VMLUX vs. JMST

Last updated Jun 3, 2026

VMLUX (Vanguard Limited-Term Tax-Exempt Fund Admiral Shares) and JMST (JPMorgan Ultra-Short Municipal Income ETF) are both funds - VMLUX is a Municipal Bonds fund managed by Vanguard, while JMST is a Ultrashort Bond fund actively managed by JPMorgan. Over the past 5 years, VMLUX returned 2.19%/yr vs 2.27%/yr for JMST. At a 0.26 correlation, their price movements are largely independent. VMLUX charges 0.09%/yr vs 0.18%/yr for JMST.

Performance

VMLUX vs. JMST - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Limited-Term Tax-Exempt Fund Admiral Shares (VMLUX) and JPMorgan Ultra-Short Municipal Income ETF (JMST). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with VMLUX having a 0.96% return and JMST slightly higher at 0.99%.

VMLUX

• 1D: 0.00%
• 1M: 0.26%
• YTD: 0.96%
• 6M: 1.41%
• 1Y: 4.35%
• 3Y*: 4.31%
• 5Y*: 2.19%
• 10Y*: 2.14%

JMST

• 1D: 0.10%
• 1M: 0.26%
• YTD: 0.99%
• 6M: 1.34%
• 1Y: 3.02%
• 3Y*: 3.35%
• 5Y*: 2.27%
• 10Y*: —

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

VMLUX vs. JMST - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
VMLUX Vanguard Limited-Term Tax-Exempt Fund Admiral Shares	0.96%	5.50%	3.25%	4.29%	-2.90%	0.23%	3.38%	4.21%	1.35%
JMST JPMorgan Ultra-Short Municipal Income ETF	0.99%	3.35%	3.31%	3.56%	0.07%	0.31%	2.00%	2.09%	0.70%

Correlation

The correlation between VMLUX and JMST is 0.31, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.31
Correlation (3Y) Calculated over the trailing 3-year period	0.31
Correlation (5Y) Calculated over the trailing 5-year period	0.30
Correlation (All Time) Calculated using the full available price history since Oct 19, 2018	0.26

Return for Risk

VMLUX vs. JMST — Risk / Return Rank

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

VMLUX

VMLUX Risk / Return Rank: 78
VMLUX Sharpe Ratio Rank: 89
VMLUX Sortino Ratio Rank: 96
VMLUX Omega Ratio Rank: 97
VMLUX Calmar Ratio Rank: 61
VMLUX Martin Ratio Rank: 48

JMST

JMST Risk / Return Rank: 98
JMST Sharpe Ratio Rank: 98
JMST Sortino Ratio Rank: 98
JMST Omega Ratio Rank: 99
JMST Calmar Ratio Rank: 97
JMST Martin Ratio Rank: 98

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.

VMLUX vs. JMST - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Limited-Term Tax-Exempt Fund Admiral Shares (VMLUX) and JPMorgan Ultra-Short Municipal Income ETF (JMST). 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.

	VMLUX	JMST	Difference
Sharpe ratio Return per unit of total volatility	2.90	5.17	-2.28
Sortino ratio Return per unit of downside risk	5.36	8.59	-3.23
Omega ratio Gain probability vs. loss probability	1.96	2.59	-0.63
Calmar ratio Return relative to maximum drawdown	3.01	11.83	-8.81
Martin ratio Return relative to average drawdown	10.13	65.04	-54.90
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VMLUX vs. JMST - Sharpe Ratio Comparison

The current VMLUX Sharpe Ratio is 2.90, which is lower than the JMST Sharpe Ratio of 5.17. The chart below compares the historical Sharpe Ratios of VMLUX and JMST, 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

	VMLUX	JMST	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.90	5.17	-2.28
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.17	2.76	-1.58
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	1.11	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.48	1.89	-0.41

Drawdowns

VMLUX vs. JMST - Drawdown Comparison

The maximum VMLUX drawdown since its inception was -6.41%, which is greater than JMST's maximum drawdown of -2.41%. Use the drawdown chart below to compare losses from any high point for VMLUX and JMST.

Drawdown Indicators

	VMLUX	JMST	Difference
Max Drawdown Largest peak-to-trough decline	-6.41%	-2.41%	-4.00%
Max Drawdown (1Y) Largest decline over 1 year	-1.53%	-0.25%	-1.28%
Max Drawdown (3Y) Largest decline over 3 years	-2.02%	-0.71%	-1.31%
Max Drawdown (5Y) Largest decline over 5 years	-5.60%	-1.15%	-4.45%
Max Drawdown (10Y) Largest decline over 10 years	-6.41%	—	—
Current Drawdown Current decline from peak	-0.47%	0.00%	-0.47%
Average Drawdown Average peak-to-trough decline	-0.54%	-0.12%	-0.42%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.46%	0.05%	+0.41%

Volatility

VMLUX vs. JMST - Volatility Comparison

Vanguard Limited-Term Tax-Exempt Fund Admiral Shares (VMLUX) has a higher volatility of 0.46% compared to JPMorgan Ultra-Short Municipal Income ETF (JMST) at 0.17%. This indicates that VMLUX's price experiences larger fluctuations and is considered to be riskier than JMST based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VMLUX	JMST	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.46%	0.17%	+0.29%
Volatility (6M) Calculated over the trailing 6-month period	1.17%	0.41%	+0.76%
Volatility (1Y) Calculated over the trailing 1-year period	1.51%	0.59%	+0.92%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.87%	0.83%	+1.04%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.93%	1.14%	+0.79%

VMLUX vs. JMST - Expense Ratio Comparison

VMLUX has a 0.09% expense ratio, which is lower than JMST's 0.18% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

VMLUX vs. JMST - Dividend Comparison

VMLUX's dividend yield for the trailing twelve months is around 3.16%, more than JMST's 2.65% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
JMST JPMorgan Ultra-Short Municipal Income ETF	2.65%	2.84%	3.32%	3.09%	1.10%	0.27%	0.87%	1.63%	0.28%	0.00%	0.00%	0.00%
VMLUX Vanguard Limited-Term Tax-Exempt Fund Admiral Shares	3.16%	3.85%	3.38%	2.39%	1.64%	1.04%	1.70%	2.10%	1.89%	1.65%	1.62%	1.58%

Frequently Asked Questions

Can I hold both VMLUX and JMST in my portfolio?

VMLUX and JMST have a correlation of 0.31, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VMLUX or JMST?

VMLUX has higher volatility (0.46%) compared to JMST (0.17%). In terms of maximum drawdown, VMLUX dropped -6.41% vs JMST's -2.41%.

Which has better risk-adjusted returns?

JMST currently has the higher Sharpe Ratio (5.17 vs 2.90), 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.