JMUB J.P. Morgan Municipal ETF
TREND FOLLOWING PERFORMANCE HISTORY
2026-05-31
Executive Summary
The quantitative backtest for JMUB (J.P. Morgan Municipal ETF) using the Excess Return MMA CA* strategy in a Trading context demonstrated its primary role in risk mitigation, experiencing a maximum drawdown of -7.5% (compared to the benchmark's drawdown of -12.5%). Over the evaluated period, this protective approach generated a Compound Annual Growth Rate (CAGR) of 2.5%, compared to a Buy-and-Hold benchmark return of 2.2%. The strategy executed 48 total trades.
* Excess Return MMA CA: Multi-Moving Average (Triple-Band) model utilizing sophisticated long/short cross durations optimized against volatility, with a month-end dynamic Cash Alternative sleeve rotation.
* Excess Return MMA CA: Multi-Moving Average (Triple-Band) model utilizing sophisticated long/short cross durations optimized against volatility, with a month-end dynamic Cash Alternative sleeve rotation.
📊 Mathematical Model
Excess Return MMA
Advanced Ensemble: Uses multiple signal layers for maximum trend stability and noise reduction.
Excess Return MMA CA Active
Advanced Dynamic Sleeve: MMA ensemble signals on the primary asset combined with a momentum-based cash alternative ETF rotation.
Excess Return SMA
Standard Signal: Classical quantitative trend following optimized for reliable directionality.
Available in Investing Mode
Moving Average (50/200)
Moving Average: The baseline 50/200-day crossover model used by technical analysts worldwide.
Available in Investing Mode
JMUB Quality Metrics & KPI Summary
| Metric | 1Y | 5Y | Full History | |||
|---|---|---|---|---|---|---|
| Strategy | B&H | Strategy | B&H | Strategy | B&H | |
| CAGR | 4.16% | 5.75% | 2.63% | 1.24% | 2.51% | 2.20% |
| Sharpe Ratio | 2.64 | 2.33 | 1.18 | 0.37 | 1.02 | 0.51 |
| Max Drawdown | -2.09% | -2.55% | -3.77% | -12.06% | -7.46% | -12.50% |
| % Time Invested | 87.7% | 100.0% | 80.6% | 100.0% | 85.3% | 100.0% |
| Trades / Year | 8.0 | 0.0 | 6.6 | 0.0 | 6.8 | 0.0 |
Cumulative Growth Performance
Return Distribution Analysis
Trade History
This log shows every signal-driven transition. Completed trades reflect standard market cycles. An Open / Mark-to-Market exit denotes a position currently held active, valued at the latest price. Interest entries record cash yields accrued during out-of-market periods.
| Entry Date | Exit Date | Type | Allocation | Entry Price | Exit Price | Net Return % | Exit Reason |
|---|---|---|---|---|---|---|---|
| Pending (2026-05-30) | — | Pending Buy | 33.33% | — | — | —% | Pending Next-Day Open |
| 2026-05-20 | Open | Open | 33.33% | $49.93 | $50.47 | 1.08% | Mark-to-Market |
| 2026-05-21 | Open | Interest (FLOT) | 33.33% | $1.00 | $1.00 | 0.02% | Mark-to-Market |
| 2026-05-04 | Open | Interest (FLOT) | 33.33% | $1.00 | $1.00 | 0.35% | Mark-to-Market |
