USMSX vs. FHIGX
Compare and contrast key facts about JPMorgan Ultra-Short Municipal Fund (USMSX) and Fidelity Municipal Income Fund (FHIGX).
USMSX is managed by JPMorgan. It was launched on May 31, 2016. FHIGX is managed by Fidelity. It was launched on Dec 1, 1977.
Performance
USMSX vs. FHIGX - Performance Comparison
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USMSX vs. FHIGX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
USMSX JPMorgan Ultra-Short Municipal Fund | 0.19% | 2.87% | 3.09% | 3.21% | -0.90% | -0.15% | 0.77% | 1.90% | 1.01% | 0.69% |
FHIGX Fidelity Municipal Income Fund | -0.82% | 5.37% | 1.68% | 7.14% | -10.98% | 2.43% | 4.42% | 8.51% | 0.81% | 6.69% |
Returns By Period
In the year-to-date period, USMSX achieves a 0.19% return, which is significantly higher than FHIGX's -0.82% return.
USMSX
- 1D
- 0.00%
- 1M
- -0.30%
- YTD
- 0.19%
- 6M
- 0.82%
- 1Y
- 2.49%
- 3Y*
- 2.80%
- 5Y*
- 1.67%
- 10Y*
- —
FHIGX
- 1D
- 0.25%
- 1M
- -3.03%
- YTD
- -0.82%
- 6M
- 0.87%
- 1Y
- 4.26%
- 3Y*
- 3.37%
- 5Y*
- 0.81%
- 10Y*
- 2.21%
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USMSX vs. FHIGX - Expense Ratio Comparison
Both USMSX and FHIGX have an expense ratio of 0.45%.
Return for Risk
USMSX vs. FHIGX — Risk / Return Rank
USMSX
FHIGX
USMSX vs. FHIGX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for JPMorgan Ultra-Short Municipal Fund (USMSX) and Fidelity Municipal Income Fund (FHIGX). 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.
| USMSX | FHIGX | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 3.75 | 1.01 | +2.74 |
Sortino ratioReturn per unit of downside risk | 6.76 | 1.36 | +5.39 |
Omega ratioGain probability vs. loss probability | 3.27 | 1.28 | +1.99 |
Calmar ratioReturn relative to maximum drawdown | 6.48 | 1.10 | +5.38 |
Martin ratioReturn relative to average drawdown | 34.69 | 3.82 | +30.87 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| USMSX | FHIGX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 3.75 | 1.01 | +2.74 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 2.39 | 0.20 | +2.19 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.52 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.86 | 0.87 | +0.99 |
Correlation
The correlation between USMSX and FHIGX is 0.33, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.
Dividends
USMSX vs. FHIGX - Dividend Comparison
USMSX's dividend yield for the trailing twelve months is around 2.36%, less than FHIGX's 3.08% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
USMSX JPMorgan Ultra-Short Municipal Fund | 2.36% | 2.42% | 2.84% | 2.35% | 0.70% | 0.05% | 0.57% | 1.28% | 1.01% | 0.59% | 0.00% | 0.00% |
FHIGX Fidelity Municipal Income Fund | 3.08% | 4.00% | 2.98% | 2.83% | 1.81% | 2.64% | 2.79% | 3.16% | 3.66% | 4.45% | 4.88% | 3.65% |
Drawdowns
USMSX vs. FHIGX - Drawdown Comparison
The maximum USMSX drawdown since its inception was -2.09%, smaller than the maximum FHIGX drawdown of -32.80%. Use the drawdown chart below to compare losses from any high point for USMSX and FHIGX.
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Drawdown Indicators
| USMSX | FHIGX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -2.09% | -32.80% | +30.71% |
Max Drawdown (1Y)Largest decline over 1 year | -0.40% | -4.84% | +4.44% |
Max Drawdown (5Y)Largest decline over 5 years | -2.03% | -16.18% | +14.15% |
Max Drawdown (10Y)Largest decline over 10 years | — | -16.18% | — |
Current DrawdownCurrent decline from peak | -0.30% | -3.03% | +2.73% |
Average DrawdownAverage peak-to-trough decline | -0.22% | -4.55% | +4.33% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.07% | 1.40% | -1.33% |
Volatility
USMSX vs. FHIGX - Volatility Comparison
The current volatility for JPMorgan Ultra-Short Municipal Fund (USMSX) is 0.22%, while Fidelity Municipal Income Fund (FHIGX) has a volatility of 1.20%. This indicates that USMSX experiences smaller price fluctuations and is considered to be less risky than FHIGX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| USMSX | FHIGX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.22% | 1.20% | -0.98% |
Volatility (6M)Calculated over the trailing 6-month period | 0.40% | 1.82% | -1.42% |
Volatility (1Y)Calculated over the trailing 1-year period | 0.69% | 4.94% | -4.25% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 0.70% | 4.12% | -3.42% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 0.74% | 4.23% | -3.49% |