JMUB vs. PFMIX

Last updated Jun 5, 2026

JMUB (JPMorgan Municipal ETF) and PFMIX (PIMCO Municipal Bond Fund) are both Municipal Bonds funds. Over the past 5 years, JMUB returned 1.26%/yr vs 1.50%/yr for PFMIX. A 0.71 correlation means they provide meaningful diversification when combined. JMUB charges 0.18%/yr vs 0.44%/yr for PFMIX.

Performance

JMUB vs. PFMIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in JPMorgan Municipal ETF (JMUB) and PIMCO Municipal Bond Fund (PFMIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, JMUB achieves a 1.42% return, which is significantly lower than PFMIX's 1.76% return.

JMUB

• 1D: 0.16%
• 1M: 0.68%
• YTD: 1.42%
• 6M: 1.66%
• 1Y: 6.09%
• 3Y*: 3.88%
• 5Y*: 1.26%
• 10Y*: —

PFMIX

• 1D: -0.11%
• 1M: 0.65%
• YTD: 1.76%
• 6M: 2.12%
• 1Y: 7.41%
• 3Y*: 5.38%
• 5Y*: 1.50%
• 10Y*: 2.92%

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

JMUB vs. PFMIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
JMUB JPMorgan Municipal ETF	1.42%	4.34%	1.88%	5.96%	-7.43%	1.58%	4.98%	8.37%	2.81%
PFMIX PIMCO Municipal Bond Fund	1.76%	5.70%	3.60%	8.04%	-11.32%	2.55%	5.89%	8.67%	1.48%

Correlation

The correlation between JMUB and PFMIX is 0.76, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.76
Correlation (3Y) Calculated over the trailing 3-year period	0.77
Correlation (5Y) Calculated over the trailing 5-year period	0.77
Correlation (All Time) Calculated using the full available price history since Nov 1, 2018	0.71

The correlation between JMUB and PFMIX has been stable across timeframes, ranging from 0.71 to 0.77 - a consistent structural relationship.

Return for Risk

JMUB vs. PFMIX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

JMUB

JMUB Risk / Return Rank: 70
JMUB Sharpe Ratio Rank: 80
JMUB Sortino Ratio Rank: 83
JMUB Omega Ratio Rank: 89
JMUB Calmar Ratio Rank: 49
JMUB Martin Ratio Rank: 50

PFMIX

PFMIX Risk / Return Rank: 73
PFMIX Sharpe Ratio Rank: 83
PFMIX Sortino Ratio Rank: 91
PFMIX Omega Ratio Rank: 91
PFMIX Calmar Ratio Rank: 54
PFMIX Martin Ratio Rank: 45

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.

JMUB vs. PFMIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for JPMorgan Municipal ETF (JMUB) and PIMCO Municipal Bond Fund (PFMIX). 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.

	JMUB	PFMIX	Difference
Sharpe ratio: Return per unit of total volatility	2.55	2.71	-0.16
Sortino ratio: Return per unit of downside risk	3.66	4.55	-0.89
Omega ratio: Gain probability vs. loss probability	1.56	1.69	-0.13
Calmar ratio: Return relative to maximum drawdown	2.39	2.78	-0.38
Martin ratio: Return relative to average drawdown	8.33	9.35	-1.02
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

JMUB vs. PFMIX - Sharpe Ratio Comparison

The current JMUB Sharpe Ratio is 2.55, which is comparable to the PFMIX Sharpe Ratio of 2.71. The chart below compares the historical Sharpe Ratios of JMUB and PFMIX, 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

	JMUB	PFMIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.55	2.71	-0.16
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.38	0.36	+0.02
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.73	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.74	1.01	-0.27

Drawdowns

JMUB vs. PFMIX - Drawdown Comparison

The maximum JMUB drawdown since its inception was -12.50%, smaller than the maximum PFMIX drawdown of -26.51%. Use the drawdown chart below to compare losses from any high point for JMUB and PFMIX.

Drawdown Indicators

	JMUB	PFMIX	Difference
Max Drawdown Largest peak-to-trough decline	-12.50%	-26.51%	+14.01%
Max Drawdown (1Y) Largest decline over 1 year	-2.55%	-2.82%	+0.27%
Max Drawdown (3Y) Largest decline over 3 years	-4.79%	-5.49%	+0.70%
Max Drawdown (5Y) Largest decline over 5 years	-12.06%	-16.11%	+4.05%
Max Drawdown (10Y) Largest decline over 10 years	—	-16.11%	—
Current Drawdown Current decline from peak	-0.44%	-0.49%	+0.05%
Average Drawdown Average peak-to-trough decline	-2.51%	-2.43%	-0.08%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.73%	0.83%	-0.10%

Volatility

JMUB vs. PFMIX - Volatility Comparison

The current volatility for JPMorgan Municipal ETF (JMUB) is 0.87%, while PIMCO Municipal Bond Fund (PFMIX) has a volatility of 1.09%. This indicates that JMUB experiences smaller price fluctuations and is considered to be less risky than PFMIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	JMUB	PFMIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.87%	1.09%	-0.22%
Volatility (6M) Calculated over the trailing 6-month period	1.83%	2.07%	-0.24%
Volatility (1Y) Calculated over the trailing 1-year period	2.40%	2.90%	-0.50%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.33%	4.16%	-0.83%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.14%	4.02%	+0.12%

JMUB vs. PFMIX - Expense Ratio Comparison

JMUB has a 0.18% expense ratio, which is lower than PFMIX's 0.44% expense ratio.

Dividends

JMUB vs. PFMIX - Dividend Comparison

JMUB's dividend yield for the trailing twelve months is around 3.59%, less than PFMIX's 3.99% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
JMUB JPMorgan Municipal ETF	3.59%	3.52%	3.50%	3.20%	2.16%	1.94%	2.13%	3.66%	0.45%	0.00%	0.00%	0.00%
PFMIX PIMCO Municipal Bond Fund	3.99%	5.15%	4.73%	3.44%	2.25%	2.13%	2.45%	3.51%	3.77%	3.45%	3.44%	3.49%

Frequently Asked Questions

Can I hold both JMUB and PFMIX in my portfolio?

JMUB and PFMIX have a correlation of 0.76, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, JMUB or PFMIX?

PFMIX has higher volatility (1.09%) compared to JMUB (0.87%). In terms of maximum drawdown, JMUB dropped -12.50% vs PFMIX's -26.51%.

Which has better risk-adjusted returns?

PFMIX currently has the higher Sharpe Ratio (2.71 vs 2.55), 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.