SMDMX vs. USMSX
SMDMX (Fidelity Maryland Municipal Income Fund) and USMSX (JPMorgan Ultra-Short Municipal Fund) are both Municipal Bonds funds. Over the past 5 years, SMDMX returned 0.45%/yr vs 1.73%/yr for USMSX. Their 0.34 correlation means their historical movements had little consistent relationship. SMDMX charges 0.55%/yr vs 0.45%/yr for USMSX.
Performance
SMDMX vs. USMSX - Performance Comparison
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Returns By Period
In the year-to-date period, SMDMX achieves a -0.58% return, which is significantly lower than USMSX's 0.62% return.
SMDMX
- 1D
- -0.19%
- 1M
- -2.18%
- 6M
- -1.33%
- YTD
- -0.58%
- 1Y
- 4.12%
- 3Y*
- 3.48%
- 5Y*
- 0.45%
- 10Y*
- 1.64%
- ALL TIME*
- 3.75%
USMSX
- 1D
- -0.10%
- 1M
- -0.10%
- 6M
- 0.35%
- YTD
- 0.62%
- 1Y
- 1.71%
- 3Y*
- 2.76%
- 5Y*
- 1.73%
- 10Y*
- —
- ALL TIME*
- 1.36%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
| $0.00 | $0.00 | $0.00 |
SMDMX vs. USMSX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SMDMX Fidelity Maryland Municipal Income Fund | -0.58% | 5.86% | 1.57% | 6.21% | -9.56% | 1.62% | 3.79% | 7.17% | 0.27% | 5.92% |
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 SMDMX and USMSX is 0.29, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.29 |
Correlation (3Y) Balances recent behavior with more history. | 0.36 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.39 |
Correlation (All Time) Calculated using the full available price history since Jan 3, 2017 | 0.34 |
The correlation between SMDMX and USMSX shifts across timeframes, from 0.29 (1 year) to 0.39 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
SMDMX vs. USMSX — Risk / Return Rank
SMDMX
USMSX
SMDMX vs. USMSX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Fidelity Maryland Municipal Income Fund (SMDMX) 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.
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.
| SMDMX | USMSX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.97 | ||
| Sortino ratioReturn per unit of downside risk | -2.12 | ||
| Omega ratioGain probability vs. loss probability | 1.42 | 2.63 | -1.21 |
| Calmar ratioReturn relative to maximum drawdown | 1.49 | 5.76 | -4.27 |
| Martin ratioReturn relative to average drawdown | 4.46 | 24.12 | -19.66 |
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Drawdowns
SMDMX vs. USMSX - Drawdown Comparison
The maximum SMDMX drawdown since its inception was -14.13%, which is greater than USMSX's maximum drawdown of -2.09%. Use the drawdown chart below to compare losses from any high point for SMDMX and USMSX.
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Drawdown Indicators
| SMDMX | USMSX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -14.13% | -2.09% | -12.04% |
Max Drawdown (1Y)Largest decline over 1 year | -3.41% | -0.30% | -3.11% |
Max Drawdown (3Y)Largest decline over 3 years | -4.65% | -0.50% | -4.15% |
Max Drawdown (5Y)Largest decline over 5 years | -14.13% | -2.03% | -12.10% |
Max Drawdown (10Y)Largest decline over 10 years | -14.13% | — | — |
Current DrawdownCurrent decline from peak | -2.57% | -0.20% | -2.37% |
Average DrawdownAverage peak-to-trough decline | -1.96% | -0.22% | -1.74% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.14% | 0.07% | +1.07% |
Volatility
SMDMX vs. USMSX - Volatility Comparison
Fidelity Maryland Municipal Income Fund (SMDMX) has a higher volatility of 0.99% compared to JPMorgan Ultra-Short Municipal Fund (USMSX) at 0.20%. This indicates that SMDMX'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.
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Volatility by Period
| SMDMX | USMSX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.99% | 0.20% | +0.79% |
Volatility (6M)Calculated over the trailing 6-month period | 2.39% | 0.49% | +1.90% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.87% | 0.63% | +2.24% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.90% | 0.71% | +3.19% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.82% | 0.74% | +3.08% |
SMDMX vs. USMSX - Expense Ratio Comparison
SMDMX has a 0.55% expense ratio, which is higher than USMSX's 0.45% expense ratio.
Dividends
SMDMX vs. USMSX - Dividend Comparison
SMDMX's dividend yield for the trailing twelve months is around 2.38%, more than USMSX's 2.11% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SMDMX Fidelity Maryland Municipal Income Fund | 2.38% | 3.39% | 2.76% | 2.38% | 1.53% | 2.04% | 2.49% | 2.42% | 2.30% | 3.06% | 2.95% | 3.78% |
USMSX JPMorgan Ultra-Short Municipal Fund | 2.11% | 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
SMDMX and USMSX have a correlation of 0.29, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SMDMX has higher volatility (0.99%) compared to USMSX (0.20%). In terms of maximum drawdown, SMDMX dropped -14.13% vs USMSX's -2.09%.
USMSX currently has the higher Sharpe Ratio (2.74 vs 1.77), 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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