PML vs. USMSX

Last updated Jun 4, 2026

PML (PIMCO Municipal Income Fund II) and USMSX (JPMorgan Ultra-Short Municipal Fund) are both Municipal Bonds funds. Over the past 5 years, PML returned -7.70%/yr vs 1.73%/yr for USMSX. At a 0.14 correlation, their price movements are largely independent. PML charges 1.08%/yr vs 0.45%/yr for USMSX.

Performance

PML vs. USMSX - Performance Comparison

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

Returns By Period

In the year-to-date period, PML achieves a 1.52% return, which is significantly higher than USMSX's 0.62% return.

PML

• 1D: -0.67%
• 1M: 1.75%
• YTD: 1.52%
• 6M: 0.19%
• 1Y: 7.30%
• 3Y*: -0.50%
• 5Y*: -7.70%
• 10Y*: -0.31%

USMSX

• 1D: 0.00%
• 1M: 0.19%
• YTD: 0.62%
• 6M: 0.92%
• 1Y: 2.45%
• 3Y*: 2.93%
• 5Y*: 1.73%
• 10Y*: —

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

PML vs. USMSX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PML PIMCO Municipal Income Fund II	1.52%	-0.89%	2.93%	-3.06%	-34.06%	7.16%	-5.17%	25.60%	7.25%	13.92%
USMSX JPMorgan Ultra-Short Municipal Fund	0.62%	2.87%	3.09%	3.21%	-0.90%	-0.15%	0.77%	1.90%	1.01%	0.69%

Correlation

The correlation between PML and USMSX is 0.07, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.07
Correlation (3Y) Calculated over the trailing 3-year period	0.19
Correlation (5Y) Calculated over the trailing 5-year period	0.20
Correlation (All Time) Calculated using the full available price history since Jan 4, 2017	0.14

The correlation between PML and USMSX shifts across timeframes, from 0.07 (1 year) to 0.20 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

PML vs. USMSX — Risk / Return Rank

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

PML

PML Risk / Return Rank: 9
PML Sharpe Ratio Rank: 9
PML Sortino Ratio Rank: 8
PML Omega Ratio Rank: 9
PML Calmar Ratio Rank: 11
PML Martin Ratio Rank: 9

USMSX

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

PML vs. USMSX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PIMCO Municipal Income Fund II (PML) and JPMorgan Ultra-Short Municipal Fund (USMSX). 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.

	PML	USMSX	Difference
Sharpe ratio: Return per unit of total volatility	0.70	4.15	-3.45
Sortino ratio: Return per unit of downside risk	1.04	8.87	-7.82
Omega ratio: Gain probability vs. loss probability	1.14	4.78	-3.64
Calmar ratio: Return relative to maximum drawdown	1.05	8.25	-7.20
Martin ratio: Return relative to average drawdown	2.65	44.53	-41.87
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PML vs. USMSX - Sharpe Ratio Comparison

The current PML Sharpe Ratio is 0.70, which is lower than the USMSX Sharpe Ratio of 4.15. The chart below compares the historical Sharpe Ratios of PML and USMSX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	PML	USMSX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.70	4.15	-3.45
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.55	2.47	-3.02
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.02	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.19	1.89	-1.70

Drawdowns

PML vs. USMSX - Drawdown Comparison

The maximum PML drawdown since its inception was -64.34%, which is greater than USMSX's maximum drawdown of -2.09%. Use the drawdown chart below to compare losses from any high point for PML and USMSX.

Drawdown Indicators

	PML	USMSX	Difference
Max Drawdown Largest peak-to-trough decline	-64.34%	-2.09%	-62.25%
Max Drawdown (1Y) Largest decline over 1 year	-7.00%	-0.30%	-6.70%
Max Drawdown (3Y) Largest decline over 3 years	-23.76%	-0.50%	-23.26%
Max Drawdown (5Y) Largest decline over 5 years	-47.94%	-2.03%	-45.91%
Max Drawdown (10Y) Largest decline over 10 years	-47.94%	—	—
Current Drawdown Current decline from peak	-35.34%	0.00%	-35.34%
Average Drawdown Average peak-to-trough decline	-11.90%	-0.22%	-11.68%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.76%	0.06%	+2.70%

Volatility

PML vs. USMSX - Volatility Comparison

PIMCO Municipal Income Fund II (PML) has a higher volatility of 3.63% compared to JPMorgan Ultra-Short Municipal Fund (USMSX) at 0.20%. This indicates that PML's price experiences larger fluctuations and is considered to be riskier than USMSX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PML	USMSX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.63%	0.20%	+3.43%
Volatility (6M) Calculated over the trailing 6-month period	8.17%	0.45%	+7.72%
Volatility (1Y) Calculated over the trailing 1-year period	10.50%	0.59%	+9.91%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.19%	0.70%	+13.49%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.48%	0.73%	+14.75%

PML vs. USMSX - Expense Ratio Comparison

PML has a 1.08% expense ratio, which is higher than USMSX's 0.45% expense ratio.

Dividends

PML vs. USMSX - Dividend Comparison

PML's dividend yield for the trailing twelve months is around 6.35%, more than USMSX's 2.33% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PML PIMCO Municipal Income Fund II	6.35%	6.29%	5.86%	5.71%	7.83%	4.85%	4.95%	4.91%	5.86%	5.92%	6.38%	6.24%
USMSX JPMorgan Ultra-Short Municipal Fund	2.33%	2.42%	2.84%	2.35%	0.70%	0.05%	0.57%	1.28%	1.01%	0.59%	0.00%	0.00%

Frequently Asked Questions

Can I hold both PML and USMSX in my portfolio?

PML and USMSX have a correlation of 0.07, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PML or USMSX?

PML has higher volatility (3.63%) compared to USMSX (0.20%). In terms of maximum drawdown, PML dropped -64.34% vs USMSX's -2.09%.

Which has better risk-adjusted returns?

USMSX currently has the higher Sharpe Ratio (4.15 vs 0.70), 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.