KSMUX vs. USMSX

Last updated Jun 4, 2026

KSMUX (Kansas Municipal Fund) and USMSX (JPMorgan Ultra-Short Municipal Fund) are both Municipal Bonds funds. Over the past 5 years, KSMUX returned -0.18%/yr vs 1.73%/yr for USMSX. At a 0.32 correlation, their price movements are largely independent. KSMUX charges 0.98%/yr vs 0.45%/yr for USMSX.

Performance

KSMUX vs. USMSX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Kansas Municipal Fund (KSMUX) and JPMorgan Ultra-Short Municipal Fund (USMSX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, KSMUX achieves a 2.10% return, which is significantly higher than USMSX's 0.62% return.

KSMUX

• 1D: 0.21%
• 1M: 0.59%
• YTD: 2.10%
• 6M: 2.49%
• 1Y: 7.55%
• 3Y*: 2.71%
• 5Y*: -0.18%
• 10Y*: 1.11%

USMSX

• 1D: 0.00%
• 1M: 0.19%
• YTD: 0.62%
• 6M: 0.92%
• 1Y: 2.45%
• 3Y*: 2.93%
• 5Y*: 1.73%
• 10Y*: —

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

KSMUX vs. USMSX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
KSMUX Kansas Municipal Fund	2.10%	3.35%	-1.06%	4.53%	-9.55%	0.19%	4.69%	5.59%	0.79%	3.41%
USMSX JPMorgan Ultra-Short Municipal Fund	0.62%	2.87%	3.09%	3.21%	-0.90%	-0.15%	0.77%	1.90%	1.01%	0.69%

Correlation

The correlation between KSMUX and USMSX is 0.23, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.23
Correlation (3Y) Calculated over the trailing 3-year period	0.31
Correlation (5Y) Calculated over the trailing 5-year period	0.37
Correlation (All Time) Calculated using the full available price history since Jan 4, 2017	0.32

The correlation between KSMUX and USMSX shifts across timeframes, from 0.23 (1 year) to 0.37 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

KSMUX vs. USMSX — Risk / Return Rank

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

KSMUX

KSMUX Risk / Return Rank: 78
KSMUX Sharpe Ratio Rank: 86
KSMUX Sortino Ratio Rank: 92
KSMUX Omega Ratio Rank: 96
KSMUX Calmar Ratio Rank: 55
KSMUX Martin Ratio Rank: 59

USMSX

USMSX Risk / Return Rank: 99
USMSX Sharpe Ratio Rank: 98
USMSX Sortino Ratio Rank: 99
USMSX Omega Ratio Rank: 100
USMSX Calmar Ratio Rank: 98
USMSX Martin Ratio Rank: 99

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.

KSMUX vs. USMSX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Kansas Municipal Fund (KSMUX) and JPMorgan Ultra-Short Municipal Fund (USMSX). 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.

	KSMUX	USMSX	Difference
Sharpe ratio Return per unit of total volatility	2.83	4.15	-1.32
Sortino ratio Return per unit of downside risk	4.64	8.87	-4.23
Omega ratio Gain probability vs. loss probability	1.86	4.78	-2.92
Calmar ratio Return relative to maximum drawdown	2.83	8.25	-5.41
Martin ratio Return relative to average drawdown	11.71	44.53	-32.82
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

KSMUX vs. USMSX - Sharpe Ratio Comparison

The current KSMUX Sharpe Ratio is 2.83, which is lower than the USMSX Sharpe Ratio of 4.15. The chart below compares the historical Sharpe Ratios of KSMUX and USMSX, 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

	KSMUX	USMSX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.83	4.15	-1.32
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.04	2.47	-2.51
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.28	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.62	1.89	-1.27

Drawdowns

KSMUX vs. USMSX - Drawdown Comparison

The maximum KSMUX drawdown since its inception was -14.61%, which is greater than USMSX's maximum drawdown of -2.09%. Use the drawdown chart below to compare losses from any high point for KSMUX and USMSX.

Drawdown Indicators

	KSMUX	USMSX	Difference
Max Drawdown Largest peak-to-trough decline	-14.61%	-2.09%	-12.52%
Max Drawdown (1Y) Largest decline over 1 year	-2.67%	-0.30%	-2.37%
Max Drawdown (3Y) Largest decline over 3 years	-6.98%	-0.50%	-6.48%
Max Drawdown (5Y) Largest decline over 5 years	-13.96%	-2.03%	-11.93%
Max Drawdown (10Y) Largest decline over 10 years	-13.96%	—	—
Current Drawdown Current decline from peak	-1.64%	0.00%	-1.64%
Average Drawdown Average peak-to-trough decline	-2.98%	-0.22%	-2.76%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.65%	0.06%	+0.59%

Volatility

KSMUX vs. USMSX - Volatility Comparison

Kansas Municipal Fund (KSMUX) has a higher volatility of 1.11% compared to JPMorgan Ultra-Short Municipal Fund (USMSX) at 0.20%. This indicates that KSMUX's price experiences larger fluctuations and is considered to be riskier than USMSX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	KSMUX	USMSX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.11%	0.20%	+0.91%
Volatility (6M) Calculated over the trailing 6-month period	2.08%	0.45%	+1.63%
Volatility (1Y) Calculated over the trailing 1-year period	2.68%	0.59%	+2.09%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.24%	0.70%	+3.54%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.97%	0.73%	+3.24%

KSMUX vs. USMSX - Expense Ratio Comparison

KSMUX has a 0.98% expense ratio, which is higher than USMSX's 0.45% expense ratio.

Dividends

KSMUX vs. USMSX - Dividend Comparison

KSMUX's dividend yield for the trailing twelve months is around 3.20%, more than USMSX's 2.33% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
KSMUX Kansas Municipal Fund	3.20%	3.13%	2.76%	2.33%	2.00%	1.64%	1.83%	2.70%	2.75%	2.93%	2.88%	2.57%
USMSX JPMorgan Ultra-Short Municipal Fund	2.33%	2.42%	2.84%	2.35%	0.70%	0.05%	0.57%	1.28%	1.01%	0.59%	0.00%	0.00%

Frequently Asked Questions

Can I hold both KSMUX and USMSX in my portfolio?

KSMUX and USMSX have a correlation of 0.23, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, KSMUX or USMSX?

KSMUX has higher volatility (1.11%) compared to USMSX (0.20%). In terms of maximum drawdown, KSMUX dropped -14.61% vs USMSX's -2.09%.

Which has better risk-adjusted returns?

USMSX currently has the higher Sharpe Ratio (4.15 vs 2.83), 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.