SMB vs. JMST
Compare and contrast key facts about VanEck Short Muni ETF (SMB) and JPMorgan Ultra-Short Municipal Income ETF (JMST).
SMB and JMST are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. SMB is a passively managed fund by VanEck that tracks the performance of the Bloomberg AMT-Free Short Continuous. It was launched on Feb 22, 2008. JMST is an actively managed fund by JPMorgan. It was launched on Oct 16, 2018.
Performance
SMB vs. JMST - Performance Comparison
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SMB vs. JMST - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
SMB VanEck Short Muni ETF | -0.20% | 4.61% | 2.41% | 3.14% | -4.50% | 0.12% | 3.30% | 4.54% | 1.40% |
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, SMB achieves a -0.20% return, which is significantly lower than JMST's 0.50% return.
SMB
- 1D
- 0.06%
- 1M
- -1.00%
- YTD
- -0.20%
- 6M
- 0.64%
- 1Y
- 3.71%
- 3Y*
- 2.99%
- 5Y*
- 1.07%
- 10Y*
- 1.50%
JMST
- 1D
- 0.02%
- 1M
- -0.07%
- YTD
- 0.50%
- 6M
- 1.20%
- 1Y
- 3.07%
- 3Y*
- 3.25%
- 5Y*
- 2.20%
- 10Y*
- —
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SMB vs. JMST - Expense Ratio Comparison
SMB has a 0.20% expense ratio, which is higher than JMST's 0.18% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Return for Risk
SMB vs. JMST — Risk / Return Rank
SMB
JMST
SMB vs. JMST - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for VanEck Short Muni ETF (SMB) 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.
| SMB | JMST | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 1.58 | 3.81 | -2.24 |
Sortino ratioReturn per unit of downside risk | 2.02 | 5.54 | -3.52 |
Omega ratioGain probability vs. loss probability | 1.36 | 2.23 | -0.87 |
Calmar ratioReturn relative to maximum drawdown | 2.29 | 4.43 | -2.14 |
Martin ratioReturn relative to average drawdown | 8.77 | 23.50 | -14.73 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| SMB | JMST | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.58 | 3.81 | -2.24 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.43 | 2.68 | -2.24 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.35 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.42 | 1.86 | -1.45 |
Correlation
The correlation between SMB and JMST is 0.20, 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
SMB vs. JMST - Dividend Comparison
SMB's dividend yield for the trailing twelve months is around 2.68%, less than JMST's 2.77% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SMB VanEck Short Muni ETF | 2.68% | 2.63% | 2.38% | 1.83% | 1.32% | 1.24% | 1.50% | 1.58% | 1.49% | 1.23% | 1.12% | 1.13% |
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% | 0.00% | 0.00% |
Drawdowns
SMB vs. JMST - Drawdown Comparison
The maximum SMB drawdown since its inception was -12.64%, which is greater than JMST's maximum drawdown of -2.41%. Use the drawdown chart below to compare losses from any high point for SMB and JMST.
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Drawdown Indicators
| SMB | JMST | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -12.64% | -2.41% | -10.23% |
Max Drawdown (1Y)Largest decline over 1 year | -1.63% | -0.71% | -0.92% |
Max Drawdown (5Y)Largest decline over 5 years | -7.48% | -1.15% | -6.33% |
Max Drawdown (10Y)Largest decline over 10 years | -12.64% | — | — |
Current DrawdownCurrent decline from peak | -1.00% | -0.14% | -0.86% |
Average DrawdownAverage peak-to-trough decline | -1.14% | -0.13% | -1.01% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.43% | 0.13% | +0.30% |
Volatility
SMB vs. JMST - Volatility Comparison
VanEck Short Muni ETF (SMB) has a higher volatility of 0.64% compared to JPMorgan Ultra-Short Municipal Income ETF (JMST) at 0.18%. This indicates that SMB'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.
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Volatility by Period
| SMB | JMST | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.64% | 0.18% | +0.46% |
Volatility (6M)Calculated over the trailing 6-month period | 1.19% | 0.47% | +0.72% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.36% | 0.81% | +1.55% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 2.49% | 0.82% | +1.67% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.27% | 1.15% | +3.12% |