MIUIX vs. USMSX

Last updated Apr 1, 2026

Compare and contrast key facts about MFS Municipal Intermediate Fund (MIUIX) and JPMorgan Ultra-Short Municipal Fund (USMSX).

MIUIX is managed by MFS. It was launched on May 11, 2021. USMSX is managed by JPMorgan. It was launched on May 31, 2016.

Performance

MIUIX vs. USMSX - Performance Comparison

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

MIUIX vs. USMSX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
MIUIX MFS Municipal Intermediate Fund	-0.70%	6.64%	3.00%	5.19%	-8.06%	-0.17%
USMSX JPMorgan Ultra-Short Municipal Fund	0.19%	2.87%	3.09%	3.21%	-0.90%	-0.17%

Returns By Period

In the year-to-date period, MIUIX achieves a -0.70% return, which is significantly lower than USMSX's 0.19% return.

MIUIX

• 1D: 0.11%
• 1M: -3.05%
• YTD: -0.70%
• 6M: 0.99%
• 1Y: 4.68%
• 3Y*: 3.78%
• 5Y*: —
• 10Y*: —

USMSX

• 1D: 0.00%
• 1M: -0.30%
• YTD: 0.19%
• 6M: 0.82%
• 1Y: 2.49%
• 3Y*: 2.80%
• 5Y*: 1.67%
• 10Y*: —

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

MIUIX vs. USMSX - Expense Ratio Comparison

Both MIUIX and USMSX have an expense ratio of 0.45%.

MIUIX

MFS Municipal Intermediate Fund

USMSX

JPMorgan Ultra-Short Municipal Fund

Return for Risk

MIUIX vs. USMSX — Risk / Return Rank

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

MIUIX

MIUIX Risk / Return Rank: 71
MIUIX Sharpe Ratio Rank: 74
MIUIX Sortino Ratio Rank: 72
MIUIX Omega Ratio Rank: 87
MIUIX Calmar Ratio Rank: 61
MIUIX Martin Ratio Rank: 59

USMSX

USMSX Risk / Return Rank: 99
USMSX Sharpe Ratio Rank: 99
USMSX Sortino Ratio Rank: 99
USMSX Omega Ratio Rank: 99
USMSX Calmar Ratio Rank: 99
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.

MIUIX vs. USMSX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for MFS Municipal Intermediate Fund (MIUIX) 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.

	MIUIX	USMSX	Difference
Sharpe ratio Return per unit of total volatility	1.33	3.75	-2.42
Sortino ratio Return per unit of downside risk	1.82	6.76	-4.94
Omega ratio Gain probability vs. loss probability	1.37	3.27	-1.90
Calmar ratio Return relative to maximum drawdown	1.44	6.48	-5.05
Martin ratio Return relative to average drawdown	5.73	34.69	-28.96
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MIUIX vs. USMSX - Sharpe Ratio Comparison

The current MIUIX Sharpe Ratio is 1.33, which is lower than the USMSX Sharpe Ratio of 3.75. The chart below compares the historical Sharpe Ratios of MIUIX and USMSX, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	MIUIX	USMSX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.33	3.75	-2.42
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	2.39	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.31	1.86	-1.54

Correlation

The correlation between MIUIX and USMSX is 0.41, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

MIUIX vs. USMSX - Dividend Comparison

MIUIX's dividend yield for the trailing twelve months is around 3.69%, more than USMSX's 2.36% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
MIUIX MFS Municipal Intermediate Fund	3.69%	4.82%	3.61%	2.39%	1.30%	0.64%	0.00%	0.00%	0.00%	0.00%
USMSX JPMorgan Ultra-Short Municipal Fund	2.36%	2.42%	2.84%	2.35%	0.70%	0.05%	0.57%	1.28%	1.01%	0.59%

Drawdowns

MIUIX vs. USMSX - Drawdown Comparison

The maximum MIUIX drawdown since its inception was -12.91%, which is greater than USMSX's maximum drawdown of -2.09%. Use the drawdown chart below to compare losses from any high point for MIUIX and USMSX.

Drawdown Indicators

	MIUIX	USMSX	Difference
Max Drawdown Largest peak-to-trough decline	-12.91%	-2.09%	-10.82%
Max Drawdown (1Y) Largest decline over 1 year	-4.11%	-0.40%	-3.71%
Max Drawdown (5Y) Largest decline over 5 years	—	-2.03%	—
Current Drawdown Current decline from peak	-3.05%	-0.30%	-2.75%
Average Drawdown Average peak-to-trough decline	-4.08%	-0.22%	-3.86%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.03%	0.07%	+0.96%

Volatility

MIUIX vs. USMSX - Volatility Comparison

MFS Municipal Intermediate Fund (MIUIX) has a higher volatility of 1.07% compared to JPMorgan Ultra-Short Municipal Fund (USMSX) at 0.22%. This indicates that MIUIX'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

	MIUIX	USMSX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.07%	0.22%	+0.85%
Volatility (6M) Calculated over the trailing 6-month period	1.77%	0.40%	+1.37%
Volatility (1Y) Calculated over the trailing 1-year period	4.30%	0.69%	+3.61%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.44%	0.70%	+2.74%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.44%	0.74%	+2.70%