JMSI vs. SMMU
JMSI (J P Morgan Exchange-Traded Fund Trust - Sustainable Municipal Income Etf Fund) and SMMU (PIMCO Short Term Municipal Bond Active ETF) are both Municipal Bonds funds. Both are actively managed. Over the past year, JMSI returned 6.08% vs 3.92% for SMMU. A 0.57 correlation means they provide meaningful diversification when combined. JMSI charges 0.18%/yr vs 0.35%/yr for SMMU.
Performance
JMSI vs. SMMU - Performance Comparison
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Returns By Period
The year-to-date returns for both investments are quite close, with JMSI having a 1.06% return and SMMU slightly higher at 1.10%.
JMSI
- 1D
- -0.13%
- 1M
- 0.57%
- YTD
- 1.06%
- 6M
- 1.41%
- 1Y
- 6.08%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
SMMU
- 1D
- 0.07%
- 1M
- 0.31%
- YTD
- 1.10%
- 6M
- 1.36%
- 1Y
- 3.92%
- 3Y*
- 3.67%
- 5Y*
- 1.90%
- 10Y*
- 1.82%
JMSI vs. SMMU - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
JMSI J P Morgan Exchange-Traded Fund Trust - Sustainable Municipal Income Etf Fund | 1.06% | 4.40% | 2.77% | 2.70% |
SMMU PIMCO Short Term Municipal Bond Active ETF | 1.10% | 4.06% | 2.68% | 2.45% |
Correlation
The correlation between JMSI and SMMU is 0.58, 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 | 0.58 |
Correlation (All Time) Calculated using the full available price history since Jul 18, 2023 | 0.57 |
The correlation between JMSI and SMMU has been stable across timeframes, ranging from 0.57 to 0.58 - a consistent structural relationship.
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Return for Risk
JMSI vs. SMMU — Risk / Return Rank
JMSI
SMMU
JMSI vs. SMMU - 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 PIMCO Short Term Municipal Bond Active ETF (SMMU). 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.
| JMSI | SMMU | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.74 | ||
| Sortino ratioReturn per unit of downside risk | -2.73 | ||
| Omega ratioGain probability vs. loss probability | 1.43 | 1.90 | -0.47 |
| Calmar ratioReturn relative to maximum drawdown | 2.05 | 5.10 | -3.06 |
| Martin ratioReturn relative to average drawdown | 7.06 | 18.24 | -11.18 |
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
| JMSI | SMMU | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.10 | 3.84 | -1.74 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 1.14 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.67 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.03 | 0.60 | +0.42 |
Drawdowns
JMSI vs. SMMU - Drawdown Comparison
The maximum JMSI drawdown since its inception was -4.57%, smaller than the maximum SMMU drawdown of -5.09%. Use the drawdown chart below to compare losses from any high point for JMSI and SMMU.
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Drawdown Indicators
| JMSI | SMMU | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -4.57% | -5.09% | +0.52% |
Max Drawdown (1Y)Largest decline over 1 year | -2.98% | -0.77% | -2.21% |
Max Drawdown (3Y)Largest decline over 3 years | — | -1.95% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -4.76% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -5.09% | — |
Current DrawdownCurrent decline from peak | -0.87% | -0.03% | -0.84% |
Average DrawdownAverage peak-to-trough decline | -0.92% | -0.55% | -0.37% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.86% | 0.22% | +0.64% |
Volatility
JMSI vs. SMMU - Volatility Comparison
J P Morgan Exchange-Traded Fund Trust - Sustainable Municipal Income Etf Fund (JMSI) has a higher volatility of 0.96% compared to PIMCO Short Term Municipal Bond Active ETF (SMMU) at 0.31%. This indicates that JMSI's price experiences larger fluctuations and is considered to be riskier than SMMU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| JMSI | SMMU | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.96% | 0.31% | +0.65% |
Volatility (6M)Calculated over the trailing 6-month period | 2.20% | 0.79% | +1.41% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.91% | 1.02% | +1.89% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.73% | 1.67% | +2.06% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.73% | 2.73% | +1.00% |
JMSI vs. SMMU - Expense Ratio Comparison
JMSI has a 0.18% expense ratio, which is lower than SMMU's 0.35% expense ratio.
Dividends
JMSI vs. SMMU - Dividend Comparison
JMSI's dividend yield for the trailing twelve months is around 3.65%, more than SMMU's 2.84% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
JMSI J P Morgan Exchange-Traded Fund Trust - Sustainable Municipal Income Etf Fund | 3.65% | 3.65% | 3.66% | 1.79% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
SMMU PIMCO Short Term Municipal Bond Active ETF | 2.84% | 2.80% | 3.03% | 2.79% | 1.37% | 0.60% | 1.19% | 1.82% | 1.57% | 1.41% | 1.03% | 0.89% |
Frequently Asked Questions
JMSI and SMMU have a correlation of 0.58, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
JMSI has higher volatility (0.96%) compared to SMMU (0.31%). In terms of maximum drawdown, JMSI dropped -4.57% vs SMMU's -5.09%.
On 1-year performance, JMSI leads with 6.08% vs 3.92% for SMMU. On fees, JMSI is cheaper at 0.18% per year. On volatility, SMMU has been the lower-risk option at 0.31%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, JMSI has performed better with a 6.08% return vs 3.92%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
JMSI is cheaper with a 0.18% expense ratio, compared with 0.35% for SMMU.
JMSI has the higher dividend yield at 3.65%, compared with 2.84% for SMMU.
They also come from different issuers: JPMorgan and PIMCO. Their fees differ too: 0.18% for JMSI and 0.35% for SMMU.
SMMU currently has the higher Sharpe Ratio (3.84 vs 2.10), 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.
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