JMST vs. TUSB

Last updated Aug 6, 2026

JMST (JPMorgan Ultra-Short Municipal Income ETF) and TUSB (Thrivent Ultra Short Bond ETF) are both Ultrashort Bond funds. Both are actively managed. Over the past year, JMST returned 2.46% vs 4.53% for TUSB. Their 0.06 correlation means their historical movements had little consistent relationship. JMST charges 0.18%/yr vs 0.20%/yr for TUSB.

Performance

JMST vs. TUSB - Performance Comparison

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

Returns By Period

In the year-to-date period, JMST achieves a 1.28% return, which is significantly lower than TUSB's 2.62% return.

JMST

• 1D: 0.01%
• 1M: 0.02%
• 6M: 0.95%
• YTD: 1.28%
• 1Y: 2.46%
• 3Y*: 3.28%
• 5Y*: 2.32%
• 10Y*: —
• ALL TIME*: 2.13%

TUSB

• 1D: -0.06%
• 1M: 0.50%
• 6M: 1.97%
• YTD: 2.62%
• 1Y: 4.53%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 4.74%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
JMST JPMorgan Ultra-Short Municipal Income ETF	$53.46M	$52.11M	$58.99M
TUSB Thrivent Ultra Short Bond ETF	$685.07K	$729.23K	$943.65K

JMST vs. TUSB - Yearly Performance Comparison

	2026 (YTD)	2025
JMST JPMorgan Ultra-Short Municipal Income ETF	1.28%	2.90%
TUSB Thrivent Ultra Short Bond ETF	2.62%	4.25%

Correlation

The correlation between JMST and TUSB is 0.05, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.05
Correlation (All Time) Calculated using the full available price history since Feb 19, 2025	0.06

Return for Risk

JMST vs. TUSB — Risk / Return Rank

Compare historical risk-adjusted metric ranks 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

TUSB

TUSB Risk / Return Rank: 98
TUSB Sharpe Ratio Rank: 98
TUSB Sortino Ratio Rank: 98
TUSB Omega Ratio Rank: 98
TUSB Calmar Ratio Rank: 99
TUSB Martin Ratio Rank: 99

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

JMST vs. TUSB - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for JPMorgan Ultra-Short Municipal Income ETF (JMST) and Thrivent Ultra Short Bond ETF (TUSB). 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	TUSB	Difference
Sharpe ratio: Return per unit of total volatility	3.92	4.68	-0.76
Sortino ratio: Return per unit of downside risk	6.27	8.18	-1.90
Omega ratio: Gain probability vs. loss probability	2.03	2.11	-0.08
Calmar ratio: Return relative to maximum drawdown	9.68	18.37	-8.69
Martin ratio: Return relative to average drawdown	49.50	72.51	-23.01

JMST vs. TUSB - Sharpe Ratio Comparison

The current JMST Sharpe Ratio is 3.92, which is comparable to the TUSB Sharpe Ratio of 4.68. The chart below compares the historical Sharpe Ratios of JMST and TUSB, 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. TUSB - Drawdown Comparison

The maximum JMST drawdown since its inception was -2.41%, which is greater than TUSB's maximum drawdown of -0.51%. Use the drawdown chart below to compare losses from any high point for JMST and TUSB.

Drawdown Indicators

	JMST	TUSB	Difference
Max Drawdown Largest peak-to-trough decline	-2.41%	-0.51%	-1.90%
Max Drawdown (1Y) Largest decline over 1 year	-0.25%	-0.25%	0.00%
Max Drawdown (3Y) Largest decline over 3 years	-0.71%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-1.15%	—	—
Current Drawdown Current decline from peak	-0.02%	-0.06%	+0.04%
Average Drawdown Average peak-to-trough decline	-0.12%	-0.05%	-0.07%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.05%	0.06%	-0.01%

Volatility

JMST vs. TUSB - Volatility Comparison

The current volatility for JPMorgan Ultra-Short Municipal Income ETF (JMST) is 0.22%, while Thrivent Ultra Short Bond ETF (TUSB) has a volatility of 0.27%. This indicates that JMST experiences smaller price fluctuations and is considered to be less risky than TUSB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	JMST	TUSB	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.22%	0.27%	-0.05%
Volatility (6M) Calculated over the trailing 6-month period	0.44%	0.73%	-0.29%
Volatility (1Y) Calculated over the trailing 1-year period	0.63%	0.97%	-0.34%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.83%	1.22%	-0.39%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.13%	1.22%	-0.09%

JMST vs. TUSB - Expense Ratio Comparison

JMST has a 0.18% expense ratio, which is lower than TUSB'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. TUSB - Dividend Comparison

JMST's dividend yield for the trailing twelve months is around 2.61%, less than TUSB's 4.26% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
JMST JPMorgan Ultra-Short Municipal Income ETF	2.61%	2.84%	3.32%	3.09%	1.10%	0.27%	0.87%	1.63%	0.28%
TUSB Thrivent Ultra Short Bond ETF	4.26%	3.62%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both JMST and TUSB in my portfolio?

JMST and TUSB have a correlation of 0.05, 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 TUSB?

TUSB has higher volatility (0.27%) compared to JMST (0.22%). In terms of maximum drawdown, JMST dropped -2.41% vs TUSB's -0.51%.

Which ETF is better, JMST or TUSB?

On 1-year performance, TUSB leads with 4.53% vs 2.46% for JMST. On fees, JMST is cheaper at 0.18% per year. 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 TUSB?

Over the 1-year period, TUSB has performed better with a 4.53% return vs 2.46%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, JMST or TUSB?

JMST is cheaper with a 0.18% expense ratio, compared with 0.20% for TUSB.

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

TUSB has the higher dividend yield at 4.26%, compared with 2.61% for JMST.

What is the main difference between JMST and TUSB?

They also come from different issuers: JPMorgan and Thrivent. Their fees differ too: 0.18% for JMST and 0.20% for TUSB.

Which has better risk-adjusted returns?

TUSB currently has the higher Sharpe Ratio (4.68 vs 3.92), 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.