JMST vs. BILZ

Last updated Jun 4, 2026

JMST (JPMorgan Ultra-Short Municipal Income ETF) and BILZ (PIMCO Ultra Short Government Active Exchange-Traded Fund) are both Ultrashort Bond funds. Both are actively managed. Over the past year, JMST returned 2.98% vs 3.91% for BILZ. At a 0.14 correlation, their price movements are largely independent. JMST charges 0.18%/yr vs 0.14%/yr for BILZ.

Performance

JMST vs. BILZ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in JPMorgan Ultra-Short Municipal Income ETF (JMST) and PIMCO Ultra Short Government Active Exchange-Traded Fund (BILZ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, JMST achieves a 0.99% return, which is significantly lower than BILZ's 1.47% return.

JMST

• 1D: 0.00%
• 1M: 0.26%
• YTD: 0.99%
• 6M: 1.32%
• 1Y: 2.98%
• 3Y*: 3.35%
• 5Y*: 2.27%
• 10Y*: —

BILZ

• 1D: 0.00%
• 1M: 0.28%
• YTD: 1.47%
• 6M: 1.76%
• 1Y: 3.91%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

JMST vs. BILZ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
JMST JPMorgan Ultra-Short Municipal Income ETF	0.99%	3.35%	3.31%	2.23%
BILZ PIMCO Ultra Short Government Active Exchange-Traded Fund	1.47%	4.21%	5.25%	2.33%

Correlation

The correlation between JMST and BILZ is 0.08, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.08
Correlation (All Time) Calculated using the full available price history since Jun 23, 2023	0.14

Return for Risk

JMST vs. BILZ — Risk / Return Rank

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

JMST

JMST Risk / Return Rank: 98
JMST Sharpe Ratio Rank: 97
JMST Sortino Ratio Rank: 98
JMST Omega Ratio Rank: 99
JMST Calmar Ratio Rank: 97
JMST Martin Ratio Rank: 98

BILZ

BILZ Risk / Return Rank: 100
BILZ Sharpe Ratio Rank: 100
BILZ Sortino Ratio Rank: 100
BILZ Omega Ratio Rank: 100
BILZ Calmar Ratio Rank: 100
BILZ Martin Ratio Rank: 100

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.

JMST vs. BILZ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for JPMorgan Ultra-Short Municipal Income ETF (JMST) and PIMCO Ultra Short Government Active Exchange-Traded Fund (BILZ). 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.

	JMST	BILZ	Difference
Sharpe ratio: Return per unit of total volatility	5.11	19.09	-13.98
Sortino ratio: Return per unit of downside risk	8.48	125.25	-116.77
Omega ratio: Gain probability vs. loss probability	2.57	53.31	-50.74
Calmar ratio: Return relative to maximum drawdown	11.74	198.55	-186.81
Martin ratio: Return relative to average drawdown	64.44	2,000.92	-1,936.48
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

JMST vs. BILZ - Sharpe Ratio Comparison

The current JMST Sharpe Ratio is 5.11, which is lower than the BILZ Sharpe Ratio of 19.09. The chart below compares the historical Sharpe Ratios of JMST and BILZ, 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

	JMST	BILZ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	5.11	19.09	-13.98
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	2.76	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.89	10.48	-8.59

Drawdowns

JMST vs. BILZ - Drawdown Comparison

The maximum JMST drawdown since its inception was -2.41%, which is greater than BILZ's maximum drawdown of -0.52%. Use the drawdown chart below to compare losses from any high point for JMST and BILZ.

Drawdown Indicators

	JMST	BILZ	Difference
Max Drawdown Largest peak-to-trough decline	-2.41%	-0.52%	-1.89%
Max Drawdown (1Y) Largest decline over 1 year	-0.25%	-0.02%	-0.23%
Max Drawdown (3Y) Largest decline over 3 years	-0.71%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-1.15%	—	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-0.12%	-0.01%	-0.11%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.05%	0.00%	+0.05%

Volatility

JMST vs. BILZ - Volatility Comparison

JPMorgan Ultra-Short Municipal Income ETF (JMST) has a higher volatility of 0.17% compared to PIMCO Ultra Short Government Active Exchange-Traded Fund (BILZ) at 0.07%. This indicates that JMST's price experiences larger fluctuations and is considered to be riskier than BILZ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	JMST	BILZ	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.17%	0.07%	+0.10%
Volatility (6M) Calculated over the trailing 6-month period	0.41%	0.14%	+0.27%
Volatility (1Y) Calculated over the trailing 1-year period	0.59%	0.21%	+0.38%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.83%	0.43%	+0.40%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.14%	0.43%	+0.71%

JMST vs. BILZ - Expense Ratio Comparison

JMST has a 0.18% expense ratio, which is higher than BILZ's 0.14% 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

JMST vs. BILZ - Dividend Comparison

JMST's dividend yield for the trailing twelve months is around 2.65%, less than BILZ's 4.07% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
BILZ PIMCO Ultra Short Government Active Exchange-Traded Fund	4.07%	4.19%	4.95%	2.23%	0.00%	0.00%	0.00%	0.00%	0.00%
JMST JPMorgan Ultra-Short Municipal Income ETF	2.65%	2.84%	3.32%	3.09%	1.10%	0.27%	0.87%	1.63%	0.28%

Frequently Asked Questions

Can I hold both JMST and BILZ in my portfolio?

JMST and BILZ have a correlation of 0.08, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, JMST or BILZ?

JMST has higher volatility (0.17%) compared to BILZ (0.07%). In terms of maximum drawdown, JMST dropped -2.41% vs BILZ's -0.52%.

Which ETF is better, JMST or BILZ?

On 1-year performance, BILZ leads with 3.91% vs 2.98% for JMST. On fees, BILZ is cheaper at 0.14% per year. On volatility, BILZ has been the lower-risk option at 0.07%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, JMST or BILZ?

Over the 1-year period, BILZ has performed better with a 3.91% return vs 2.98%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, JMST or BILZ?

BILZ is cheaper with a 0.14% expense ratio, compared with 0.18% for JMST.

Which ETF pays a higher dividend yield, JMST or BILZ?

BILZ has the higher dividend yield at 4.07%, compared with 2.65% for JMST.

What is the main difference between JMST and BILZ?

They also come from different issuers: JPMorgan and PIMCO. Their fees differ too: 0.18% for JMST and 0.14% for BILZ.

Which has better risk-adjusted returns?

BILZ currently has the higher Sharpe Ratio (19.09 vs 5.11), 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.