JMUB vs. VWIUX

Last updated Jun 23, 2026

JMUB (JPMorgan Municipal ETF) and VWIUX (Vanguard Intermediate-Term Tax-Exempt Fund Admiral Shares) are both Municipal Bonds funds. Both are actively managed. Over the past 5 years, JMUB returned 1.27%/yr vs 1.70%/yr for VWIUX. A 0.71 correlation means they provide meaningful diversification when combined. JMUB charges 0.18%/yr vs 0.09%/yr for VWIUX.

Performance

JMUB vs. VWIUX - Performance Comparison

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

Returns By Period

In the year-to-date period, JMUB achieves a 1.48% return, which is significantly higher than VWIUX's 1.33% return.

JMUB

• 1D: 0.02%
• 1M: 1.28%
• YTD: 1.48%
• 6M: 1.70%
• 1Y: 5.72%
• 3Y*: 3.69%
• 5Y*: 1.27%
• 10Y*: —

VWIUX

• 1D: 0.00%
• 1M: 1.31%
• YTD: 1.33%
• 6M: 1.76%
• 1Y: 6.58%
• 3Y*: 4.51%
• 5Y*: 1.70%
• 10Y*: 2.42%

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

JMUB vs. VWIUX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
JMUB JPMorgan Municipal ETF	1.48%	4.34%	1.88%	5.96%	-7.43%	1.58%	4.98%	8.37%	2.95%
VWIUX Vanguard Intermediate-Term Tax-Exempt Fund Admiral Shares	1.33%	5.99%	2.34%	5.90%	-6.83%	0.81%	5.23%	7.10%	2.36%

Correlation

The correlation between JMUB and VWIUX is 0.72, 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	0.72
Correlation (3Y) Calculated over the trailing 3-year period	0.75
Correlation (5Y) Calculated over the trailing 5-year period	0.76
Correlation (All Time) Calculated using the full available price history since Oct 31, 2018	0.71

The correlation between JMUB and VWIUX has been stable across timeframes, ranging from 0.71 to 0.76 - a consistent structural relationship.

Return for Risk

JMUB vs. VWIUX — Risk / Return Rank

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

JMUB

JMUB Risk / Return Rank: 68
JMUB Sharpe Ratio Rank: 78
JMUB Sortino Ratio Rank: 81
JMUB Omega Ratio Rank: 88
JMUB Calmar Ratio Rank: 47
JMUB Martin Ratio Rank: 47

VWIUX

VWIUX Risk / Return Rank: 70
VWIUX Sharpe Ratio Rank: 91
VWIUX Sortino Ratio Rank: 94
VWIUX Omega Ratio Rank: 95
VWIUX Calmar Ratio Rank: 38
VWIUX Martin Ratio Rank: 34

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. VWIUX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for JPMorgan Municipal ETF (JMUB) and Vanguard Intermediate-Term Tax-Exempt Fund Admiral Shares (VWIUX). 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.

	JMUB	VWIUX	Difference
Sharpe ratio: Return per unit of total volatility	2.40	2.83	-0.42
Sortino ratio: Return per unit of downside risk	3.45	4.53	-1.08
Omega ratio: Gain probability vs. loss probability	1.52	1.76	-0.23
Calmar ratio: Return relative to maximum drawdown	2.25	2.21	+0.04
Martin ratio: Return relative to average drawdown	7.74	7.17	+0.57

JMUB vs. VWIUX - Sharpe Ratio Comparison

The current JMUB Sharpe Ratio is 2.40, which is comparable to the VWIUX Sharpe Ratio of 2.83. The chart below compares the historical Sharpe Ratios of JMUB and VWIUX, 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

JMUB vs. VWIUX - Drawdown Comparison

The maximum JMUB drawdown since its inception was -12.50%, which is greater than VWIUX's maximum drawdown of -11.38%. Use the drawdown chart below to compare losses from any high point for JMUB and VWIUX.

Drawdown Indicators

	JMUB	VWIUX	Difference
Max Drawdown Largest peak-to-trough decline	-12.50%	-11.38%	-1.12%
Max Drawdown (1Y) Largest decline over 1 year	-2.55%	-2.99%	+0.44%
Max Drawdown (3Y) Largest decline over 3 years	-4.79%	-4.40%	-0.39%
Max Drawdown (5Y) Largest decline over 5 years	-12.06%	-11.38%	-0.68%
Max Drawdown (10Y) Largest decline over 10 years	—	-11.38%	—
Current Drawdown Current decline from peak	-0.38%	-0.87%	+0.49%
Average Drawdown Average peak-to-trough decline	-2.50%	-1.44%	-1.06%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.74%	0.92%	-0.18%

Volatility

JMUB vs. VWIUX - Volatility Comparison

JPMorgan Municipal ETF (JMUB) has a higher volatility of 0.69% compared to Vanguard Intermediate-Term Tax-Exempt Fund Admiral Shares (VWIUX) at 0.61%. This indicates that JMUB's price experiences larger fluctuations and is considered to be riskier than VWIUX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	JMUB	VWIUX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.69%	0.61%	+0.08%
Volatility (6M) Calculated over the trailing 6-month period	1.87%	1.86%	+0.01%
Volatility (1Y) Calculated over the trailing 1-year period	2.40%	2.34%	+0.06%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.33%	3.26%	+0.07%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.13%	3.43%	+0.70%

JMUB vs. VWIUX - Expense Ratio Comparison

JMUB has a 0.18% expense ratio, which is higher than VWIUX'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

JMUB vs. VWIUX - Dividend Comparison

JMUB's dividend yield for the trailing twelve months is around 3.59%, more than VWIUX's 3.33% 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%
VWIUX Vanguard Intermediate-Term Tax-Exempt Fund Admiral Shares	3.33%	4.06%	3.63%	2.78%	2.51%	1.89%	2.40%	2.88%	2.89%	2.82%	2.91%	2.96%

Frequently Asked Questions

Can I hold both JMUB and VWIUX in my portfolio?

JMUB and VWIUX have a correlation of 0.72, 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 VWIUX?

JMUB has higher volatility (0.69%) compared to VWIUX (0.61%). In terms of maximum drawdown, JMUB dropped -12.50% vs VWIUX's -11.38%.

Which has better risk-adjusted returns?

VWIUX currently has the higher Sharpe Ratio (2.83 vs 2.40), 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.