JMSI vs. SUB
JMSI (J P Morgan Exchange-Traded Fund Trust - Sustainable Municipal Income Etf Fund) and SUB (iShares Short-Term National Muni Bond ETF) are both Municipal Bonds funds. JMSI is actively managed, while SUB is passively managed. Over the past year, JMSI returned 6.08% vs 3.18% for SUB. A 0.59 correlation means they provide meaningful diversification when combined. JMSI charges 0.18%/yr vs 0.07%/yr for SUB.
Performance
JMSI vs. SUB - Performance Comparison
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Returns By Period
In the year-to-date period, JMSI achieves a 1.06% return, which is significantly higher than SUB's 0.79% return.
JMSI
- 1D
- -0.13%
- 1M
- 0.57%
- YTD
- 1.06%
- 6M
- 1.41%
- 1Y
- 6.08%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
SUB
- 1D
- 0.01%
- 1M
- 0.32%
- YTD
- 0.79%
- 6M
- 1.15%
- 1Y
- 3.18%
- 3Y*
- 3.19%
- 5Y*
- 1.46%
- 10Y*
- 1.49%
JMSI vs. SUB - 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% |
SUB iShares Short-Term National Muni Bond ETF | 0.79% | 3.64% | 2.17% | 2.18% |
Correlation
The correlation between JMSI and SUB is 0.55, 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 | 0.55 |
Correlation (All Time) Calculated using the full available price history since Jul 18, 2023 | 0.59 |
The correlation between JMSI and SUB has been stable across timeframes, ranging from 0.55 to 0.59 - a consistent structural relationship.
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Return for Risk
JMSI vs. SUB — Risk / Return Rank
JMSI
SUB
JMSI vs. SUB - 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 iShares Short-Term National Muni Bond ETF (SUB). 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 | SUB | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.10 | ||
| Sortino ratioReturn per unit of downside risk | -1.55 | ||
| Omega ratioGain probability vs. loss probability | 1.43 | 1.72 | -0.28 |
| Calmar ratioReturn relative to maximum drawdown | 2.05 | 3.97 | -1.92 |
| Martin ratioReturn relative to average drawdown | 7.06 | 11.24 | -4.17 |
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 | SUB | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.10 | 3.20 | -1.10 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.90 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.57 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.03 | 0.42 | +0.60 |
Drawdowns
JMSI vs. SUB - Drawdown Comparison
The maximum JMSI drawdown since its inception was -4.57%, smaller than the maximum SUB drawdown of -9.46%. Use the drawdown chart below to compare losses from any high point for JMSI and SUB.
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Drawdown Indicators
| JMSI | SUB | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -4.57% | -9.46% | +4.89% |
Max Drawdown (1Y)Largest decline over 1 year | -2.98% | -0.81% | -2.17% |
Max Drawdown (3Y)Largest decline over 3 years | — | -1.23% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -4.35% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -9.46% | — |
Current DrawdownCurrent decline from peak | -0.87% | -0.11% | -0.76% |
Average DrawdownAverage peak-to-trough decline | -0.92% | -0.92% | 0.00% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.86% | 0.28% | +0.58% |
Volatility
JMSI vs. SUB - Volatility Comparison
J P Morgan Exchange-Traded Fund Trust - Sustainable Municipal Income Etf Fund (JMSI) has a higher volatility of 0.96% compared to iShares Short-Term National Muni Bond ETF (SUB) at 0.28%. This indicates that JMSI's price experiences larger fluctuations and is considered to be riskier than SUB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| JMSI | SUB | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.96% | 0.28% | +0.68% |
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% | 1.00% | +1.91% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.73% | 1.64% | +2.09% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.73% | 2.60% | +1.13% |
JMSI vs. SUB - Expense Ratio Comparison
JMSI has a 0.18% expense ratio, which is higher than SUB's 0.07% 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. SUB - Dividend Comparison
JMSI's dividend yield for the trailing twelve months is around 3.65%, more than SUB's 2.53% 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% |
SUB iShares Short-Term National Muni Bond ETF | 2.53% | 2.42% | 2.10% | 1.73% | 0.86% | 0.72% | 1.23% | 1.58% | 1.32% | 0.95% | 0.75% | 0.77% |
Frequently Asked Questions
JMSI and SUB have a correlation of 0.55, 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 SUB (0.28%). In terms of maximum drawdown, JMSI dropped -4.57% vs SUB's -9.46%.
On 1-year performance, JMSI leads with 6.08% vs 3.18% for SUB. On fees, SUB is cheaper at 0.07% per year. On volatility, SUB has been the lower-risk option at 0.28%. 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 3.18%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SUB is cheaper with a 0.07% expense ratio, compared with 0.18% for JMSI.
JMSI has the higher dividend yield at 3.65%, compared with 2.53% for SUB.
They also come from different issuers: JPMorgan and iShares. Their fees differ too: 0.18% for JMSI and 0.07% for SUB.
SUB currently has the higher Sharpe Ratio (3.20 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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