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USMTX vs. MUB
Performance
Return for Risk
Drawdowns
Volatility
Dividends

USMTX vs. MUB

Last updated Jun 23, 2026

USMTX (JPMorgan Ultra-Short Municipal Fund) and MUB (iShares National AMT-Free Muni Bond ETF) are both Municipal Bonds funds. Over the past 5 years, USMTX returned 1.97%/yr vs 0.96%/yr for MUB. At a 0.25 correlation, their price movements are largely independent. USMTX charges 0.24%/yr vs 0.07%/yr for MUB.

Performance

USMTX vs. MUB - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in JPMorgan Ultra-Short Municipal Fund (USMTX) and iShares National AMT-Free Muni Bond ETF (MUB). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, USMTX achieves a 0.99% return, which is significantly lower than MUB's 1.53% return.

USMTX

1D
0.10%
1M
0.41%
YTD
0.99%
6M
1.01%
1Y
2.65%
3Y*
3.16%
5Y*
1.97%
10Y*
—

MUB

1D
-0.01%
1M
1.35%
YTD
1.53%
6M
1.89%
1Y
6.58%
3Y*
3.21%
5Y*
0.96%
10Y*
1.90%
*Multi-year figures are annualized to reflect compound growth (CAGR)

USMTX vs. MUB - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
USMTX
JPMorgan Ultra-Short Municipal Fund		0.99%2.96%3.30%3.46%-0.71%-0.05%1.07%2.01%1.32%0.88%
MUB
iShares National AMT-Free Muni Bond ETF		1.53%3.78%1.26%5.56%-7.34%1.02%5.12%7.06%0.93%4.72%

Correlation

The correlation between USMTX and MUB is 0.24, which is low. Their price movements are largely independent, making them effective diversification partners.

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

0.24

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

0.24

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

0.32

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

0.25

Compare stocks, funds, or ETFs

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JPMorgan Ultra-Short Municipal Fund

iShares National AMT-Free Muni Bond ETF

Often compared with USMTX:
USMTX vs. FLAAXUSMTX vs. MAMTXUSMTX vs. FSMUXUSMTX vs. CFMOXUSMTX vs. EIHMXUSMTX vs. NMTRXUSMTX vs. VNJTX
Often compared with MUB:
MUB vs. VTEBMUB vs. SUBMUB vs. CMFMUB vs. NYFMUB vs. MUNIMUB vs. HYDMUB vs. VWIUX

Return for Risk

USMTX vs. MUB — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
USMTX
USMTX Risk / Return Rank: 9999
Overall Rank
USMTX Sharpe Ratio Rank: 9999
Sharpe Ratio Rank
USMTX Sortino Ratio Rank: 9999
Sortino Ratio Rank
USMTX Omega Ratio Rank: 100100
Omega Ratio Rank
USMTX Calmar Ratio Rank: 9898
Calmar Ratio Rank
USMTX Martin Ratio Rank: 9999
Martin Ratio Rank
MUB
MUB Risk / Return Rank: 6767
Overall Rank
MUB Sharpe Ratio Rank: 7474
Sharpe Ratio Rank
MUB Sortino Ratio Rank: 7979
Sortino Ratio Rank
MUB Omega Ratio Rank: 8383
Omega Ratio Rank
MUB Calmar Ratio Rank: 4949
Calmar Ratio Rank
MUB Martin Ratio Rank: 5050
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.

USMTX vs. MUB - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for JPMorgan Ultra-Short Municipal Fund (USMTX) and iShares National AMT-Free Muni Bond ETF (MUB). 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.

USMTXMUBDifference
Sharpe ratioReturn per unit of total volatility
4.52
2.29

+2.23

Sortino ratioReturn per unit of downside risk
10.05
3.33

+6.72

Omega ratioGain probability vs. loss probability

5.63

1.48

+4.15

Calmar ratioReturn relative to maximum drawdown

8.91

2.37

+6.53

Martin ratioReturn relative to average drawdown

49.19

8.25

+40.94

USMTX vs. MUB - Sharpe Ratio Comparison

The current USMTX Sharpe Ratio is 4.52, which is higher than the MUB Sharpe Ratio of 2.29. The chart below compares the historical Sharpe Ratios of USMTX and MUB, 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

USMTX vs. MUB - Drawdown Comparison

The maximum USMTX drawdown since its inception was -1.98%, smaller than the maximum MUB drawdown of -13.68%. Use the drawdown chart below to compare losses from any high point for USMTX and MUB.

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Drawdown Indicators

USMTXMUBDifference

Max Drawdown

Largest peak-to-trough decline

-1.98%

-13.68%

+11.70%

Max Drawdown (1Y)

Largest decline over 1 year

-0.30%

-2.79%

+2.49%

Max Drawdown (3Y)

Largest decline over 3 years

-0.50%

-5.34%

+4.84%

Max Drawdown (5Y)

Largest decline over 5 years

-1.92%

-11.88%

+9.96%

Max Drawdown (10Y)

Largest decline over 10 years

—

-13.68%

—

Current Drawdown

Current decline from peak

0.00%

-0.41%

+0.41%

Average Drawdown

Average peak-to-trough decline

-0.18%

-2.23%

+2.05%

Ulcer Index

Depth and duration of drawdowns from previous peaks

0.05%

0.80%

-0.75%

Volatility

USMTX vs. MUB - Volatility Comparison

The current volatility for JPMorgan Ultra-Short Municipal Fund (USMTX) is 0.18%, while iShares National AMT-Free Muni Bond ETF (MUB) has a volatility of 0.76%. This indicates that USMTX experiences smaller price fluctuations and is considered to be less risky than MUB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

USMTXMUBDifference

Volatility (1M)

Calculated over the trailing 1-month period

0.18%

0.76%

-0.58%

Volatility (6M)

Calculated over the trailing 6-month period

0.45%

2.27%

-1.82%

Volatility (1Y)

Calculated over the trailing 1-year period

0.59%

2.89%

-2.30%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

0.72%

4.07%

-3.35%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

0.75%

4.93%

-4.18%

USMTX vs. MUB - Expense Ratio Comparison

USMTX has a 0.24% expense ratio, which is higher than MUB's 0.07% 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%.

Dividends

USMTX vs. MUB - Dividend Comparison

USMTX's dividend yield for the trailing twelve months is around 2.52%, less than MUB's 3.17% yield.

PositionTTM20252024202320222021202020192018201720162015
MUB
iShares National AMT-Free Muni Bond ETF		3.17%3.14%3.01%2.65%2.11%1.81%2.11%2.42%2.46%2.26%2.21%2.51%
USMTX
JPMorgan Ultra-Short Municipal Fund		2.52%2.62%3.05%2.58%0.89%0.25%0.76%1.49%1.31%0.78%0.00%0.00%

Frequently Asked Questions

USMTX and MUB have a correlation of 0.24, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

MUB has higher volatility (0.76%) compared to USMTX (0.18%). In terms of maximum drawdown, USMTX dropped -1.98% vs MUB's -13.68%.

USMTX currently has the higher Sharpe Ratio (4.52 vs 2.29), 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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