JMST vs. XHLF
JMST (JPMorgan Ultra-Short Municipal Income ETF) and XHLF (BondBloxx Bloomberg Six Month Target Duration US Treasury ETF) are both exchange-traded funds - JMST is a Ultrashort Bond fund actively managed by JPMorgan, while XHLF is a Government Bonds fund tracking the Bloomberg US Treasury 6 Month Duration Index. JMST is actively managed, while XHLF is passively managed. Over the past 3 years, JMST returned 3.35%/yr vs 4.62%/yr for XHLF. At a 0.15 correlation, their price movements are largely independent. JMST charges 0.18%/yr vs 0.03%/yr for XHLF.
Performance
JMST vs. XHLF - Performance Comparison
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Returns By Period
In the year-to-date period, JMST achieves a 0.99% return, which is significantly lower than XHLF's 1.39% return.
JMST
- 1D
- 0.00%
- 1M
- 0.26%
- YTD
- 0.99%
- 6M
- 1.32%
- 1Y
- 2.98%
- 3Y*
- 3.35%
- 5Y*
- 2.27%
- 10Y*
- —
XHLF
- 1D
- 0.00%
- 1M
- 0.27%
- YTD
- 1.39%
- 6M
- 1.71%
- 1Y
- 3.92%
- 3Y*
- 4.62%
- 5Y*
- —
- 10Y*
- —
JMST vs. XHLF - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
JMST JPMorgan Ultra-Short Municipal Income ETF | 0.99% | 3.35% | 3.31% | 3.56% | 0.86% |
XHLF BondBloxx Bloomberg Six Month Target Duration US Treasury ETF | 1.39% | 4.21% | 5.04% | 4.90% | 0.96% |
Correlation
The correlation between JMST and XHLF is -0.00, 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 | -0.00 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.12 |
Correlation (All Time) Calculated using the full available price history since Sep 16, 2022 | 0.15 |
The correlation between JMST and XHLF shifts across timeframes, from -0.00 (1 year) to 0.15 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
JMST vs. XHLF — Risk / Return Rank
JMST
XHLF
JMST vs. XHLF - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for JPMorgan Ultra-Short Municipal Income ETF (JMST) and BondBloxx Bloomberg Six Month Target Duration US Treasury ETF (XHLF). 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 | XHLF | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -7.32 | ||
| Sortino ratioReturn per unit of downside risk | -37.37 | ||
| Omega ratioGain probability vs. loss probability | 2.57 | 11.75 | -9.18 |
| Calmar ratioReturn relative to maximum drawdown | 11.74 | 98.81 | -87.06 |
| Martin ratioReturn relative to average drawdown | 64.44 | 670.31 | -605.87 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| JMST | XHLF | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 5.11 | 12.43 | -7.32 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 2.76 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.89 | 10.75 | -8.86 |
Drawdowns
JMST vs. XHLF - Drawdown Comparison
The maximum JMST drawdown since its inception was -2.41%, which is greater than XHLF's maximum drawdown of -0.11%. Use the drawdown chart below to compare losses from any high point for JMST and XHLF.
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Drawdown Indicators
| JMST | XHLF | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -2.41% | -0.11% | -2.30% |
Max Drawdown (1Y)Largest decline over 1 year | -0.25% | -0.04% | -0.21% |
Max Drawdown (3Y)Largest decline over 3 years | -0.71% | -0.06% | -0.65% |
Max Drawdown (5Y)Largest decline over 5 years | -1.15% | — | — |
Current DrawdownCurrent decline from peak | 0.00% | 0.00% | 0.00% |
Average DrawdownAverage peak-to-trough decline | -0.12% | -0.00% | -0.12% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.05% | 0.01% | +0.04% |
Volatility
JMST vs. XHLF - Volatility Comparison
JPMorgan Ultra-Short Municipal Income ETF (JMST) has a higher volatility of 0.17% compared to BondBloxx Bloomberg Six Month Target Duration US Treasury ETF (XHLF) at 0.08%. This indicates that JMST's price experiences larger fluctuations and is considered to be riskier than XHLF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| JMST | XHLF | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.17% | 0.08% | +0.09% |
Volatility (6M)Calculated over the trailing 6-month period | 0.41% | 0.22% | +0.19% |
Volatility (1Y)Calculated over the trailing 1-year period | 0.59% | 0.32% | +0.27% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 0.83% | 0.42% | +0.41% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 1.14% | 0.42% | +0.72% |
JMST vs. XHLF - Expense Ratio Comparison
JMST has a 0.18% expense ratio, which is higher than XHLF's 0.03% 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. XHLF - Dividend Comparison
JMST's dividend yield for the trailing twelve months is around 2.65%, less than XHLF's 3.85% 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% |
XHLF BondBloxx Bloomberg Six Month Target Duration US Treasury ETF | 3.85% | 3.98% | 4.96% | 4.50% | 0.86% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
JMST and XHLF have a correlation of -0.00, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
JMST has higher volatility (0.17%) compared to XHLF (0.08%). In terms of maximum drawdown, JMST dropped -2.41% vs XHLF's -0.11%.
On 3-year performance, XHLF leads with 4.62% vs 3.35% for JMST. On fees, XHLF is cheaper at 0.03% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, XHLF has performed better with a 4.62% return vs 3.35%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
XHLF is cheaper with a 0.03% expense ratio, compared with 0.18% for JMST.
XHLF has the higher dividend yield at 3.85%, compared with 2.65% for JMST.
JMST is categorized as Ultrashort Bond, while XHLF is Government Bonds. They also come from different issuers: JPMorgan and BondBloxx. Their fees differ too: 0.18% for JMST and 0.03% for XHLF.
XHLF currently has the higher Sharpe Ratio (12.43 vs 5.11), 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.
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