| 2026-04-27 | 2026-05-21 | Completed | 33.33% | $50.41 | $49.82 | -1.17% | Signal |
| 2026-05-04 | 2026-05-20 | Interest (FLOT) | 33.33% | $1.00 | $1.00 | 0.24% | Interest Income |
| 2026-04-22 | 2026-05-01 | Interest (BIL) | 33.33% | $1.00 | $1.00 | 0.11% | Interest Income |
| 2026-03-26 | 2026-05-01 | Interest (BIL) | 33.33% | $1.00 | $1.00 | 0.39% | Interest Income |
| 2026-03-18 | 2026-04-27 | Interest (BIL) | 33.33% | $1.00 | $1.00 | 0.39% | Interest Income |
| 2025-09-12 | 2026-04-22 | Completed | 33.33% | $49.17 | $50.39 | 2.48% | Signal |
| 2026-01-23 | 2026-03-26 | Completed | 33.33% | $50.13 | $49.63 | -0.99% | Signal |
| 2026-01-13 | 2026-03-18 | Completed | 33.33% | $50.18 | $50.21 | 0.07% | Signal |
| 2025-12-19 | 2026-01-23 | Interest (FLOT) | 33.33% | $1.00 | $1.00 | 0.48% | Interest Income |
| 2025-11-28 | 2026-01-13 | Interest (FLOT) | 33.33% | $1.00 | $1.01 | 0.56% | Interest Income |
| 2025-09-08 | 2025-12-19 | Completed | 33.33% | $48.74 | $49.80 | 2.16% | Signal |
| 2025-08-21 | 2025-11-28 | Completed | 33.33% | $48.11 | $49.83 | 3.57% | Signal |
| 2025-06-03 | 2025-09-12 | Interest (FLOT) | 33.33% | $1.00 | $1.02 | 1.50% | Interest Income |
| 2025-07-16 | 2025-09-08 | Interest (FLOT) | 33.33% | $1.00 | $1.01 | 0.68% | Interest Income |
| 2025-07-24 | 2025-08-21 | Interest (FLOT) | 33.33% | $1.00 | $1.00 | 0.41% | Interest Income |
| 2025-07-03 | 2025-07-24 | Completed | 33.33% | $48.04 | $47.72 | -0.65% | Signal |
| 2025-06-23 | 2025-07-16 | Completed | 33.33% | $47.91 | $47.85 | -0.13% | Signal |
| 2025-06-10 | 2025-07-03 | Interest (FLOT) | 33.33% | $1.00 | $1.00 | 0.38% | Interest Income |
| 2025-06-03 | 2025-06-23 | Interest (FLOT) | 33.33% | $1.00 | $1.00 | 0.30% | Interest Income |
| 2025-05-16 | 2025-06-10 | Completed | 33.33% | $47.81 | $47.77 | -0.09% | Signal |
| 2025-05-02 | 2025-06-02 | Interest (SHV) | 33.33% | $1.00 | $1.00 | 0.32% | Interest Income |
| 2025-05-02 | 2025-06-02 | Interest (SHV) | 33.33% | $1.00 | $1.00 | 0.32% | Interest Income |
| 2025-05-02 | 2025-05-16 | Interest (SHV) | 33.33% | $1.00 | $1.00 | 0.13% | Interest Income |
| 2025-04-03 | 2025-05-01 | Interest (FLOT) | 33.33% | $1.00 | $1.00 | 0.02% | Interest Income |
| 2025-03-24 | 2025-05-01 | Interest (FLOT) | 33.33% | $1.00 | $1.00 | 0.21% | Interest Income |
| 2024-12-16 | 2025-05-01 | Interest (FLOT) | 33.33% | $1.00 | $1.02 | 1.52% | Interest Income |
| 2024-12-04 | 2025-04-03 | Completed | 33.33% | $48.38 | $48.37 | -0.01% | Signal |
| 2025-02-10 | 2025-03-24 | Completed | 33.33% | $48.23 | $48.13 | -0.21% | Signal |
| 2024-12-30 | 2025-02-10 | Interest (FLOT) | 33.33% | $1.00 | $1.01 | 0.55% | Interest Income |
| 2024-12-04 | 2024-12-30 | Completed | 33.33% | $48.38 | $47.83 | -1.14% | Signal |
| 2024-09-06 | 2024-12-16 | Completed | 33.33% | $48.16 | $48.13 | -0.06% | Signal |
