JMST vs. CGSM
JMST (JPMorgan Ultra-Short Municipal Income ETF) and CGSM (Capital Group Short Duration Municipal Income ETF) are both exchange-traded funds - JMST is a Ultrashort Bond fund actively managed by JPMorgan, while CGSM is a Municipal Bonds fund actively managed by Capital Group. Both are actively managed. Over the past year, JMST returned 2.98% vs 4.63% for CGSM. At a 0.37 correlation, their price movements are largely independent. JMST charges 0.18%/yr vs 0.25%/yr for CGSM.
Performance
JMST vs. CGSM - Performance Comparison
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Returns By Period
In the year-to-date period, JMST achieves a 0.99% return, which is significantly lower than CGSM's 1.29% return.
JMST
- 1D
- 0.00%
- 1M
- 0.26%
- YTD
- 0.99%
- 6M
- 1.32%
- 1Y
- 2.98%
- 3Y*
- 3.35%
- 5Y*
- 2.27%
- 10Y*
- —
CGSM
- 1D
- 0.08%
- 1M
- 0.38%
- YTD
- 1.29%
- 6M
- 1.54%
- 1Y
- 4.63%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
JMST vs. CGSM - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
JMST JPMorgan Ultra-Short Municipal Income ETF | 0.99% | 3.35% | 3.31% | 1.67% |
CGSM Capital Group Short Duration Municipal Income ETF | 1.29% | 4.58% | 3.71% | 4.04% |
Correlation
The correlation between JMST and CGSM is 0.20, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.20 |
Correlation (All Time) Calculated using the full available price history since Sep 29, 2023 | 0.37 |
The correlation between JMST and CGSM shifts across timeframes, from 0.20 (1 year) to 0.37 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
JMST vs. CGSM — Risk / Return Rank
JMST
CGSM
JMST vs. CGSM - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for JPMorgan Ultra-Short Municipal Income ETF (JMST) and Capital Group Short Duration Municipal Income ETF (CGSM). 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 | CGSM | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.62 | ||
| Sortino ratioReturn per unit of downside risk | +3.09 | ||
| Omega ratioGain probability vs. loss probability | 2.57 | 1.81 | +0.76 |
| Calmar ratioReturn relative to maximum drawdown | 11.74 | 3.95 | +7.79 |
| Martin ratioReturn relative to average drawdown | 64.44 | 12.91 | +51.53 |
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
| JMST | CGSM | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 5.11 | 3.49 | +1.62 |
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 | 2.87 | -0.98 |
Drawdowns
JMST vs. CGSM - Drawdown Comparison
The maximum JMST drawdown since its inception was -2.41%, which is greater than CGSM's maximum drawdown of -1.42%. Use the drawdown chart below to compare losses from any high point for JMST and CGSM.
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Drawdown Indicators
| JMST | CGSM | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -2.41% | -1.42% | -0.99% |
Max Drawdown (1Y)Largest decline over 1 year | -0.25% | -1.18% | +0.93% |
Max Drawdown (3Y)Largest decline over 3 years | -0.71% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -1.15% | — | — |
Current DrawdownCurrent decline from peak | 0.00% | -0.22% | +0.22% |
Average DrawdownAverage peak-to-trough decline | -0.12% | -0.24% | +0.12% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.05% | 0.36% | -0.31% |
Volatility
JMST vs. CGSM - Volatility Comparison
The current volatility for JPMorgan Ultra-Short Municipal Income ETF (JMST) is 0.17%, while Capital Group Short Duration Municipal Income ETF (CGSM) has a volatility of 0.42%. This indicates that JMST experiences smaller price fluctuations and is considered to be less risky than CGSM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| JMST | CGSM | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.17% | 0.42% | -0.25% |
Volatility (6M)Calculated over the trailing 6-month period | 0.41% | 0.98% | -0.57% |
Volatility (1Y)Calculated over the trailing 1-year period | 0.59% | 1.33% | -0.74% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 0.83% | 1.79% | -0.96% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 1.14% | 1.79% | -0.65% |
JMST vs. CGSM - Expense Ratio Comparison
JMST has a 0.18% expense ratio, which is lower than CGSM's 0.25% 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%.
Dividends
JMST vs. CGSM - Dividend Comparison
JMST's dividend yield for the trailing twelve months is around 2.65%, less than CGSM's 3.00% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
CGSM Capital Group Short Duration Municipal Income ETF | 3.00% | 3.05% | 3.11% | 0.84% | 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
JMST and CGSM have a correlation of 0.20, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
CGSM has higher volatility (0.42%) compared to JMST (0.17%). In terms of maximum drawdown, JMST dropped -2.41% vs CGSM's -1.42%.
On 1-year performance, CGSM leads with 4.63% vs 2.98% for JMST. On fees, JMST is cheaper at 0.18% per year. On volatility, JMST has been the lower-risk option at 0.17%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, CGSM has performed better with a 4.63% return vs 2.98%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
JMST is cheaper with a 0.18% expense ratio, compared with 0.25% for CGSM.
CGSM has the higher dividend yield at 3.00%, compared with 2.65% for JMST.
JMST is categorized as Ultrashort Bond, while CGSM is Municipal Bonds. They also come from different issuers: JPMorgan and Capital Group. Their fees differ too: 0.18% for JMST and 0.25% for CGSM.
JMST currently has the higher Sharpe Ratio (5.11 vs 3.49), 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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