JPLD vs. JMST

Last updated Jun 23, 2026

JPLD (JPMorgan Limited Duration Bond ETF) and JMST (JPMorgan Ultra-Short Municipal Income ETF) are both exchange-traded funds - JPLD is a Short-Term Bond fund actively managed by JPMorgan, while JMST is a Ultrashort Bond fund actively managed by JPMorgan. Both are actively managed. Over the past year, JPLD returned 4.27% vs 2.93% for JMST. At a 0.29 correlation, their price movements are largely independent. JPLD charges 0.24%/yr vs 0.18%/yr for JMST.

Performance

JPLD vs. JMST - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in JPMorgan Limited Duration Bond ETF (JPLD) and JPMorgan Ultra-Short Municipal Income ETF (JMST). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, JPLD achieves a 1.02% return, which is significantly lower than JMST's 1.11% return.

JPLD

• 1D: -0.02%
• 1M: 0.26%
• YTD: 1.02%
• 6M: 1.23%
• 1Y: 4.27%
• 3Y*: —
• 5Y*: —
• 10Y*: —

JMST

• 1D: 0.00%
• 1M: 0.36%
• YTD: 1.11%
• 6M: 1.21%
• 1Y: 2.93%
• 3Y*: 3.34%
• 5Y*: 2.30%
• 10Y*: —

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

JPLD vs. JMST - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
JPLD JPMorgan Limited Duration Bond ETF	1.02%	6.01%	6.49%	3.15%
JMST JPMorgan Ultra-Short Municipal Income ETF	1.11%	3.35%	3.31%	1.88%

Correlation

The correlation between JPLD and JMST is 0.29, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.29
Correlation (All Time) Calculated using the full available price history since Jul 31, 2023	0.29

Return for Risk

JPLD vs. JMST — Risk / Return Rank

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

JPLD

JPLD Risk / Return Rank: 90
JPLD Sharpe Ratio Rank: 90
JPLD Sortino Ratio Rank: 93
JPLD Omega Ratio Rank: 92
JPLD Calmar Ratio Rank: 83
JPLD Martin Ratio Rank: 90

JMST

JMST Risk / Return Rank: 98
JMST Sharpe Ratio Rank: 98
JMST Sortino Ratio Rank: 98
JMST Omega Ratio Rank: 98
JMST Calmar Ratio Rank: 98
JMST Martin Ratio Rank: 98

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.

JPLD vs. JMST - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for JPMorgan Limited Duration Bond ETF (JPLD) and JPMorgan Ultra-Short Municipal Income ETF (JMST). 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.

	JPLD	JMST	Difference
Sharpe ratio: Return per unit of total volatility	2.91	4.90	-2.00
Sortino ratio: Return per unit of downside risk	4.46	8.02	-3.57
Omega ratio: Gain probability vs. loss probability	1.60	2.44	-0.84
Calmar ratio: Return relative to maximum drawdown	4.27	11.54	-7.27
Martin ratio: Return relative to average drawdown	19.49	62.70	-43.20

JPLD vs. JMST - Sharpe Ratio Comparison

The current JPLD Sharpe Ratio is 2.91, which is lower than the JMST Sharpe Ratio of 4.90. The chart below compares the historical Sharpe Ratios of JPLD and JMST, 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

JPLD vs. JMST - Drawdown Comparison

The maximum JPLD drawdown since its inception was -1.17%, smaller than the maximum JMST drawdown of -2.41%. Use the drawdown chart below to compare losses from any high point for JPLD and JMST.

Drawdown Indicators

	JPLD	JMST	Difference
Max Drawdown Largest peak-to-trough decline	-1.17%	-2.41%	+1.24%
Max Drawdown (1Y) Largest decline over 1 year	-1.00%	-0.25%	-0.75%
Max Drawdown (3Y) Largest decline over 3 years	—	-0.71%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-1.15%	—
Current Drawdown Current decline from peak	-0.34%	0.00%	-0.34%
Average Drawdown Average peak-to-trough decline	-0.15%	-0.12%	-0.03%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.22%	0.05%	+0.17%

Volatility

JPLD vs. JMST - Volatility Comparison

JPMorgan Limited Duration Bond ETF (JPLD) has a higher volatility of 0.53% compared to JPMorgan Ultra-Short Municipal Income ETF (JMST) at 0.19%. This indicates that JPLD's price experiences larger fluctuations and is considered to be riskier than JMST based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	JPLD	JMST	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.53%	0.19%	+0.34%
Volatility (6M) Calculated over the trailing 6-month period	1.05%	0.43%	+0.62%
Volatility (1Y) Calculated over the trailing 1-year period	1.48%	0.60%	+0.88%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.84%	0.83%	+1.01%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.84%	1.13%	+0.71%

JPLD vs. JMST - Expense Ratio Comparison

JPLD has a 0.24% expense ratio, which is higher than JMST's 0.18% 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

JPLD vs. JMST - Dividend Comparison

JPLD's dividend yield for the trailing twelve months is around 4.21%, more than JMST's 2.65% 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%
JPLD JPMorgan Limited Duration Bond ETF	4.21%	4.24%	4.47%	1.83%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both JPLD and JMST in my portfolio?

JPLD and JMST have a correlation of 0.29, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, JPLD or JMST?

JPLD has higher volatility (0.53%) compared to JMST (0.19%). In terms of maximum drawdown, JPLD dropped -1.17% vs JMST's -2.41%.

Which ETF is better, JPLD or JMST?

On 1-year performance, JPLD leads with 4.27% vs 2.93% for JMST. On fees, JMST is cheaper at 0.18% per year. On volatility, JMST has been the lower-risk option at 0.19%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, JPLD or JMST?

Over the 1-year period, JPLD has performed better with a 4.27% return vs 2.93%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, JPLD or JMST?

JMST is cheaper with a 0.18% expense ratio, compared with 0.24% for JPLD.

Which ETF pays a higher dividend yield, JPLD or JMST?

JPLD has the higher dividend yield at 4.21%, compared with 2.65% for JMST.

What is the main difference between JPLD and JMST?

JPLD is categorized as Short-Term Bond, while JMST is Ultrashort Bond. Their fees differ too: 0.24% for JPLD and 0.18% for JMST.

Which has better risk-adjusted returns?

JMST currently has the higher Sharpe Ratio (4.90 vs 2.91), 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.