| 2024-10-24 | 2024-12-04 | Interest (FLOT) | 33.33% | $1.00 | $1.01 | 0.66% | Interest Income |
| 2024-10-16 | 2024-12-04 | Interest (FLOT) | 33.33% | $1.00 | $1.01 | 0.82% | Interest Income |
| 2024-05-10 | 2024-10-24 | Completed | 33.33% | $47.04 | $47.82 | 1.66% | Signal |
| 2024-06-28 | 2024-10-16 | Completed | 33.33% | $47.22 | $48.18 | 2.04% | Signal |
| 2024-08-02 | 2024-09-06 | Interest (SHV) | 33.33% | $1.00 | $1.01 | 0.55% | Interest Income |
| 2024-05-20 | 2024-08-01 | Interest (FLOT) | 33.33% | $1.00 | $1.01 | 1.21% | Interest Income |
| 2024-06-05 | 2024-06-28 | Interest (FLOT) | 33.33% | $1.00 | $1.00 | 0.39% | Interest Income |
| 2024-05-10 | 2024-06-05 | Completed | 33.33% | $47.04 | $46.91 | -0.28% | Signal |
| 2024-01-18 | 2024-05-20 | Completed | 33.33% | $46.79 | $47.01 | 0.48% | Signal |
| 2024-03-28 | 2024-05-10 | Interest (FLOT) | 33.33% | $1.00 | $1.01 | 0.76% | Interest Income |
| 2024-02-21 | 2024-05-10 | Interest (FLOT) | 33.33% | $1.00 | $1.02 | 1.57% | Interest Income |
| 2024-03-26 | 2024-03-28 | Completed | 33.33% | $47.05 | $46.92 | -0.28% | Signal |
| 2024-01-30 | 2024-03-26 | Interest (FLOT) | 33.33% | $1.00 | $1.01 | 1.13% | Interest Income |
| 2023-11-30 | 2024-02-21 | Completed | 33.33% | $45.92 | $46.90 | 2.13% | Signal |
| 2023-11-16 | 2024-01-30 | Completed | 33.33% | $45.11 | $46.82 | 3.79% | Signal |
| 2023-06-02 | 2024-01-18 | Interest (FLOT) | 33.33% | $1.00 | $1.04 | 4.11% | Interest Income |
| 2023-08-09 | 2023-11-30 | Interest (FLOT) | 33.33% | $1.00 | $1.02 | 1.86% | Interest Income |
| 2023-08-01 | 2023-11-16 | Interest (FLOT) | 33.33% | $1.00 | $1.02 | 1.76% | Interest Income |
| 2023-07-31 | 2023-08-09 | Completed | 33.33% | $45.56 | $45.15 | -0.89% | Signal |
| 2023-07-03 | 2023-08-01 | Completed | 33.33% | $45.42 | $45.43 | 0.04% | Signal |
| 2023-06-02 | 2023-07-31 | Interest (FLOT) | 33.33% | $1.00 | $1.01 | 1.12% | Interest Income |
| 2023-06-02 | 2023-07-03 | Interest (FLOT) | 33.33% | $1.00 | $1.01 | 0.61% | Interest Income |
| 2023-05-24 | 2023-06-01 | Interest (SHV) | 33.33% | $1.00 | $1.00 | 0.16% | Interest Income |
| 2023-05-24 | 2023-06-01 | Interest (SHV) | 33.33% | $1.00 | $1.00 | 0.16% | Interest Income |
| 2023-05-09 | 2023-06-01 | Interest (SHV) | 33.33% | $1.00 | $1.00 | 0.30% | Interest Income |
| 2023-04-06 | 2023-05-24 | Completed | 33.33% | $45.66 | $44.84 | -1.79% | Signal |
| 2022-05-31 | 2023-05-24 | Completed | 33.33% | $44.33 | $44.84 | 1.17% | Signal |
| 2023-03-30 | 2023-05-09 | Completed | 33.33% | $45.24 | $45.56 | 0.72% | Signal |
| 2023-04-04 | 2023-04-06 | Interest (SHV) | 33.33% | $1.00 | $1.00 | 0.09% | Interest Income |
| 2023-03-09 | 2023-04-03 | Interest (FLOT) | 33.33% | $1.00 | $1.00 | -0.43% | Interest Income |
| 2023-02-24 | 2023-03-30 | Interest (FLOT) | 33.33% | $1.00 | $1.00 | -0.27% | Interest Income |
| 2022-12-05 | 2023-03-09 | Completed | 33.33% | $44.45 | $44.59 | 0.33% | Signal |
