TCCBX vs. USMSX

Last updated Jun 4, 2026

TCCBX (Ambrus Tax-Conscious California Bond Fund Institutional Class) and USMSX (JPMorgan Ultra-Short Municipal Fund) are both Municipal Bonds funds. Over the past year, TCCBX returned 4.02% vs 2.45% for USMSX. At a 0.17 correlation, their price movements are largely independent. TCCBX charges 0.50%/yr vs 0.45%/yr for USMSX.

Performance

TCCBX vs. USMSX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Ambrus Tax-Conscious California Bond Fund Institutional Class (TCCBX) and JPMorgan Ultra-Short Municipal Fund (USMSX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TCCBX achieves a 0.53% return, which is significantly lower than USMSX's 0.62% return.

TCCBX

• 1D: 0.10%
• 1M: 0.20%
• YTD: 0.53%
• 6M: 0.88%
• 1Y: 4.02%
• 3Y*: —
• 5Y*: —
• 10Y*: —

USMSX

• 1D: 0.00%
• 1M: 0.19%
• YTD: 0.62%
• 6M: 0.92%
• 1Y: 2.45%
• 3Y*: 2.93%
• 5Y*: 1.73%
• 10Y*: —

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

TCCBX vs. USMSX - Yearly Performance Comparison

	2026 (YTD)	2025
TCCBX Ambrus Tax-Conscious California Bond Fund Institutional Class	0.53%	3.57%
USMSX JPMorgan Ultra-Short Municipal Fund	0.62%	2.35%

Correlation

The correlation between TCCBX and USMSX is 0.17, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.17
Correlation (All Time) Calculated using the full available price history since Apr 29, 2025	0.17

Return for Risk

TCCBX vs. USMSX — Risk / Return Rank

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

TCCBX

TCCBX Risk / Return Rank: 66
TCCBX Sharpe Ratio Rank: 59
TCCBX Sortino Ratio Rank: 82
TCCBX Omega Ratio Rank: 87
TCCBX Calmar Ratio Rank: 52
TCCBX Martin Ratio Rank: 50

USMSX

USMSX Risk / Return Rank: 99
USMSX Sharpe Ratio Rank: 98
USMSX Sortino Ratio Rank: 99
USMSX Omega Ratio Rank: 100
USMSX Calmar Ratio Rank: 98
USMSX 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.

TCCBX vs. USMSX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Ambrus Tax-Conscious California Bond Fund Institutional Class (TCCBX) 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.

	TCCBX	USMSX	Difference
Sharpe ratio: Return per unit of total volatility	2.27	4.15	-1.88
Sortino ratio: Return per unit of downside risk	3.96	8.87	-4.91
Omega ratio: Gain probability vs. loss probability	1.62	4.78	-3.16
Calmar ratio: Return relative to maximum drawdown	2.76	8.25	-5.49
Martin ratio: Return relative to average drawdown	10.34	44.53	-34.19
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TCCBX vs. USMSX - Sharpe Ratio Comparison

The current TCCBX Sharpe Ratio is 2.27, which is lower than the USMSX Sharpe Ratio of 4.15. The chart below compares the historical Sharpe Ratios of TCCBX and USMSX, 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

	TCCBX	USMSX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.27	4.15	-1.88
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	2.47	—
Sharpe Ratio (All Time) Calculated using the full available price history	2.10	1.89	+0.21

Drawdowns

TCCBX vs. USMSX - Drawdown Comparison

The maximum TCCBX drawdown since its inception was -1.77%, smaller than the maximum USMSX drawdown of -2.09%. Use the drawdown chart below to compare losses from any high point for TCCBX and USMSX.

Drawdown Indicators

	TCCBX	USMSX	Difference
Max Drawdown Largest peak-to-trough decline	-1.77%	-2.09%	+0.32%
Max Drawdown (1Y) Largest decline over 1 year	-1.77%	-0.30%	-1.47%
Max Drawdown (3Y) Largest decline over 3 years	—	-0.50%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-2.03%	—
Current Drawdown Current decline from peak	-0.26%	0.00%	-0.26%
Average Drawdown Average peak-to-trough decline	-0.30%	-0.22%	-0.08%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.06%	—

Volatility

TCCBX vs. USMSX - Volatility Comparison

Ambrus Tax-Conscious California Bond Fund Institutional Class (TCCBX) has a higher volatility of 0.73% compared to JPMorgan Ultra-Short Municipal Fund (USMSX) at 0.20%. This indicates that TCCBX'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.

Volatility by Period

	TCCBX	USMSX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.73%	0.20%	+0.53%
Volatility (6M) Calculated over the trailing 6-month period	1.39%	0.45%	+0.94%
Volatility (1Y) Calculated over the trailing 1-year period	2.17%	0.59%	+1.58%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.23%	0.70%	+1.53%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.23%	0.73%	+1.50%

TCCBX vs. USMSX - Expense Ratio Comparison

TCCBX has a 0.50% expense ratio, which is higher than USMSX's 0.45% expense ratio.

Dividends

TCCBX vs. USMSX - Dividend Comparison

TCCBX's dividend yield for the trailing twelve months is around 1.92%, less than USMSX's 2.33% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
TCCBX Ambrus Tax-Conscious California Bond Fund Institutional Class	1.92%	1.58%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
USMSX JPMorgan Ultra-Short Municipal Fund	2.33%	2.42%	2.84%	2.35%	0.70%	0.05%	0.57%	1.28%	1.01%	0.59%

Frequently Asked Questions

Can I hold both TCCBX and USMSX in my portfolio?

TCCBX and USMSX have a correlation of 0.17, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TCCBX or USMSX?

TCCBX has higher volatility (0.73%) compared to USMSX (0.20%). In terms of maximum drawdown, TCCBX dropped -1.77% vs USMSX's -2.09%.

Which has better risk-adjusted returns?

USMSX currently has the higher Sharpe Ratio (4.15 vs 2.27), 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.