SHYM vs. JMHI

Last updated Jun 3, 2026

SHYM (iShares Short Duration High Yield Muni Active ETF) and JMHI (JPMorgan High Yield Municipal ETF) are both High Yield Muni funds. Both are actively managed. Over the past year, SHYM returned 5.14% vs 6.44% for JMHI. A 0.63 correlation means they provide meaningful diversification when combined. Both charge a 0.35% expense ratio.

Performance

SHYM vs. JMHI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Short Duration High Yield Muni Active ETF (SHYM) and JPMorgan High Yield Municipal ETF (JMHI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SHYM achieves a 1.93% return, which is significantly higher than JMHI's 1.56% return.

SHYM

• 1D: 0.09%
• 1M: 0.79%
• YTD: 1.93%
• 6M: 2.24%
• 1Y: 5.14%
• 3Y*: 6.00%
• 5Y*: 1.06%
• 10Y*: —

JMHI

• 1D: 0.05%
• 1M: 0.52%
• YTD: 1.56%
• 6M: 1.62%
• 1Y: 6.44%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SHYM vs. JMHI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
SHYM iShares Short Duration High Yield Muni Active ETF	1.93%	2.58%	6.99%	4.52%
JMHI JPMorgan High Yield Municipal ETF	1.56%	4.60%	5.92%	1.43%

Correlation

The correlation between SHYM and JMHI is 0.54, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.54
Correlation (All Time) Calculated using the full available price history since Jul 18, 2023	0.63

The correlation between SHYM and JMHI has been stable across timeframes, ranging from 0.54 to 0.63 - a consistent structural relationship.

Return for Risk

SHYM vs. JMHI — Risk / Return Rank

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

SHYM

SHYM Risk / Return Rank: 49
SHYM Sharpe Ratio Rank: 50
SHYM Sortino Ratio Rank: 51
SHYM Omega Ratio Rank: 56
SHYM Calmar Ratio Rank: 42
SHYM Martin Ratio Rank: 44

JMHI

JMHI Risk / Return Rank: 54
JMHI Sharpe Ratio Rank: 58
JMHI Sortino Ratio Rank: 60
JMHI Omega Ratio Rank: 65
JMHI Calmar Ratio Rank: 42
JMHI Martin Ratio Rank: 45

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.

SHYM vs. JMHI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Short Duration High Yield Muni Active ETF (SHYM) and JPMorgan High Yield Municipal ETF (JMHI). 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.

	SHYM	JMHI	Difference
Sharpe ratio Return per unit of total volatility	1.72	2.00	-0.27
Sortino ratio Return per unit of downside risk	2.52	2.88	-0.36
Omega ratio Gain probability vs. loss probability	1.35	1.40	-0.05
Calmar ratio Return relative to maximum drawdown	2.15	2.16	-0.01
Martin ratio Return relative to average drawdown	7.27	7.55	-0.28
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SHYM vs. JMHI - Sharpe Ratio Comparison

The current SHYM Sharpe Ratio is 1.72, which is comparable to the JMHI Sharpe Ratio of 2.00. The chart below compares the historical Sharpe Ratios of SHYM and JMHI, 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

	SHYM	JMHI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.72	2.00	-0.27
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.15	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.27	1.05	-0.78

Drawdowns

SHYM vs. JMHI - Drawdown Comparison

The maximum SHYM drawdown since its inception was -22.55%, which is greater than JMHI's maximum drawdown of -7.11%. Use the drawdown chart below to compare losses from any high point for SHYM and JMHI.

Drawdown Indicators

	SHYM	JMHI	Difference
Max Drawdown Largest peak-to-trough decline	-22.55%	-7.11%	-15.44%
Max Drawdown (1Y) Largest decline over 1 year	-2.23%	-2.93%	+0.70%
Max Drawdown (3Y) Largest decline over 3 years	-8.06%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-22.55%	—	—
Current Drawdown Current decline from peak	0.00%	-0.51%	+0.51%
Average Drawdown Average peak-to-trough decline	-6.77%	-1.29%	-5.48%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.66%	0.84%	-0.18%

Volatility

SHYM vs. JMHI - Volatility Comparison

The current volatility for iShares Short Duration High Yield Muni Active ETF (SHYM) is 0.78%, while JPMorgan High Yield Municipal ETF (JMHI) has a volatility of 1.09%. This indicates that SHYM experiences smaller price fluctuations and is considered to be less risky than JMHI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SHYM	JMHI	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.78%	1.09%	-0.31%
Volatility (6M) Calculated over the trailing 6-month period	1.81%	2.33%	-0.52%
Volatility (1Y) Calculated over the trailing 1-year period	3.01%	3.24%	-0.23%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.07%	4.50%	+2.57%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.95%	4.50%	+2.45%

SHYM vs. JMHI - Expense Ratio Comparison

Both SHYM and JMHI have an expense ratio of 0.35%.

Dividends

SHYM vs. JMHI - Dividend Comparison

SHYM's dividend yield for the trailing twelve months is around 4.30%, less than JMHI's 4.54% yield.

Position	TTM	2025	2024	2023	2022	2021
JMHI JPMorgan High Yield Municipal ETF	4.54%	4.42%	4.49%	2.48%	0.00%	0.00%
SHYM iShares Short Duration High Yield Muni Active ETF	4.30%	4.55%	4.35%	4.35%	4.01%	2.97%

Frequently Asked Questions

Can I hold both SHYM and JMHI in my portfolio?

SHYM and JMHI have a correlation of 0.54, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SHYM or JMHI?

JMHI has higher volatility (1.09%) compared to SHYM (0.78%). In terms of maximum drawdown, SHYM dropped -22.55% vs JMHI's -7.11%.

Which ETF is better, SHYM or JMHI?

On 1-year performance, JMHI leads with 6.44% vs 5.14% for SHYM. Both ETFs have the same 0.35% expense ratio. On volatility, SHYM has been the lower-risk option at 0.78%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SHYM or JMHI?

Over the 1-year period, JMHI has performed better with a 6.44% return vs 5.14%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SHYM or JMHI?

SHYM and JMHI have the same expense ratio: 0.35% per year.

Which ETF pays a higher dividend yield, SHYM or JMHI?

JMHI has the higher dividend yield at 4.54%, compared with 4.30% for SHYM.

What is the main difference between SHYM and JMHI?

They also come from different issuers: iShares and JPMorgan.

Which has better risk-adjusted returns?

JMHI currently has the higher Sharpe Ratio (2.00 vs 1.72), 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.