JMST vs. BOXX

Last updated Apr 1, 2026

Compare and contrast key facts about JPMorgan Ultra-Short Municipal Income ETF (JMST) and Alpha Architect 1-3 Month Box ETF (BOXX).

JMST and BOXX are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. JMST is an actively managed fund by JPMorgan. It was launched on Oct 16, 2018. BOXX is a passively managed fund by Alpha Architect that tracks the performance of the Solactive 1-3 Month US T-Bill Index. It was launched on Dec 27, 2022.

Performance

JMST vs. BOXX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in JPMorgan Ultra-Short Municipal Income ETF (JMST) and Alpha Architect 1-3 Month Box ETF (BOXX). The values are adjusted to include any dividend payments, if applicable.

JMST vs. BOXX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
JMST JPMorgan Ultra-Short Municipal Income ETF	0.50%	3.35%	3.31%	3.56%	0.11%
BOXX Alpha Architect 1-3 Month Box ETF	1.03%	4.37%	5.16%	5.04%	0.07%

Returns By Period

In the year-to-date period, JMST achieves a 0.50% return, which is significantly lower than BOXX's 1.03% return.

JMST

• 1D: 0.02%
• 1M: -0.07%
• YTD: 0.50%
• 6M: 1.20%
• 1Y: 3.07%
• 3Y*: 3.25%
• 5Y*: 2.20%
• 10Y*: —

BOXX

• 1D: 0.11%
• 1M: 0.40%
• YTD: 1.03%
• 6M: 2.13%
• 1Y: 4.31%
• 3Y*: 4.83%
• 5Y*: —
• 10Y*: —

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

JMST vs. BOXX - Expense Ratio Comparison

JMST has a 0.18% expense ratio, which is lower than BOXX's 0.19% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

BOXX

Alpha Architect 1-3 Month Box ETF

JMST

JPMorgan Ultra-Short Municipal Income ETF

Return for Risk

JMST vs. BOXX — 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: 98
JMST Sortino Ratio Rank: 98
JMST Omega Ratio Rank: 99
JMST Calmar Ratio Rank: 96
JMST Martin Ratio Rank: 98

BOXX

BOXX Risk / Return Rank: 100
BOXX Sharpe Ratio Rank: 100
BOXX Sortino Ratio Rank: 100
BOXX Omega Ratio Rank: 100
BOXX Calmar Ratio Rank: 100
BOXX 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. BOXX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for JPMorgan Ultra-Short Municipal Income ETF (JMST) and Alpha Architect 1-3 Month Box ETF (BOXX). 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	BOXX	Difference
Sharpe ratio Return per unit of total volatility	3.81	13.56	-9.75
Sortino ratio Return per unit of downside risk	5.54	47.23	-41.69
Omega ratio Gain probability vs. loss probability	2.23	10.69	-8.46
Calmar ratio Return relative to maximum drawdown	4.43	120.87	-116.44
Martin ratio Return relative to average drawdown	23.50	720.99	-697.48
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. BOXX - Sharpe Ratio Comparison

The current JMST Sharpe Ratio is 3.81, which is lower than the BOXX Sharpe Ratio of 13.56. The chart below compares the historical Sharpe Ratios of JMST and BOXX, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	JMST	BOXX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.81	13.56	-9.75
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	2.68	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.86	13.15	-11.29

Correlation

The correlation between JMST and BOXX is 0.08, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

JMST vs. BOXX - Dividend Comparison

JMST's dividend yield for the trailing twelve months is around 2.77%, while BOXX has not paid dividends to shareholders.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018
JMST JPMorgan Ultra-Short Municipal Income ETF	2.77%	2.84%	3.32%	3.09%	1.10%	0.27%	0.87%	1.63%	0.28%
BOXX Alpha Architect 1-3 Month Box ETF	0.00%	0.00%	0.26%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Drawdowns

JMST vs. BOXX - Drawdown Comparison

The maximum JMST drawdown since its inception was -2.41%, which is greater than BOXX's maximum drawdown of -0.12%. Use the drawdown chart below to compare losses from any high point for JMST and BOXX.

Drawdown Indicators

	JMST	BOXX	Difference
Max Drawdown Largest peak-to-trough decline	-2.41%	-0.12%	-2.29%
Max Drawdown (1Y) Largest decline over 1 year	-0.71%	-0.04%	-0.67%
Max Drawdown (5Y) Largest decline over 5 years	-1.15%	—	—
Current Drawdown Current decline from peak	-0.14%	0.00%	-0.14%
Average Drawdown Average peak-to-trough decline	-0.13%	0.00%	-0.13%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.13%	0.01%	+0.12%

Volatility

JMST vs. BOXX - Volatility Comparison

JPMorgan Ultra-Short Municipal Income ETF (JMST) has a higher volatility of 0.18% compared to Alpha Architect 1-3 Month Box ETF (BOXX) at 0.13%. This indicates that JMST's price experiences larger fluctuations and is considered to be riskier than BOXX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	JMST	BOXX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.18%	0.13%	+0.05%
Volatility (6M) Calculated over the trailing 6-month period	0.47%	0.24%	+0.23%
Volatility (1Y) Calculated over the trailing 1-year period	0.81%	0.32%	+0.49%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.82%	0.37%	+0.45%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.15%	0.37%	+0.78%