SMMU vs. JMST

Last updated Jun 3, 2026

SMMU (PIMCO Short Term Municipal Bond Active ETF) and JMST (JPMorgan Ultra-Short Municipal Income ETF) are both exchange-traded funds - SMMU is a Municipal Bonds fund actively managed by PIMCO, while JMST is a Ultrashort Bond fund actively managed by JPMorgan. Both are actively managed. Over the past 5 years, SMMU returned 1.89%/yr vs 2.27%/yr for JMST. At a 0.25 correlation, their price movements are largely independent. SMMU charges 0.35%/yr vs 0.18%/yr for JMST.

Performance

SMMU vs. JMST - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PIMCO Short Term Municipal Bond Active ETF (SMMU) and JPMorgan Ultra-Short Municipal Income ETF (JMST). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with SMMU having a 1.03% return and JMST slightly lower at 0.99%.

SMMU

• 1D: 0.00%
• 1M: 0.26%
• YTD: 1.03%
• 6M: 1.33%
• 1Y: 3.89%
• 3Y*: 3.64%
• 5Y*: 1.89%
• 10Y*: 1.82%

JMST

• 1D: 0.10%
• 1M: 0.26%
• YTD: 0.99%
• 6M: 1.34%
• 1Y: 3.02%
• 3Y*: 3.35%
• 5Y*: 2.27%
• 10Y*: —

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

SMMU vs. JMST - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
SMMU PIMCO Short Term Municipal Bond Active ETF	1.03%	4.06%	2.68%	4.39%	-2.45%	0.17%	2.87%	3.47%	0.93%
JMST JPMorgan Ultra-Short Municipal Income ETF	0.99%	3.35%	3.31%	3.56%	0.07%	0.31%	2.00%	2.09%	0.70%

Correlation

The correlation between SMMU and JMST is 0.29, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.29
Correlation (3Y) Calculated over the trailing 3-year period	0.34
Correlation (5Y) Calculated over the trailing 5-year period	0.31
Correlation (All Time) Calculated using the full available price history since Oct 19, 2018	0.25

Return for Risk

SMMU vs. JMST — Risk / Return Rank

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

SMMU

SMMU Risk / Return Rank: 92
SMMU Sharpe Ratio Rank: 94
SMMU Sortino Ratio Rank: 96
SMMU Omega Ratio Rank: 97
SMMU Calmar Ratio Rank: 87
SMMU Martin Ratio Rank: 85

JMST

JMST Risk / Return Rank: 98
JMST Sharpe Ratio Rank: 98
JMST Sortino Ratio Rank: 98
JMST Omega Ratio Rank: 99
JMST Calmar Ratio Rank: 97
JMST Martin Ratio Rank: 98

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.

SMMU vs. JMST - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PIMCO Short Term Municipal Bond Active ETF (SMMU) 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.

	SMMU	JMST	Difference
Sharpe ratio Return per unit of total volatility	3.81	5.17	-1.36
Sortino ratio Return per unit of downside risk	5.77	8.59	-2.82
Omega ratio Gain probability vs. loss probability	1.90	2.59	-0.69
Calmar ratio Return relative to maximum drawdown	5.04	11.83	-6.78
Martin ratio Return relative to average drawdown	18.06	65.04	-46.97
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SMMU vs. JMST - Sharpe Ratio Comparison

The current SMMU Sharpe Ratio is 3.81, which is comparable to the JMST Sharpe Ratio of 5.17. The chart below compares the historical Sharpe Ratios of SMMU and JMST, 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

	SMMU	JMST	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.81	5.17	-1.36
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.13	2.76	-1.62
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.67	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.60	1.89	-1.29

Drawdowns

SMMU vs. JMST - Drawdown Comparison

The maximum SMMU drawdown since its inception was -5.09%, which is greater than JMST's maximum drawdown of -2.41%. Use the drawdown chart below to compare losses from any high point for SMMU and JMST.

Drawdown Indicators

	SMMU	JMST	Difference
Max Drawdown Largest peak-to-trough decline	-5.09%	-2.41%	-2.68%
Max Drawdown (1Y) Largest decline over 1 year	-0.77%	-0.25%	-0.52%
Max Drawdown (3Y) Largest decline over 3 years	-1.95%	-0.71%	-1.24%
Max Drawdown (5Y) Largest decline over 5 years	-4.76%	-1.15%	-3.61%
Max Drawdown (10Y) Largest decline over 10 years	-5.09%	—	—
Current Drawdown Current decline from peak	-0.10%	0.00%	-0.10%
Average Drawdown Average peak-to-trough decline	-0.55%	-0.12%	-0.43%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.22%	0.05%	+0.17%

Volatility

SMMU vs. JMST - Volatility Comparison

PIMCO Short Term Municipal Bond Active ETF (SMMU) has a higher volatility of 0.31% compared to JPMorgan Ultra-Short Municipal Income ETF (JMST) at 0.17%. This indicates that SMMU'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.

Volatility by Period

	SMMU	JMST	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.31%	0.17%	+0.14%
Volatility (6M) Calculated over the trailing 6-month period	0.80%	0.41%	+0.39%
Volatility (1Y) Calculated over the trailing 1-year period	1.02%	0.59%	+0.43%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.67%	0.83%	+0.84%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.73%	1.14%	+1.59%

SMMU vs. JMST - Expense Ratio Comparison

SMMU has a 0.35% expense ratio, which is higher than JMST's 0.18% expense ratio.

Dividends

SMMU vs. JMST - Dividend Comparison

SMMU's dividend yield for the trailing twelve months is around 2.84%, 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%
SMMU PIMCO Short Term Municipal Bond Active ETF	2.84%	2.80%	3.03%	2.79%	1.37%	0.60%	1.19%	1.82%	1.57%	1.41%	1.03%	0.89%

Frequently Asked Questions

Can I hold both SMMU and JMST in my portfolio?

SMMU and JMST 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.

Which is riskier, SMMU or JMST?

SMMU has higher volatility (0.31%) compared to JMST (0.17%). In terms of maximum drawdown, SMMU dropped -5.09% vs JMST's -2.41%.

Which ETF is better, SMMU or JMST?

On 5-year performance, JMST leads with 2.27% vs 1.89% for SMMU. On fees, JMST is cheaper at 0.18% per year. On volatility, JMST has been the lower-risk option at 0.17%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SMMU or JMST?

Over the 5-year period, JMST has performed better with a 2.27% return vs 1.89%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SMMU or JMST?

JMST is cheaper with a 0.18% expense ratio, compared with 0.35% for SMMU.

Which ETF pays a higher dividend yield, SMMU or JMST?

SMMU has the higher dividend yield at 2.84%, compared with 2.65% for JMST.

What is the main difference between SMMU and JMST?

SMMU is categorized as Municipal Bonds, while JMST is Ultrashort Bond. They also come from different issuers: PIMCO and JPMorgan. Their fees differ too: 0.35% for SMMU and 0.18% for JMST.

Which has better risk-adjusted returns?

JMST currently has the higher Sharpe Ratio (5.17 vs 3.81), 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.