NMIIX vs. USMTX

Last updated Aug 4, 2026

NMIIX (Neuberger Berman Municipal Impact Fund) and USMTX (JPMorgan Ultra-Short Municipal Fund) are both Municipal Bonds funds. Their 0.36 correlation means their historical movements had little consistent relationship. NMIIX charges 0.43%/yr vs 0.24%/yr for USMTX.

Performance

NMIIX vs. USMTX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Neuberger Berman Municipal Impact Fund (NMIIX) and JPMorgan Ultra-Short Municipal Fund (USMTX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

NMIIX

• 1D: —
• 1M: —
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

USMTX

• 1D: 0.00%
• 1M: 0.01%
• 6M: 0.41%
• YTD: 0.81%
• 1Y: 1.89%
• 3Y*: 2.95%
• 5Y*: 1.91%
• 10Y*: —
• ALL TIME*: 1.56%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
USMTX JPMorgan Ultra-Short Municipal Fund	$0.00	$0.00	$0.00

NMIIX vs. USMTX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
NMIIX Neuberger Berman Municipal Impact Fund	0.12%	3.89%	1.22%	3.99%	-8.39%	0.88%	4.31%	6.51%	0.97%	3.30%
USMTX JPMorgan Ultra-Short Municipal Fund	0.81%	2.96%	3.30%	3.46%	-0.71%	-0.05%	1.07%	2.01%	1.32%	0.88%

Correlation

The correlation between NMIIX and USMTX is 0.22, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.22
Correlation (3Y) Balances recent behavior with more history.	0.36
Correlation (5Y) Shows whether the relationship held over a longer period.	0.44
Correlation (All Time) Calculated using the full available price history since Jan 3, 2017	0.36

The correlation between NMIIX and USMTX shifts across timeframes, from 0.22 (1 year) to 0.44 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

NMIIX vs. USMTX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

NMIIX

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

USMTX

USMTX Risk / Return Rank: 98
USMTX Sharpe Ratio Rank: 98
USMTX Sortino Ratio Rank: 98
USMTX Omega Ratio Rank: 99
USMTX Calmar Ratio Rank: 98
USMTX Martin Ratio Rank: 98

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

NMIIX vs. USMTX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Neuberger Berman Municipal Impact Fund (NMIIX) and JPMorgan Ultra-Short Municipal Fund (USMTX). 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.

	NMIIX	USMTX	Difference
Sharpe ratio: Return per unit of total volatility	—	2.97	—
Sortino ratio: Return per unit of downside risk	—	5.06	—
Omega ratio: Gain probability vs. loss probability	—	2.76	—
Calmar ratio: Return relative to maximum drawdown	—	6.35	—
Martin ratio: Return relative to average drawdown	—	24.36	—

Drawdowns

Drawdown Indicators

	NMIIX	USMTX	Difference
Max Drawdown Largest peak-to-trough decline	—	-1.98%	—
Max Drawdown (1Y) Largest decline over 1 year	—	-0.30%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-0.50%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-1.92%	—
Current Drawdown Current decline from peak	—	-0.18%	—
Average Drawdown Average peak-to-trough decline	—	-0.18%	—
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.08%	—

Volatility

Volatility by Period

	NMIIX	USMTX	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	0.21%	—
Volatility (6M) Calculated over the trailing 6-month period	—	0.51%	—
Volatility (1Y) Calculated over the trailing 1-year period	—	0.65%	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	—	0.73%	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	—	0.75%	—

NMIIX vs. USMTX - Expense Ratio Comparison

NMIIX has a 0.43% expense ratio, which is higher than USMTX's 0.24% expense ratio.

Dividends

NMIIX vs. USMTX - Dividend Comparison

NMIIX's dividend yield for the trailing twelve months is around 2.30%, which matches USMTX's 2.28% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
NMIIX Neuberger Berman Municipal Impact Fund	2.30%	2.92%	2.69%	1.77%	1.33%	1.83%	2.23%	2.82%	2.47%	2.32%	3.41%	2.84%
USMTX JPMorgan Ultra-Short Municipal Fund	2.28%	2.62%	3.05%	2.58%	0.89%	0.25%	0.76%	1.49%	1.31%	0.78%	0.00%	0.00%

Frequently Asked Questions

Can I hold both NMIIX and USMTX in my portfolio?

NMIIX and USMTX have a correlation of 0.22, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.