NAN vs. USMSX
NAN (Nuveen New York Quality Municipal Income Fund) and USMSX (JPMorgan Ultra-Short Municipal Fund) are both Municipal Bonds funds. Over the past 5 years, NAN returned -0.42%/yr vs 1.73%/yr for USMSX. Their 0.16 correlation means their historical movements had little consistent relationship. NAN charges 0.04%/yr vs 0.45%/yr for USMSX.
Performance
NAN vs. USMSX - Performance Comparison
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Returns By Period
In the year-to-date period, NAN achieves a 3.57% return, which is significantly higher than USMSX's 0.62% return.
NAN
- 1D
- 0.18%
- 1M
- -4.54%
- 6M
- 2.11%
- YTD
- 3.57%
- 1Y
- 8.43%
- 3Y*
- 8.32%
- 5Y*
- -0.42%
- 10Y*
- 1.93%
- ALL TIME*
- 4.43%
USMSX
- 1D
- -0.10%
- 1M
- -0.10%
- 6M
- 0.35%
- YTD
- 0.62%
- 1Y
- 1.71%
- 3Y*
- 2.76%
- 5Y*
- 1.73%
- 10Y*
- —
- ALL TIME*
- 1.36%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $884.78K | $749.49K | $820.20K | |
| $0.00 | $0.00 | $0.00 |
NAN vs. USMSX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
NAN Nuveen New York Quality Municipal Income Fund | 3.57% | 6.57% | 10.20% | 7.72% | -24.07% | 9.00% | 4.17% | 20.91% | -7.22% | 8.45% |
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 NAN and USMSX is 0.12, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.12 |
Correlation (3Y) Balances recent behavior with more history. | 0.19 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.23 |
Correlation (All Time) Calculated using the full available price history since Jan 3, 2017 | 0.16 |
The correlation between NAN and USMSX shifts across timeframes, from 0.12 (1 year) to 0.23 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
NAN vs. USMSX — Risk / Return Rank
NAN
USMSX
NAN vs. USMSX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Nuveen New York Quality Municipal Income Fund (NAN) 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.
| NAN | USMSX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.48 | ||
| Sortino ratioReturn per unit of downside risk | -2.80 | ||
| Omega ratioGain probability vs. loss probability | 1.23 | 2.63 | -1.40 |
| Calmar ratioReturn relative to maximum drawdown | 1.69 | 5.76 | -4.06 |
| Martin ratioReturn relative to average drawdown | 6.15 | 24.12 | -17.97 |
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Drawdowns
NAN vs. USMSX - Drawdown Comparison
The maximum NAN drawdown since its inception was -44.96%, which is greater than USMSX's maximum drawdown of -2.09%. Use the drawdown chart below to compare losses from any high point for NAN and USMSX.
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Drawdown Indicators
| NAN | USMSX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -44.96% | -2.09% | -42.87% |
Max Drawdown (1Y)Largest decline over 1 year | -5.41% | -0.30% | -5.11% |
Max Drawdown (3Y)Largest decline over 3 years | -12.84% | -0.50% | -12.34% |
Max Drawdown (5Y)Largest decline over 5 years | -34.64% | -2.03% | -32.61% |
Max Drawdown (10Y)Largest decline over 10 years | -34.64% | — | — |
Current DrawdownCurrent decline from peak | -4.54% | -0.20% | -4.34% |
Average DrawdownAverage peak-to-trough decline | -8.02% | -0.22% | -7.80% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.49% | 0.07% | +1.42% |
Volatility
NAN vs. USMSX - Volatility Comparison
Nuveen New York Quality Municipal Income Fund (NAN) has a higher volatility of 1.99% compared to JPMorgan Ultra-Short Municipal Fund (USMSX) at 0.20%. This indicates that NAN'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
| NAN | USMSX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.99% | 0.20% | +1.79% |
Volatility (6M)Calculated over the trailing 6-month period | 5.55% | 0.49% | +5.06% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.30% | 0.63% | +6.67% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 10.30% | 0.71% | +9.59% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 11.14% | 0.74% | +10.40% |
NAN vs. USMSX - Expense Ratio Comparison
NAN has a 0.04% expense ratio, which is lower than USMSX's 0.45% expense ratio.
Dividends
NAN vs. USMSX - Dividend Comparison
NAN's dividend yield for the trailing twelve months is around 7.66%, more than USMSX's 2.11% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
NAN Nuveen New York Quality Municipal Income Fund | 7.66% | 7.67% | 6.45% | 4.12% | 5.27% | 4.15% | 4.30% | 4.06% | 4.79% | 5.13% | 5.74% | 5.54% |
USMSX JPMorgan Ultra-Short Municipal Fund | 2.11% | 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
NAN and USMSX have a correlation of 0.12, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
NAN has higher volatility (1.99%) compared to USMSX (0.20%). In terms of maximum drawdown, NAN dropped -44.96% vs USMSX's -2.09%.
USMSX currently has the higher Sharpe Ratio (2.74 vs 1.26), 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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