USMSX vs. MYI

Last updated Jun 3, 2026

USMSX (JPMorgan Ultra-Short Municipal Fund) and MYI (BlackRock MuniYield Quality Fund III) are both Municipal Bonds funds. Over the past 5 years, USMSX returned 1.73%/yr vs -0.65%/yr for MYI. At a 0.18 correlation, their price movements are largely independent. USMSX charges 0.45%/yr vs 2.16%/yr for MYI.

Performance

USMSX vs. MYI - Performance Comparison

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

Returns By Period

In the year-to-date period, USMSX achieves a 0.62% return, which is significantly lower than MYI's 3.11% return.

USMSX

• 1D: 0.00%
• 1M: 0.19%
• YTD: 0.62%
• 6M: 0.92%
• 1Y: 2.45%
• 3Y*: 2.93%
• 5Y*: 1.73%
• 10Y*: —

MYI

• 1D: 0.00%
• 1M: 1.72%
• YTD: 3.11%
• 6M: 3.26%
• 1Y: 11.09%
• 3Y*: 6.39%
• 5Y*: -0.65%
• 10Y*: 1.52%

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

USMSX vs. MYI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
USMSX JPMorgan Ultra-Short Municipal Fund	0.62%	2.87%	3.09%	3.21%	-0.90%	-0.15%	0.77%	1.90%	1.01%	0.69%
MYI BlackRock MuniYield Quality Fund III	3.11%	4.74%	0.55%	8.79%	-20.52%	6.99%	11.60%	16.64%	-8.42%	6.74%

Correlation

The correlation between USMSX and MYI is 0.13, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.13
Correlation (3Y) Calculated over the trailing 3-year period	0.23
Correlation (5Y) Calculated over the trailing 5-year period	0.23
Correlation (All Time) Calculated using the full available price history since Jan 4, 2017	0.18

Return for Risk

USMSX vs. MYI — 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

MYI

MYI Risk / Return Rank: 20
MYI Sharpe Ratio Rank: 20
MYI Sortino Ratio Rank: 21
MYI Omega Ratio Rank: 22
MYI Calmar Ratio Rank: 17
MYI Martin Ratio Rank: 21

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. MYI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for JPMorgan Ultra-Short Municipal Fund (USMSX) and BlackRock MuniYield Quality Fund III (MYI). 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	MYI	Difference
Sharpe ratio Return per unit of total volatility	4.15	1.30	+2.85
Sortino ratio Return per unit of downside risk	8.87	1.97	+6.90
Omega ratio Gain probability vs. loss probability	4.78	1.24	+3.53
Calmar ratio Return relative to maximum drawdown	8.21	1.50	+6.71
Martin ratio Return relative to average drawdown	44.44	5.61	+38.83
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. MYI - Sharpe Ratio Comparison

The current USMSX Sharpe Ratio is 4.15, which is higher than the MYI Sharpe Ratio of 1.30. The chart below compares the historical Sharpe Ratios of USMSX and MYI, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	USMSX	MYI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	4.15	1.30	+2.85
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	2.47	-0.06	+2.53
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.13	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.89	0.25	+1.64

Drawdowns

USMSX vs. MYI - Drawdown Comparison

The maximum USMSX drawdown since its inception was -2.09%, smaller than the maximum MYI drawdown of -43.90%. Use the drawdown chart below to compare losses from any high point for USMSX and MYI.

Drawdown Indicators

	USMSX	MYI	Difference
Max Drawdown Largest peak-to-trough decline	-2.09%	-43.90%	+41.81%
Max Drawdown (1Y) Largest decline over 1 year	-0.30%	-7.58%	+7.28%
Max Drawdown (3Y) Largest decline over 3 years	-0.50%	-15.07%	+14.57%
Max Drawdown (5Y) Largest decline over 5 years	-2.03%	-31.84%	+29.81%
Max Drawdown (10Y) Largest decline over 10 years	—	-31.84%	—
Current Drawdown Current decline from peak	0.00%	-6.93%	+6.93%
Average Drawdown Average peak-to-trough decline	-0.22%	-9.39%	+9.17%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.06%	2.03%	-1.97%

Volatility

USMSX vs. MYI - Volatility Comparison

The current volatility for JPMorgan Ultra-Short Municipal Fund (USMSX) is 0.20%, while BlackRock MuniYield Quality Fund III (MYI) has a volatility of 3.52%. This indicates that USMSX experiences smaller price fluctuations and is considered to be less risky than MYI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	USMSX	MYI	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.20%	3.52%	-3.32%
Volatility (6M) Calculated over the trailing 6-month period	0.45%	6.91%	-6.46%
Volatility (1Y) Calculated over the trailing 1-year period	0.59%	8.60%	-8.01%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.70%	10.96%	-10.26%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.73%	11.37%	-10.64%

USMSX vs. MYI - Expense Ratio Comparison

USMSX has a 0.45% expense ratio, which is lower than MYI's 2.16% expense ratio.

Dividends

USMSX vs. MYI - Dividend Comparison

USMSX's dividend yield for the trailing twelve months is around 2.33%, less than MYI's 6.09% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MYI BlackRock MuniYield Quality Fund III	6.09%	6.13%	6.03%	4.30%	5.22%	4.17%	3.84%	3.89%	5.01%	5.88%	6.20%	6.03%
USMSX JPMorgan Ultra-Short Municipal Fund	2.33%	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 MYI in my portfolio?

USMSX and MYI have a correlation of 0.13, 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 MYI?

MYI has higher volatility (3.52%) compared to USMSX (0.20%). In terms of maximum drawdown, USMSX dropped -2.09% vs MYI's -43.90%.

Which has better risk-adjusted returns?

USMSX currently has the higher Sharpe Ratio (4.15 vs 1.30), 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.