USMSX vs. DFABX

Last updated Jun 24, 2026

USMSX (JPMorgan Ultra-Short Municipal Fund) and DFABX (DFA Short-Term Selective State Municipal Bond Portfolio) are both Municipal Bonds funds. Over the past 3 years, USMSX returned 2.93%/yr vs 2.78%/yr for DFABX. At a 0.35 correlation, their price movements are largely independent. USMSX charges 0.45%/yr vs 0.25%/yr for DFABX.

Performance

USMSX vs. DFABX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in JPMorgan Ultra-Short Municipal Fund (USMSX) and DFA Short-Term Selective State Municipal Bond Portfolio (DFABX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, USMSX achieves a 0.82% return, which is significantly lower than DFABX's 1.18% return.

USMSX

• 1D: 0.00%
• 1M: 0.39%
• YTD: 0.82%
• 6M: 0.92%
• 1Y: 2.45%
• 3Y*: 2.93%
• 5Y*: 1.77%
• 10Y*: —

DFABX

• 1D: 0.00%
• 1M: 0.30%
• YTD: 1.18%
• 6M: 1.18%
• 1Y: 2.66%
• 3Y*: 2.78%
• 5Y*: —
• 10Y*: —

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

USMSX vs. DFABX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
USMSX JPMorgan Ultra-Short Municipal Fund	0.82%	2.87%	3.09%	3.21%	0.47%
DFABX DFA Short-Term Selective State Municipal Bond Portfolio	1.18%	2.46%	2.90%	2.87%	0.55%

Correlation

The correlation between USMSX and DFABX is 0.23, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.23
Correlation (3Y) Calculated over the trailing 3-year period	0.29
Correlation (All Time) Calculated using the full available price history since Apr 14, 2022	0.35

The correlation between USMSX and DFABX shifts across timeframes, from 0.23 (1 year) to 0.35 (all time), reflecting how their relationship changes across market environments.

Return for Risk

USMSX vs. DFABX — Risk / Return Rank

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

USMSX

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

DFABX

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

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.

USMSX vs. DFABX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for JPMorgan Ultra-Short Municipal Fund (USMSX) and DFA Short-Term Selective State Municipal Bond Portfolio (DFABX). 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.

	USMSX	DFABX	Difference
Sharpe ratio: Return per unit of total volatility	4.15	4.77	-0.62
Sortino ratio: Return per unit of downside risk	8.87	12.57	-3.71
Omega ratio: Gain probability vs. loss probability	4.78	6.47	-1.69
Calmar ratio: Return relative to maximum drawdown	8.25	24.96	-16.71
Martin ratio: Return relative to average drawdown	44.52	107.63	-63.11

USMSX vs. DFABX - Sharpe Ratio Comparison

The current USMSX Sharpe Ratio is 4.15, which is comparable to the DFABX Sharpe Ratio of 4.77. The chart below compares the historical Sharpe Ratios of USMSX and DFABX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

USMSX vs. DFABX - Drawdown Comparison

The maximum USMSX drawdown since its inception was -2.09%, smaller than the maximum DFABX drawdown of -2.46%. Use the drawdown chart below to compare losses from any high point for USMSX and DFABX.

Drawdown Indicators

	USMSX	DFABX	Difference
Max Drawdown Largest peak-to-trough decline	-2.09%	-2.46%	+0.37%
Max Drawdown (1Y) Largest decline over 1 year	-0.30%	-0.11%	-0.19%
Max Drawdown (3Y) Largest decline over 3 years	-0.50%	-0.60%	+0.10%
Max Drawdown (5Y) Largest decline over 5 years	-2.03%	—	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-0.22%	-0.23%	+0.01%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.06%	0.02%	+0.04%

Volatility

USMSX vs. DFABX - Volatility Comparison

JPMorgan Ultra-Short Municipal Fund (USMSX) has a higher volatility of 0.18% compared to DFA Short-Term Selective State Municipal Bond Portfolio (DFABX) at 0.17%. This indicates that USMSX's price experiences larger fluctuations and is considered to be riskier than DFABX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	USMSX	DFABX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.18%	0.17%	+0.01%
Volatility (6M) Calculated over the trailing 6-month period	0.45%	0.42%	+0.03%
Volatility (1Y) Calculated over the trailing 1-year period	0.59%	0.56%	+0.03%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.71%	0.96%	-0.25%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.73%	0.96%	-0.23%

USMSX vs. DFABX - Expense Ratio Comparison

USMSX has a 0.45% expense ratio, which is higher than DFABX's 0.25% expense ratio.

Dividends

USMSX vs. DFABX - Dividend Comparison

USMSX's dividend yield for the trailing twelve months is around 2.32%, less than DFABX's 2.62% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
DFABX DFA Short-Term Selective State Municipal Bond Portfolio	2.62%	2.33%	2.86%	2.52%	1.25%	0.00%	0.00%	0.00%	0.00%	0.00%
USMSX JPMorgan Ultra-Short Municipal Fund	2.32%	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 USMSX and DFABX in my portfolio?

USMSX and DFABX have a correlation of 0.23, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, USMSX or DFABX?

USMSX has higher volatility (0.18%) compared to DFABX (0.17%). In terms of maximum drawdown, USMSX dropped -2.09% vs DFABX's -2.46%.

Which has better risk-adjusted returns?

DFABX currently has the higher Sharpe Ratio (4.77 vs 4.15), 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.