JMST vs QQQ
JPMorgan Ultra-Short Municipal Income ETF vs Invesco QQQ Trust, Series 1
Quick Verdict
QQQ delivered stronger 1-year returns. JMST offers more diversification with 1,617 holdings.
Side-by-Side Comparison
| Metric | JMST | QQQ | Winner |
|---|---|---|---|
| Expense Ratio | 0.18% | 0.18% | |
| AUM | $7.2B | $496.3B | |
| Dividend Yield | 2.62% | 0.44% | |
| Holdings | 1,617 | 108 | |
| YTD Return | +1.48% | +16.64% | |
| 1Y Return | +2.50% | +27.27% | |
| 3Y Return (annualized) | +3.34% | +25.96% | |
| 5Y Return (annualized) | +2.35% | +14.54% | |
| Volatility (annualized) | 0.8% | 30.6% | |
| Max Drawdown | -2.4% | -83.0% | |
| Fund Family | J.P. Morgan Asset Management | Invesco (US) | |
| Category | Fixed Income | Equity | |
| Inception | Oct 16, 2018 | Mar 10, 1999 |
JMST vs QQQ Performance
JPMorgan Ultra-Short Municipal Income ETF (JMST) is a ETF from J.P. Morgan Asset Management and Invesco QQQ Trust, Series 1 (QQQ) is a ETF from Invesco (US). Over the past year JMST returned +2.50% while QQQ returned +27.27%. Year to date, JMST is up 1.48% versus a gain of 16.64% for QQQ.
Over three years, JMST compounded at +3.34% per year against +25.96% for QQQ; over five years the annualized figures are +2.35% and +14.54% respectively. Across the full 8-year window we track, QQQ has the edge at +13.03% annualized vs +1.78%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
QQQ has been the more volatile fund, with annualized monthly volatility of 30.6% compared with 0.8% for JMST. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.
The deepest peak-to-trough decline in our data was -2.4% for JMST and -83.0% for QQQ. Drawdown depth is worth weighing if you expect to sell during market stress rather than ride it out.
The two funds' monthly returns correlate at 0.36. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
JMST charges 0.18% per year while QQQ charges 0.18%. On a $10,000 position that is $18 vs $18 annually. On income, JMST currently yields 2.62% against 0.44% for QQQ.
Holdings Overlap
JMST and QQQ share 0 holdings out of 135 unique holdings combined, representing a 0.0% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
Frequently Asked Questions
Which is cheaper, JMST or QQQ?
JMST has an expense ratio of 0.18% while QQQ charges 0.18%. They cost the same. On a $10,000 investment, that is $0 per year of difference.
Which performed better, JMST or QQQ?
Over the past year JMST returned +2.50% vs +27.27% for QQQ, so QQQ leads on 1-year performance. Over the longest common window we track (8 years), JMST annualized +1.78% vs +13.03% for QQQ. Past performance does not guarantee future results.
Which is riskier, JMST or QQQ?
QQQ has been the more volatile fund at 30.6% annualized versus 0.8% for JMST. Worst drawdown: JMST -2.4% vs QQQ -83.0%.
Should I hold both JMST and QQQ?
JMST and QQQ have a monthly-return correlation of 0.36, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between JMST and QQQ?
JMST and QQQ share 0 common holdings with a 0.0% weight overlap. Combined, they hold 135 unique securities.
Which pays a higher dividend, JMST or QQQ?
JMST yields 2.62% while QQQ yields 0.44%, so JMST currently pays the higher dividend yield.
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