TRSY vs. JMST

Last updated Jun 4, 2026

TRSY (Xtrackers US 0-1 Year Treasury ETF) and JMST (JPMorgan Ultra-Short Municipal Income ETF) are both exchange-traded funds - TRSY is a Government Bonds fund tracking the ICE U.S. Treasury Short Bond Index, while JMST is a Ultrashort Bond fund actively managed by JPMorgan. TRSY is passively managed, while JMST is actively managed. Over the past year, TRSY returned 4.00% vs 2.98% for JMST. At a 0.08 correlation, their price movements are largely independent. TRSY charges 0.06%/yr vs 0.18%/yr for JMST.

Performance

TRSY vs. JMST - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Xtrackers US 0-1 Year Treasury ETF (TRSY) and JPMorgan Ultra-Short Municipal Income ETF (JMST). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TRSY achieves a 1.50% return, which is significantly higher than JMST's 0.99% return.

TRSY

• 1D: 0.07%
• 1M: 0.32%
• YTD: 1.50%
• 6M: 1.80%
• 1Y: 4.00%
• 3Y*: —
• 5Y*: —
• 10Y*: —

JMST

• 1D: 0.00%
• 1M: 0.26%
• YTD: 0.99%
• 6M: 1.32%
• 1Y: 2.98%
• 3Y*: 3.35%
• 5Y*: 2.27%
• 10Y*: —

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

TRSY vs. JMST - Yearly Performance Comparison

	2026 (YTD)	2025	2024
TRSY Xtrackers US 0-1 Year Treasury ETF	1.50%	4.22%	1.07%
JMST JPMorgan Ultra-Short Municipal Income ETF	0.99%	3.35%	0.60%

Correlation

The correlation between TRSY and JMST is 0.04, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.04
Correlation (All Time) Calculated using the full available price history since Oct 10, 2024	0.08

Return for Risk

TRSY vs. JMST — Risk / Return Rank

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

TRSY

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

JMST

JMST Risk / Return Rank: 98
JMST Sharpe Ratio Rank: 97
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.

TRSY vs. JMST - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Xtrackers US 0-1 Year Treasury ETF (TRSY) 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.

	TRSY	JMST	Difference
Sharpe ratio: Return per unit of total volatility	10.56	5.11	+5.45
Sortino ratio: Return per unit of downside risk	28.65	8.48	+20.17
Omega ratio: Gain probability vs. loss probability	6.84	2.57	+4.28
Calmar ratio: Return relative to maximum drawdown	60.65	11.74	+48.91
Martin ratio: Return relative to average drawdown	385.94	64.44	+321.50
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TRSY vs. JMST - Sharpe Ratio Comparison

The current TRSY Sharpe Ratio is 10.56, which is higher than the JMST Sharpe Ratio of 5.11. The chart below compares the historical Sharpe Ratios of TRSY 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

	TRSY	JMST	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	10.56	5.11	+5.45
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	2.76	—
Sharpe Ratio (All Time) Calculated using the full available price history	3.91	1.89	+2.02

Drawdowns

TRSY vs. JMST - Drawdown Comparison

The maximum TRSY drawdown since its inception was -0.82%, smaller than the maximum JMST drawdown of -2.41%. Use the drawdown chart below to compare losses from any high point for TRSY and JMST.

Drawdown Indicators

	TRSY	JMST	Difference
Max Drawdown Largest peak-to-trough decline	-0.82%	-2.41%	+1.59%
Max Drawdown (1Y) Largest decline over 1 year	-0.07%	-0.25%	+0.18%
Max Drawdown (3Y) Largest decline over 3 years	—	-0.71%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-1.15%	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-0.06%	-0.12%	+0.06%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.01%	0.05%	-0.04%

Volatility

TRSY vs. JMST - Volatility Comparison

The current volatility for Xtrackers US 0-1 Year Treasury ETF (TRSY) is 0.11%, while JPMorgan Ultra-Short Municipal Income ETF (JMST) has a volatility of 0.17%. This indicates that TRSY experiences smaller price fluctuations and is considered to be less risky than JMST based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TRSY	JMST	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.11%	0.17%	-0.06%
Volatility (6M) Calculated over the trailing 6-month period	0.24%	0.41%	-0.17%
Volatility (1Y) Calculated over the trailing 1-year period	0.38%	0.59%	-0.21%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.07%	0.83%	+0.24%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.07%	1.14%	-0.07%

TRSY vs. JMST - Expense Ratio Comparison

TRSY has a 0.06% expense ratio, which is lower than JMST's 0.18% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

TRSY vs. JMST - Dividend Comparison

TRSY's dividend yield for the trailing twelve months is around 3.72%, more than JMST's 2.65% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
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%
TRSY Xtrackers US 0-1 Year Treasury ETF	3.72%	4.00%	0.96%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both TRSY and JMST in my portfolio?

TRSY and JMST have a correlation of 0.04, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TRSY or JMST?

JMST has higher volatility (0.17%) compared to TRSY (0.11%). In terms of maximum drawdown, TRSY dropped -0.82% vs JMST's -2.41%.

Which ETF is better, TRSY or JMST?

On 1-year performance, TRSY leads with 4.00% vs 2.98% for JMST. On fees, TRSY is cheaper at 0.06% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TRSY or JMST?

Over the 1-year period, TRSY has performed better with a 4.00% return vs 2.98%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TRSY or JMST?

TRSY is cheaper with a 0.06% expense ratio, compared with 0.18% for JMST.

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

TRSY has the higher dividend yield at 3.72%, compared with 2.65% for JMST.

What is the main difference between TRSY and JMST?

TRSY is categorized as Government Bonds, while JMST is Ultrashort Bond. They also come from different issuers: Xtrackers and JPMorgan. Their fees differ too: 0.06% for TRSY and 0.18% for JMST.

Which has better risk-adjusted returns?

TRSY currently has the higher Sharpe Ratio (10.56 vs 5.11), 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.