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USMSX vs. NEAR
Performance
Return for Risk
Drawdowns
Volatility
Dividends

USMSX vs. NEAR

Last updated Jun 23, 2026

USMSX (JPMorgan Ultra-Short Municipal Fund) and NEAR (iShares Short Duration Bond Active ETF) are both funds - USMSX is a Municipal Bonds fund managed by JPMorgan, while NEAR is a Short-Term Bond fund actively managed by iShares. Over the past 5 years, USMSX returned 1.77%/yr vs 3.84%/yr for NEAR. At a 0.12 correlation, their price movements are largely independent. USMSX charges 0.45%/yr vs 0.25%/yr for NEAR.

Performance

USMSX vs. NEAR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in JPMorgan Ultra-Short Municipal Fund (USMSX) and iShares Short Duration Bond Active ETF (NEAR). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, USMSX achieves a 0.82% return, which is significantly higher than NEAR's 0.63% return.

USMSX

1D
0.10%
1M
0.39%
YTD
0.82%
6M
0.92%
1Y
2.45%
3Y*
2.93%
5Y*
1.77%
10Y*
—

NEAR

1D
-0.10%
1M
0.11%
YTD
0.63%
6M
0.83%
1Y
3.79%
3Y*
5.48%
5Y*
3.84%
10Y*
2.84%
*Multi-year figures are annualized to reflect compound growth (CAGR)

USMSX vs. NEAR - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
USMSX
JPMorgan Ultra-Short Municipal Fund		0.82%2.87%3.09%3.21%-0.90%-0.15%0.77%1.90%1.01%0.69%
NEAR
iShares Short Duration Bond Active ETF		0.63%5.90%5.09%7.42%0.41%0.32%1.39%3.55%1.71%1.41%

Correlation

The correlation between USMSX and NEAR is 0.11, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.11

Correlation (3Y)
Calculated over the trailing 3-year period

0.15

Correlation (5Y)
Calculated over the trailing 5-year period

0.15

Correlation (All Time)
Calculated using the full available price history since Jan 3, 2017

0.12

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

JPMorgan Ultra-Short Municipal Fund

iShares Short Duration Bond Active ETF

Often compared with USMSX:
USMSX vs. MYIUSMSX vs. VPALXUSMSX vs. VWSUXUSMSX vs. DFCMXUSMSX vs. FUENXUSMSX vs. VMLUXUSMSX vs. COLTX
Often compared with NEAR:
NEAR vs. SGOVNEAR vs. JPSTNEAR vs. MINTNEAR vs. FLOTNEAR vs. SHVNEAR vs. GSYNEAR vs. GSST

Return for Risk

USMSX vs. NEAR — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
USMSX
USMSX Risk / Return Rank: 9999
Overall Rank
USMSX Sharpe Ratio Rank: 9999
Sharpe Ratio Rank
USMSX Sortino Ratio Rank: 9999
Sortino Ratio Rank
USMSX Omega Ratio Rank: 100100
Omega Ratio Rank
USMSX Calmar Ratio Rank: 9898
Calmar Ratio Rank
USMSX Martin Ratio Rank: 9999
Martin Ratio Rank
NEAR
NEAR Risk / Return Rank: 8484
Overall Rank
NEAR Sharpe Ratio Rank: 8888
Sharpe Ratio Rank
NEAR Sortino Ratio Rank: 9292
Sortino Ratio Rank
NEAR Omega Ratio Rank: 9191
Omega Ratio Rank
NEAR Calmar Ratio Rank: 6969
Calmar Ratio Rank
NEAR Martin Ratio Rank: 8080
Martin Ratio Rank
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. NEAR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for JPMorgan Ultra-Short Municipal Fund (USMSX) and iShares Short Duration Bond Active ETF (NEAR). 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.

USMSXNEARDifference
Sharpe ratioReturn per unit of total volatility
4.15
2.75

+1.40

Sortino ratioReturn per unit of downside risk
8.87
4.22

+4.64

Omega ratioGain probability vs. loss probability

4.78

1.56

+3.22

Calmar ratioReturn relative to maximum drawdown

8.25

3.36

+4.89

Martin ratioReturn relative to average drawdown

44.52

15.26

+29.26

USMSX vs. NEAR - Sharpe Ratio Comparison

The current USMSX Sharpe Ratio is 4.15, which is higher than the NEAR Sharpe Ratio of 2.75. The chart below compares the historical Sharpe Ratios of USMSX and NEAR, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

USMSX vs. NEAR - Drawdown Comparison

The maximum USMSX drawdown since its inception was -2.09%, smaller than the maximum NEAR drawdown of -9.61%. Use the drawdown chart below to compare losses from any high point for USMSX and NEAR.

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Drawdown Indicators

USMSXNEARDifference

Max Drawdown

Largest peak-to-trough decline

-2.09%

-9.61%

+7.52%

Max Drawdown (1Y)

Largest decline over 1 year

-0.30%

-1.13%

+0.83%

Max Drawdown (3Y)

Largest decline over 3 years

-0.50%

-1.16%

+0.66%

Max Drawdown (5Y)

Largest decline over 5 years

-2.03%

-1.32%

-0.71%

Max Drawdown (10Y)

Largest decline over 10 years

—

-9.61%

—

Current Drawdown

Current decline from peak

0.00%

-0.24%

+0.24%

Average Drawdown

Average peak-to-trough decline

-0.22%

-0.16%

-0.06%

Ulcer Index

Depth and duration of drawdowns from previous peaks

0.06%

0.25%

-0.19%

Volatility

USMSX vs. NEAR - Volatility Comparison

The current volatility for JPMorgan Ultra-Short Municipal Fund (USMSX) is 0.18%, while iShares Short Duration Bond Active ETF (NEAR) has a volatility of 0.48%. This indicates that USMSX experiences smaller price fluctuations and is considered to be less risky than NEAR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

USMSXNEARDifference

Volatility (1M)

Calculated over the trailing 1-month period

0.18%

0.48%

-0.30%

Volatility (6M)

Calculated over the trailing 6-month period

0.45%

1.06%

-0.61%

Volatility (1Y)

Calculated over the trailing 1-year period

0.59%

1.39%

-0.80%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

0.71%

1.35%

-0.64%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

0.73%

2.50%

-1.77%

USMSX vs. NEAR - Expense Ratio Comparison

USMSX has a 0.45% expense ratio, which is higher than NEAR's 0.25% expense ratio.

Dividends

USMSX vs. NEAR - Dividend Comparison

USMSX's dividend yield for the trailing twelve months is around 2.32%, less than NEAR's 4.44% yield.

PositionTTM20252024202320222021202020192018201720162015
NEAR
iShares Short Duration Bond Active ETF		4.44%4.54%5.00%4.59%1.78%0.76%1.53%2.69%2.25%1.52%1.07%0.85%
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%0.00%0.00%

Frequently Asked Questions

USMSX and NEAR have a correlation of 0.11, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

NEAR has higher volatility (0.48%) compared to USMSX (0.18%). In terms of maximum drawdown, USMSX dropped -2.09% vs NEAR's -9.61%.

USMSX currently has the higher Sharpe Ratio (4.15 vs 2.75), 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.

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Find the right allocation for USMSX and NEAR

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