SMB vs. JMST
SMB (VanEck Short Muni ETF) and JMST (JPMorgan Ultra-Short Municipal Income ETF) are both exchange-traded funds - SMB is a Municipal Bonds fund tracking the Bloomberg AMT-Free Short Continuous, while JMST is a Ultrashort Bond fund actively managed by JPMorgan. SMB is passively managed, while JMST is actively managed. Over the past 5 years, SMB returned 1.24%/yr vs 2.30%/yr for JMST. At a 0.21 correlation, their price movements are largely independent. SMB charges 0.20%/yr vs 0.18%/yr for JMST.
Performance
SMB vs. JMST - Performance Comparison
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Returns By Period
In the year-to-date period, SMB achieves a 0.76% return, which is significantly lower than JMST's 1.13% return.
SMB
- 1D
- -0.03%
- 1M
- 0.79%
- YTD
- 0.76%
- 6M
- 0.76%
- 1Y
- 3.53%
- 3Y*
- 3.47%
- 5Y*
- 1.24%
- 10Y*
- 1.48%
JMST
- 1D
- 0.02%
- 1M
- 0.38%
- YTD
- 1.13%
- 6M
- 1.20%
- 1Y
- 2.89%
- 3Y*
- 3.35%
- 5Y*
- 2.30%
- 10Y*
- —
SMB vs. JMST - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
SMB VanEck Short Muni ETF | 0.76% | 4.61% | 2.41% | 3.14% | -4.50% | 0.12% | 3.30% | 4.54% | 1.57% |
JMST JPMorgan Ultra-Short Municipal Income ETF | 1.13% | 3.35% | 3.31% | 3.56% | 0.07% | 0.31% | 2.00% | 2.09% | 0.70% |
Correlation
The correlation between SMB and JMST is 0.28, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.28 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.31 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.26 |
Correlation (All Time) Calculated using the full available price history since Oct 18, 2018 | 0.21 |
The correlation between SMB and JMST shifts across timeframes, from 0.21 (all time) to 0.31 (3 years), reflecting how their relationship changes across market environments.
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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.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| SMB | JMST | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.67 | ||
| Sortino ratioReturn per unit of downside risk | -4.71 | ||
| Omega ratioGain probability vs. loss probability | 1.43 | 2.42 | -0.99 |
| Calmar ratioReturn relative to maximum drawdown | 3.03 | 11.38 | -8.35 |
| Martin ratioReturn relative to average drawdown | 8.52 | 61.83 | -53.31 |
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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 | -1.17% | -0.25% | -0.92% |
Max Drawdown (3Y)Largest decline over 3 years | -1.80% | -0.71% | -1.09% |
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 | -0.05% | 0.00% | -0.05% |
Average DrawdownAverage peak-to-trough decline | -1.14% | -0.12% | -1.02% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.42% | 0.05% | +0.37% |
Volatility
SMB vs. JMST - Volatility Comparison
VanEck Short Muni ETF (SMB) has a higher volatility of 0.29% compared to JPMorgan Ultra-Short Municipal Income ETF (JMST) at 0.19%. 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 | 0.29% | 0.19% | +0.10% |
Volatility (6M)Calculated over the trailing 6-month period | 1.16% | 0.43% | +0.73% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.63% | 0.60% | +1.03% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 2.48% | 0.83% | +1.65% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.26% | 1.13% | +3.13% |
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%.
Dividends
SMB vs. JMST - Dividend Comparison
SMB's dividend yield for the trailing twelve months is around 2.69%, more than JMST's 2.65% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
JMST JPMorgan Ultra-Short Municipal Income ETF | 2.65% | 2.84% | 3.32% | 3.09% | 1.10% | 0.27% | 0.87% | 1.63% | 0.28% | 0.00% | 0.00% | 0.00% |
SMB VanEck Short Muni ETF | 2.69% | 2.63% | 2.38% | 1.83% | 1.32% | 1.24% | 1.50% | 1.58% | 1.49% | 1.23% | 1.12% | 1.13% |
Frequently Asked Questions
SMB and JMST have a correlation of 0.28, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SMB has higher volatility (0.29%) compared to JMST (0.19%). In terms of maximum drawdown, SMB dropped -12.64% vs JMST's -2.41%.
On 5-year performance, JMST leads with 2.30% vs 1.24% for SMB. On fees, JMST is cheaper at 0.18% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, JMST has performed better with a 2.30% return vs 1.24%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
JMST is cheaper with a 0.18% expense ratio, compared with 0.20% for SMB.
SMB has the higher dividend yield at 2.69%, compared with 2.65% for JMST.
SMB is categorized as Municipal Bonds, while JMST is Ultrashort Bond. They also come from different issuers: VanEck and JPMorgan. Their fees differ too: 0.20% for SMB and 0.18% for JMST.
JMST currently has the higher Sharpe Ratio (4.85 vs 2.18), 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.
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