USSTX vs. USMSX
USSTX (USAA Tax Exempt Short Term Fund) and USMSX (JPMorgan Ultra-Short Municipal Fund) are both Municipal Bonds funds. Over the past 5 years, USSTX returned 1.71%/yr vs 1.73%/yr for USMSX. Their 0.30 correlation means their historical movements had little consistent relationship. USSTX charges 0.49%/yr vs 0.45%/yr for USMSX.
Performance
USSTX vs. USMSX - Performance Comparison
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Returns By Period
In the year-to-date period, USSTX achieves a 0.67% return, which is significantly higher than USMSX's 0.62% return.
USSTX
- 1D
- -0.10%
- 1M
- -0.68%
- 6M
- 0.06%
- YTD
- 0.67%
- 1Y
- 2.15%
- 3Y*
- 3.75%
- 5Y*
- 1.71%
- 10Y*
- 1.73%
- ALL TIME*
- 2.74%
USMSX
- 1D
- 0.00%
- 1M
- -0.10%
- 6M
- 0.35%
- YTD
- 0.62%
- 1Y
- 1.71%
- 3Y*
- 2.76%
- 5Y*
- 1.73%
- 10Y*
- —
- ALL TIME*
- 1.36%
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 |
USSTX vs. USMSX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
USSTX USAA Tax Exempt Short Term Fund | 0.67% | 4.73% | 3.65% | 4.11% | -4.15% | 1.23% | 2.38% | 2.69% | 1.60% | 1.81% |
USMSX JPMorgan Ultra-Short Municipal Fund | 0.62% | 2.87% | 3.09% | 3.21% | -0.90% | -0.15% | 0.77% | 1.90% | 1.01% | 0.69% |
Correlation
The correlation between USSTX and USMSX is 0.20, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.20 |
Correlation (3Y) Balances recent behavior with more history. | 0.30 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.35 |
Correlation (All Time) Calculated using the full available price history since Jan 3, 2017 | 0.30 |
The correlation between USSTX and USMSX shifts across timeframes, from 0.20 (1 year) to 0.35 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
USSTX vs. USMSX — Risk / Return Rank
USSTX
USMSX
USSTX vs. USMSX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for USAA Tax Exempt Short Term Fund (USSTX) and JPMorgan Ultra-Short Municipal Fund (USMSX). 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.
| USSTX | USMSX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.09 | ||
| Sortino ratioReturn per unit of downside risk | -1.92 | ||
| Omega ratioGain probability vs. loss probability | 1.45 | 2.63 | -1.18 |
| Calmar ratioReturn relative to maximum drawdown | 1.76 | 5.76 | -4.00 |
| Martin ratioReturn relative to average drawdown | 5.98 | 23.75 | -17.77 |
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Drawdowns
USSTX vs. USMSX - Drawdown Comparison
The maximum USSTX drawdown since its inception was -6.82%, which is greater than USMSX's maximum drawdown of -2.09%. Use the drawdown chart below to compare losses from any high point for USSTX and USMSX.
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Drawdown Indicators
| USSTX | USMSX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -6.82% | -2.09% | -4.73% |
Max Drawdown (1Y)Largest decline over 1 year | -1.34% | -0.30% | -1.04% |
Max Drawdown (3Y)Largest decline over 3 years | -1.95% | -0.50% | -1.45% |
Max Drawdown (5Y)Largest decline over 5 years | -6.82% | -2.03% | -4.79% |
Max Drawdown (10Y)Largest decline over 10 years | -6.82% | — | — |
Current DrawdownCurrent decline from peak | -0.68% | -0.20% | -0.48% |
Average DrawdownAverage peak-to-trough decline | -0.66% | -0.22% | -0.44% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.39% | 0.07% | +0.32% |
Volatility
USSTX vs. USMSX - Volatility Comparison
USAA Tax Exempt Short Term Fund (USSTX) has a higher volatility of 0.38% compared to JPMorgan Ultra-Short Municipal Fund (USMSX) at 0.20%. This indicates that USSTX's price experiences larger fluctuations and is considered to be riskier than USMSX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| USSTX | USMSX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.38% | 0.20% | +0.18% |
Volatility (6M)Calculated over the trailing 6-month period | 1.10% | 0.49% | +0.61% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.47% | 0.63% | +0.84% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 2.00% | 0.71% | +1.29% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 1.86% | 0.74% | +1.12% |
USSTX vs. USMSX - Expense Ratio Comparison
USSTX has a 0.49% expense ratio, which is higher than USMSX's 0.45% expense ratio.
Dividends
USSTX vs. USMSX - Dividend Comparison
USSTX's dividend yield for the trailing twelve months is around 2.53%, more than USMSX's 2.11% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
USMSX JPMorgan Ultra-Short Municipal Fund | 2.11% | 2.42% | 2.84% | 2.35% | 0.70% | 0.05% | 0.57% | 1.28% | 1.01% | 0.59% | 0.00% | 0.00% |
USSTX USAA Tax Exempt Short Term Fund | 2.53% | 3.04% | 3.38% | 2.50% | 1.89% | 1.13% | 1.48% | 1.79% | 1.78% | 1.50% | 1.42% | 1.52% |
Frequently Asked Questions
USSTX and USMSX have a correlation of 0.20, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
USSTX has higher volatility (0.38%) compared to USMSX (0.20%). In terms of maximum drawdown, USSTX dropped -6.82% vs USMSX's -2.09%.
USMSX currently has the higher Sharpe Ratio (2.74 vs 1.65), 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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