MSTPX vs. USMSX

Last updated Apr 1, 2026

Compare and contrast key facts about Morningstar Municipal Bond Fund (MSTPX) and JPMorgan Ultra-Short Municipal Fund (USMSX).

MSTPX is managed by Morningstar. It was launched on Nov 1, 2018. USMSX is managed by JPMorgan. It was launched on May 31, 2016.

Performance

MSTPX vs. USMSX - Performance Comparison

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

MSTPX vs. USMSX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
MSTPX Morningstar Municipal Bond Fund	-0.50%	2.38%	2.57%	5.62%	-7.20%	1.48%	5.43%	6.24%	2.06%
USMSX JPMorgan Ultra-Short Municipal Fund	0.19%	2.87%	3.09%	3.21%	-0.90%	-0.15%	0.77%	1.90%	0.32%

Returns By Period

In the year-to-date period, MSTPX achieves a -0.50% return, which is significantly lower than USMSX's 0.19% return.

MSTPX

• 1D: 0.10%
• 1M: -1.98%
• YTD: -0.50%
• 6M: 0.27%
• 1Y: 2.10%
• 3Y*: 2.61%
• 5Y*: 0.80%
• 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)

MSTPX vs. USMSX - Expense Ratio Comparison

MSTPX has a 0.58% expense ratio, which is higher than USMSX's 0.45% expense ratio.

MSTPX

Morningstar Municipal Bond Fund

USMSX

JPMorgan Ultra-Short Municipal Fund

Return for Risk

MSTPX vs. USMSX — Risk / Return Rank

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

MSTPX

MSTPX Risk / Return Rank: 24
MSTPX Sharpe Ratio Rank: 24
MSTPX Sortino Ratio Rank: 19
MSTPX Omega Ratio Rank: 48
MSTPX Calmar Ratio Rank: 16
MSTPX Martin Ratio Rank: 15

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.

MSTPX vs. USMSX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Morningstar Municipal Bond Fund (MSTPX) 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.

	MSTPX	USMSX	Difference
Sharpe ratio Return per unit of total volatility	0.61	3.75	-3.14
Sortino ratio Return per unit of downside risk	0.84	6.76	-5.92
Omega ratio Gain probability vs. loss probability	1.20	3.27	-2.07
Calmar ratio Return relative to maximum drawdown	0.45	6.48	-6.03
Martin ratio Return relative to average drawdown	1.46	34.69	-33.24
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MSTPX vs. USMSX - Sharpe Ratio Comparison

The current MSTPX Sharpe Ratio is 0.61, which is lower than the USMSX Sharpe Ratio of 3.75. The chart below compares the historical Sharpe Ratios of MSTPX 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

	MSTPX	USMSX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.61	3.75	-3.14
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.24	2.39	-2.15
Sharpe Ratio (All Time) Calculated using the full available price history	0.63	1.86	-1.23

Correlation

The correlation between MSTPX and USMSX is 0.34, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

MSTPX vs. USMSX - Dividend Comparison

MSTPX's dividend yield for the trailing twelve months is around 1.56%, less than USMSX's 2.36% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
MSTPX Morningstar Municipal Bond Fund	1.56%	2.33%	3.25%	2.67%	2.15%	1.75%	3.16%	2.67%	0.25%	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

MSTPX vs. USMSX - Drawdown Comparison

The maximum MSTPX drawdown since its inception was -10.90%, which is greater than USMSX's maximum drawdown of -2.09%. Use the drawdown chart below to compare losses from any high point for MSTPX and USMSX.

Drawdown Indicators

	MSTPX	USMSX	Difference
Max Drawdown Largest peak-to-trough decline	-10.90%	-2.09%	-8.81%
Max Drawdown (1Y) Largest decline over 1 year	-4.31%	-0.40%	-3.91%
Max Drawdown (5Y) Largest decline over 5 years	-10.90%	-2.03%	-8.87%
Current Drawdown Current decline from peak	-1.98%	-0.30%	-1.68%
Average Drawdown Average peak-to-trough decline	-2.36%	-0.22%	-2.14%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.35%	0.07%	+1.28%

Volatility

MSTPX vs. USMSX - Volatility Comparison

Morningstar Municipal Bond Fund (MSTPX) has a higher volatility of 0.92% compared to JPMorgan Ultra-Short Municipal Fund (USMSX) at 0.22%. This indicates that MSTPX'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

	MSTPX	USMSX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.92%	0.22%	+0.70%
Volatility (6M) Calculated over the trailing 6-month period	1.77%	0.40%	+1.37%
Volatility (1Y) Calculated over the trailing 1-year period	5.82%	0.69%	+5.13%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.52%	0.70%	+2.82%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.85%	0.74%	+3.11%