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MYI vs. USMSX
Performance
Return for Risk
Drawdowns
Volatility
Dividends

MYI vs. USMSX

Last updated Jun 23, 2026

MYI (BlackRock MuniYield Quality Fund III) and USMSX (JPMorgan Ultra-Short Municipal Fund) are both Municipal Bonds funds. Over the past 5 years, MYI returned -0.70%/yr vs 1.77%/yr for USMSX. At a 0.18 correlation, their price movements are largely independent. MYI charges 2.16%/yr vs 0.45%/yr for USMSX.

Performance

MYI vs. USMSX - Performance Comparison

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

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Returns By Period

In the year-to-date period, MYI achieves a 3.64% return, which is significantly higher than USMSX's 0.82% return.

MYI

1D
-0.46%
1M
2.86%
YTD
3.64%
6M
4.31%
1Y
11.92%
3Y*
6.47%
5Y*
-0.70%
10Y*
1.53%

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)

MYI vs. USMSX - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
MYI
BlackRock MuniYield Quality Fund III		3.64%4.74%0.55%8.79%-20.52%6.99%11.60%16.64%-8.42%7.13%
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 MYI and USMSX is 0.16, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.16

Correlation (3Y)
Calculated over the trailing 3-year period

0.23

Correlation (5Y)
Calculated over the trailing 5-year period

0.23

Correlation (All Time)
Calculated using the full available price history since Jan 3, 2017

0.18

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

BlackRock MuniYield Quality Fund III

JPMorgan Ultra-Short Municipal Fund

Often compared with MYI:
MYI vs. NRKMYI vs. DFSMXMYI vs. APUSXMYI vs. NPVMYI vs. FHMIXMYI vs. IIMMYI vs. BATVX
Often compared with USMSX:
USMSX vs. NEARUSMSX vs. VPALXUSMSX vs. VWSUXUSMSX vs. DFCMXUSMSX vs. FUENXUSMSX vs. VMLUXUSMSX vs. COLTX

Return for Risk

MYI vs. USMSX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
MYI
MYI Risk / Return Rank: 2626
Overall Rank
MYI Sharpe Ratio Rank: 2626
Sharpe Ratio Rank
MYI Sortino Ratio Rank: 2929
Sortino Ratio Rank
MYI Omega Ratio Rank: 2828
Omega Ratio Rank
MYI Calmar Ratio Rank: 2121
Calmar Ratio Rank
MYI Martin Ratio Rank: 2626
Martin Ratio Rank
USMSX
USMSX Risk / Return Rank: 9999
Overall Rank
USMSX Sharpe Ratio Rank: 9999
Sharpe Ratio Rank
USMSX Sortino Ratio Rank: 9999
Sortino Ratio Rank
USMSX Omega Ratio Rank: 100100
Omega Ratio Rank
USMSX Calmar Ratio Rank: 9898
Calmar Ratio Rank
USMSX Martin Ratio Rank: 9999
Martin Ratio Rank
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.

MYI vs. USMSX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BlackRock MuniYield Quality Fund III (MYI) 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.

MYIUSMSXDifference
Sharpe ratioReturn per unit of total volatility
1.36
4.15

-2.79

Sortino ratioReturn per unit of downside risk
2.09
8.87

-6.77

Omega ratioGain probability vs. loss probability

1.26

4.78

-3.52

Calmar ratioReturn relative to maximum drawdown

1.58

8.25

-6.67

Martin ratioReturn relative to average drawdown

5.76

44.52

-38.76

MYI vs. USMSX - Sharpe Ratio Comparison

The current MYI Sharpe Ratio is 1.36, which is lower than the USMSX Sharpe Ratio of 4.15. The chart below compares the historical Sharpe Ratios of MYI 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.

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Drawdowns

MYI vs. USMSX - Drawdown Comparison

The maximum MYI drawdown since its inception was -43.90%, which is greater than USMSX's maximum drawdown of -2.09%. Use the drawdown chart below to compare losses from any high point for MYI and USMSX.

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Drawdown Indicators

MYIUSMSXDifference

Max Drawdown

Largest peak-to-trough decline

-43.90%

-2.09%

-41.81%

Max Drawdown (1Y)

Largest decline over 1 year

-7.58%

-0.30%

-7.28%

Max Drawdown (3Y)

Largest decline over 3 years

-15.07%

-0.50%

-14.57%

Max Drawdown (5Y)

Largest decline over 5 years

-31.84%

-2.03%

-29.81%

Max Drawdown (10Y)

Largest decline over 10 years

-31.84%

—

—

Current Drawdown

Current decline from peak

-6.45%

0.00%

-6.45%

Average Drawdown

Average peak-to-trough decline

-9.39%

-0.22%

-9.17%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.07%

0.06%

+2.01%

Volatility

MYI vs. USMSX - Volatility Comparison

BlackRock MuniYield Quality Fund III (MYI) has a higher volatility of 2.90% compared to JPMorgan Ultra-Short Municipal Fund (USMSX) at 0.18%. This indicates that MYI'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.

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Volatility by Period

MYIUSMSXDifference

Volatility (1M)

Calculated over the trailing 1-month period

2.90%

0.18%

+2.72%

Volatility (6M)

Calculated over the trailing 6-month period

6.94%

0.45%

+6.49%

Volatility (1Y)

Calculated over the trailing 1-year period

8.81%

0.59%

+8.22%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

10.99%

0.71%

+10.28%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

11.39%

0.73%

+10.66%

MYI vs. USMSX - Expense Ratio Comparison

MYI has a 2.16% expense ratio, which is higher than USMSX's 0.45% expense ratio.

Dividends

MYI vs. USMSX - Dividend Comparison

MYI's dividend yield for the trailing twelve months is around 6.09%, more than USMSX's 2.32% yield.

PositionTTM20252024202320222021202020192018201720162015
MYI
BlackRock MuniYield Quality Fund III		6.09%6.13%6.03%4.30%5.22%4.17%3.84%3.89%5.01%5.88%6.20%6.03%
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

MYI and USMSX have a correlation of 0.16, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

MYI has higher volatility (2.90%) compared to USMSX (0.18%). In terms of maximum drawdown, MYI dropped -43.90% vs USMSX's -2.09%.

USMSX currently has the higher Sharpe Ratio (4.15 vs 1.36), 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.

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