PMAQX vs. JMST

Last updated Apr 1, 2026

Compare and contrast key facts about Principal MidCap R6 (PMAQX) and JPMorgan Ultra-Short Municipal Income ETF (JMST).

PMAQX is managed by Principal Funds. It was launched on Nov 22, 2016. JMST is an actively managed fund by JPMorgan. It was launched on Oct 16, 2018.

Performance

PMAQX vs. JMST - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Principal MidCap R6 (PMAQX) and JPMorgan Ultra-Short Municipal Income ETF (JMST). The values are adjusted to include any dividend payments, if applicable.

PMAQX vs. JMST - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
PMAQX Principal MidCap R6	-12.93%	1.71%	23.74%	26.02%	-23.09%	25.29%	18.38%	49.59%	-6.58%
JMST JPMorgan Ultra-Short Municipal Income ETF	0.50%	3.35%	3.31%	3.56%	0.07%	0.31%	2.00%	2.09%	0.70%

Returns By Period

In the year-to-date period, PMAQX achieves a -12.93% return, which is significantly lower than JMST's 0.50% return.

PMAQX

• 1D: 0.81%
• 1M: -9.54%
• YTD: -12.93%
• 6M: -16.46%
• 1Y: -11.09%
• 3Y*: 9.35%
• 5Y*: 5.16%
• 10Y*: —

JMST

• 1D: 0.02%
• 1M: -0.07%
• YTD: 0.50%
• 6M: 1.20%
• 1Y: 3.07%
• 3Y*: 3.25%
• 5Y*: 2.20%
• 10Y*: —

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

PMAQX vs. JMST - Expense Ratio Comparison

PMAQX has a 0.60% expense ratio, which is higher than JMST's 0.18% expense ratio.

PMAQX

Principal MidCap R6

JMST

JPMorgan Ultra-Short Municipal Income ETF

Return for Risk

PMAQX vs. JMST — Risk / Return Rank

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

PMAQX

PMAQX Risk / Return Rank: 1
PMAQX Sharpe Ratio Rank: 1
PMAQX Sortino Ratio Rank: 1
PMAQX Omega Ratio Rank: 1
PMAQX Calmar Ratio Rank: 1
PMAQX Martin Ratio Rank: 1

JMST

JMST Risk / Return Rank: 98
JMST Sharpe Ratio Rank: 98
JMST Sortino Ratio Rank: 98
JMST Omega Ratio Rank: 99
JMST Calmar Ratio Rank: 96
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.

PMAQX vs. JMST - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Principal MidCap R6 (PMAQX) 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.

	PMAQX	JMST	Difference
Sharpe ratio Return per unit of total volatility	-0.57	3.81	-4.38
Sortino ratio Return per unit of downside risk	-0.70	5.54	-6.24
Omega ratio Gain probability vs. loss probability	0.91	2.23	-1.32
Calmar ratio Return relative to maximum drawdown	-0.60	4.43	-5.03
Martin ratio Return relative to average drawdown	-1.79	23.50	-25.29
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PMAQX vs. JMST - Sharpe Ratio Comparison

The current PMAQX Sharpe Ratio is -0.57, which is lower than the JMST Sharpe Ratio of 3.81. The chart below compares the historical Sharpe Ratios of PMAQX and JMST, 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

	PMAQX	JMST	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.57	3.81	-4.38
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.28	2.68	-2.40
Sharpe Ratio (All Time) Calculated using the full available price history	0.59	1.86	-1.27

Correlation

The correlation between PMAQX and JMST is 0.08, 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

PMAQX vs. JMST - Dividend Comparison

PMAQX's dividend yield for the trailing twelve months is around 6.66%, more than JMST's 2.77% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
PMAQX Principal MidCap R6	6.66%	5.80%	6.46%	2.58%	3.18%	7.96%	1.08%	9.14%	12.39%	3.39%
JMST JPMorgan Ultra-Short Municipal Income ETF	2.77%	2.84%	3.32%	3.09%	1.10%	0.27%	0.87%	1.63%	0.28%	0.00%

Drawdowns

PMAQX vs. JMST - Drawdown Comparison

The maximum PMAQX drawdown since its inception was -40.56%, which is greater than JMST's maximum drawdown of -2.41%. Use the drawdown chart below to compare losses from any high point for PMAQX and JMST.

Drawdown Indicators

	PMAQX	JMST	Difference
Max Drawdown Largest peak-to-trough decline	-40.56%	-2.41%	-38.15%
Max Drawdown (1Y) Largest decline over 1 year	-19.25%	-0.71%	-18.54%
Max Drawdown (5Y) Largest decline over 5 years	-31.10%	-1.15%	-29.95%
Current Drawdown Current decline from peak	-18.60%	-0.14%	-18.46%
Average Drawdown Average peak-to-trough decline	-6.67%	-0.13%	-6.54%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.43%	0.13%	+6.30%

Volatility

PMAQX vs. JMST - Volatility Comparison

Principal MidCap R6 (PMAQX) has a higher volatility of 4.60% compared to JPMorgan Ultra-Short Municipal Income ETF (JMST) at 0.18%. This indicates that PMAQX'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

	PMAQX	JMST	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.60%	0.18%	+4.42%
Volatility (6M) Calculated over the trailing 6-month period	10.35%	0.47%	+9.88%
Volatility (1Y) Calculated over the trailing 1-year period	18.29%	0.81%	+17.48%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.53%	0.82%	+17.71%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.53%	1.15%	+18.38%