JMST vs. PIT

Last updated Jun 23, 2026

JMST (JPMorgan Ultra-Short Municipal Income ETF) and PIT (VanEck Commodity Strategy ETF) are both exchange-traded funds - JMST is a Ultrashort Bond fund actively managed by JPMorgan, while PIT is a Commodities fund actively managed by VanEck. Both are actively managed. Over the past 3 years, JMST returned 3.34%/yr vs 19.51%/yr for PIT. At a correlation of -0.01, they often move in opposite directions. JMST charges 0.18%/yr vs 0.55%/yr for PIT.

Performance

JMST vs. PIT - Performance Comparison

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

Returns By Period

In the year-to-date period, JMST achieves a 1.11% return, which is significantly lower than PIT's 27.31% return.

JMST

• 1D: 0.00%
• 1M: 0.36%
• YTD: 1.11%
• 6M: 1.21%
• 1Y: 2.93%
• 3Y*: 3.34%
• 5Y*: 2.30%
• 10Y*: —

PIT

• 1D: -0.75%
• 1M: -10.60%
• YTD: 27.31%
• 6M: 26.74%
• 1Y: 38.33%
• 3Y*: 19.51%
• 5Y*: —
• 10Y*: —

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

JMST vs. PIT - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
JMST JPMorgan Ultra-Short Municipal Income ETF	1.11%	3.35%	3.31%	3.56%	0.11%
PIT VanEck Commodity Strategy ETF	27.31%	21.63%	6.77%	-4.54%	1.67%

Correlation

The correlation between JMST and PIT is -0.10, 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	-0.10
Correlation (3Y) Calculated over the trailing 3-year period	-0.04
Correlation (All Time) Calculated using the full available price history since Dec 22, 2022	-0.01

Return for Risk

JMST vs. PIT — 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

PIT

PIT Risk / Return Rank: 55
PIT Sharpe Ratio Rank: 54
PIT Sortino Ratio Rank: 48
PIT Omega Ratio Rank: 52
PIT Calmar Ratio Rank: 57
PIT Martin Ratio Rank: 62

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. PIT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for JPMorgan Ultra-Short Municipal Income ETF (JMST) and VanEck Commodity Strategy ETF (PIT). 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	PIT	Difference
Sharpe ratio: Return per unit of total volatility	4.90	1.78	+3.12
Sortino ratio: Return per unit of downside risk	8.02	2.32	+5.71
Omega ratio: Gain probability vs. loss probability	2.44	1.32	+1.12
Calmar ratio: Return relative to maximum drawdown	11.54	2.74	+8.80
Martin ratio: Return relative to average drawdown	62.70	10.88	+51.82

JMST vs. PIT - Sharpe Ratio Comparison

The current JMST Sharpe Ratio is 4.90, which is higher than the PIT Sharpe Ratio of 1.78. The chart below compares the historical Sharpe Ratios of JMST and PIT, 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. PIT - Drawdown Comparison

The maximum JMST drawdown since its inception was -2.41%, smaller than the maximum PIT drawdown of -14.05%. Use the drawdown chart below to compare losses from any high point for JMST and PIT.

Drawdown Indicators

	JMST	PIT	Difference
Max Drawdown Largest peak-to-trough decline	-2.41%	-14.05%	+11.64%
Max Drawdown (1Y) Largest decline over 1 year	-0.25%	-14.05%	+13.80%
Max Drawdown (3Y) Largest decline over 3 years	-0.71%	-14.05%	+13.34%
Max Drawdown (5Y) Largest decline over 5 years	-1.15%	—	—
Current Drawdown Current decline from peak	0.00%	-14.05%	+14.05%
Average Drawdown Average peak-to-trough decline	-0.12%	-4.07%	+3.95%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.05%	3.59%	-3.54%

Volatility

JMST vs. PIT - Volatility Comparison

The current volatility for JPMorgan Ultra-Short Municipal Income ETF (JMST) is 0.19%, while VanEck Commodity Strategy ETF (PIT) has a volatility of 4.67%. This indicates that JMST experiences smaller price fluctuations and is considered to be less risky than PIT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	JMST	PIT	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.19%	4.67%	-4.48%
Volatility (6M) Calculated over the trailing 6-month period	0.43%	19.36%	-18.93%
Volatility (1Y) Calculated over the trailing 1-year period	0.60%	21.66%	-21.06%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.83%	17.50%	-16.67%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.13%	17.50%	-16.37%

JMST vs. PIT - Expense Ratio Comparison

JMST has a 0.18% expense ratio, which is lower than PIT's 0.55% expense ratio.

Dividends

JMST vs. PIT - Dividend Comparison

JMST's dividend yield for the trailing twelve months is around 2.65%, less than PIT's 7.00% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
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%
PIT VanEck Commodity Strategy ETF	7.00%	8.92%	3.59%	6.44%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both JMST and PIT in my portfolio?

JMST and PIT have a correlation of -0.10, 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 PIT?

PIT has higher volatility (4.67%) compared to JMST (0.19%). In terms of maximum drawdown, JMST dropped -2.41% vs PIT's -14.05%.

Which ETF is better, JMST or PIT?

On 3-year performance, PIT leads with 19.51% vs 3.34% for JMST. On fees, JMST is cheaper at 0.18% per year. On volatility, JMST has been the lower-risk option at 0.19%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, JMST or PIT?

Over the 3-year period, PIT has performed better with a 19.51% return vs 3.34%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, JMST or PIT?

JMST is cheaper with a 0.18% expense ratio, compared with 0.55% for PIT.

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

PIT has the higher dividend yield at 7.00%, compared with 2.65% for JMST.

What is the main difference between JMST and PIT?

JMST is categorized as Ultrashort Bond, while PIT is Commodities. They also come from different issuers: JPMorgan and VanEck. Their fees differ too: 0.18% for JMST and 0.55% for PIT.

Which has better risk-adjusted returns?

JMST currently has the higher Sharpe Ratio (4.90 vs 1.78), 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.