MUC vs. USMSX

Last updated Jun 23, 2026

MUC (BlackRock MuniHoldings California Quality Fund) and USMSX (JPMorgan Ultra-Short Municipal Fund) are both Municipal Bonds funds. Over the past 5 years, MUC returned -2.31%/yr vs 1.77%/yr for USMSX. At a 0.19 correlation, their price movements are largely independent. MUC charges 2.14%/yr vs 0.45%/yr for USMSX.

Performance

MUC vs. USMSX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in BlackRock MuniHoldings California Quality Fund (MUC) 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, MUC achieves a 5.45% return, which is significantly higher than USMSX's 0.82% return.

MUC

• 1D: 0.09%
• 1M: 2.68%
• YTD: 5.45%
• 6M: 5.65%
• 1Y: 12.41%
• 3Y*: 5.81%
• 5Y*: -2.31%
• 10Y*: 0.76%

USMSX

• 1D: 0.10%
• 1M: 0.39%
• YTD: 0.82%
• 6M: 0.92%
• 1Y: 2.45%
• 3Y*: 2.93%
• 5Y*: 1.77%
• 10Y*: —

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

MUC vs. USMSX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MUC BlackRock MuniHoldings California Quality Fund	5.45%	5.96%	0.76%	7.86%	-26.81%	7.38%	11.85%	18.12%	-9.00%	6.07%
USMSX JPMorgan Ultra-Short Municipal Fund	0.82%	2.87%	3.09%	3.21%	-0.90%	-0.15%	0.77%	1.90%	1.01%	0.69%

Correlation

The correlation between MUC and USMSX is 0.17, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.17
Correlation (3Y) Calculated over the trailing 3-year period	0.24
Correlation (5Y) Calculated over the trailing 5-year period	0.24
Correlation (All Time) Calculated using the full available price history since Jan 3, 2017	0.19

Return for Risk

MUC vs. USMSX — Risk / Return Rank

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

MUC

MUC Risk / Return Rank: 35
MUC Sharpe Ratio Rank: 32
MUC Sortino Ratio Rank: 38
MUC Omega Ratio Rank: 36
MUC Calmar Ratio Rank: 29
MUC Martin Ratio Rank: 37

USMSX

USMSX Risk / Return Rank: 99
USMSX Sharpe Ratio Rank: 99
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.

MUC vs. USMSX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BlackRock MuniHoldings California Quality Fund (MUC) 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.

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.

	MUC	USMSX	Difference
Sharpe ratio: Return per unit of total volatility	1.52	4.15	-2.62
Sortino ratio: Return per unit of downside risk	2.40	8.87	-6.47
Omega ratio: Gain probability vs. loss probability	1.29	4.78	-3.48
Calmar ratio: Return relative to maximum drawdown	1.91	8.25	-6.34
Martin ratio: Return relative to average drawdown	7.74	44.52	-36.78

MUC vs. USMSX - Sharpe Ratio Comparison

The current MUC Sharpe Ratio is 1.52, which is lower than the USMSX Sharpe Ratio of 4.15. The chart below compares the historical Sharpe Ratios of MUC 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.

Drawdowns

MUC vs. USMSX - Drawdown Comparison

The maximum MUC drawdown since its inception was -48.97%, which is greater than USMSX's maximum drawdown of -2.09%. Use the drawdown chart below to compare losses from any high point for MUC and USMSX.

Drawdown Indicators

	MUC	USMSX	Difference
Max Drawdown Largest peak-to-trough decline	-48.97%	-2.09%	-46.88%
Max Drawdown (1Y) Largest decline over 1 year	-6.53%	-0.30%	-6.23%
Max Drawdown (3Y) Largest decline over 3 years	-14.51%	-0.50%	-14.01%
Max Drawdown (5Y) Largest decline over 5 years	-38.29%	-2.03%	-36.26%
Max Drawdown (10Y) Largest decline over 10 years	-38.29%	—	—
Current Drawdown Current decline from peak	-15.38%	0.00%	-15.38%
Average Drawdown Average peak-to-trough decline	-9.91%	-0.22%	-9.69%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.61%	0.06%	+1.55%

Volatility

MUC vs. USMSX - Volatility Comparison

BlackRock MuniHoldings California Quality Fund (MUC) has a higher volatility of 2.18% compared to JPMorgan Ultra-Short Municipal Fund (USMSX) at 0.18%. This indicates that MUC'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

	MUC	USMSX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.18%	0.18%	+2.00%
Volatility (6M) Calculated over the trailing 6-month period	6.35%	0.45%	+5.90%
Volatility (1Y) Calculated over the trailing 1-year period	8.19%	0.59%	+7.60%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.51%	0.71%	+10.80%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.89%	0.73%	+11.16%

MUC vs. USMSX - Expense Ratio Comparison

MUC has a 2.14% expense ratio, which is higher than USMSX's 0.45% expense ratio.

Dividends

MUC vs. USMSX - Dividend Comparison

MUC's dividend yield for the trailing twelve months is around 5.92%, more than USMSX's 2.32% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MUC BlackRock MuniHoldings California Quality Fund	5.92%	6.06%	5.62%	3.84%	5.79%	4.27%	3.96%	3.90%	4.99%	5.14%	5.45%	5.46%
USMSX JPMorgan Ultra-Short Municipal Fund	2.32%	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 MUC and USMSX in my portfolio?

MUC and USMSX have a correlation of 0.17, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MUC or USMSX?

MUC has higher volatility (2.18%) compared to USMSX (0.18%). In terms of maximum drawdown, MUC dropped -48.97% vs USMSX's -2.09%.

Which has better risk-adjusted returns?

USMSX currently has the higher Sharpe Ratio (4.15 vs 1.52), 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.