USMSX vs. FLAAX
Compare and contrast key facts about JPMorgan Ultra-Short Municipal Fund (USMSX) and Nuveen All-American Municipal Bond Fund (FLAAX).
USMSX is managed by JPMorgan. It was launched on May 31, 2016. FLAAX is managed by Nuveen. It was launched on Oct 2, 1988.
Performance
USMSX vs. FLAAX - Performance Comparison
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USMSX vs. FLAAX - 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% |
FLAAX Nuveen All-American Municipal Bond Fund | -0.24% | 2.78% | 2.58% | 6.52% | -16.29% | 3.89% | 5.64% | 9.03% | 0.50% | 8.03% |
Returns By Period
In the year-to-date period, USMSX achieves a 0.19% return, which is significantly higher than FLAAX's -0.24% return.
USMSX
- 1D
- 0.00%
- 1M
- -0.30%
- YTD
- 0.19%
- 6M
- 0.82%
- 1Y
- 2.49%
- 3Y*
- 2.80%
- 5Y*
- 1.67%
- 10Y*
- —
FLAAX
- 1D
- 0.57%
- 1M
- -2.03%
- YTD
- -0.24%
- 6M
- 1.03%
- 1Y
- 2.50%
- 3Y*
- 2.97%
- 5Y*
- -0.55%
- 10Y*
- 1.83%
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USMSX vs. FLAAX - Expense Ratio Comparison
USMSX has a 0.45% expense ratio, which is lower than FLAAX's 0.66% expense ratio.
Return for Risk
USMSX vs. FLAAX — Risk / Return Rank
USMSX
FLAAX
USMSX vs. FLAAX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for JPMorgan Ultra-Short Municipal Fund (USMSX) and Nuveen All-American Municipal Bond Fund (FLAAX). 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 | FLAAX | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 3.63 | 0.59 | +3.05 |
Sortino ratioReturn per unit of downside risk | 6.49 | 0.80 | +5.69 |
Omega ratioGain probability vs. loss probability | 3.18 | 1.16 | +2.02 |
Calmar ratioReturn relative to maximum drawdown | 6.48 | 0.74 | +5.74 |
Martin ratioReturn relative to average drawdown | 33.64 | 2.12 | +31.52 |
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 | FLAAX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 3.63 | 0.59 | +3.05 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 2.39 | -0.12 | +2.51 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.39 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.86 | 0.92 | +0.94 |
Correlation
The correlation between USMSX and FLAAX is 0.32, 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. FLAAX - Dividend Comparison
USMSX's dividend yield for the trailing twelve months is around 2.36%, less than FLAAX's 4.30% 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% |
FLAAX Nuveen All-American Municipal Bond Fund | 4.30% | 4.21% | 3.85% | 3.55% | 3.39% | 2.83% | 3.07% | 3.69% | 3.72% | 3.65% | 3.79% | 3.84% |
Drawdowns
USMSX vs. FLAAX - Drawdown Comparison
The maximum USMSX drawdown since its inception was -2.09%, smaller than the maximum FLAAX drawdown of -21.01%. Use the drawdown chart below to compare losses from any high point for USMSX and FLAAX.
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Drawdown Indicators
| USMSX | FLAAX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -2.09% | -21.01% | +18.92% |
Max Drawdown (1Y)Largest decline over 1 year | -0.40% | -4.96% | +4.56% |
Max Drawdown (5Y)Largest decline over 5 years | -2.03% | -21.01% | +18.98% |
Max Drawdown (10Y)Largest decline over 10 years | — | -21.01% | — |
Current DrawdownCurrent decline from peak | -0.30% | -6.59% | +6.29% |
Average DrawdownAverage peak-to-trough decline | -0.22% | -2.73% | +2.51% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.08% | 1.74% | -1.66% |
Volatility
USMSX vs. FLAAX - Volatility Comparison
The current volatility for JPMorgan Ultra-Short Municipal Fund (USMSX) is 0.22%, while Nuveen All-American Municipal Bond Fund (FLAAX) has a volatility of 1.36%. This indicates that USMSX experiences smaller price fluctuations and is considered to be less risky than FLAAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| USMSX | FLAAX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.22% | 1.36% | -1.14% |
Volatility (6M)Calculated over the trailing 6-month period | 0.40% | 1.92% | -1.52% |
Volatility (1Y)Calculated over the trailing 1-year period | 0.69% | 5.01% | -4.32% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 0.70% | 4.52% | -3.82% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 0.74% | 4.65% | -3.91% |