USMTX vs. VNJTX
USMTX (JPMorgan Ultra-Short Municipal Fund) and VNJTX (Vanguard New Jersey Long-Term Tax-Exempt Fund Investor Shares) are both Municipal Bonds funds. Over the past 5 years, USMTX returned 1.91%/yr vs 0.90%/yr for VNJTX. Their 0.34 correlation means their historical movements had little consistent relationship. USMTX charges 0.24%/yr vs 0.17%/yr for VNJTX.
Performance
USMTX vs. VNJTX - Performance Comparison
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Returns By Period
In the year-to-date period, USMTX achieves a 0.81% return, which is significantly higher than VNJTX's 0.37% return.
USMTX
- 1D
- 0.00%
- 1M
- 0.01%
- 6M
- 0.41%
- YTD
- 0.81%
- 1Y
- 1.89%
- 3Y*
- 2.95%
- 5Y*
- 1.91%
- 10Y*
- —
- ALL TIME*
- 1.56%
VNJTX
- 1D
- -0.09%
- 1M
- -2.35%
- 6M
- -0.36%
- YTD
- 0.37%
- 1Y
- 5.92%
- 3Y*
- 4.02%
- 5Y*
- 0.90%
- 10Y*
- 2.74%
- ALL TIME*
- 4.80%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
| $0.00 | $0.00 | $0.00 |
USMTX vs. VNJTX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
USMTX JPMorgan Ultra-Short Municipal Fund | 0.81% | 2.96% | 3.30% | 3.46% | -0.71% | -0.05% | 1.07% | 2.01% | 1.32% | 0.88% |
VNJTX Vanguard New Jersey Long-Term Tax-Exempt Fund Investor Shares | 0.37% | 4.89% | 2.69% | 8.04% | -10.31% | 2.62% | 6.02% | 9.27% | 1.53% | 8.37% |
Correlation
The correlation between USMTX and VNJTX is 0.22, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.22 |
Correlation (3Y) Balances recent behavior with more history. | 0.34 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.42 |
Correlation (All Time) Calculated using the full available price history since Jan 3, 2017 | 0.34 |
The correlation between USMTX and VNJTX shifts across timeframes, from 0.22 (1 year) to 0.42 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
USMTX vs. VNJTX — Risk / Return Rank
USMTX
VNJTX
USMTX vs. VNJTX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for JPMorgan Ultra-Short Municipal Fund (USMTX) and Vanguard New Jersey Long-Term Tax-Exempt Fund Investor Shares (VNJTX). 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.
| USMTX | VNJTX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.92 | ||
| Sortino ratioReturn per unit of downside risk | +2.02 | ||
| Omega ratioGain probability vs. loss probability | 2.76 | 1.47 | +1.29 |
| Calmar ratioReturn relative to maximum drawdown | 6.35 | 2.16 | +4.20 |
| Martin ratioReturn relative to average drawdown | 24.36 | 7.25 | +17.12 |
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Drawdowns
USMTX vs. VNJTX - Drawdown Comparison
The maximum USMTX drawdown since its inception was -1.98%, smaller than the maximum VNJTX drawdown of -15.71%. Use the drawdown chart below to compare losses from any high point for USMTX and VNJTX.
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Drawdown Indicators
| USMTX | VNJTX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -1.98% | -15.71% | +13.73% |
Max Drawdown (1Y)Largest decline over 1 year | -0.30% | -2.94% | +2.64% |
Max Drawdown (3Y)Largest decline over 3 years | -0.50% | -5.81% | +5.31% |
Max Drawdown (5Y)Largest decline over 5 years | -1.92% | -15.71% | +13.79% |
Max Drawdown (10Y)Largest decline over 10 years | — | -15.71% | — |
Current DrawdownCurrent decline from peak | -0.18% | -2.35% | +2.17% |
Average DrawdownAverage peak-to-trough decline | -0.18% | -1.86% | +1.68% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.08% | 0.87% | -0.79% |
Volatility
USMTX vs. VNJTX - Volatility Comparison
The current volatility for JPMorgan Ultra-Short Municipal Fund (USMTX) is 0.21%, while Vanguard New Jersey Long-Term Tax-Exempt Fund Investor Shares (VNJTX) has a volatility of 1.09%. This indicates that USMTX experiences smaller price fluctuations and is considered to be less risky than VNJTX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| USMTX | VNJTX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.21% | 1.09% | -0.88% |
Volatility (6M)Calculated over the trailing 6-month period | 0.51% | 2.48% | -1.97% |
Volatility (1Y)Calculated over the trailing 1-year period | 0.65% | 3.14% | -2.49% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 0.73% | 4.57% | -3.84% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 0.75% | 4.56% | -3.81% |
USMTX vs. VNJTX - Expense Ratio Comparison
USMTX has a 0.24% expense ratio, which is higher than VNJTX's 0.17% 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. VNJTX - Dividend Comparison
USMTX's dividend yield for the trailing twelve months is around 2.28%, less than VNJTX's 3.35% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
USMTX JPMorgan Ultra-Short Municipal Fund | 2.28% | 2.62% | 3.05% | 2.58% | 0.89% | 0.25% | 0.76% | 1.49% | 1.31% | 0.78% | 0.00% | 0.00% |
VNJTX Vanguard New Jersey Long-Term Tax-Exempt Fund Investor Shares | 3.35% | 4.42% | 3.97% | 3.26% | 3.14% | 2.84% | 3.71% | 4.06% | 3.93% | 4.03% | 4.51% | 3.70% |
Frequently Asked Questions
USMTX and VNJTX have a correlation of 0.22, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
VNJTX has higher volatility (1.09%) compared to USMTX (0.21%). In terms of maximum drawdown, USMTX dropped -1.98% vs VNJTX's -15.71%.
USMTX currently has the higher Sharpe Ratio (2.97 vs 2.05), 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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