USMTX vs. FSMUX

Last updated Apr 1, 2026

Compare and contrast key facts about JPMorgan Ultra-Short Municipal Fund (USMTX) and Strategic Advisers Municipal Bond Fund (FSMUX).

USMTX is managed by JPMorgan. It was launched on May 30, 2016. FSMUX is managed by Fidelity. It was launched on Jun 24, 2021.

Performance

USMTX vs. FSMUX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in JPMorgan Ultra-Short Municipal Fund (USMTX) and Strategic Advisers Municipal Bond Fund (FSMUX). The values are adjusted to include any dividend payments, if applicable.

USMTX vs. FSMUX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
USMTX JPMorgan Ultra-Short Municipal Fund	0.32%	2.96%	3.30%	3.46%	-0.71%	-0.07%
FSMUX Strategic Advisers Municipal Bond Fund	-1.13%	3.14%	2.99%	6.78%	-11.25%	0.39%

Returns By Period

In the year-to-date period, USMTX achieves a 0.32% return, which is significantly higher than FSMUX's -1.13% return.

USMTX

• 1D: 0.00%
• 1M: -0.30%
• YTD: 0.32%
• 6M: 0.91%
• 1Y: 2.68%
• 3Y*: 3.01%
• 5Y*: 1.87%
• 10Y*: —

FSMUX

• 1D: 0.11%
• 1M: -2.56%
• YTD: -1.13%
• 6M: 0.12%
• 1Y: 2.39%
• 3Y*: 2.93%
• 5Y*: —
• 10Y*: —

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

USMTX vs. FSMUX - Expense Ratio Comparison

USMTX has a 0.24% expense ratio, which is higher than FSMUX's 0.06% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

USMTX

JPMorgan Ultra-Short Municipal Fund

FSMUX

Strategic Advisers Municipal Bond Fund

Return for Risk

USMTX vs. FSMUX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

USMTX

USMTX Risk / Return Rank: 99
USMTX Sharpe Ratio Rank: 99
USMTX Sortino Ratio Rank: 99
USMTX Omega Ratio Rank: 99
USMTX Calmar Ratio Rank: 99
USMTX Martin Ratio Rank: 99

FSMUX

FSMUX Risk / Return Rank: 22
FSMUX Sharpe Ratio Rank: 24
FSMUX Sortino Ratio Rank: 20
FSMUX Omega Ratio Rank: 44
FSMUX Calmar Ratio Rank: 11
FSMUX Martin Ratio Rank: 11

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.

USMTX vs. FSMUX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for JPMorgan Ultra-Short Municipal Fund (USMTX) and Strategic Advisers Municipal Bond Fund (FSMUX). 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.

	USMTX	FSMUX	Difference
Sharpe ratio Return per unit of total volatility	3.97	0.63	+3.35
Sortino ratio Return per unit of downside risk	7.18	0.87	+6.30
Omega ratio Gain probability vs. loss probability	3.38	1.19	+2.19
Calmar ratio Return relative to maximum drawdown	6.97	0.28	+6.69
Martin ratio Return relative to average drawdown	37.45	0.78	+36.67
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

USMTX vs. FSMUX - Sharpe Ratio Comparison

The current USMTX Sharpe Ratio is 3.97, which is higher than the FSMUX Sharpe Ratio of 0.63. The chart below compares the historical Sharpe Ratios of USMTX and FSMUX, 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

	USMTX	FSMUX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.97	0.63	+3.35
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	2.62	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	2.09	-0.00	+2.09

Correlation

The correlation between USMTX and FSMUX is 0.37, 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

USMTX vs. FSMUX - Dividend Comparison

USMTX's dividend yield for the trailing twelve months is around 2.55%, more than FSMUX's 2.35% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
USMTX JPMorgan Ultra-Short Municipal Fund	2.55%	2.62%	3.05%	2.58%	0.89%	0.25%	0.76%	1.49%	1.31%	0.78%
FSMUX Strategic Advisers Municipal Bond Fund	2.35%	3.26%	3.74%	3.18%	2.14%	0.99%	0.00%	0.00%	0.00%	0.00%

Drawdowns

USMTX vs. FSMUX - Drawdown Comparison

The maximum USMTX drawdown since its inception was -1.98%, smaller than the maximum FSMUX drawdown of -16.27%. Use the drawdown chart below to compare losses from any high point for USMTX and FSMUX.

Drawdown Indicators

	USMTX	FSMUX	Difference
Max Drawdown Largest peak-to-trough decline	-1.98%	-16.27%	+14.29%
Max Drawdown (1Y) Largest decline over 1 year	-0.40%	-5.30%	+4.90%
Max Drawdown (5Y) Largest decline over 5 years	-1.92%	—	—
Current Drawdown Current decline from peak	-0.30%	-2.56%	+2.26%
Average Drawdown Average peak-to-trough decline	-0.19%	-5.61%	+5.42%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.07%	1.96%	-1.89%

Volatility

USMTX vs. FSMUX - Volatility Comparison

The current volatility for JPMorgan Ultra-Short Municipal Fund (USMTX) is 0.22%, while Strategic Advisers Municipal Bond Fund (FSMUX) has a volatility of 0.99%. This indicates that USMTX experiences smaller price fluctuations and is considered to be less risky than FSMUX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	USMTX	FSMUX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.22%	0.99%	-0.77%
Volatility (6M) Calculated over the trailing 6-month period	0.40%	2.12%	-1.72%
Volatility (1Y) Calculated over the trailing 1-year period	0.70%	6.65%	-5.95%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.72%	4.67%	-3.95%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.75%	4.67%	-3.92%