JMST vs. JPST

Last updated Jun 13, 2026

JMST (JPMorgan Ultra-Short Municipal Income ETF) and JPST (JPMorgan Ultra-Short Income ETF) are both Ultrashort Bond funds from JPMorgan. Both are actively managed. Over the past 5 years, JMST returned 2.27%/yr vs 3.63%/yr for JPST. At a 0.20 correlation, their price movements are largely independent. Both charge a 0.18% expense ratio.

Performance

JMST vs. JPST - Performance Comparison

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

Returns By Period

In the year-to-date period, JMST achieves a 1.01% return, which is significantly lower than JPST's 1.50% return.

JMST

• 1D: 0.02%
• 1M: 0.26%
• YTD: 1.01%
• 6M: 1.26%
• 1Y: 2.91%
• 3Y*: 3.33%
• 5Y*: 2.27%
• 10Y*: —

JPST

• 1D: 0.02%
• 1M: 0.28%
• YTD: 1.50%
• 6M: 1.76%
• 1Y: 4.29%
• 3Y*: 5.19%
• 5Y*: 3.63%
• 10Y*: —

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

JMST vs. JPST - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
JMST JPMorgan Ultra-Short Municipal Income ETF	1.01%	3.35%	3.31%	3.56%	0.07%	0.31%	2.00%	2.09%	0.70%
JPST JPMorgan Ultra-Short Income ETF	1.50%	4.99%	5.58%	5.13%	1.14%	0.11%	2.18%	3.34%	0.41%

Correlation

The correlation between JMST and JPST is 0.22, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.22
Correlation (3Y) Calculated over the trailing 3-year period	0.24
Correlation (5Y) Calculated over the trailing 5-year period	0.23
Correlation (All Time) Calculated using the full available price history since Oct 18, 2018	0.20

JMST vs. JPST - Sectors Allocation Comparison

Sectors	JMST	JPST
Financial Services	5.1%	22.6%
Technology	2.4%	1.8%
Consumer Cyclical	1.2%	2.5%
Communication Services	0.9%	5.5%
Energy	0.8%	0.4%
Real Estate	0.6%	0.7%
Industrials	0.6%	2.1%
Healthcare	0.5%	1.5%
Basic Materials	0.5%	0.2%
Consumer Defensive	0.4%	0.7%
Utilities	0.2%	2.8%

Return for Risk

JMST vs. JPST — 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: 98
JMST Calmar Ratio Rank: 98
JMST Martin Ratio Rank: 98

JPST

JPST Risk / Return Rank: 99
JPST Sharpe Ratio Rank: 99
JPST Sortino Ratio Rank: 99
JPST Omega Ratio Rank: 99
JPST Calmar Ratio Rank: 99
JPST Martin Ratio Rank: 99

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. JPST - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for JPMorgan Ultra-Short Municipal Income ETF (JMST) and JPMorgan Ultra-Short Income ETF (JPST). 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	JMST	JPST	Difference
Sharpe ratio: Return per unit of total volatility	4.96	8.13	-3.17
Sortino ratio: Return per unit of downside risk	8.15	17.82	-9.67
Omega ratio: Gain probability vs. loss probability	2.48	3.97	-1.49
Calmar ratio: Return relative to maximum drawdown	11.46	29.02	-17.56
Martin ratio: Return relative to average drawdown	62.60	142.45	-79.85

JMST vs. JPST - Sharpe Ratio Comparison

The current JMST Sharpe Ratio is 4.96, which is lower than the JPST Sharpe Ratio of 8.13. The chart below compares the historical Sharpe Ratios of JMST and JPST, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

JMST vs. JPST - Drawdown Comparison

The maximum JMST drawdown since its inception was -2.41%, smaller than the maximum JPST drawdown of -3.28%. Use the drawdown chart below to compare losses from any high point for JMST and JPST.

Drawdown Indicators

	JMST	JPST	Difference
Max Drawdown Largest peak-to-trough decline	-2.41%	-3.28%	+0.87%
Max Drawdown (1Y) Largest decline over 1 year	-0.25%	-0.15%	-0.10%
Max Drawdown (3Y) Largest decline over 3 years	-0.71%	-0.30%	-0.41%
Max Drawdown (5Y) Largest decline over 5 years	-1.15%	-0.79%	-0.36%
Current Drawdown Current decline from peak	-0.04%	0.00%	-0.04%
Average Drawdown Average peak-to-trough decline	-0.12%	-0.08%	-0.04%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.05%	0.03%	+0.02%

Volatility

JMST vs. JPST - Volatility Comparison

JPMorgan Ultra-Short Municipal Income ETF (JMST) has a higher volatility of 0.17% compared to JPMorgan Ultra-Short Income ETF (JPST) at 0.16%. This indicates that JMST's price experiences larger fluctuations and is considered to be riskier than JPST based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	JMST	JPST	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.17%	0.16%	+0.01%
Volatility (6M) Calculated over the trailing 6-month period	0.42%	0.36%	+0.06%
Volatility (1Y) Calculated over the trailing 1-year period	0.59%	0.53%	+0.06%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.83%	0.58%	+0.25%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.13%	0.93%	+0.20%

JMST vs. JPST - Expense Ratio Comparison

Both JMST and JPST have an expense ratio of 0.18%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.

Dividends

JMST vs. JPST - Dividend Comparison

JMST's dividend yield for the trailing twelve months is around 2.65%, less than JPST's 4.25% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
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%	0.00%
JPST JPMorgan Ultra-Short Income ETF	4.25%	4.43%	5.16%	4.79%	1.83%	0.73%	1.43%	2.69%	2.07%	0.96%

Frequently Asked Questions

Can I hold both JMST and JPST in my portfolio?

JMST and JPST have a correlation of 0.22, 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 JPST?

JMST has higher volatility (0.17%) compared to JPST (0.16%). In terms of maximum drawdown, JMST dropped -2.41% vs JPST's -3.28%.

Which ETF is better, JMST or JPST?

On 5-year performance, JPST leads with 3.63% vs 2.27% for JMST. Both ETFs have the same 0.18% expense ratio. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, JMST or JPST?

Over the 5-year period, JPST has performed better with a 3.63% return vs 2.27%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, JMST or JPST?

JMST and JPST have the same expense ratio: 0.18% per year.

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

JPST has the higher dividend yield at 4.25%, compared with 2.65% for JMST.

Which has better risk-adjusted returns?

JPST currently has the higher Sharpe Ratio (8.13 vs 4.96), 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.