JMST vs. GUMI
JMST (JPMorgan Ultra-Short Municipal Income ETF) and GUMI (Goldman Sachs Ultra Short Municipal Income ETF) are both exchange-traded funds - JMST is a Ultrashort Bond fund actively managed by JPMorgan, while GUMI is a Municipal Bonds fund actively managed by Goldman Sachs. Both are actively managed. Over the past year, JMST returned 2.98% vs 3.18% for GUMI. At a 0.12 correlation, their price movements are largely independent. JMST charges 0.18%/yr vs 0.16%/yr for GUMI.
Performance
JMST vs. GUMI - 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 GUMI's 1.06% return.
JMST
- 1D
- 0.00%
- 1M
- 0.26%
- YTD
- 0.99%
- 6M
- 1.32%
- 1Y
- 2.98%
- 3Y*
- 3.35%
- 5Y*
- 2.27%
- 10Y*
- —
GUMI
- 1D
- -0.04%
- 1M
- 0.23%
- YTD
- 1.06%
- 6M
- 1.20%
- 1Y
- 3.18%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
JMST vs. GUMI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
JMST JPMorgan Ultra-Short Municipal Income ETF | 0.99% | 3.35% | 1.36% |
GUMI Goldman Sachs Ultra Short Municipal Income ETF | 1.06% | 3.39% | 1.52% |
Correlation
The correlation between JMST and GUMI is 0.01, 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 | 0.01 |
Correlation (All Time) Calculated using the full available price history since Jul 26, 2024 | 0.12 |
The correlation between JMST and GUMI shifts across timeframes, from 0.01 (1 year) to 0.12 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
JMST vs. GUMI — Risk / Return Rank
JMST
GUMI
JMST vs. GUMI - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for JPMorgan Ultra-Short Municipal Income ETF (JMST) and Goldman Sachs Ultra Short Municipal Income ETF (GUMI). 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 | GUMI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.19 | ||
| Sortino ratioReturn per unit of downside risk | +3.78 | ||
| Omega ratioGain probability vs. loss probability | 2.57 | 1.64 | +0.93 |
| Calmar ratioReturn relative to maximum drawdown | 11.74 | 8.93 | +2.81 |
| Martin ratioReturn relative to average drawdown | 64.44 | 37.83 | +26.61 |
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 | GUMI | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 5.11 | 2.92 | +2.19 |
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 | 3.29 | -1.40 |
Drawdowns
JMST vs. GUMI - Drawdown Comparison
The maximum JMST drawdown since its inception was -2.41%, which is greater than GUMI's maximum drawdown of -0.48%. Use the drawdown chart below to compare losses from any high point for JMST and GUMI.
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Drawdown Indicators
| JMST | GUMI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -2.41% | -0.48% | -1.93% |
Max Drawdown (1Y)Largest decline over 1 year | -0.25% | -0.36% | +0.11% |
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% | -0.04% | +0.04% |
Average DrawdownAverage peak-to-trough decline | -0.12% | -0.05% | -0.07% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.05% | 0.08% | -0.03% |
Volatility
JMST vs. GUMI - Volatility Comparison
The current volatility for JPMorgan Ultra-Short Municipal Income ETF (JMST) is 0.17%, while Goldman Sachs Ultra Short Municipal Income ETF (GUMI) has a volatility of 0.25%. This indicates that JMST experiences smaller price fluctuations and is considered to be less risky than GUMI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| JMST | GUMI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.17% | 0.25% | -0.08% |
Volatility (6M)Calculated over the trailing 6-month period | 0.41% | 0.55% | -0.14% |
Volatility (1Y)Calculated over the trailing 1-year period | 0.59% | 1.09% | -0.50% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 0.83% | 0.99% | -0.16% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 1.14% | 0.99% | +0.15% |
JMST vs. GUMI - Expense Ratio Comparison
JMST has a 0.18% expense ratio, which is higher than GUMI's 0.16% 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. GUMI - Dividend Comparison
JMST's dividend yield for the trailing twelve months is around 2.65%, less than GUMI's 2.77% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
GUMI Goldman Sachs Ultra Short Municipal Income ETF | 2.77% | 2.95% | 1.37% | 0.00% | 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 GUMI have a correlation of 0.01, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GUMI has higher volatility (0.25%) compared to JMST (0.17%). In terms of maximum drawdown, JMST dropped -2.41% vs GUMI's -0.48%.
On 1-year performance, GUMI leads with 3.18% vs 2.98% for JMST. On fees, GUMI is cheaper at 0.16% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, GUMI has performed better with a 3.18% return vs 2.98%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
GUMI is cheaper with a 0.16% expense ratio, compared with 0.18% for JMST.
GUMI has the higher dividend yield at 2.77%, compared with 2.65% for JMST.
JMST is categorized as Ultrashort Bond, while GUMI is Municipal Bonds. They also come from different issuers: JPMorgan and Goldman Sachs. Their fees differ too: 0.18% for JMST and 0.16% for GUMI.
JMST currently has the higher Sharpe Ratio (5.11 vs 2.92), 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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