NAZ vs. USMSX

Last updated Jun 4, 2026

NAZ (Nuveen Arizona Quality Municipal Income Fund) and USMSX (JPMorgan Ultra-Short Municipal Fund) are both Municipal Bonds funds. Over the past 5 years, NAZ returned 1.25%/yr vs 1.73%/yr for USMSX. At a 0.11 correlation, their price movements are largely independent. NAZ charges 0.03%/yr vs 0.45%/yr for USMSX.

Performance

NAZ vs. USMSX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Nuveen Arizona Quality Municipal Income Fund (NAZ) 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, NAZ achieves a 13.56% return, which is significantly higher than USMSX's 0.62% return.

NAZ

• 1D: 1.55%
• 1M: 3.79%
• YTD: 13.56%
• 6M: 13.05%
• 1Y: 21.54%
• 3Y*: 13.80%
• 5Y*: 1.25%
• 10Y*: 2.77%

USMSX

• 1D: 0.00%
• 1M: 0.19%
• YTD: 0.62%
• 6M: 0.92%
• 1Y: 2.45%
• 3Y*: 2.93%
• 5Y*: 1.73%
• 10Y*: —

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

NAZ vs. USMSX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
NAZ Nuveen Arizona Quality Municipal Income Fund	13.56%	12.08%	12.93%	-0.48%	-27.24%	4.75%	22.64%	18.15%	-12.52%	5.59%
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 NAZ and USMSX is -0.01, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.01
Correlation (3Y) Calculated over the trailing 3-year period	0.14
Correlation (5Y) Calculated over the trailing 5-year period	0.16
Correlation (All Time) Calculated using the full available price history since Jan 4, 2017	0.11

The correlation between NAZ and USMSX shifts across timeframes, from -0.01 (1 year) to 0.16 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

NAZ vs. USMSX — Risk / Return Rank

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

NAZ

NAZ Risk / Return Rank: 57
NAZ Sharpe Ratio Rank: 41
NAZ Sortino Ratio Rank: 48
NAZ Omega Ratio Rank: 44
NAZ Calmar Ratio Rank: 70
NAZ Martin Ratio Rank: 84

USMSX

USMSX Risk / Return Rank: 99
USMSX Sharpe Ratio Rank: 98
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.

NAZ vs. USMSX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Nuveen Arizona Quality Municipal Income Fund (NAZ) 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.

	NAZ	USMSX	Difference
Sharpe ratio: Return per unit of total volatility	1.88	4.15	-2.27
Sortino ratio: Return per unit of downside risk	2.92	8.87	-5.95
Omega ratio: Gain probability vs. loss probability	1.36	4.78	-3.41
Calmar ratio: Return relative to maximum drawdown	3.25	8.25	-5.00
Martin ratio: Return relative to average drawdown	15.89	44.53	-28.63
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

NAZ vs. USMSX - Sharpe Ratio Comparison

The current NAZ Sharpe Ratio is 1.88, which is lower than the USMSX Sharpe Ratio of 4.15. The chart below compares the historical Sharpe Ratios of NAZ 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.

Sharpe Ratios by Period

	NAZ	USMSX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.88	4.15	-2.27
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.09	2.47	-2.38
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.19	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.35	1.89	-1.54

Drawdowns

NAZ vs. USMSX - Drawdown Comparison

The maximum NAZ drawdown since its inception was -38.28%, which is greater than USMSX's maximum drawdown of -2.09%. Use the drawdown chart below to compare losses from any high point for NAZ and USMSX.

Drawdown Indicators

	NAZ	USMSX	Difference
Max Drawdown Largest peak-to-trough decline	-38.28%	-2.09%	-36.19%
Max Drawdown (1Y) Largest decline over 1 year	-6.66%	-0.30%	-6.36%
Max Drawdown (3Y) Largest decline over 3 years	-13.76%	-0.50%	-13.26%
Max Drawdown (5Y) Largest decline over 5 years	-38.28%	-2.03%	-36.25%
Max Drawdown (10Y) Largest decline over 10 years	-38.28%	—	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-9.34%	-0.22%	-9.12%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.36%	0.06%	+1.30%

Volatility

NAZ vs. USMSX - Volatility Comparison

Nuveen Arizona Quality Municipal Income Fund (NAZ) has a higher volatility of 3.63% compared to JPMorgan Ultra-Short Municipal Fund (USMSX) at 0.20%. This indicates that NAZ'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

	NAZ	USMSX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.63%	0.20%	+3.43%
Volatility (6M) Calculated over the trailing 6-month period	9.24%	0.45%	+8.79%
Volatility (1Y) Calculated over the trailing 1-year period	11.51%	0.59%	+10.92%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.64%	0.70%	+12.94%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.94%	0.73%	+14.21%

NAZ vs. USMSX - Expense Ratio Comparison

NAZ has a 0.03% expense ratio, which is lower than USMSX's 0.45% expense ratio.

Dividends

NAZ vs. USMSX - Dividend Comparison

NAZ's dividend yield for the trailing twelve months is around 6.14%, more than USMSX's 2.33% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
NAZ Nuveen Arizona Quality Municipal Income Fund	6.14%	7.09%	6.20%	3.63%	5.01%	3.75%	3.52%	3.82%	4.52%	4.65%	5.53%	5.25%
USMSX JPMorgan Ultra-Short Municipal Fund	2.33%	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 NAZ and USMSX in my portfolio?

NAZ and USMSX have a correlation of -0.01, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NAZ or USMSX?

NAZ has higher volatility (3.63%) compared to USMSX (0.20%). In terms of maximum drawdown, NAZ dropped -38.28% vs USMSX's -2.09%.

Which has better risk-adjusted returns?

USMSX currently has the higher Sharpe Ratio (4.15 vs 1.88), 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.