Risk / Return Rank: 63
JMSI Sharpe Ratio Rank: 71
JMSI Sortino Ratio Rank: 75
JMSI Omega Ratio Rank: 79
JMSI Calmar Ratio Rank: 44
JMSI Martin Ratio Rank: 45

SCMB

SCMB Risk / Return Rank: 63
SCMB Sharpe Ratio Rank: 71
SCMB Sortino Ratio Rank: 76
SCMB Omega Ratio Rank: 81
SCMB Calmar Ratio Rank: 45
SCMB Martin Ratio Rank: 45

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.

JMSI vs. SCMB - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for J P Morgan Exchange-Traded Fund Trust - Sustainable Municipal Income Etf Fund (JMSI) and Schwab Municipal Bond ETF (SCMB). 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.

	JMSI	SCMB	Difference
Sharpe ratio: Return per unit of total volatility	2.07	2.17	-0.10
Sortino ratio: Return per unit of downside risk	3.04	3.18	-0.14
Omega ratio: Gain probability vs. loss probability	1.43	1.46	-0.03
Calmar ratio: Return relative to maximum drawdown	2.00	2.15	-0.15
Martin ratio: Return relative to average drawdown	6.79	7.06	-0.27

JMSI vs. SCMB - Sharpe Ratio Comparison

The current JMSI Sharpe Ratio is 2.07, which is comparable to the SCMB Sharpe Ratio of 2.17. The chart below compares the historical Sharpe Ratios of JMSI and SCMB, 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

JMSI vs. SCMB - Drawdown Comparison

The maximum JMSI drawdown since its inception was -4.57%, smaller than the maximum SCMB drawdown of -6.13%. Use the drawdown chart below to compare losses from any high point for JMSI and SCMB.

Drawdown Indicators

	JMSI	SCMB	Difference
Max Drawdown Largest peak-to-trough decline	-4.57%	-6.13%	+1.56%
Max Drawdown (1Y) Largest decline over 1 year	-2.98%	-2.92%	-0.06%
Max Drawdown (3Y) Largest decline over 3 years	—	-5.57%	—
Current Drawdown Current decline from peak	-0.52%	-0.56%	+0.04%
Average Drawdown Average peak-to-trough decline	-0.91%	-1.31%	+0.40%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.88%	0.89%	-0.01%

Volatility

JMSI vs. SCMB - Volatility Comparison

J P Morgan Exchange-Traded Fund Trust - Sustainable Municipal Income Etf Fund (JMSI) has a higher volatility of 0.81% compared to Schwab Municipal Bond ETF (SCMB) at 0.76%. This indicates that JMSI's price experiences larger fluctuations and is considered to be riskier than SCMB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	JMSI	SCMB	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.81%	0.76%	+0.05%
Volatility (6M) Calculated over the trailing 6-month period	2.25%	2.17%	+0.08%
Volatility (1Y) Calculated over the trailing 1-year period	2.89%	2.89%	0.00%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.71%	4.14%	-0.43%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.71%	4.14%	-0.43%

JMSI vs. SCMB - Expense Ratio Comparison

JMSI has a 0.18% expense ratio, which is higher than SCMB's 0.03% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

JMSI vs. SCMB - Dividend Comparison

JMSI's dividend yield for the trailing twelve months is around 3.64%, more than SCMB's 3.52% yield.

Position	TTM	2025	2024	2023	2022
JMSI J P Morgan Exchange-Traded Fund Trust - Sustainable Municipal Income Etf Fund	3.64%	3.65%	3.66%	1.79%	0.00%
SCMB Schwab Municipal Bond ETF	3.52%	3.36%	3.34%	3.10%	0.59%

Frequently Asked Questions

Can I hold both JMSI and SCMB in my portfolio?

JMSI and SCMB have a correlation of 0.68, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, JMSI or SCMB?

JMSI has higher volatility (0.81%) compared to SCMB (0.76%). In terms of maximum drawdown, JMSI dropped -4.57% vs SCMB's -6.13%.

Which ETF is better, JMSI or SCMB?

On 1-year performance, SCMB leads with 6.25% vs 5.96% for JMSI. On fees, SCMB is cheaper at 0.03% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, JMSI or SCMB?

Over the 1-year period, SCMB has performed better with a 6.25% return vs 5.96%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, JMSI or SCMB?

SCMB is cheaper with a 0.03% expense ratio, compared with 0.18% for JMSI.

Which ETF pays a higher dividend yield, JMSI or SCMB?

JMSI has the higher dividend yield at 3.64%, compared with 3.52% for SCMB.

What is the main difference between JMSI and SCMB?

They also come from different issuers: JPMorgan and Charles Schwab. Their fees differ too: 0.18% for JMSI and 0.03% for SCMB.

Which has better risk-adjusted returns?

SCMB currently has the higher Sharpe Ratio (2.17 vs 2.07), 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.