JPST vs. JMST

Last updated Jun 14, 2026

JPST (JPMorgan Ultra-Short Income ETF) and JMST (JPMorgan Ultra-Short Municipal Income ETF) are both Ultrashort Bond funds from JPMorgan. Both are actively managed. Over the past 5 years, JPST returned 3.63%/yr vs 2.27%/yr for JMST. At a 0.20 correlation, their price movements are largely independent. Both charge a 0.18% expense ratio.

Performance

JPST vs. JMST - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in JPMorgan Ultra-Short Income ETF (JPST) 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, JPST achieves a 1.50% return, which is significantly higher than JMST's 1.01% return.

JPST

• 1D: 0.02%
• 1M: 0.30%
• YTD: 1.50%
• 6M: 1.76%
• 1Y: 4.27%
• 3Y*: 5.19%
• 5Y*: 3.63%
• 10Y*: —

JMST

• 1D: 0.02%
• 1M: 0.22%
• YTD: 1.01%
• 6M: 1.26%
• 1Y: 2.88%
• 3Y*: 3.33%
• 5Y*: 2.27%
• 10Y*: —

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

JPST vs. JMST - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
JPST JPMorgan Ultra-Short Income ETF	1.50%	4.99%	5.58%	5.13%	1.14%	0.11%	2.18%	3.34%	0.41%
JMST JPMorgan Ultra-Short Municipal Income ETF	1.01%	3.35%	3.31%	3.56%	0.07%	0.31%	2.00%	2.09%	0.70%

Correlation

The correlation between JPST and JMST is 0.22, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.22
Correlation (3Y) Calculated over the trailing 3-year period	0.24
Correlation (5Y) Calculated over the trailing 5-year period	0.23
Correlation (All Time) Calculated using the full available price history since Oct 18, 2018	0.20

Return for Risk

JPST vs. JMST — Risk / Return Rank

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

JPST

JPST Risk / Return Rank: 99
JPST Sharpe Ratio Rank: 99
JPST Sortino Ratio Rank: 99
JPST Omega Ratio Rank: 99
JPST Calmar Ratio Rank: 99
JPST Martin Ratio Rank: 99

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.

JPST vs. JMST - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for JPMorgan Ultra-Short Income ETF (JPST) 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.

	JPST	JMST	Difference
Sharpe ratio: Return per unit of total volatility	8.13	4.96	+3.17
Sortino ratio: Return per unit of downside risk	17.82	8.15	+9.67
Omega ratio: Gain probability vs. loss probability	3.97	2.48	+1.49
Calmar ratio: Return relative to maximum drawdown	29.02	11.46	+17.56
Martin ratio: Return relative to average drawdown	142.45	62.60	+79.85

JPST vs. JMST - Sharpe Ratio Comparison

The current JPST Sharpe Ratio is 8.13, which is higher than the JMST Sharpe Ratio of 4.96. The chart below compares the historical Sharpe Ratios of JPST 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

JPST vs. JMST - Drawdown Comparison

The maximum JPST drawdown since its inception was -3.28%, which is greater than JMST's maximum drawdown of -2.41%. Use the drawdown chart below to compare losses from any high point for JPST and JMST.

Drawdown Indicators

	JPST	JMST	Difference
Max Drawdown Largest peak-to-trough decline	-3.28%	-2.41%	-0.87%
Max Drawdown (1Y) Largest decline over 1 year	-0.15%	-0.25%	+0.10%
Max Drawdown (3Y) Largest decline over 3 years	-0.30%	-0.71%	+0.41%
Max Drawdown (5Y) Largest decline over 5 years	-0.79%	-1.15%	+0.36%
Current Drawdown Current decline from peak	0.00%	-0.04%	+0.04%
Average Drawdown Average peak-to-trough decline	-0.08%	-0.12%	+0.04%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.03%	0.05%	-0.02%

Volatility

JPST vs. JMST - Volatility Comparison

The current volatility for JPMorgan Ultra-Short Income ETF (JPST) is 0.16%, while JPMorgan Ultra-Short Municipal Income ETF (JMST) has a volatility of 0.17%. This indicates that JPST experiences smaller price fluctuations and is considered to be less risky than JMST based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	JPST	JMST	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.16%	0.17%	-0.01%
Volatility (6M) Calculated over the trailing 6-month period	0.36%	0.42%	-0.06%
Volatility (1Y) Calculated over the trailing 1-year period	0.53%	0.59%	-0.06%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.58%	0.83%	-0.25%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.93%	1.13%	-0.20%

JPST vs. JMST - Expense Ratio Comparison

Both JPST and JMST have an expense ratio of 0.18%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.

Dividends

JPST vs. JMST - Dividend Comparison

JPST's dividend yield for the trailing twelve months is around 4.25%, more than JMST's 2.65% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
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%	0.00%
JPST JPMorgan Ultra-Short Income ETF	4.25%	4.43%	5.16%	4.79%	1.83%	0.73%	1.43%	2.69%	2.07%	0.96%

Frequently Asked Questions

Can I hold both JPST and JMST in my portfolio?

JPST and JMST have a correlation of 0.22, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, JPST or JMST?

JMST has higher volatility (0.17%) compared to JPST (0.16%). In terms of maximum drawdown, JPST dropped -3.28% vs JMST's -2.41%.

Which ETF is better, JPST or JMST?

On 5-year performance, JPST leads with 3.63% vs 2.27% for JMST. Both ETFs have the same 0.18% expense ratio. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, JPST or JMST?

Over the 5-year period, JPST has performed better with a 3.63% return vs 2.27%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, JPST or JMST?

JPST and JMST have the same expense ratio: 0.18% per year.

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

JPST has the higher dividend yield at 4.25%, compared with 2.65% for JMST.

Which has better risk-adjusted returns?

JPST currently has the higher Sharpe Ratio (8.13 vs 4.96), 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.