SRCMX vs. USMTX

Last updated Jun 3, 2026

SRCMX (Principal California Municipal Fund) and USMTX (JPMorgan Ultra-Short Municipal Fund) are both Municipal Bonds funds. Over the past 5 years, SRCMX returned 0.35%/yr vs 1.93%/yr for USMTX. At a 0.34 correlation, their price movements are largely independent. SRCMX charges 0.72%/yr vs 0.24%/yr for USMTX.

Performance

SRCMX vs. USMTX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Principal California Municipal Fund (SRCMX) and JPMorgan Ultra-Short Municipal Fund (USMTX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SRCMX achieves a 1.23% return, which is significantly higher than USMTX's 0.79% return.

SRCMX

• 1D: 0.00%
• 1M: 0.60%
• YTD: 1.23%
• 6M: 1.65%
• 1Y: 6.28%
• 3Y*: 3.78%
• 5Y*: 0.35%
• 10Y*: 1.89%

USMTX

• 1D: 0.00%
• 1M: 0.21%
• YTD: 0.79%
• 6M: 1.01%
• 1Y: 2.65%
• 3Y*: 3.12%
• 5Y*: 1.93%
• 10Y*: —

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

SRCMX vs. USMTX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SRCMX Principal California Municipal Fund	1.23%	4.39%	2.66%	5.03%	-11.08%	1.91%	4.85%	8.67%	-0.19%	6.89%
USMTX JPMorgan Ultra-Short Municipal Fund	0.79%	2.96%	3.30%	3.46%	-0.71%	-0.05%	1.07%	2.01%	1.32%	0.88%

Correlation

The correlation between SRCMX and USMTX is 0.27, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.27
Correlation (3Y) Calculated over the trailing 3-year period	0.34
Correlation (5Y) Calculated over the trailing 5-year period	0.41
Correlation (All Time) Calculated using the full available price history since Jan 4, 2017	0.34

The correlation between SRCMX and USMTX shifts across timeframes, from 0.27 (1 year) to 0.41 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

SRCMX vs. USMTX — Risk / Return Rank

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

SRCMX

SRCMX Risk / Return Rank: 59
SRCMX Sharpe Ratio Rank: 62
SRCMX Sortino Ratio Rank: 76
SRCMX Omega Ratio Rank: 87
SRCMX Calmar Ratio Rank: 35
SRCMX Martin Ratio Rank: 35

USMTX

USMTX Risk / Return Rank: 99
USMTX Sharpe Ratio Rank: 99
USMTX Sortino Ratio Rank: 99
USMTX Omega Ratio Rank: 100
USMTX Calmar Ratio Rank: 98
USMTX Martin Ratio Rank: 99

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.

SRCMX vs. USMTX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Principal California Municipal Fund (SRCMX) and JPMorgan Ultra-Short Municipal Fund (USMTX). 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.

	SRCMX	USMTX	Difference
Sharpe ratio Return per unit of total volatility	2.31	4.52	-2.21
Sortino ratio Return per unit of downside risk	3.66	10.05	-6.40
Omega ratio Gain probability vs. loss probability	1.59	5.63	-4.04
Calmar ratio Return relative to maximum drawdown	2.16	8.91	-6.74
Martin ratio Return relative to average drawdown	7.65	49.19	-41.54
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SRCMX vs. USMTX - Sharpe Ratio Comparison

The current SRCMX Sharpe Ratio is 2.31, which is lower than the USMTX Sharpe Ratio of 4.52. The chart below compares the historical Sharpe Ratios of SRCMX and USMTX, 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

	SRCMX	USMTX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.31	4.52	-2.21
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.10	2.69	-2.59
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.46	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.11	2.12	-1.01

Drawdowns

SRCMX vs. USMTX - Drawdown Comparison

The maximum SRCMX drawdown since its inception was -23.64%, which is greater than USMTX's maximum drawdown of -1.98%. Use the drawdown chart below to compare losses from any high point for SRCMX and USMTX.

Drawdown Indicators

	SRCMX	USMTX	Difference
Max Drawdown Largest peak-to-trough decline	-23.64%	-1.98%	-21.66%
Max Drawdown (1Y) Largest decline over 1 year	-2.81%	-0.30%	-2.51%
Max Drawdown (3Y) Largest decline over 3 years	-4.75%	-0.50%	-4.25%
Max Drawdown (5Y) Largest decline over 5 years	-16.07%	-1.92%	-14.15%
Max Drawdown (10Y) Largest decline over 10 years	-16.07%	—	—
Current Drawdown Current decline from peak	-0.54%	0.00%	-0.54%
Average Drawdown Average peak-to-trough decline	-2.66%	-0.18%	-2.48%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.79%	0.05%	+0.74%

Volatility

SRCMX vs. USMTX - Volatility Comparison

Principal California Municipal Fund (SRCMX) has a higher volatility of 1.00% compared to JPMorgan Ultra-Short Municipal Fund (USMTX) at 0.20%. This indicates that SRCMX's price experiences larger fluctuations and is considered to be riskier than USMTX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SRCMX	USMTX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.00%	0.20%	+0.80%
Volatility (6M) Calculated over the trailing 6-month period	2.01%	0.44%	+1.57%
Volatility (1Y) Calculated over the trailing 1-year period	2.64%	0.59%	+2.05%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.50%	0.72%	+2.78%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.15%	0.75%	+3.40%

SRCMX vs. USMTX - Expense Ratio Comparison

SRCMX has a 0.72% expense ratio, which is higher than USMTX's 0.24% expense ratio.

Dividends

SRCMX vs. USMTX - Dividend Comparison

SRCMX's dividend yield for the trailing twelve months is around 3.48%, more than USMTX's 2.52% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SRCMX Principal California Municipal Fund	3.48%	4.24%	3.34%	2.31%	2.21%	2.08%	1.94%	2.85%	3.19%	3.16%	3.02%	4.50%
USMTX JPMorgan Ultra-Short Municipal Fund	2.52%	2.62%	3.05%	2.58%	0.89%	0.25%	0.76%	1.49%	1.31%	0.78%	0.00%	0.00%

Frequently Asked Questions

Can I hold both SRCMX and USMTX in my portfolio?

SRCMX and USMTX have a correlation of 0.27, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SRCMX or USMTX?

SRCMX has higher volatility (1.00%) compared to USMTX (0.20%). In terms of maximum drawdown, SRCMX dropped -23.64% vs USMTX's -1.98%.

Which has better risk-adjusted returns?

USMTX currently has the higher Sharpe Ratio (4.52 vs 2.31), 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.