JMUNX vs. JIBDX

Last updated Jun 4, 2026

JMUNX (Johnson Municipal Income Fund) and JIBDX (Johnson Institutional Short Duration Bond Fund) are both mutual funds - JMUNX is a Municipal Bonds fund managed by Johnson Mutual Funds, while JIBDX is a Short-Term Bond fund managed by Johnson Mutual Funds. Over the past 10 years, JMUNX returned 1.46%/yr vs 2.10%/yr for JIBDX. At a 0.46 correlation, their price movements are largely independent. JMUNX charges 0.65%/yr vs 0.25%/yr for JIBDX.

Performance

JMUNX vs. JIBDX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Johnson Municipal Income Fund (JMUNX) and Johnson Institutional Short Duration Bond Fund (JIBDX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, JMUNX achieves a 0.80% return, which is significantly higher than JIBDX's 0.32% return. Over the past 10 years, JMUNX has underperformed JIBDX with an annualized return of 1.46%, while JIBDX has yielded a comparatively higher 2.10% annualized return.

JMUNX

• 1D: 0.31%
• 1M: 0.68%
• YTD: 0.80%
• 6M: 0.92%
• 1Y: 6.28%
• 3Y*: 2.90%
• 5Y*: 0.37%
• 10Y*: 1.46%

JIBDX

• 1D: 0.00%
• 1M: 0.21%
• YTD: 0.32%
• 6M: 0.68%
• 1Y: 3.64%
• 3Y*: 4.53%
• 5Y*: 1.93%
• 10Y*: 2.10%

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

JMUNX vs. JIBDX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
JMUNX Johnson Municipal Income Fund	0.80%	3.71%	-0.19%	5.75%	-8.10%	0.30%	5.12%	5.66%	0.90%	3.24%
JIBDX Johnson Institutional Short Duration Bond Fund	0.32%	5.91%	3.98%	4.77%	-4.29%	-0.91%	3.91%	4.65%	1.14%	1.54%

Correlation

The correlation between JMUNX and JIBDX is 0.39, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.39
Correlation (3Y) Calculated over the trailing 3-year period	0.46
Correlation (5Y) Calculated over the trailing 5-year period	0.46
Correlation (10Y) Calculated over the trailing 10-year period	0.43
Correlation (All Time) Calculated using the full available price history since Sep 1, 2000	0.46

Return for Risk

JMUNX vs. JIBDX — Risk / Return Rank

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

JMUNX

JMUNX Risk / Return Rank: 50
JMUNX Sharpe Ratio Rank: 63
JMUNX Sortino Ratio Rank: 56
JMUNX Omega Ratio Rank: 85
JMUNX Calmar Ratio Rank: 23
JMUNX Martin Ratio Rank: 25

JIBDX

JIBDX Risk / Return Rank: 75
JIBDX Sharpe Ratio Rank: 83
JIBDX Sortino Ratio Rank: 87
JIBDX Omega Ratio Rank: 86
JIBDX Calmar Ratio Rank: 64
JIBDX Martin Ratio Rank: 54

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.

JMUNX vs. JIBDX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Johnson Municipal Income Fund (JMUNX) and Johnson Institutional Short Duration Bond Fund (JIBDX). 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.

	JMUNX	JIBDX	Difference
Sharpe ratio: Return per unit of total volatility	2.33	2.69	-0.36
Sortino ratio: Return per unit of downside risk	3.17	4.19	-1.02
Omega ratio: Gain probability vs. loss probability	1.59	1.59	-0.01
Calmar ratio: Return relative to maximum drawdown	1.76	3.08	-1.32
Martin ratio: Return relative to average drawdown	6.06	10.93	-4.88
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

JMUNX vs. JIBDX - Sharpe Ratio Comparison

The current JMUNX Sharpe Ratio is 2.33, which is comparable to the JIBDX Sharpe Ratio of 2.69. The chart below compares the historical Sharpe Ratios of JMUNX and JIBDX, 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

	JMUNX	JIBDX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.33	2.69	-0.36
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.09	0.91	-0.82
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.37	1.18	-0.81
Sharpe Ratio (All Time) Calculated using the full available price history	0.38	0.46	-0.08

Drawdowns

JMUNX vs. JIBDX - Drawdown Comparison

The maximum JMUNX drawdown since its inception was -13.08%, which is greater than JIBDX's maximum drawdown of -8.51%. Use the drawdown chart below to compare losses from any high point for JMUNX and JIBDX.

Drawdown Indicators

	JMUNX	JIBDX	Difference
Max Drawdown Largest peak-to-trough decline	-13.08%	-8.51%	-4.57%
Max Drawdown (1Y) Largest decline over 1 year	-3.51%	-1.19%	-2.32%
Max Drawdown (3Y) Largest decline over 3 years	-7.20%	-1.19%	-6.01%
Max Drawdown (5Y) Largest decline over 5 years	-13.08%	-6.87%	-6.21%
Max Drawdown (10Y) Largest decline over 10 years	-13.08%	-6.95%	-6.13%
Current Drawdown Current decline from peak	-1.27%	-0.53%	-0.74%
Average Drawdown Average peak-to-trough decline	-2.66%	-2.48%	-0.18%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.02%	0.33%	+0.69%

Volatility

JMUNX vs. JIBDX - Volatility Comparison

Johnson Municipal Income Fund (JMUNX) has a higher volatility of 0.95% compared to Johnson Institutional Short Duration Bond Fund (JIBDX) at 0.48%. This indicates that JMUNX's price experiences larger fluctuations and is considered to be riskier than JIBDX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	JMUNX	JIBDX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.95%	0.48%	+0.47%
Volatility (6M) Calculated over the trailing 6-month period	2.10%	1.00%	+1.10%
Volatility (1Y) Calculated over the trailing 1-year period	2.65%	1.36%	+1.29%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.12%	2.12%	+2.00%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.97%	1.79%	+2.18%

JMUNX vs. JIBDX - Expense Ratio Comparison

JMUNX has a 0.65% expense ratio, which is higher than JIBDX's 0.25% expense ratio.

Dividends

JMUNX vs. JIBDX - Dividend Comparison

JMUNX's dividend yield for the trailing twelve months is around 2.62%, less than JIBDX's 3.68% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
JIBDX Johnson Institutional Short Duration Bond Fund	3.68%	3.92%	2.88%	2.08%	1.26%	0.99%	1.73%	2.39%	2.21%	1.67%	1.97%	0.92%
JMUNX Johnson Municipal Income Fund	2.62%	3.49%	2.41%	2.79%	2.30%	1.96%	1.93%	2.00%	1.88%	1.86%	1.83%	2.09%

Frequently Asked Questions

Can I hold both JMUNX and JIBDX in my portfolio?

JMUNX and JIBDX have a correlation of 0.39, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, JMUNX or JIBDX?

JMUNX has higher volatility (0.95%) compared to JIBDX (0.48%). In terms of maximum drawdown, JMUNX dropped -13.08% vs JIBDX's -8.51%.

Which has better risk-adjusted returns?

JIBDX currently has the higher Sharpe Ratio (2.69 vs 2.33), 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.