AFIX vs. AUSM

Last updated Jul 17, 2026

AFIX (Allspring Broad Market Core Bond ETF) and AUSM (Allspring Ultra Short Municipal ETF) are both exchange-traded funds - AFIX is a Intermediate Core Bond fund actively managed by Allspring, while AUSM is a Municipal Bonds fund actively managed by Allspring. Both are actively managed. Over the past year, AFIX returned 4.58% vs 3.07% for AUSM. At a correlation of -0.05, they often move in opposite directions. AFIX charges 0.20%/yr vs 0.18%/yr for AUSM.

Performance

AFIX vs. AUSM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Allspring Broad Market Core Bond ETF (AFIX) and Allspring Ultra Short Municipal ETF (AUSM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, AFIX achieves a 0.33% return, which is significantly lower than AUSM's 1.46% return.

AFIX

• 1D: -0.12%
• 1M: -0.58%
• 6M: -0.06%
• YTD: 0.33%
• 1Y: 4.58%
• 3Y*: —
• 5Y*: —
• 10Y*: —

AUSM

• 1D: 0.12%
• 1M: 0.30%
• 6M: 1.24%
• YTD: 1.46%
• 1Y: 3.07%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

AFIX vs. AUSM - Yearly Performance Comparison

	2026 (YTD)	2025
AFIX Allspring Broad Market Core Bond ETF	0.33%	4.07%
AUSM Allspring Ultra Short Municipal ETF	1.46%	1.58%

Correlation

The correlation between AFIX and AUSM is -0.04, 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	-0.04
Correlation (All Time) Calculated using the full available price history since Jul 8, 2025	-0.05

Return for Risk

AFIX vs. AUSM — Risk / Return Rank

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

AFIX

AFIX Risk / Return Rank: 37
AFIX Sharpe Ratio Rank: 40
AFIX Sortino Ratio Rank: 40
AFIX Omega Ratio Rank: 37
AFIX Calmar Ratio Rank: 35
AFIX Martin Ratio Rank: 34

AUSM

AUSM Risk / Return Rank: 97
AUSM Sharpe Ratio Rank: 98
AUSM Sortino Ratio Rank: 98
AUSM Omega Ratio Rank: 98
AUSM Calmar Ratio Rank: 96
AUSM Martin Ratio Rank: 95

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.

AFIX vs. AUSM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Allspring Broad Market Core Bond ETF (AFIX) and Allspring Ultra Short Municipal ETF (AUSM). 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.

	AFIX	AUSM	Difference
Sharpe ratio: Return per unit of total volatility	1.17	4.18	-3.01
Sortino ratio: Return per unit of downside risk	1.73	7.33	-5.60
Omega ratio: Gain probability vs. loss probability	1.21	2.38	-1.17
Calmar ratio: Return relative to maximum drawdown	1.49	7.38	-5.90
Martin ratio: Return relative to average drawdown	4.05	21.86	-17.81

AFIX vs. AUSM - Sharpe Ratio Comparison

The current AFIX Sharpe Ratio is 1.17, which is lower than the AUSM Sharpe Ratio of 4.18. The chart below compares the historical Sharpe Ratios of AFIX and AUSM, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

AFIX vs. AUSM - Drawdown Comparison

The maximum AFIX drawdown since its inception was -3.33%, which is greater than AUSM's maximum drawdown of -0.42%. Use the drawdown chart below to compare losses from any high point for AFIX and AUSM.

Drawdown Indicators

	AFIX	AUSM	Difference
Max Drawdown Largest peak-to-trough decline	-3.33%	-0.42%	-2.91%
Max Drawdown (1Y) Largest decline over 1 year	-3.10%	-0.42%	-2.68%
Current Drawdown Current decline from peak	-1.86%	0.00%	-1.86%
Average Drawdown Average peak-to-trough decline	-1.01%	-0.08%	-0.93%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.13%	0.14%	+0.99%

Volatility

AFIX vs. AUSM - Volatility Comparison

Allspring Broad Market Core Bond ETF (AFIX) has a higher volatility of 1.29% compared to Allspring Ultra Short Municipal ETF (AUSM) at 0.16%. This indicates that AFIX's price experiences larger fluctuations and is considered to be riskier than AUSM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AFIX	AUSM	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.29%	0.16%	+1.13%
Volatility (6M) Calculated over the trailing 6-month period	3.10%	0.46%	+2.64%
Volatility (1Y) Calculated over the trailing 1-year period	3.94%	0.74%	+3.20%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.53%	0.74%	+3.79%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.53%	0.74%	+3.79%

AFIX vs. AUSM - Expense Ratio Comparison

AFIX has a 0.20% expense ratio, which is higher than AUSM's 0.18% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

AFIX vs. AUSM - Dividend Comparison

AFIX's dividend yield for the trailing twelve months is around 5.05%, more than AUSM's 2.61% yield.

Position	TTM	2025	2024
AFIX Allspring Broad Market Core Bond ETF	5.05%	4.94%	0.38%
AUSM Allspring Ultra Short Municipal ETF	2.61%	1.26%	0.00%

Frequently Asked Questions

Can I hold both AFIX and AUSM in my portfolio?

AFIX and AUSM have a correlation of -0.04, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, AFIX or AUSM?

AFIX has higher volatility (1.29%) compared to AUSM (0.16%). In terms of maximum drawdown, AFIX dropped -3.33% vs AUSM's -0.42%.

Which ETF is better, AFIX or AUSM?

On 1-year performance, AFIX leads with 4.58% vs 3.07% for AUSM. On fees, AUSM is cheaper at 0.18% per year. On volatility, AUSM has been the lower-risk option at 0.16%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, AFIX or AUSM?

Over the 1-year period, AFIX has performed better with a 4.58% return vs 3.07%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, AFIX or AUSM?

AUSM is cheaper with a 0.18% expense ratio, compared with 0.20% for AFIX.

Which ETF pays a higher dividend yield, AFIX or AUSM?

AFIX has the higher dividend yield at 5.05%, compared with 2.61% for AUSM.

What is the main difference between AFIX and AUSM?

AFIX is categorized as Intermediate Core Bond, while AUSM is Municipal Bonds. Their fees differ too: 0.20% for AFIX and 0.18% for AUSM.

Which has better risk-adjusted returns?

AUSM currently has the higher Sharpe Ratio (4.18 vs 1.17), 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.