VWSTX vs. USMTX
VWSTX (Vanguard Short-Term Tax-Exempt Fund Investor Shares) and USMTX (JPMorgan Ultra-Short Municipal Fund) are both Municipal Bonds funds. Over the past 5 years, VWSTX returned 2.47%/yr vs 1.91%/yr for USMTX. Their 0.37 correlation means their historical movements had little consistent relationship. VWSTX charges 0.17%/yr vs 0.24%/yr for USMTX.
Performance
VWSTX vs. USMTX - Performance Comparison
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Returns By Period
In the year-to-date period, VWSTX achieves a 1.10% return, which is significantly higher than USMTX's 0.81% return.
VWSTX
- 1D
- 0.00%
- 1M
- -0.32%
- 6M
- 0.61%
- YTD
- 1.10%
- 1Y
- 2.56%
- 3Y*
- 3.95%
- 5Y*
- 2.47%
- 10Y*
- 1.91%
- ALL TIME*
- 2.11%
USMTX
- 1D
- 0.00%
- 1M
- 0.01%
- 6M
- 0.41%
- YTD
- 0.81%
- 1Y
- 1.89%
- 3Y*
- 2.95%
- 5Y*
- 1.91%
- 10Y*
- —
- ALL TIME*
- 1.56%
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 |
VWSTX vs. USMTX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
VWSTX Vanguard Short-Term Tax-Exempt Fund Investor Shares | 1.10% | 4.79% | 3.68% | 3.87% | -0.81% | 0.17% | 1.82% | 2.50% | 1.59% | 1.00% |
USMTX JPMorgan Ultra-Short Municipal Fund | 0.81% | 2.96% | 3.30% | 3.46% | -0.71% | -0.05% | 1.07% | 2.01% | 1.32% | 0.88% |
Correlation
The correlation between VWSTX and USMTX is 0.26, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.26 |
Correlation (3Y) Balances recent behavior with more history. | 0.38 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.42 |
Correlation (All Time) Calculated using the full available price history since Jan 3, 2017 | 0.37 |
The correlation between VWSTX and USMTX shifts across timeframes, from 0.26 (1 year) to 0.42 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
VWSTX vs. USMTX — Risk / Return Rank
VWSTX
USMTX
VWSTX vs. USMTX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard Short-Term Tax-Exempt Fund Investor Shares (VWSTX) 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.
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.
| VWSTX | USMTX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.45 | ||
| Sortino ratioReturn per unit of downside risk | +0.70 | ||
| Omega ratioGain probability vs. loss probability | 2.03 | 2.86 | -0.83 |
| Calmar ratioReturn relative to maximum drawdown | 4.29 | 6.69 | -2.40 |
| Martin ratioReturn relative to average drawdown | 17.76 | 25.97 | -8.21 |
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Drawdowns
VWSTX vs. USMTX - Drawdown Comparison
The maximum VWSTX drawdown since its inception was -3.09%, which is greater than USMTX's maximum drawdown of -1.98%. Use the drawdown chart below to compare losses from any high point for VWSTX and USMTX.
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Drawdown Indicators
| VWSTX | USMTX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -3.09% | -1.98% | -1.11% |
Max Drawdown (1Y)Largest decline over 1 year | -0.69% | -0.30% | -0.39% |
Max Drawdown (3Y)Largest decline over 3 years | -1.01% | -0.50% | -0.51% |
Max Drawdown (5Y)Largest decline over 5 years | -2.32% | -1.92% | -0.40% |
Max Drawdown (10Y)Largest decline over 10 years | -3.08% | — | — |
Current DrawdownCurrent decline from peak | -0.32% | -0.18% | -0.14% |
Average DrawdownAverage peak-to-trough decline | -0.32% | -0.18% | -0.14% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.17% | 0.08% | +0.09% |
Volatility
VWSTX vs. USMTX - Volatility Comparison
Vanguard Short-Term Tax-Exempt Fund Investor Shares (VWSTX) and JPMorgan Ultra-Short Municipal Fund (USMTX) have volatilities of 0.20% and 0.21%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VWSTX | USMTX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.20% | 0.21% | -0.01% |
Volatility (6M)Calculated over the trailing 6-month period | 0.84% | 0.51% | +0.33% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.12% | 0.65% | +0.47% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 1.22% | 0.73% | +0.49% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 1.12% | 0.75% | +0.37% |
VWSTX vs. USMTX - Expense Ratio Comparison
VWSTX has a 0.17% expense ratio, which is lower than USMTX's 0.24% 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
VWSTX vs. USMTX - Dividend Comparison
VWSTX's dividend yield for the trailing twelve months is around 2.79%, more than USMTX's 2.28% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
USMTX JPMorgan Ultra-Short Municipal Fund | 2.28% | 2.62% | 3.05% | 2.58% | 0.89% | 0.25% | 0.76% | 1.49% | 1.31% | 0.78% | 0.00% | 0.00% |
VWSTX Vanguard Short-Term Tax-Exempt Fund Investor Shares | 2.79% | 3.90% | 3.73% | 2.42% | 1.16% | 0.61% | 1.17% | 1.71% | 1.45% | 1.06% | 0.87% | 0.70% |
Frequently Asked Questions
VWSTX and USMTX have a correlation of 0.26, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
USMTX has higher volatility (0.21%) compared to VWSTX (0.20%). In terms of maximum drawdown, VWSTX dropped -3.09% vs USMTX's -1.98%.
USMTX currently has the higher Sharpe Ratio (3.10 vs 2.65), 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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