USMSX vs. VMLUX

Last updated Apr 1, 2026

Compare and contrast key facts about JPMorgan Ultra-Short Municipal Fund (USMSX) and Vanguard Limited-Term Tax-Exempt Fund Admiral Shares (VMLUX).

USMSX is managed by JPMorgan. It was launched on May 31, 2016. VMLUX is managed by Vanguard. It was launched on Feb 12, 2001.

Performance

USMSX vs. VMLUX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in JPMorgan Ultra-Short Municipal Fund (USMSX) and Vanguard Limited-Term Tax-Exempt Fund Admiral Shares (VMLUX). The values are adjusted to include any dividend payments, if applicable.

USMSX vs. VMLUX - 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%
VMLUX Vanguard Limited-Term Tax-Exempt Fund Admiral Shares	-0.12%	5.50%	3.25%	4.29%	-2.90%	0.23%	3.38%	4.21%	1.64%	2.13%

Returns By Period

In the year-to-date period, USMSX achieves a 0.19% return, which is significantly higher than VMLUX's -0.12% return.

USMSX

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

VMLUX

• 1D: 0.00%
• 1M: -1.53%
• YTD: -0.12%
• 6M: 0.59%
• 1Y: 3.86%
• 3Y*: 3.78%
• 5Y*: 2.05%
• 10Y*: 2.06%

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

USMSX vs. VMLUX - Expense Ratio Comparison

USMSX has a 0.45% expense ratio, which is higher than VMLUX's 0.09% expense ratio.

USMSX

JPMorgan Ultra-Short Municipal Fund

VMLUX

Vanguard Limited-Term Tax-Exempt Fund Admiral Shares

Return for Risk

USMSX vs. VMLUX — 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

VMLUX

VMLUX Risk / Return Rank: 92
VMLUX Sharpe Ratio Rank: 92
VMLUX Sortino Ratio Rank: 94
VMLUX Omega Ratio Rank: 97
VMLUX Calmar Ratio Rank: 88
VMLUX Martin Ratio Rank: 90

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. VMLUX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for JPMorgan Ultra-Short Municipal Fund (USMSX) and Vanguard Limited-Term Tax-Exempt Fund Admiral Shares (VMLUX). 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	VMLUX	Difference
Sharpe ratio Return per unit of total volatility	3.75	1.97	+1.79
Sortino ratio Return per unit of downside risk	6.76	2.95	+3.81
Omega ratio Gain probability vs. loss probability	3.27	1.66	+1.62
Calmar ratio Return relative to maximum drawdown	6.48	2.32	+4.16
Martin ratio Return relative to average drawdown	34.69	10.14	+24.55
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. VMLUX - Sharpe Ratio Comparison

The current USMSX Sharpe Ratio is 3.75, which is higher than the VMLUX Sharpe Ratio of 1.97. The chart below compares the historical Sharpe Ratios of USMSX and VMLUX, 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	VMLUX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.75	1.97	+1.79
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	2.39	1.11	+1.28
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	1.07	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.86	1.46	+0.39

Correlation

The correlation between USMSX and VMLUX is 0.34, 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. VMLUX - Dividend Comparison

USMSX's dividend yield for the trailing twelve months is around 2.36%, less than VMLUX's 3.14% 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%
VMLUX Vanguard Limited-Term Tax-Exempt Fund Admiral Shares	3.14%	3.85%	3.38%	2.39%	1.64%	1.04%	1.70%	2.10%	1.89%	1.65%	1.62%	1.58%

Drawdowns

USMSX vs. VMLUX - Drawdown Comparison

The maximum USMSX drawdown since its inception was -2.09%, smaller than the maximum VMLUX drawdown of -6.41%. Use the drawdown chart below to compare losses from any high point for USMSX and VMLUX.

Drawdown Indicators

	USMSX	VMLUX	Difference
Max Drawdown Largest peak-to-trough decline	-2.09%	-6.41%	+4.32%
Max Drawdown (1Y) Largest decline over 1 year	-0.40%	-2.02%	+1.62%
Max Drawdown (5Y) Largest decline over 5 years	-2.03%	-5.60%	+3.57%
Max Drawdown (10Y) Largest decline over 10 years	—	-6.41%	—
Current Drawdown Current decline from peak	-0.30%	-1.53%	+1.23%
Average Drawdown Average peak-to-trough decline	-0.22%	-0.54%	+0.32%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.07%	0.46%	-0.39%

Volatility

USMSX vs. VMLUX - Volatility Comparison

The current volatility for JPMorgan Ultra-Short Municipal Fund (USMSX) is 0.22%, while Vanguard Limited-Term Tax-Exempt Fund Admiral Shares (VMLUX) has a volatility of 0.50%. This indicates that USMSX experiences smaller price fluctuations and is considered to be less risky than VMLUX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	USMSX	VMLUX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.22%	0.50%	-0.28%
Volatility (6M) Calculated over the trailing 6-month period	0.40%	1.03%	-0.63%
Volatility (1Y) Calculated over the trailing 1-year period	0.69%	2.34%	-1.65%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.70%	1.85%	-1.15%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.74%	1.92%	-1.18%