WNTFX vs. USMSX

Last updated Jun 4, 2026

WNTFX (Weitz Nebraska Tax-Free Income Fund) and USMSX (JPMorgan Ultra-Short Municipal Fund) are both Municipal Bonds funds. At a 0.34 correlation, their price movements are largely independent. Both charge a 0.45% expense ratio.

Performance

WNTFX vs. USMSX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Weitz Nebraska Tax-Free Income Fund (WNTFX) and JPMorgan Ultra-Short Municipal Fund (USMSX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

WNTFX

• 1D: —
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

USMSX

• 1D: 0.00%
• 1M: 0.19%
• YTD: 0.62%
• 6M: 0.92%
• 1Y: 2.45%
• 3Y*: 2.93%
• 5Y*: 1.73%
• 10Y*: —

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

WNTFX vs. USMSX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
WNTFX Weitz Nebraska Tax-Free Income Fund	0.67%	4.56%	1.19%	3.79%	-4.84%	0.35%	3.64%	4.05%	0.67%	1.61%
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 WNTFX and USMSX is 0.07, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.07
Correlation (3Y) Calculated over the trailing 3-year period	0.31
Correlation (5Y) Calculated over the trailing 5-year period	0.39
Correlation (All Time) Calculated using the full available price history since Jan 4, 2017	0.34

Over the past year, the correlation between WNTFX and USMSX has dropped to 0.07 - well below their long-term average of 0.34, suggesting their price drivers have been diverging.

Return for Risk

WNTFX vs. USMSX — Risk / Return Rank

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

USMSX

USMSX Risk / Return Rank: 99
USMSX Sharpe Ratio Rank: 98
USMSX Sortino Ratio Rank: 99
USMSX Omega Ratio Rank: 100
USMSX Calmar Ratio Rank: 98
USMSX 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.

WNTFX vs. USMSX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Weitz Nebraska Tax-Free Income Fund (WNTFX) 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	WNTFX	USMSX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	4.15	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	2.47	—
Sharpe Ratio (All Time) Calculated using the full available price history	—	1.89	—

Drawdowns

Drawdown Indicators

	WNTFX	USMSX	Difference
Max Drawdown Largest peak-to-trough decline	—	-2.09%	—
Max Drawdown (1Y) Largest decline over 1 year	—	-0.30%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-0.50%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-2.03%	—
Current Drawdown Current decline from peak	—	0.00%	—
Average Drawdown Average peak-to-trough decline	—	-0.22%	—
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.06%	—

Volatility

Volatility by Period

	WNTFX	USMSX	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	0.20%	—
Volatility (6M) Calculated over the trailing 6-month period	—	0.45%	—
Volatility (1Y) Calculated over the trailing 1-year period	—	0.59%	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	—	0.70%	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	—	0.73%	—

WNTFX vs. USMSX - Expense Ratio Comparison

Both WNTFX and USMSX have an expense ratio of 0.45%.

Dividends

WNTFX vs. USMSX - Dividend Comparison

WNTFX's dividend yield for the trailing twelve months is around 2.55%, more than USMSX's 2.33% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
USMSX JPMorgan Ultra-Short Municipal Fund	2.33%	2.42%	2.84%	2.35%	0.70%	0.05%	0.57%	1.28%	1.01%	0.59%	0.00%	0.00%
WNTFX Weitz Nebraska Tax-Free Income Fund	2.55%	2.27%	2.03%	2.02%	1.97%	1.14%	1.60%	1.24%	1.48%	1.41%	1.72%	1.95%

Frequently Asked Questions

Can I hold both WNTFX and USMSX in my portfolio?

WNTFX and USMSX have a correlation of 0.07, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.