PAIIX vs. JMST

Last updated Jun 23, 2026

PAIIX (PIMCO Global Bond Opportunities Fund (U.S. Dollar-Hedged)) and JMST (JPMorgan Ultra-Short Municipal Income ETF) are both funds - PAIIX is a Global Bonds fund managed by PIMCO, while JMST is a Ultrashort Bond fund actively managed by JPMorgan. Over the past 5 years, PAIIX returned 2.32%/yr vs 2.30%/yr for JMST. At a 0.23 correlation, their price movements are largely independent. PAIIX charges 0.90%/yr vs 0.18%/yr for JMST.

Performance

PAIIX vs. JMST - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PIMCO Global Bond Opportunities Fund (U.S. Dollar-Hedged) (PAIIX) and JPMorgan Ultra-Short Municipal Income ETF (JMST). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PAIIX achieves a -0.29% return, which is significantly lower than JMST's 1.11% return.

PAIIX

• 1D: 0.10%
• 1M: 1.22%
• YTD: -0.29%
• 6M: -0.29%
• 1Y: 4.73%
• 3Y*: 5.55%
• 5Y*: 2.32%
• 10Y*: 2.91%

JMST

• 1D: 0.00%
• 1M: 0.36%
• YTD: 1.11%
• 6M: 1.21%
• 1Y: 2.93%
• 3Y*: 3.34%
• 5Y*: 2.30%
• 10Y*: —

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

PAIIX vs. JMST - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
PAIIX PIMCO Global Bond Opportunities Fund (U.S. Dollar-Hedged)	-0.29%	8.23%	4.02%	6.63%	-6.00%	-0.84%	6.95%	6.40%	-0.76%
JMST JPMorgan Ultra-Short Municipal Income ETF	1.11%	3.35%	3.31%	3.56%	0.07%	0.31%	2.00%	2.09%	0.70%

Correlation

The correlation between PAIIX and JMST is 0.36, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.36
Correlation (3Y) Calculated over the trailing 3-year period	0.30
Correlation (5Y) Calculated over the trailing 5-year period	0.29
Correlation (All Time) Calculated using the full available price history since Oct 18, 2018	0.23

The correlation between PAIIX and JMST shifts across timeframes, from 0.23 (all time) to 0.36 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

PAIIX vs. JMST — Risk / Return Rank

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

PAIIX

PAIIX Risk / Return Rank: 17
PAIIX Sharpe Ratio Rank: 19
PAIIX Sortino Ratio Rank: 19
PAIIX Omega Ratio Rank: 23
PAIIX Calmar Ratio Rank: 12
PAIIX Martin Ratio Rank: 13

JMST

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

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.

PAIIX vs. JMST - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PIMCO Global Bond Opportunities Fund (U.S. Dollar-Hedged) (PAIIX) and JPMorgan Ultra-Short Municipal Income ETF (JMST). 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.

	PAIIX	JMST	Difference
Sharpe ratio: Return per unit of total volatility	1.16	4.90	-3.75
Sortino ratio: Return per unit of downside risk	1.71	8.02	-6.32
Omega ratio: Gain probability vs. loss probability	1.23	2.44	-1.21
Calmar ratio: Return relative to maximum drawdown	1.12	11.54	-10.42
Martin ratio: Return relative to average drawdown	3.57	62.70	-59.13

PAIIX vs. JMST - Sharpe Ratio Comparison

The current PAIIX Sharpe Ratio is 1.16, which is lower than the JMST Sharpe Ratio of 4.90. The chart below compares the historical Sharpe Ratios of PAIIX and JMST, 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

PAIIX vs. JMST - Drawdown Comparison

The maximum PAIIX drawdown since its inception was -13.59%, which is greater than JMST's maximum drawdown of -2.41%. Use the drawdown chart below to compare losses from any high point for PAIIX and JMST.

Drawdown Indicators

	PAIIX	JMST	Difference
Max Drawdown Largest peak-to-trough decline	-13.59%	-2.41%	-11.18%
Max Drawdown (1Y) Largest decline over 1 year	-4.25%	-0.25%	-4.00%
Max Drawdown (3Y) Largest decline over 3 years	-4.25%	-0.71%	-3.54%
Max Drawdown (5Y) Largest decline over 5 years	-9.80%	-1.15%	-8.65%
Max Drawdown (10Y) Largest decline over 10 years	-10.44%	—	—
Current Drawdown Current decline from peak	-1.21%	0.00%	-1.21%
Average Drawdown Average peak-to-trough decline	-1.99%	-0.12%	-1.87%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.33%	0.05%	+1.28%

Volatility

PAIIX vs. JMST - Volatility Comparison

PIMCO Global Bond Opportunities Fund (U.S. Dollar-Hedged) (PAIIX) has a higher volatility of 1.25% compared to JPMorgan Ultra-Short Municipal Income ETF (JMST) at 0.19%. This indicates that PAIIX's price experiences larger fluctuations and is considered to be riskier than JMST based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PAIIX	JMST	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.25%	0.19%	+1.06%
Volatility (6M) Calculated over the trailing 6-month period	3.64%	0.43%	+3.21%
Volatility (1Y) Calculated over the trailing 1-year period	4.12%	0.60%	+3.52%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.44%	0.83%	+2.61%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.02%	1.13%	+1.89%

PAIIX vs. JMST - Expense Ratio Comparison

PAIIX has a 0.90% expense ratio, which is higher than JMST's 0.18% expense ratio.

Dividends

PAIIX vs. JMST - Dividend Comparison

PAIIX's dividend yield for the trailing twelve months is around 4.67%, more than JMST's 2.65% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
JMST JPMorgan Ultra-Short Municipal Income ETF	2.65%	2.84%	3.32%	3.09%	1.10%	0.27%	0.87%	1.63%	0.28%	0.00%	0.00%	0.00%
PAIIX PIMCO Global Bond Opportunities Fund (U.S. Dollar-Hedged)	4.67%	4.44%	3.72%	2.05%	7.25%	2.59%	1.90%	3.75%	1.78%	2.73%	2.23%	5.44%

Frequently Asked Questions

Can I hold both PAIIX and JMST in my portfolio?

PAIIX and JMST have a correlation of 0.36, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PAIIX or JMST?

PAIIX has higher volatility (1.25%) compared to JMST (0.19%). In terms of maximum drawdown, PAIIX dropped -13.59% vs JMST's -2.41%.

Which has better risk-adjusted returns?

JMST currently has the higher Sharpe Ratio (4.90 vs 1.16), 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.