JMST vs. TFLO
JMST (JPMorgan Ultra-Short Municipal Income ETF) and TFLO (iShares Treasury Floating Rate Bond ETF) are both exchange-traded funds - JMST is a Ultrashort Bond fund actively managed by JPMorgan, while TFLO is a Government Bonds fund tracking the Bloomberg U.S. Treasury Floating Rate Index. JMST is actively managed, while TFLO is passively managed. Over the past 5 years, JMST returned 2.30%/yr vs 3.68%/yr for TFLO. At a 0.02 correlation, their price movements are largely independent. JMST charges 0.18%/yr vs 0.15%/yr for TFLO.
Performance
JMST vs. TFLO - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, JMST achieves a 1.13% return, which is significantly lower than TFLO's 1.79% return.
JMST
- 1D
- 0.00%
- 1M
- 0.38%
- YTD
- 1.13%
- 6M
- 1.18%
- 1Y
- 2.88%
- 3Y*
- 3.35%
- 5Y*
- 2.30%
- 10Y*
- —
TFLO
- 1D
- -0.02%
- 1M
- 0.29%
- YTD
- 1.79%
- 6M
- 1.87%
- 1Y
- 3.93%
- 3Y*
- 4.72%
- 5Y*
- 3.68%
- 10Y*
- 2.38%
JMST vs. TFLO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
JMST JPMorgan Ultra-Short Municipal Income ETF | 1.13% | 3.35% | 3.31% | 3.56% | 0.07% | 0.31% | 2.00% | 2.09% | 0.70% |
TFLO iShares Treasury Floating Rate Bond ETF | 1.79% | 4.22% | 5.34% | 5.12% | 1.99% | -0.02% | 0.43% | 2.04% | 0.42% |
Correlation
The correlation between JMST and TFLO is -0.04, 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 | -0.04 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.03 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.04 |
Correlation (All Time) Calculated using the full available price history since Oct 18, 2018 | 0.02 |
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. TFLO — Risk / Return Rank
JMST
TFLO
JMST vs. TFLO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for JPMorgan Ultra-Short Municipal Income ETF (JMST) and iShares Treasury Floating Rate Bond ETF (TFLO). 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 | TFLO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -9.01 | ||
| Sortino ratioReturn per unit of downside risk | -40.87 | ||
| Omega ratioGain probability vs. loss probability | 2.42 | 13.02 | -10.60 |
| Calmar ratioReturn relative to maximum drawdown | 11.34 | 199.14 | -187.80 |
| Martin ratioReturn relative to average drawdown | 61.62 | 788.97 | -727.35 |
Loading charts...
Drawdowns
JMST vs. TFLO - Drawdown Comparison
The maximum JMST drawdown since its inception was -2.41%, smaller than the maximum TFLO drawdown of -5.01%. Use the drawdown chart below to compare losses from any high point for JMST and TFLO.
Loading charts...
Drawdown Indicators
| JMST | TFLO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -2.41% | -5.01% | +2.60% |
Max Drawdown (1Y)Largest decline over 1 year | -0.25% | -0.02% | -0.23% |
Max Drawdown (3Y)Largest decline over 3 years | -0.71% | -0.04% | -0.67% |
Max Drawdown (5Y)Largest decline over 5 years | -1.15% | -0.13% | -1.02% |
Max Drawdown (10Y)Largest decline over 10 years | — | -0.16% | — |
Current DrawdownCurrent decline from peak | 0.00% | -0.02% | +0.02% |
Average DrawdownAverage peak-to-trough decline | -0.12% | -0.10% | -0.02% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.05% | 0.00% | +0.05% |
Volatility
JMST vs. TFLO - Volatility Comparison
JPMorgan Ultra-Short Municipal Income ETF (JMST) has a higher volatility of 0.19% compared to iShares Treasury Floating Rate Bond ETF (TFLO) at 0.09%. This indicates that JMST's price experiences larger fluctuations and is considered to be riskier than TFLO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| JMST | TFLO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.19% | 0.09% | +0.10% |
Volatility (6M)Calculated over the trailing 6-month period | 0.42% | 0.20% | +0.22% |
Volatility (1Y)Calculated over the trailing 1-year period | 0.60% | 0.29% | +0.31% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 0.83% | 0.36% | +0.47% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 1.13% | 0.46% | +0.67% |
JMST vs. TFLO - Expense Ratio Comparison
JMST has a 0.18% expense ratio, which is higher than TFLO's 0.15% 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. TFLO - Dividend Comparison
JMST's dividend yield for the trailing twelve months is around 2.65%, less than TFLO's 3.89% 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% |
TFLO iShares Treasury Floating Rate Bond ETF | 3.89% | 4.16% | 5.21% | 4.88% | 1.68% | 0.00% | 0.36% | 2.08% | 1.65% | 0.86% | 0.31% | 0.15% |
Frequently Asked Questions
JMST and TFLO have a correlation of -0.04, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
JMST has higher volatility (0.19%) compared to TFLO (0.09%). In terms of maximum drawdown, JMST dropped -2.41% vs TFLO's -5.01%.
On 5-year performance, TFLO leads with 3.68% vs 2.30% for JMST. On fees, TFLO is cheaper at 0.15% per year. On volatility, TFLO has been the lower-risk option at 0.09%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, TFLO has performed better with a 3.68% return vs 2.30%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
TFLO is cheaper with a 0.15% expense ratio, compared with 0.18% for JMST.
TFLO has the higher dividend yield at 3.89%, compared with 2.65% for JMST.
JMST is categorized as Ultrashort Bond, while TFLO is Government Bonds. They also come from different issuers: JPMorgan and iShares. Their fees differ too: 0.18% for JMST and 0.15% for TFLO.
TFLO currently has the higher Sharpe Ratio (13.84 vs 4.83), 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 TFLO
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