PCTIX vs. USMTX

Last updated Apr 1, 2026

Compare and contrast key facts about PIMCO California Municipal Bond Fund (PCTIX) and JPMorgan Ultra-Short Municipal Fund (USMTX).

PCTIX is managed by PIMCO. It was launched on May 30, 2012. USMTX is managed by JPMorgan. It was launched on May 30, 2016.

Performance

PCTIX vs. USMTX - Performance Comparison

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

PCTIX vs. USMTX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PCTIX PIMCO California Municipal Bond Fund	-0.43%	3.92%	3.12%	7.98%	-10.90%	1.96%	6.89%	9.11%	1.11%	7.30%
USMTX JPMorgan Ultra-Short Municipal Fund	0.32%	2.96%	3.30%	3.46%	-0.71%	-0.05%	1.07%	2.01%	1.32%	0.88%

Returns By Period

In the year-to-date period, PCTIX achieves a -0.43% return, which is significantly lower than USMTX's 0.32% return.

PCTIX

• 1D: 0.28%
• 1M: -2.48%
• YTD: -0.43%
• 6M: 1.16%
• 1Y: 3.85%
• 3Y*: 3.93%
• 5Y*: 1.09%
• 10Y*: 2.66%

USMTX

• 1D: 0.00%
• 1M: -0.30%
• YTD: 0.32%
• 6M: 0.91%
• 1Y: 2.68%
• 3Y*: 3.01%
• 5Y*: 1.87%
• 10Y*: —

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

PCTIX vs. USMTX - Expense Ratio Comparison

PCTIX has a 0.44% expense ratio, which is higher than USMTX's 0.24% expense ratio.

PCTIX

PIMCO California Municipal Bond Fund

USMTX

JPMorgan Ultra-Short Municipal Fund

Return for Risk

PCTIX vs. USMTX — Risk / Return Rank

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

PCTIX

PCTIX Risk / Return Rank: 39
PCTIX Sharpe Ratio Rank: 43
PCTIX Sortino Ratio Rank: 36
PCTIX Omega Ratio Rank: 59
PCTIX Calmar Ratio Rank: 32
PCTIX Martin Ratio Rank: 24

USMTX

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

PCTIX vs. USMTX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PIMCO California Municipal Bond Fund (PCTIX) 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.

	PCTIX	USMTX	Difference
Sharpe ratio Return per unit of total volatility	0.88	3.97	-3.10
Sortino ratio Return per unit of downside risk	1.19	7.18	-5.98
Omega ratio Gain probability vs. loss probability	1.23	3.38	-2.15
Calmar ratio Return relative to maximum drawdown	0.90	6.97	-6.07
Martin ratio Return relative to average drawdown	2.59	37.45	-34.86
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PCTIX vs. USMTX - Sharpe Ratio Comparison

The current PCTIX Sharpe Ratio is 0.88, which is lower than the USMTX Sharpe Ratio of 3.97. The chart below compares the historical Sharpe Ratios of PCTIX and USMTX, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	PCTIX	USMTX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.88	3.97	-3.10
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.25	2.62	-2.37
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.61	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.81	2.09	-1.28

Correlation

The correlation between PCTIX and USMTX is 0.34, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

PCTIX vs. USMTX - Dividend Comparison

PCTIX's dividend yield for the trailing twelve months is around 3.38%, more than USMTX's 2.55% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PCTIX PIMCO California Municipal Bond Fund	3.38%	3.60%	3.73%	3.47%	1.97%	1.76%	2.01%	2.63%	2.97%	3.04%	2.95%	2.81%
USMTX JPMorgan Ultra-Short Municipal Fund	2.55%	2.62%	3.05%	2.58%	0.89%	0.25%	0.76%	1.49%	1.31%	0.78%	0.00%	0.00%

Drawdowns

PCTIX vs. USMTX - Drawdown Comparison

The maximum PCTIX drawdown since its inception was -16.98%, which is greater than USMTX's maximum drawdown of -1.98%. Use the drawdown chart below to compare losses from any high point for PCTIX and USMTX.

Drawdown Indicators

	PCTIX	USMTX	Difference
Max Drawdown Largest peak-to-trough decline	-16.98%	-1.98%	-15.00%
Max Drawdown (1Y) Largest decline over 1 year	-4.95%	-0.40%	-4.55%
Max Drawdown (5Y) Largest decline over 5 years	-16.98%	-1.92%	-15.06%
Max Drawdown (10Y) Largest decline over 10 years	-16.98%	—	—
Current Drawdown Current decline from peak	-2.48%	-0.30%	-2.18%
Average Drawdown Average peak-to-trough decline	-2.70%	-0.19%	-2.51%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.71%	0.07%	+1.64%

Volatility

PCTIX vs. USMTX - Volatility Comparison

PIMCO California Municipal Bond Fund (PCTIX) has a higher volatility of 1.03% compared to JPMorgan Ultra-Short Municipal Fund (USMTX) at 0.22%. This indicates that PCTIX's price experiences larger fluctuations and is considered to be riskier than USMTX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PCTIX	USMTX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.03%	0.22%	+0.81%
Volatility (6M) Calculated over the trailing 6-month period	1.74%	0.40%	+1.34%
Volatility (1Y) Calculated over the trailing 1-year period	4.99%	0.70%	+4.29%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.40%	0.72%	+3.68%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.40%	0.75%	+3.65%