PMFLX vs. USMTX

Last updated Jun 4, 2026

PMFLX (PIMCO Flexible Municipal Income Fund) and USMTX (JPMorgan Ultra-Short Municipal Fund) are both Municipal Bonds funds. Their correlation of 0.87 suggests significant overlap in exposure. PMFLX charges 0.70%/yr vs 0.24%/yr for USMTX.

Performance

PMFLX vs. USMTX - Performance Comparison

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

Returns By Period

PMFLX

• 1D: 0.20%
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

USMTX

• 1D: 0.00%
• 1M: 0.21%
• YTD: 0.79%
• 6M: 1.01%
• 1Y: 2.65%
• 3Y*: 3.12%
• 5Y*: 1.93%
• 10Y*: —

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

PMFLX vs. USMTX - Yearly Performance Comparison

	2026 (YTD)
PMFLX PIMCO Flexible Municipal Income Fund	0.66%
USMTX JPMorgan Ultra-Short Municipal Fund	0.10%

Correlation

The correlation between PMFLX and USMTX is 0.87, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (All Time) Calculated using the full available price history since May 29, 2026	0.87

Return for Risk

PMFLX vs. USMTX — Risk / Return Rank

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

USMTX

USMTX Risk / Return Rank: 99
USMTX Sharpe Ratio Rank: 99
USMTX Sortino Ratio Rank: 99
USMTX Omega Ratio Rank: 100
USMTX Calmar Ratio Rank: 98
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.

PMFLX vs. USMTX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PIMCO Flexible Municipal Income Fund (PMFLX) 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.

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

Sharpe Ratios by Period

	PMFLX	USMTX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	4.52	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	2.69	—
Sharpe Ratio (All Time) Calculated using the full available price history	17.21	2.12	+15.09

Drawdowns

PMFLX vs. USMTX - Drawdown Comparison

The maximum PMFLX drawdown since its inception was -0.10%, smaller than the maximum USMTX drawdown of -1.98%. Use the drawdown chart below to compare losses from any high point for PMFLX and USMTX.

Drawdown Indicators

	PMFLX	USMTX	Difference
Max Drawdown Largest peak-to-trough decline	-0.10%	-1.98%	+1.88%
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	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-0.03%	-0.18%	+0.15%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.05%	—

Volatility

Volatility by Period

	PMFLX	USMTX	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	0.20%	—
Volatility (6M) Calculated over the trailing 6-month period	—	0.44%	—
Volatility (1Y) Calculated over the trailing 1-year period	5.22%	0.59%	+4.63%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.22%	0.72%	+4.50%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.22%	0.75%	+4.47%

PMFLX vs. USMTX - Expense Ratio Comparison

PMFLX has a 0.70% expense ratio, which is higher than USMTX's 0.24% expense ratio.

Dividends

PMFLX vs. USMTX - Dividend Comparison

PMFLX's dividend yield for the trailing twelve months is around 0.36%, less than USMTX's 2.52% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
PMFLX PIMCO Flexible Municipal Income Fund	0.36%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
USMTX JPMorgan Ultra-Short Municipal Fund	2.52%	2.62%	3.05%	2.58%	0.89%	0.25%	0.76%	1.49%	1.31%	0.78%

Frequently Asked Questions

Can I hold both PMFLX and USMTX in my portfolio?

PMFLX and USMTX have a correlation of 0.87, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.