USMSX vs. FSMNX

Last updated Apr 1, 2026

Compare and contrast key facts about JPMorgan Ultra-Short Municipal Fund (USMSX) and Fidelity SAI Municipal Income Fund (FSMNX).

USMSX is managed by JPMorgan. It was launched on May 31, 2016. FSMNX is managed by Fidelity. It was launched on Oct 2, 2018.

Performance

USMSX vs. FSMNX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in JPMorgan Ultra-Short Municipal Fund (USMSX) and Fidelity SAI Municipal Income Fund (FSMNX). The values are adjusted to include any dividend payments, if applicable.

USMSX vs. FSMNX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
USMSX JPMorgan Ultra-Short Municipal Fund	0.19%	2.87%	3.09%	3.21%	-0.90%	-0.15%	0.77%	1.90%	0.32%
FSMNX Fidelity SAI Municipal Income Fund	-0.80%	5.30%	2.12%	7.55%	-10.43%	1.84%	3.45%	8.74%	2.37%

Returns By Period

In the year-to-date period, USMSX achieves a 0.19% return, which is significantly higher than FSMNX's -0.80% return.

USMSX

• 1D: 0.00%
• 1M: -0.30%
• YTD: 0.19%
• 6M: 0.82%
• 1Y: 2.49%
• 3Y*: 2.80%
• 5Y*: 1.67%
• 10Y*: —

FSMNX

• 1D: 0.10%
• 1M: -2.97%
• YTD: -0.80%
• 6M: 0.67%
• 1Y: 4.07%
• 3Y*: 3.62%
• 5Y*: 1.01%
• 10Y*: —

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

USMSX vs. FSMNX - Expense Ratio Comparison

USMSX has a 0.45% expense ratio, which is higher than FSMNX's 0.36% expense ratio.

USMSX

JPMorgan Ultra-Short Municipal Fund

FSMNX

Fidelity SAI Municipal Income Fund

Return for Risk

USMSX vs. FSMNX — 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: 99
USMSX Calmar Ratio Rank: 99
USMSX Martin Ratio Rank: 99

FSMNX

FSMNX Risk / Return Rank: 53
FSMNX Sharpe Ratio Rank: 58
FSMNX Sortino Ratio Rank: 52
FSMNX Omega Ratio Rank: 78
FSMNX Calmar Ratio Rank: 40
FSMNX Martin Ratio Rank: 36

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. FSMNX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for JPMorgan Ultra-Short Municipal Fund (USMSX) and Fidelity SAI Municipal Income Fund (FSMNX). 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	FSMNX	Difference
Sharpe ratio Return per unit of total volatility	3.75	1.05	+2.70
Sortino ratio Return per unit of downside risk	6.76	1.43	+5.33
Omega ratio Gain probability vs. loss probability	3.27	1.30	+1.97
Calmar ratio Return relative to maximum drawdown	6.48	1.05	+5.44
Martin ratio Return relative to average drawdown	34.69	3.79	+30.90
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

USMSX vs. FSMNX - Sharpe Ratio Comparison

The current USMSX Sharpe Ratio is 3.75, which is higher than the FSMNX Sharpe Ratio of 1.05. The chart below compares the historical Sharpe Ratios of USMSX and FSMNX, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	USMSX	FSMNX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.75	1.05	+2.70
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	2.39	0.25	+2.14
Sharpe Ratio (All Time) Calculated using the full available price history	1.86	0.55	+1.31

Correlation

The correlation between USMSX and FSMNX is 0.35, 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. FSMNX - Dividend Comparison

USMSX's dividend yield for the trailing twelve months is around 2.36%, less than FSMNX's 3.37% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
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%
FSMNX Fidelity SAI Municipal Income Fund	3.37%	4.38%	3.52%	2.98%	1.74%	1.55%	1.96%	3.57%	0.65%	0.00%

Drawdowns

USMSX vs. FSMNX - Drawdown Comparison

The maximum USMSX drawdown since its inception was -2.09%, smaller than the maximum FSMNX drawdown of -15.85%. Use the drawdown chart below to compare losses from any high point for USMSX and FSMNX.

Drawdown Indicators

	USMSX	FSMNX	Difference
Max Drawdown Largest peak-to-trough decline	-2.09%	-15.85%	+13.76%
Max Drawdown (1Y) Largest decline over 1 year	-0.40%	-4.57%	+4.17%
Max Drawdown (5Y) Largest decline over 5 years	-2.03%	-15.85%	+13.82%
Current Drawdown Current decline from peak	-0.30%	-2.97%	+2.67%
Average Drawdown Average peak-to-trough decline	-0.22%	-3.72%	+3.50%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.07%	1.26%	-1.19%

Volatility

USMSX vs. FSMNX - Volatility Comparison

The current volatility for JPMorgan Ultra-Short Municipal Fund (USMSX) is 0.22%, while Fidelity SAI Municipal Income Fund (FSMNX) has a volatility of 1.11%. This indicates that USMSX experiences smaller price fluctuations and is considered to be less risky than FSMNX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	USMSX	FSMNX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.22%	1.11%	-0.89%
Volatility (6M) Calculated over the trailing 6-month period	0.40%	1.78%	-1.38%
Volatility (1Y) Calculated over the trailing 1-year period	0.69%	4.71%	-4.02%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.70%	4.09%	-3.39%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.74%	4.64%	-3.90%