USTEX vs. USMTX

Last updated Apr 1, 2026

Compare and contrast key facts about USAA Tax Exempt Long Term Fund (USTEX) and JPMorgan Ultra-Short Municipal Fund (USMTX).

USTEX is managed by Victory. It was launched on Mar 18, 1982. USMTX is managed by JPMorgan. It was launched on May 30, 2016.

Performance

USTEX vs. USMTX - Performance Comparison

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

USTEX vs. USMTX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
USTEX USAA Tax Exempt Long Term Fund	-0.83%	3.60%	3.51%	6.91%	-12.39%	3.53%	5.45%	7.49%	0.82%	5.44%
USMTX JPMorgan Ultra-Short Municipal Fund	0.32%	2.96%	3.30%	3.46%	-0.71%	-0.05%	1.07%	2.01%	1.32%	0.88%

Returns By Period

In the year-to-date period, USTEX achieves a -0.83% return, which is significantly lower than USMTX's 0.32% return.

USTEX

• 1D: 0.08%
• 1M: -3.19%
• YTD: -0.83%
• 6M: 1.35%
• 1Y: 3.25%
• 3Y*: 3.42%
• 5Y*: 0.61%
• 10Y*: 2.11%

USMTX

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

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

USTEX vs. USMTX - Expense Ratio Comparison

USTEX has a 0.46% expense ratio, which is higher than USMTX's 0.24% expense ratio.

USTEX

USAA Tax Exempt Long Term Fund

USMTX

JPMorgan Ultra-Short Municipal Fund

Return for Risk

USTEX vs. USMTX — Risk / Return Rank

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

USTEX

USTEX Risk / Return Rank: 21
USTEX Sharpe Ratio Rank: 19
USTEX Sortino Ratio Rank: 15
USTEX Omega Ratio Rank: 36
USTEX Calmar Ratio Rank: 20
USTEX Martin Ratio Rank: 16

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

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.

USTEX vs. USMTX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for USAA Tax Exempt Long Term Fund (USTEX) and JPMorgan Ultra-Short Municipal Fund (USMTX). 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.

	USTEX	USMTX	Difference
Sharpe ratio Return per unit of total volatility	0.48	3.97	-3.49
Sortino ratio Return per unit of downside risk	0.68	7.18	-6.50
Omega ratio Gain probability vs. loss probability	1.17	3.38	-2.21
Calmar ratio Return relative to maximum drawdown	0.58	6.97	-6.39
Martin ratio Return relative to average drawdown	1.59	37.45	-35.86
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

USTEX vs. USMTX - Sharpe Ratio Comparison

The current USTEX Sharpe Ratio is 0.48, which is lower than the USMTX Sharpe Ratio of 3.97. The chart below compares the historical Sharpe Ratios of USTEX and USMTX, 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

	USTEX	USMTX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.48	3.97	-3.49
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.11	2.62	-2.51
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.42	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.90	2.09	-1.19

Correlation

The correlation between USTEX and USMTX is 0.34, 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

USTEX vs. USMTX - Dividend Comparison

USTEX's dividend yield for the trailing twelve months is around 3.78%, more than USMTX's 2.55% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
USTEX USAA Tax Exempt Long Term Fund	3.78%	4.04%	4.29%	3.33%	3.42%	2.66%	3.39%	3.42%	3.78%	3.54%	4.13%	3.86%
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%	0.00%	0.00%

Drawdowns

USTEX vs. USMTX - Drawdown Comparison

The maximum USTEX drawdown since its inception was -20.42%, which is greater than USMTX's maximum drawdown of -1.98%. Use the drawdown chart below to compare losses from any high point for USTEX and USMTX.

Drawdown Indicators

	USTEX	USMTX	Difference
Max Drawdown Largest peak-to-trough decline	-20.42%	-1.98%	-18.44%
Max Drawdown (1Y) Largest decline over 1 year	-7.08%	-0.40%	-6.68%
Max Drawdown (5Y) Largest decline over 5 years	-17.95%	-1.92%	-16.03%
Max Drawdown (10Y) Largest decline over 10 years	-17.95%	—	—
Current Drawdown Current decline from peak	-3.19%	-0.30%	-2.89%
Average Drawdown Average peak-to-trough decline	-2.86%	-0.19%	-2.67%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.57%	0.07%	+2.50%

Volatility

USTEX vs. USMTX - Volatility Comparison

USAA Tax Exempt Long Term Fund (USTEX) has a higher volatility of 1.09% compared to JPMorgan Ultra-Short Municipal Fund (USMTX) at 0.22%. This indicates that USTEX's price experiences larger fluctuations and is considered to be riskier than USMTX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	USTEX	USMTX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.09%	0.22%	+0.87%
Volatility (6M) Calculated over the trailing 6-month period	1.94%	0.40%	+1.54%
Volatility (1Y) Calculated over the trailing 1-year period	8.19%	0.70%	+7.49%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.66%	0.72%	+4.94%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.03%	0.75%	+4.28%