JMST vs. SHM
JMST (JPMorgan Ultra-Short Municipal Income ETF) and SHM (SPDR Nuveen Bloomberg Barclays Short Term Municipal Bond ETF) are both exchange-traded funds - JMST is a Ultrashort Bond fund actively managed by JPMorgan, while SHM is a Municipal Bonds fund tracking the Bloomberg Municipal Managed Money Short. JMST is actively managed, while SHM is passively managed. Over the past 5 years, JMST returned 2.27%/yr vs 0.91%/yr for SHM. At a 0.31 correlation, their price movements are largely independent. JMST charges 0.18%/yr vs 0.20%/yr for SHM.
Performance
JMST vs. SHM - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, JMST achieves a 0.99% return, which is significantly higher than SHM's 0.78% return.
JMST
- 1D
- 0.00%
- 1M
- 0.26%
- YTD
- 0.99%
- 6M
- 1.32%
- 1Y
- 2.98%
- 3Y*
- 3.35%
- 5Y*
- 2.27%
- 10Y*
- —
SHM
- 1D
- 0.04%
- 1M
- 0.39%
- YTD
- 0.78%
- 6M
- 1.08%
- 1Y
- 3.47%
- 3Y*
- 2.93%
- 5Y*
- 0.91%
- 10Y*
- 1.20%
JMST vs. SHM - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
JMST JPMorgan Ultra-Short Municipal Income ETF | 0.99% | 3.35% | 3.31% | 3.56% | 0.07% | 0.31% | 2.00% | 2.09% | 0.70% |
SHM SPDR Nuveen Bloomberg Barclays Short Term Municipal Bond ETF | 0.78% | 3.95% | 1.22% | 2.92% | -3.82% | -0.37% | 2.65% | 3.64% | 1.43% |
Correlation
The correlation between JMST and SHM is 0.24, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.24 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.37 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.35 |
Correlation (All Time) Calculated using the full available price history since Oct 19, 2018 | 0.31 |
The correlation between JMST and SHM shifts across timeframes, from 0.24 (1 year) to 0.37 (3 years), reflecting how their relationship changes across market environments.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
JMST vs. SHM — Risk / Return Rank
JMST
SHM
JMST vs. SHM - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for JPMorgan Ultra-Short Municipal Income ETF (JMST) and SPDR Nuveen Bloomberg Barclays Short Term Municipal Bond ETF (SHM). 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 | SHM | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 5.11 | 2.76 | +2.35 |
Sortino ratioReturn per unit of downside risk | 8.48 | 4.29 | +4.18 |
Omega ratioGain probability vs. loss probability | 2.57 | 1.59 | +0.98 |
Calmar ratioReturn relative to maximum drawdown | 11.74 | 3.08 | +8.67 |
Martin ratioReturn relative to average drawdown | 64.44 | 7.88 | +56.56 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Loading charts...
Sharpe Ratios by Period
| JMST | SHM | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 5.11 | 2.76 | +2.35 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 2.76 | 0.44 | +2.31 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.36 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.89 | 0.48 | +1.41 |
Drawdowns
JMST vs. SHM - Drawdown Comparison
The maximum JMST drawdown since its inception was -2.41%, smaller than the maximum SHM drawdown of -11.61%. Use the drawdown chart below to compare losses from any high point for JMST and SHM.
Loading charts...
Drawdown Indicators
| JMST | SHM | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -2.41% | -11.61% | +9.20% |
Max Drawdown (1Y)Largest decline over 1 year | -0.25% | -1.13% | +0.88% |
Max Drawdown (3Y)Largest decline over 3 years | -0.71% | -2.03% | +1.32% |
Max Drawdown (5Y)Largest decline over 5 years | -1.15% | -6.67% | +5.52% |
Max Drawdown (10Y)Largest decline over 10 years | — | -11.61% | — |
Current DrawdownCurrent decline from peak | 0.00% | -0.37% | +0.37% |
Average DrawdownAverage peak-to-trough decline | -0.12% | -0.97% | +0.85% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.05% | 0.44% | -0.39% |
Volatility
JMST vs. SHM - Volatility Comparison
The current volatility for JPMorgan Ultra-Short Municipal Income ETF (JMST) is 0.17%, while SPDR Nuveen Bloomberg Barclays Short Term Municipal Bond ETF (SHM) has a volatility of 0.35%. This indicates that JMST experiences smaller price fluctuations and is considered to be less risky than SHM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| JMST | SHM | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.17% | 0.35% | -0.18% |
Volatility (6M)Calculated over the trailing 6-month period | 0.41% | 0.85% | -0.44% |
Volatility (1Y)Calculated over the trailing 1-year period | 0.59% | 1.26% | -0.67% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 0.83% | 2.07% | -1.24% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 1.14% | 3.31% | -2.17% |
JMST vs. SHM - Expense Ratio Comparison
JMST has a 0.18% expense ratio, which is lower than SHM's 0.20% 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. SHM - Dividend Comparison
JMST's dividend yield for the trailing twelve months is around 2.65%, which matches SHM's 2.67% 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% |
SHM SPDR Nuveen Bloomberg Barclays Short Term Municipal Bond ETF | 2.67% | 2.61% | 2.06% | 1.15% | 0.69% | 0.86% | 1.24% | 1.40% | 1.23% | 1.06% | 0.94% | 0.92% |
Frequently Asked Questions
JMST and SHM have a correlation of 0.24, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SHM has higher volatility (0.35%) compared to JMST (0.17%). In terms of maximum drawdown, JMST dropped -2.41% vs SHM's -11.61%.
On 5-year performance, JMST leads with 2.27% vs 0.91% for SHM. 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 5-year period, JMST has performed better with a 2.27% return vs 0.91%. 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 0.20% for SHM.
SHM has the higher dividend yield at 2.67%, compared with 2.65% for JMST.
JMST is categorized as Ultrashort Bond, while SHM is Municipal Bonds. They also come from different issuers: JPMorgan and State Street. Their fees differ too: 0.18% for JMST and 0.20% for SHM.
JMST currently has the higher Sharpe Ratio (5.11 vs 2.76), 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.
Find the right allocation for JMST and SHM
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer