USMSX vs. JEPAX

Last updated Jun 24, 2026

USMSX (JPMorgan Ultra-Short Municipal Fund) and JEPAX (JPMorgan Equity Premium Income Fund Class A) are both mutual funds - USMSX is a Municipal Bonds fund managed by JPMorgan, while JEPAX is a Derivative Income fund managed by JPMorgan. Over the past 5 years, USMSX returned 1.77%/yr vs 7.08%/yr for JEPAX. At a 0.05 correlation, their price movements are largely independent. USMSX charges 0.45%/yr vs 0.85%/yr for JEPAX.

Performance

USMSX vs. JEPAX - Performance Comparison

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

Returns By Period

The year-to-date returns for both investments are quite close, with USMSX having a 0.82% return and JEPAX slightly higher at 0.86%.

USMSX

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

JEPAX

• 1D: 0.00%
• 1M: 0.32%
• YTD: 0.86%
• 6M: 1.00%
• 1Y: 7.95%
• 3Y*: 8.74%
• 5Y*: 7.08%
• 10Y*: —

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

USMSX vs. JEPAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
USMSX JPMorgan Ultra-Short Municipal Fund	0.82%	2.87%	3.09%	3.21%	-0.90%	-0.15%	0.77%	1.27%
JEPAX JPMorgan Equity Premium Income Fund Class A	0.86%	7.55%	12.07%	9.42%	-4.05%	19.13%	5.75%	7.45%

Correlation

The correlation between USMSX and JEPAX is 0.04, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.04
Correlation (3Y) Calculated over the trailing 3-year period	0.05
Correlation (5Y) Calculated over the trailing 5-year period	0.07
Correlation (All Time) Calculated using the full available price history since Mar 28, 2019	0.05

Return for Risk

USMSX vs. JEPAX — 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

JEPAX

JEPAX Risk / Return Rank: 14
JEPAX Sharpe Ratio Rank: 14
JEPAX Sortino Ratio Rank: 16
JEPAX Omega Ratio Rank: 15
JEPAX Calmar Ratio Rank: 13
JEPAX Martin Ratio Rank: 13

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. JEPAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for JPMorgan Ultra-Short Municipal Fund (USMSX) and JPMorgan Equity Premium Income Fund Class A (JEPAX). 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	JEPAX	Difference
Sharpe ratio: Return per unit of total volatility	4.15	0.99	+3.16
Sortino ratio: Return per unit of downside risk	8.87	1.54	+7.32
Omega ratio: Gain probability vs. loss probability	4.78	1.19	+3.59
Calmar ratio: Return relative to maximum drawdown	8.25	1.17	+7.07
Martin ratio: Return relative to average drawdown	44.52	3.51	+41.01

USMSX vs. JEPAX - Sharpe Ratio Comparison

The current USMSX Sharpe Ratio is 4.15, which is higher than the JEPAX Sharpe Ratio of 0.99. The chart below compares the historical Sharpe Ratios of USMSX and JEPAX, 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. JEPAX - Drawdown Comparison

The maximum USMSX drawdown since its inception was -2.09%, smaller than the maximum JEPAX drawdown of -32.69%. Use the drawdown chart below to compare losses from any high point for USMSX and JEPAX.

Drawdown Indicators

	USMSX	JEPAX	Difference
Max Drawdown Largest peak-to-trough decline	-2.09%	-32.69%	+30.60%
Max Drawdown (1Y) Largest decline over 1 year	-0.30%	-7.41%	+7.11%
Max Drawdown (3Y) Largest decline over 3 years	-0.50%	-13.43%	+12.93%
Max Drawdown (5Y) Largest decline over 5 years	-2.03%	-13.74%	+11.71%
Current Drawdown Current decline from peak	0.00%	-4.25%	+4.25%
Average Drawdown Average peak-to-trough decline	-0.22%	-3.09%	+2.87%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.06%	2.47%	-2.41%

Volatility

USMSX vs. JEPAX - Volatility Comparison

The current volatility for JPMorgan Ultra-Short Municipal Fund (USMSX) is 0.18%, while JPMorgan Equity Premium Income Fund Class A (JEPAX) has a volatility of 2.47%. This indicates that USMSX experiences smaller price fluctuations and is considered to be less risky than JEPAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	USMSX	JEPAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.18%	2.47%	-2.29%
Volatility (6M) Calculated over the trailing 6-month period	0.45%	7.00%	-6.55%
Volatility (1Y) Calculated over the trailing 1-year period	0.59%	8.78%	-8.19%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.71%	11.50%	-10.79%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.73%	14.89%	-14.16%

USMSX vs. JEPAX - Expense Ratio Comparison

USMSX has a 0.45% expense ratio, which is lower than JEPAX's 0.85% expense ratio.

Dividends

USMSX vs. JEPAX - Dividend Comparison

USMSX's dividend yield for the trailing twelve months is around 2.32%, less than JEPAX's 7.84% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
JEPAX JPMorgan Equity Premium Income Fund Class A	7.84%	7.88%	6.95%	8.19%	11.98%	5.96%	11.35%	5.61%	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 JEPAX in my portfolio?

USMSX and JEPAX have a correlation of 0.04, 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 JEPAX?

JEPAX has higher volatility (2.47%) compared to USMSX (0.18%). In terms of maximum drawdown, USMSX dropped -2.09% vs JEPAX's -32.69%.

Which has better risk-adjusted returns?

USMSX currently has the higher Sharpe Ratio (4.15 vs 0.99), 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.