JMST vs. LIVIX

Last updated Jun 14, 2026

JMST (JPMorgan Ultra-Short Municipal Income ETF) and LIVIX (BlackRock LifePath Index 2055 Fund) are both funds - JMST is a Ultrashort Bond fund actively managed by JPMorgan, while LIVIX is a Target Retirement Date fund managed by BlackRock. Over the past 5 years, JMST returned 2.27%/yr vs 9.73%/yr for LIVIX. At a 0.08 correlation, their price movements are largely independent. JMST charges 0.18%/yr vs 0.10%/yr for LIVIX.

Performance

JMST vs. LIVIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in JPMorgan Ultra-Short Municipal Income ETF (JMST) and BlackRock LifePath Index 2055 Fund (LIVIX). 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 LIVIX's 10.64% return.

JMST

• 1D: 0.02%
• 1M: 0.26%
• YTD: 1.01%
• 6M: 1.26%
• 1Y: 2.88%
• 3Y*: 3.33%
• 5Y*: 2.27%
• 10Y*: —

LIVIX

• 1D: 2.40%
• 1M: 1.51%
• YTD: 10.64%
• 6M: 11.33%
• 1Y: 26.62%
• 3Y*: 18.60%
• 5Y*: 9.73%
• 10Y*: 11.99%

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

JMST vs. LIVIX - 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%
LIVIX BlackRock LifePath Index 2055 Fund	10.64%	21.57%	13.60%	21.62%	-18.38%	18.75%	14.99%	26.76%	-7.83%

Correlation

The correlation between JMST and LIVIX 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 (3Y) Calculated over the trailing 3-year period	0.10
Correlation (5Y) Calculated over the trailing 5-year period	0.11
Correlation (All Time) Calculated using the full available price history since Oct 18, 2018	0.08

The correlation between JMST and LIVIX shifts across timeframes, from 0.08 (all time) to 0.20 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

JMST vs. LIVIX — 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

LIVIX

LIVIX Risk / Return Rank: 71
LIVIX Sharpe Ratio Rank: 69
LIVIX Sortino Ratio Rank: 68
LIVIX Omega Ratio Rank: 67
LIVIX Calmar Ratio Rank: 73
LIVIX Martin Ratio Rank: 80

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. LIVIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for JPMorgan Ultra-Short Municipal Income ETF (JMST) and BlackRock LifePath Index 2055 Fund (LIVIX). 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	LIVIX	Difference
Sharpe ratio: Return per unit of total volatility	4.96	1.94	+3.02
Sortino ratio: Return per unit of downside risk	8.15	2.69	+5.46
Omega ratio: Gain probability vs. loss probability	2.48	1.35	+1.12
Calmar ratio: Return relative to maximum drawdown	11.46	2.72	+8.74
Martin ratio: Return relative to average drawdown	62.60	11.79	+50.81

JMST vs. LIVIX - Sharpe Ratio Comparison

The current JMST Sharpe Ratio is 4.96, which is higher than the LIVIX Sharpe Ratio of 1.94. The chart below compares the historical Sharpe Ratios of JMST and LIVIX, 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. LIVIX - Drawdown Comparison

The maximum JMST drawdown since its inception was -2.41%, smaller than the maximum LIVIX drawdown of -34.44%. Use the drawdown chart below to compare losses from any high point for JMST and LIVIX.

Drawdown Indicators

	JMST	LIVIX	Difference
Max Drawdown Largest peak-to-trough decline	-2.41%	-34.44%	+32.03%
Max Drawdown (1Y) Largest decline over 1 year	-0.25%	-9.44%	+9.19%
Max Drawdown (3Y) Largest decline over 3 years	-0.71%	-17.39%	+16.68%
Max Drawdown (5Y) Largest decline over 5 years	-1.15%	-26.45%	+25.30%
Max Drawdown (10Y) Largest decline over 10 years	—	-34.44%	—
Current Drawdown Current decline from peak	-0.04%	-2.17%	+2.13%
Average Drawdown Average peak-to-trough decline	-0.12%	-4.52%	+4.40%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.05%	2.18%	-2.13%

Volatility

JMST vs. LIVIX - Volatility Comparison

The current volatility for JPMorgan Ultra-Short Municipal Income ETF (JMST) is 0.17%, while BlackRock LifePath Index 2055 Fund (LIVIX) has a volatility of 5.27%. This indicates that JMST experiences smaller price fluctuations and is considered to be less risky than LIVIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	JMST	LIVIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.17%	5.27%	-5.10%
Volatility (6M) Calculated over the trailing 6-month period	0.42%	10.94%	-10.52%
Volatility (1Y) Calculated over the trailing 1-year period	0.59%	13.23%	-12.64%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.83%	15.95%	-15.12%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.13%	16.76%	-15.63%

JMST vs. LIVIX - Expense Ratio Comparison

JMST has a 0.18% expense ratio, which is higher than LIVIX's 0.10% 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. LIVIX - Dividend Comparison

JMST's dividend yield for the trailing twelve months is around 2.65%, more than LIVIX's 2.24% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%	0.00%	0.00%
LIVIX BlackRock LifePath Index 2055 Fund	2.24%	2.48%	0.01%	2.04%	1.96%	2.04%	1.56%	2.95%	2.35%	2.27%	1.54%	2.88%

Frequently Asked Questions

Can I hold both JMST and LIVIX in my portfolio?

JMST and LIVIX 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.

Which is riskier, JMST or LIVIX?

LIVIX has higher volatility (5.27%) compared to JMST (0.17%). In terms of maximum drawdown, JMST dropped -2.41% vs LIVIX's -34.44%.

Which has better risk-adjusted returns?

JMST currently has the higher Sharpe Ratio (4.96 vs 1.94), 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.