APCB vs. APMU

Last updated Jun 4, 2026

APCB (ActivePassive Core Bond ETF) and APMU (ActivePassive Intermediate Municipal Bond ETF) are both exchange-traded funds - APCB is a Intermediate Core-Plus Bond fund actively managed by ActivePassive, while APMU is a Municipal Bonds fund actively managed by ActivePassive. Both are actively managed. Over the past 3 years, APCB returned 3.96%/yr vs 3.03%/yr for APMU. A 0.66 correlation means they provide meaningful diversification when combined. Both charge a 0.36% expense ratio.

Performance

APCB vs. APMU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ActivePassive Core Bond ETF (APCB) and ActivePassive Intermediate Municipal Bond ETF (APMU). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, APCB achieves a 0.29% return, which is significantly lower than APMU's 0.44% return.

APCB

• 1D: -0.20%
• 1M: 0.27%
• YTD: 0.29%
• 6M: 0.29%
• 1Y: 4.82%
• 3Y*: 3.96%
• 5Y*: —
• 10Y*: —

APMU

• 1D: -0.04%
• 1M: 0.25%
• YTD: 0.44%
• 6M: 0.72%
• 1Y: 4.28%
• 3Y*: 3.03%
• 5Y*: —
• 10Y*: —

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

APCB vs. APMU - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
APCB ActivePassive Core Bond ETF	0.29%	6.87%	1.45%	1.57%
APMU ActivePassive Intermediate Municipal Bond ETF	0.44%	4.50%	0.86%	1.24%

Correlation

The correlation between APCB and APMU is 0.50, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.50
Correlation (3Y) Calculated over the trailing 3-year period	0.66
Correlation (All Time) Calculated using the full available price history since May 4, 2023	0.66

The correlation between APCB and APMU shifts across timeframes, from 0.50 (1 year) to 0.66 (3 years), reflecting how their relationship changes across market environments.

Return for Risk

APCB vs. APMU — Risk / Return Rank

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

APCB

APCB Risk / Return Rank: 39
APCB Sharpe Ratio Rank: 40
APCB Sortino Ratio Rank: 41
APCB Omega Ratio Rank: 39
APCB Calmar Ratio Rank: 39
APCB Martin Ratio Rank: 37

APMU

APMU Risk / Return Rank: 49
APMU Sharpe Ratio Rank: 53
APMU Sortino Ratio Rank: 55
APMU Omega Ratio Rank: 63
APMU Calmar Ratio Rank: 37
APMU Martin Ratio Rank: 35

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.

APCB vs. APMU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ActivePassive Core Bond ETF (APCB) and ActivePassive Intermediate Municipal Bond ETF (APMU). 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.

	APCB	APMU	Difference
Sharpe ratio: Return per unit of total volatility	1.41	1.81	-0.40
Sortino ratio: Return per unit of downside risk	2.08	2.62	-0.54
Omega ratio: Gain probability vs. loss probability	1.25	1.38	-0.12
Calmar ratio: Return relative to maximum drawdown	1.87	1.79	+0.08
Martin ratio: Return relative to average drawdown	5.64	5.30	+0.34
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

APCB vs. APMU - Sharpe Ratio Comparison

The current APCB Sharpe Ratio is 1.41, which is comparable to the APMU Sharpe Ratio of 1.81. The chart below compares the historical Sharpe Ratios of APCB and APMU, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	APCB	APMU	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.41	1.81	-0.40
Sharpe Ratio (All Time) Calculated using the full available price history	0.68	0.82	-0.14

Drawdowns

APCB vs. APMU - Drawdown Comparison

The maximum APCB drawdown since its inception was -6.42%, which is greater than APMU's maximum drawdown of -4.39%. Use the drawdown chart below to compare losses from any high point for APCB and APMU.

Drawdown Indicators

	APCB	APMU	Difference
Max Drawdown Largest peak-to-trough decline	-6.42%	-4.39%	-2.03%
Max Drawdown (1Y) Largest decline over 1 year	-2.58%	-2.40%	-0.18%
Max Drawdown (3Y) Largest decline over 3 years	-5.32%	-3.41%	-1.91%
Current Drawdown Current decline from peak	-1.41%	-1.17%	-0.24%
Average Drawdown Average peak-to-trough decline	-1.51%	-0.93%	-0.58%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.86%	0.81%	+0.05%

Volatility

APCB vs. APMU - Volatility Comparison

ActivePassive Core Bond ETF (APCB) has a higher volatility of 1.22% compared to ActivePassive Intermediate Municipal Bond ETF (APMU) at 0.75%. This indicates that APCB's price experiences larger fluctuations and is considered to be riskier than APMU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	APCB	APMU	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.22%	0.75%	+0.47%
Volatility (6M) Calculated over the trailing 6-month period	2.42%	1.68%	+0.74%
Volatility (1Y) Calculated over the trailing 1-year period	3.43%	2.37%	+1.06%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.84%	2.81%	+2.03%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.84%	2.81%	+2.03%

APCB vs. APMU - Expense Ratio Comparison

Both APCB and APMU have an expense ratio of 0.36%.

Dividends

APCB vs. APMU - Dividend Comparison

APCB's dividend yield for the trailing twelve months is around 4.35%, more than APMU's 2.66% yield.

Position	TTM	2025	2024	2023
APCB ActivePassive Core Bond ETF	4.35%	4.35%	4.74%	2.22%
APMU ActivePassive Intermediate Municipal Bond ETF	2.66%	2.63%	2.42%	1.31%

Frequently Asked Questions

Can I hold both APCB and APMU in my portfolio?

APCB and APMU have a correlation of 0.50, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, APCB or APMU?

APCB has higher volatility (1.22%) compared to APMU (0.75%). In terms of maximum drawdown, APCB dropped -6.42% vs APMU's -4.39%.

Which ETF is better, APCB or APMU?

On 3-year performance, APCB leads with 3.96% vs 3.03% for APMU. Both ETFs have the same 0.36% expense ratio. On volatility, APMU has been the lower-risk option at 0.75%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, APCB or APMU?

Over the 3-year period, APCB has performed better with a 3.96% return vs 3.03%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, APCB or APMU?

APCB and APMU have the same expense ratio: 0.36% per year.

Which ETF pays a higher dividend yield, APCB or APMU?

APCB has the higher dividend yield at 4.35%, compared with 2.66% for APMU.

What is the main difference between APCB and APMU?

APCB is categorized as Intermediate Core-Plus Bond, while APMU is Municipal Bonds.

Which has better risk-adjusted returns?

APMU currently has the higher Sharpe Ratio (1.81 vs 1.41), 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.