USMSX vs. DFCMX

Last updated Jun 23, 2026

USMSX (JPMorgan Ultra-Short Municipal Fund) and DFCMX (DFA California Short Term Municipal Bond Portfolio) are both Municipal Bonds funds. Over the past 5 years, USMSX returned 1.77%/yr vs 1.60%/yr for DFCMX. At a 0.32 correlation, their price movements are largely independent. USMSX charges 0.45%/yr vs 0.19%/yr for DFCMX.

Performance

USMSX vs. DFCMX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in JPMorgan Ultra-Short Municipal Fund (USMSX) and DFA California Short Term Municipal Bond Portfolio (DFCMX). 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 DFCMX's 1.03% return.

USMSX

• 1D: 0.10%
• 1M: 0.39%
• YTD: 0.82%
• 6M: 0.92%
• 1Y: 2.45%
• 3Y*: 2.93%
• 5Y*: 1.77%
• 10Y*: —

DFCMX

• 1D: 0.00%
• 1M: 0.39%
• YTD: 1.03%
• 6M: 1.03%
• 1Y: 2.60%
• 3Y*: 2.64%
• 5Y*: 1.60%
• 10Y*: 1.19%

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

USMSX vs. DFCMX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
USMSX JPMorgan Ultra-Short Municipal Fund	0.82%	2.87%	3.09%	3.21%	-0.90%	-0.15%	0.77%	1.90%	1.01%	0.69%
DFCMX DFA California Short Term Municipal Bond Portfolio	1.03%	2.55%	2.84%	2.53%	-0.76%	-0.13%	0.67%	1.84%	1.24%	1.07%

Correlation

The correlation between USMSX and DFCMX 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 (3Y) Calculated over the trailing 3-year period	0.29
Correlation (5Y) Calculated over the trailing 5-year period	0.37
Correlation (All Time) Calculated using the full available price history since Jan 3, 2017	0.32

The correlation between USMSX and DFCMX shifts across timeframes, from 0.17 (1 year) to 0.37 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

USMSX vs. DFCMX — 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

DFCMX

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

USMSX vs. DFCMX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for JPMorgan Ultra-Short Municipal Fund (USMSX) and DFA California Short Term Municipal Bond Portfolio (DFCMX). 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	DFCMX	Difference
Sharpe ratio: Return per unit of total volatility	4.15	4.46	-0.31
Sortino ratio: Return per unit of downside risk	8.87	10.44	-1.57
Omega ratio: Gain probability vs. loss probability	4.78	4.85	-0.08
Calmar ratio: Return relative to maximum drawdown	8.25	12.81	-4.57
Martin ratio: Return relative to average drawdown	44.52	43.93	+0.59

USMSX vs. DFCMX - Sharpe Ratio Comparison

The current USMSX Sharpe Ratio is 4.15, which is comparable to the DFCMX Sharpe Ratio of 4.46. The chart below compares the historical Sharpe Ratios of USMSX and DFCMX, 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. DFCMX - Drawdown Comparison

The maximum USMSX drawdown since its inception was -2.09%, smaller than the maximum DFCMX drawdown of -2.20%. Use the drawdown chart below to compare losses from any high point for USMSX and DFCMX.

Drawdown Indicators

	USMSX	DFCMX	Difference
Max Drawdown Largest peak-to-trough decline	-2.09%	-2.20%	+0.11%
Max Drawdown (1Y) Largest decline over 1 year	-0.30%	-0.20%	-0.10%
Max Drawdown (3Y) Largest decline over 3 years	-0.50%	-0.68%	+0.18%
Max Drawdown (5Y) Largest decline over 5 years	-2.03%	-2.20%	+0.17%
Max Drawdown (10Y) Largest decline over 10 years	—	-2.20%	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-0.22%	-0.25%	+0.03%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.06%	0.06%	0.00%

Volatility

USMSX vs. DFCMX - Volatility Comparison

JPMorgan Ultra-Short Municipal Fund (USMSX) and DFA California Short Term Municipal Bond Portfolio (DFCMX) have volatilities of 0.18% and 0.18%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	USMSX	DFCMX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.18%	0.18%	0.00%
Volatility (6M) Calculated over the trailing 6-month period	0.45%	0.39%	+0.06%
Volatility (1Y) Calculated over the trailing 1-year period	0.59%	0.59%	0.00%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.71%	0.89%	-0.18%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.73%	0.88%	-0.15%

USMSX vs. DFCMX - Expense Ratio Comparison

USMSX has a 0.45% expense ratio, which is higher than DFCMX's 0.19% expense ratio.

Dividends

USMSX vs. DFCMX - Dividend Comparison

USMSX's dividend yield for the trailing twelve months is around 2.32%, less than DFCMX's 2.47% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DFCMX DFA California Short Term Municipal Bond Portfolio	2.47%	2.23%	2.61%	1.70%	0.71%	0.36%	0.87%	1.43%	1.04%	0.87%	0.86%	0.82%
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%	0.00%	0.00%

Frequently Asked Questions

Can I hold both USMSX and DFCMX in my portfolio?

USMSX and DFCMX 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, USMSX or DFCMX?

DFCMX has higher volatility (0.18%) compared to USMSX (0.18%). In terms of maximum drawdown, USMSX dropped -2.09% vs DFCMX's -2.20%.

Which has better risk-adjusted returns?

DFCMX currently has the higher Sharpe Ratio (4.46 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.