| 2022-11-22 | 2023-02-24 | Completed | 33.33% | $43.84 | $44.45 | 1.39% | Signal |
| 2022-12-02 | 2022-12-05 | Interest (FLOT) | 33.33% | $1.00 | $1.00 | 0.00% | Interest Income |
| 2022-10-04 | 2022-12-01 | Interest (BIL) | 33.33% | $1.00 | $1.01 | 0.52% | Interest Income |
| 2022-10-04 | 2022-11-22 | Interest (BIL) | 33.33% | $1.00 | $1.00 | 0.41% | Interest Income |
| 2022-09-14 | 2022-10-03 | Interest (FLOT) | 33.33% | $1.00 | $1.00 | -0.13% | Interest Income |
| 2022-09-02 | 2022-10-03 | Interest (FLOT) | 33.33% | $1.00 | $1.00 | -0.05% | Interest Income |
| 2022-05-31 | 2022-09-14 | Completed | 33.33% | $44.33 | $43.76 | -1.27% | Signal |
| 2022-08-30 | 2022-09-01 | Interest (BIL) | 33.33% | $1.00 | $1.00 | 0.05% | Interest Income |
| 2022-07-28 | 2022-08-30 | Completed | 33.33% | $44.78 | $44.23 | -1.24% | Signal |
| 2022-07-06 | 2022-07-28 | Interest (BIL) | 33.33% | $1.00 | $1.00 | 0.02% | Interest Income |
| 2022-05-31 | 2022-07-06 | Completed | 33.33% | $44.33 | $44.33 | 0.02% | Signal |
| 2022-03-02 | 2022-05-31 | Interest (BIL) | 33.33% | $1.00 | $1.00 | 0.05% | Interest Income |
| 2022-03-02 | 2022-05-31 | Interest (BIL) | 33.33% | $1.00 | $1.00 | 0.05% | Interest Income |
| 2022-03-02 | 2022-05-31 | Interest (BIL) | 33.33% | $1.00 | $1.00 | 0.05% | Interest Income |
| 2022-01-26 | 2022-03-01 | Interest (FLOT) | 33.33% | $1.00 | $1.00 | 0.03% | Interest Income |
| 2022-01-14 | 2022-03-01 | Interest (FLOT) | 33.33% | $1.00 | $1.00 | 0.05% | Interest Income |
| 2022-01-04 | 2022-03-01 | Interest (FLOT) | 33.33% | $1.00 | $1.00 | 0.01% | Interest Income |
| 2021-11-11 | 2022-01-26 | Completed | 33.33% | $47.69 | $47.04 | -1.36% | Signal |
| 2021-11-11 | 2022-01-14 | Completed | 33.33% | $47.69 | $47.47 | -0.47% | Signal |
| 2021-11-15 | 2022-01-03 | Interest (BIL) | 33.33% | $1.00 | $1.00 | -0.02% | Interest Income |
| 2021-06-17 | 2021-11-15 | Completed | 33.33% | $47.71 | $47.68 | -0.06% | Signal |
| 2021-11-02 | 2021-11-11 | Interest (BIL) | 33.33% | $1.00 | $1.00 | -0.02% | Interest Income |
| 2021-11-02 | 2021-11-11 | Interest (BIL) | 33.33% | $1.00 | $1.00 | -0.02% | Interest Income |
| 2021-09-17 | 2021-11-01 | Interest (FLOT) | 33.33% | $1.00 | $1.00 | 0.02% | Interest Income |
| 2021-09-02 | 2021-11-01 | Interest (FLOT) | 33.33% | $1.00 | $1.00 | 0.02% | Interest Income |
| 2021-04-13 | 2021-09-17 | Completed | 33.33% | $47.10 | $47.87 | 1.64% | Signal |
| 2021-08-27 | 2021-09-01 | Interest (SHV) | 33.33% | $1.00 | $1.00 | 0.00% | Interest Income |
| 2021-04-12 | 2021-08-27 | Completed | 33.33% | $47.05 | $47.91 | 1.82% | Signal |
| 2021-05-25 | 2021-06-17 | Interest (FLOT) | 33.33% | $1.00 | $1.00 | 0.04% | Interest Income |
| 2020-05-29 | 2021-05-25 | Completed | 33.33% | $45.34 | $47.36 | 4.44% | Signal |
| 2021-04-05 | 2021-04-13 | Interest (BIL) | 33.33% | $1.00 | $1.00 | -0.02% | Interest Income |
