USMTX vs. VNJTX

Last updated Jun 4, 2026

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 1.93%/yr vs 1.44%/yr for VNJTX. At a 0.35 correlation, their price movements are largely independent. USMTX charges 0.24%/yr vs 0.17%/yr for VNJTX.

Performance

USMTX vs. VNJTX - Performance Comparison

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

Returns By Period

In the year-to-date period, USMTX achieves a 0.79% return, which is significantly lower than VNJTX's 1.94% return.

USMTX

• 1D: 0.00%
• 1M: 0.21%
• YTD: 0.79%
• 6M: 1.01%
• 1Y: 2.65%
• 3Y*: 3.12%
• 5Y*: 1.93%
• 10Y*: —

VNJTX

• 1D: 0.18%
• 1M: 0.74%
• YTD: 1.94%
• 6M: 2.34%
• 1Y: 8.74%
• 3Y*: 4.75%
• 5Y*: 1.44%
• 10Y*: 3.07%

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

USMTX vs. VNJTX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
USMTX JPMorgan Ultra-Short Municipal Fund	0.79%	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	1.94%	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 0.23, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.23
Correlation (3Y) Calculated over the trailing 3-year period	0.34
Correlation (5Y) Calculated over the trailing 5-year period	0.42
Correlation (All Time) Calculated using the full available price history since Jan 4, 2017	0.35

The correlation between USMTX and VNJTX shifts across timeframes, from 0.23 (1 year) to 0.42 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

USMTX vs. VNJTX — 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: 100
USMTX Calmar Ratio Rank: 98
USMTX Martin Ratio Rank: 99

VNJTX

VNJTX Risk / Return Rank: 76
VNJTX Sharpe Ratio Rank: 87
VNJTX Sortino Ratio Rank: 91
VNJTX Omega Ratio Rank: 92
VNJTX Calmar Ratio Rank: 58
VNJTX Martin Ratio Rank: 51

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. 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.

	USMTX	VNJTX	Difference
Sharpe ratio: Return per unit of total volatility	4.52	2.82	+1.70
Sortino ratio: Return per unit of downside risk	10.05	4.47	+5.58
Omega ratio: Gain probability vs. loss probability	5.63	1.69	+3.94
Calmar ratio: Return relative to maximum drawdown	8.91	2.92	+5.99
Martin ratio: Return relative to average drawdown	49.19	10.50	+38.69
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. VNJTX - Sharpe Ratio Comparison

The current USMTX Sharpe Ratio is 4.52, which is higher than the VNJTX Sharpe Ratio of 2.82. The chart below compares the historical Sharpe Ratios of USMTX and VNJTX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	USMTX	VNJTX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	4.52	2.82	+1.70
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	2.69	0.32	+2.37
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.67	—
Sharpe Ratio (All Time) Calculated using the full available price history	2.12	1.25	+0.87

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.

Drawdown Indicators

	USMTX	VNJTX	Difference
Max Drawdown Largest 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%	-6.88%	+6.38%
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 Drawdown Current decline from peak	0.00%	-0.23%	+0.23%
Average Drawdown Average peak-to-trough decline	-0.18%	-1.86%	+1.68%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.05%	0.82%	-0.77%

Volatility

USMTX vs. VNJTX - Volatility Comparison

The current volatility for JPMorgan Ultra-Short Municipal Fund (USMTX) is 0.20%, while Vanguard New Jersey Long-Term Tax-Exempt Fund Investor Shares (VNJTX) has a volatility of 1.15%. 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.

Volatility by Period

	USMTX	VNJTX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.20%	1.15%	-0.95%
Volatility (6M) Calculated over the trailing 6-month period	0.44%	2.25%	-1.81%
Volatility (1Y) Calculated over the trailing 1-year period	0.59%	3.05%	-2.46%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.72%	4.55%	-3.83%
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 2.52%, less than VNJTX's 3.58% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
VNJTX Vanguard New Jersey Long-Term Tax-Exempt Fund Investor Shares	3.58%	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

Can I hold both USMTX and VNJTX in my portfolio?

USMTX and VNJTX have a correlation of 0.23, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, USMTX or VNJTX?

VNJTX has higher volatility (1.15%) compared to USMTX (0.20%). In terms of maximum drawdown, USMTX dropped -1.98% vs VNJTX's -15.71%.

Which has better risk-adjusted returns?

USMTX currently has the higher Sharpe Ratio (4.52 vs 2.82), 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.