JMST vs. VMLUX

Last updated Jun 4, 2026

JMST (JPMorgan Ultra-Short Municipal Income ETF) and VMLUX (Vanguard Limited-Term Tax-Exempt Fund Admiral Shares) are both funds - JMST is a Ultrashort Bond fund actively managed by JPMorgan, while VMLUX is a Municipal Bonds fund managed by Vanguard. Over the past 5 years, JMST returned 2.27%/yr vs 2.21%/yr for VMLUX. At a 0.26 correlation, their price movements are largely independent. JMST charges 0.18%/yr vs 0.09%/yr for VMLUX.

Performance

JMST vs. VMLUX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in JPMorgan Ultra-Short Municipal Income ETF (JMST) and Vanguard Limited-Term Tax-Exempt Fund Admiral Shares (VMLUX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, JMST achieves a 0.99% return, which is significantly lower than VMLUX's 1.05% return.

JMST

• 1D: 0.00%
• 1M: 0.26%
• YTD: 0.99%
• 6M: 1.32%
• 1Y: 2.98%
• 3Y*: 3.35%
• 5Y*: 2.27%
• 10Y*: —

VMLUX

• 1D: 0.09%
• 1M: 0.36%
• YTD: 1.05%
• 6M: 1.41%
• 1Y: 4.44%
• 3Y*: 4.34%
• 5Y*: 2.21%
• 10Y*: 2.15%

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

JMST vs. VMLUX - 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%
VMLUX Vanguard Limited-Term Tax-Exempt Fund Admiral Shares	1.05%	5.50%	3.25%	4.29%	-2.90%	0.23%	3.38%	4.21%	1.35%

Correlation

The correlation between JMST and VMLUX is 0.32, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.32
Correlation (3Y) Calculated over the trailing 3-year period	0.31
Correlation (5Y) Calculated over the trailing 5-year period	0.30
Correlation (All Time) Calculated using the full available price history since Oct 19, 2018	0.26

Return for Risk

JMST vs. VMLUX — 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: 97
JMST Sortino Ratio Rank: 98
JMST Omega Ratio Rank: 99
JMST Calmar Ratio Rank: 97
JMST Martin Ratio Rank: 98

VMLUX

VMLUX Risk / Return Rank: 77
VMLUX Sharpe Ratio Rank: 90
VMLUX Sortino Ratio Rank: 96
VMLUX Omega Ratio Rank: 97
VMLUX Calmar Ratio Rank: 57
VMLUX Martin Ratio Rank: 47

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. VMLUX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for JPMorgan Ultra-Short Municipal Income ETF (JMST) and Vanguard Limited-Term Tax-Exempt Fund Admiral Shares (VMLUX). 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	VMLUX	Difference
Sharpe ratio: Return per unit of total volatility	5.11	2.96	+2.15
Sortino ratio: Return per unit of downside risk	8.48	5.48	+3.00
Omega ratio: Gain probability vs. loss probability	2.57	1.98	+0.59
Calmar ratio: Return relative to maximum drawdown	11.74	2.91	+8.83
Martin ratio: Return relative to average drawdown	64.44	9.76	+54.68
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

JMST vs. VMLUX - Sharpe Ratio Comparison

The current JMST Sharpe Ratio is 5.11, which is higher than the VMLUX Sharpe Ratio of 2.96. The chart below compares the historical Sharpe Ratios of JMST and VMLUX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	JMST	VMLUX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	5.11	2.96	+2.15
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	2.76	1.18	+1.57
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	1.12	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.89	1.48	+0.41

Drawdowns

JMST vs. VMLUX - Drawdown Comparison

The maximum JMST drawdown since its inception was -2.41%, smaller than the maximum VMLUX drawdown of -6.41%. Use the drawdown chart below to compare losses from any high point for JMST and VMLUX.

Drawdown Indicators

	JMST	VMLUX	Difference
Max Drawdown Largest peak-to-trough decline	-2.41%	-6.41%	+4.00%
Max Drawdown (1Y) Largest decline over 1 year	-0.25%	-1.53%	+1.28%
Max Drawdown (3Y) Largest decline over 3 years	-0.71%	-2.02%	+1.31%
Max Drawdown (5Y) Largest decline over 5 years	-1.15%	-5.60%	+4.45%
Max Drawdown (10Y) Largest decline over 10 years	—	-6.41%	—
Current Drawdown Current decline from peak	0.00%	-0.38%	+0.38%
Average Drawdown Average peak-to-trough decline	-0.12%	-0.54%	+0.42%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.05%	0.46%	-0.41%

Volatility

JMST vs. VMLUX - Volatility Comparison

The current volatility for JPMorgan Ultra-Short Municipal Income ETF (JMST) is 0.17%, while Vanguard Limited-Term Tax-Exempt Fund Admiral Shares (VMLUX) has a volatility of 0.46%. This indicates that JMST experiences smaller price fluctuations and is considered to be less risky than VMLUX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	JMST	VMLUX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.17%	0.46%	-0.29%
Volatility (6M) Calculated over the trailing 6-month period	0.41%	1.15%	-0.74%
Volatility (1Y) Calculated over the trailing 1-year period	0.59%	1.51%	-0.92%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.83%	1.87%	-1.04%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.14%	1.93%	-0.79%

JMST vs. VMLUX - Expense Ratio Comparison

JMST has a 0.18% expense ratio, which is higher than VMLUX's 0.09% 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. VMLUX - Dividend Comparison

JMST's dividend yield for the trailing twelve months is around 2.65%, less than VMLUX's 3.16% 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%
VMLUX Vanguard Limited-Term Tax-Exempt Fund Admiral Shares	3.16%	3.85%	3.38%	2.39%	1.64%	1.04%	1.70%	2.10%	1.89%	1.65%	1.62%	1.58%

Frequently Asked Questions

Can I hold both JMST and VMLUX in my portfolio?

JMST and VMLUX have a correlation of 0.32, 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 VMLUX?

VMLUX has higher volatility (0.46%) compared to JMST (0.17%). In terms of maximum drawdown, JMST dropped -2.41% vs VMLUX's -6.41%.

Which has better risk-adjusted returns?

JMST currently has the higher Sharpe Ratio (5.11 vs 2.96), 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.