| 2021-04-05 | 2021-04-12 | Interest (BIL) | 33.33% | $1.00 | $1.00 | -0.02% | Interest Income |
| 2021-03-12 | 2021-04-01 | Interest (FLOT) | 33.33% | $1.00 | $1.00 | -0.06% | Interest Income |
| 2021-03-04 | 2021-04-01 | Interest (FLOT) | 33.33% | $1.00 | $1.00 | -0.06% | Interest Income |
| 2020-11-20 | 2021-03-12 | Completed | 33.33% | $46.76 | $46.89 | 0.26% | Signal |
| 2020-11-13 | 2021-03-04 | Completed | 33.33% | $46.43 | $46.65 | 0.49% | Signal |
| 2020-11-03 | 2020-11-20 | Interest (BIL) | 33.33% | $1.00 | $1.00 | 0.00% | Interest Income |
| 2020-11-03 | 2020-11-13 | Interest (BIL) | 33.33% | $1.00 | $1.00 | -0.01% | Interest Income |
| 2020-09-29 | 2020-11-02 | Interest (FLOT) | 33.33% | $1.00 | $1.00 | 0.00% | Interest Income |
| 2020-09-09 | 2020-11-02 | Interest (FLOT) | 33.33% | $1.00 | $1.00 | 0.02% | Interest Income |
| 2020-05-14 | 2020-09-29 | Completed | 33.33% | $44.72 | $46.32 | 3.58% | Signal |
| 2020-06-10 | 2020-09-09 | Completed | 33.33% | $45.42 | $46.29 | 1.91% | Signal |
| 2020-06-02 | 2020-06-10 | Interest (FLOT) | 33.33% | $1.00 | $1.00 | 0.28% | Interest Income |
| 2020-05-18 | 2020-06-01 | Interest (SHV) | 33.33% | $1.00 | $1.00 | -0.02% | Interest Income |
| 2020-05-04 | 2020-05-29 | Interest (SHV) | 33.33% | $1.00 | $1.00 | -0.01% | Interest Income |
| 2020-04-20 | 2020-05-18 | Completed | 33.33% | $44.60 | $44.83 | 0.51% | Signal |
| 2020-03-17 | 2020-05-14 | Interest (SHV) | 33.33% | $1.00 | $1.00 | 0.11% | Interest Income |
| 2020-04-13 | 2020-05-04 | Completed | 33.33% | $44.39 | $43.98 | -0.92% | Signal |
| 2020-03-17 | 2020-04-20 | Interest (SHV) | 33.33% | $1.00 | $1.00 | 0.13% | Interest Income |
| 2020-03-19 | 2020-04-13 | Interest (SHV) | 33.33% | $1.00 | $1.00 | 0.00% | Interest Income |
| 2019-05-21 | 2020-03-19 | Completed | 33.33% | $43.34 | $42.71 | -1.46% | Stop |
| 2019-12-23 | 2020-03-17 | Completed | 33.33% | $44.82 | $43.88 | -2.09% | Stop |
| 2019-12-05 | 2020-03-17 | Completed | 33.33% | $44.78 | $43.88 | -2.02% | Stop |
| 2019-10-10 | 2019-12-23 | Interest (FLOT) | 33.33% | $1.00 | $1.01 | 0.57% | Interest Income |
| 2019-11-05 | 2019-12-05 | Interest (FLOT) | 33.33% | $1.00 | $1.00 | 0.23% | Interest Income |
| 2019-10-17 | 2019-11-05 | Completed | 33.33% | $44.59 | $44.55 | -0.10% | Signal |
| 2019-09-20 | 2019-10-17 | Interest (FLOT) | 33.33% | $1.00 | $1.00 | 0.22% | Interest Income |
| 2019-05-21 | 2019-10-10 | Completed | 33.33% | $43.34 | $44.90 | 3.60% | Signal |
| 2019-05-21 | 2019-09-20 | Completed | 33.33% | $43.34 | $44.42 | 2.48% | Signal |
| 2019-05-17 | 2019-05-21 | Interest (FLOT) | 33.33% | $1.00 | $1.00 | -0.04% | Interest Income |
| 2019-05-17 | 2019-05-21 | Interest (FLOT) | 33.33% | $1.00 | $1.00 | -0.04% | Interest Income |
| 2019-05-17 | 2019-05-21 | Interest (FLOT) | 33.33% | $1.00 | $1.00 | -0.04% | Interest Income |