VTES vs. JMST
Compare and contrast key facts about Vanguard Short-Term Tax-Exempt Bond ETF Shares (VTES) and JPMorgan Ultra-Short Municipal Income ETF (JMST).
VTES and JMST are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. VTES is a passively managed fund by Vanguard that tracks the performance of the S&P 0-7 Yr National AMT-Free Municipal Bond Index - Benchmark TR Gross. It was launched on Mar 8, 2023. JMST is an actively managed fund by JPMorgan. It was launched on Oct 16, 2018.
Performance
VTES vs. JMST - Performance Comparison
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VTES vs. JMST - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
VTES Vanguard Short-Term Tax-Exempt Bond ETF Shares | 0.02% | 4.19% | 1.85% | 3.32% |
JMST JPMorgan Ultra-Short Municipal Income ETF | 0.50% | 3.35% | 3.31% | 3.12% |
Returns By Period
In the year-to-date period, VTES achieves a 0.02% return, which is significantly lower than JMST's 0.50% return.
VTES
- 1D
- 0.11%
- 1M
- -1.24%
- YTD
- 0.02%
- 6M
- 0.60%
- 1Y
- 3.45%
- 3Y*
- 2.61%
- 5Y*
- —
- 10Y*
- —
JMST
- 1D
- 0.02%
- 1M
- -0.07%
- YTD
- 0.50%
- 6M
- 1.20%
- 1Y
- 3.07%
- 3Y*
- 3.25%
- 5Y*
- 2.20%
- 10Y*
- —
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VTES vs. JMST - Expense Ratio Comparison
VTES has a 0.07% 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%.
Return for Risk
VTES vs. JMST — Risk / Return Rank
VTES
JMST
VTES vs. JMST - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard Short-Term Tax-Exempt Bond ETF Shares (VTES) 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.
| VTES | JMST | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 1.91 | 3.81 | -1.91 |
Sortino ratioReturn per unit of downside risk | 2.43 | 5.54 | -3.12 |
Omega ratioGain probability vs. loss probability | 1.49 | 2.23 | -0.74 |
Calmar ratioReturn relative to maximum drawdown | 2.30 | 4.43 | -2.13 |
Martin ratioReturn relative to average drawdown | 7.44 | 23.50 | -16.06 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| VTES | JMST | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.91 | 3.81 | -1.91 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 2.68 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.76 | 1.86 | -0.10 |
Correlation
The correlation between VTES and JMST is 0.38, 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
VTES vs. JMST - Dividend Comparison
VTES's dividend yield for the trailing twelve months is around 2.77%, which matches JMST's 2.77% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
VTES Vanguard Short-Term Tax-Exempt Bond ETF Shares | 2.77% | 2.77% | 2.99% | 2.03% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
JMST JPMorgan Ultra-Short Municipal Income ETF | 2.77% | 2.84% | 3.32% | 3.09% | 1.10% | 0.27% | 0.87% | 1.63% | 0.28% |
Drawdowns
VTES vs. JMST - Drawdown Comparison
The maximum VTES drawdown since its inception was -2.42%, roughly equal to the maximum JMST drawdown of -2.41%. Use the drawdown chart below to compare losses from any high point for VTES and JMST.
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Drawdown Indicators
| VTES | JMST | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -2.42% | -2.41% | -0.01% |
Max Drawdown (1Y)Largest decline over 1 year | -1.59% | -0.71% | -0.88% |
Max Drawdown (5Y)Largest decline over 5 years | — | -1.15% | — |
Current DrawdownCurrent decline from peak | -1.24% | -0.14% | -1.10% |
Average DrawdownAverage peak-to-trough decline | -0.48% | -0.13% | -0.35% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.49% | 0.13% | +0.36% |
Volatility
VTES vs. JMST - Volatility Comparison
Vanguard Short-Term Tax-Exempt Bond ETF Shares (VTES) has a higher volatility of 0.69% compared to JPMorgan Ultra-Short Municipal Income ETF (JMST) at 0.18%. This indicates that VTES'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.
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Volatility by Period
| VTES | JMST | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.69% | 0.18% | +0.51% |
Volatility (6M)Calculated over the trailing 6-month period | 0.96% | 0.47% | +0.49% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.83% | 0.81% | +1.02% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 1.75% | 0.82% | +0.93% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 1.75% | 1.15% | +0.60% |