APMU vs. AMUN

Last updated Apr 1, 2026

Compare and contrast key facts about ActivePassive Intermediate Municipal Bond ETF (APMU) and abrdn Ultra Short Municipal Income Active ETF (AMUN).

APMU and AMUN are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. APMU is an actively managed fund by ActivePassive. It was launched on May 2, 2023. AMUN is an actively managed fund by abrdn. It was launched on Oct 20, 2025.

Performance

APMU vs. AMUN - Performance Comparison

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

APMU vs. AMUN - Yearly Performance Comparison

	2026 (YTD)	2025
APMU ActivePassive Intermediate Municipal Bond ETF	-0.44%	0.22%
AMUN abrdn Ultra Short Municipal Income Active ETF	0.54%	0.14%

Returns By Period

In the year-to-date period, APMU achieves a -0.44% return, which is significantly lower than AMUN's 0.54% return.

APMU

• 1D: 0.32%
• 1M: -2.04%
• YTD: -0.44%
• 6M: 0.28%
• 1Y: 3.44%
• 3Y*: —
• 5Y*: —
• 10Y*: —

AMUN

• 1D: 0.02%
• 1M: -0.04%
• YTD: 0.54%
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

APMU vs. AMUN - Expense Ratio Comparison

APMU has a 0.36% expense ratio, which is higher than AMUN's 0.25% expense ratio.

APMU

ActivePassive Intermediate Municipal Bond ETF

AMUN

abrdn Ultra Short Municipal Income Active ETF

Return for Risk

APMU vs. AMUN — Risk / Return Rank

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

APMU

APMU Risk / Return Rank: 61
APMU Sharpe Ratio Rank: 66
APMU Sortino Ratio Rank: 59
APMU Omega Ratio Rank: 71
APMU Calmar Ratio Rank: 59
APMU Martin Ratio Rank: 51

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.

APMU vs. AMUN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ActivePassive Intermediate Municipal Bond ETF (APMU) and abrdn Ultra Short Municipal Income Active ETF (AMUN). 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.

	APMU	AMUN	Difference
Sharpe ratio Return per unit of total volatility	1.18	—	—
Sortino ratio Return per unit of downside risk	1.55	—	—
Omega ratio Gain probability vs. loss probability	1.27	—	—
Calmar ratio Return relative to maximum drawdown	1.55	—	—
Martin ratio Return relative to average drawdown	4.99	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	APMU	AMUN	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.18	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.75	1.39	-0.64

Correlation

The correlation between APMU and AMUN is 0.19, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

APMU vs. AMUN - Dividend Comparison

APMU's dividend yield for the trailing twelve months is around 2.62%, more than AMUN's 1.14% yield.

	TTM	2025	2024	2023
APMU ActivePassive Intermediate Municipal Bond ETF	2.62%	2.63%	2.42%	1.31%
AMUN abrdn Ultra Short Municipal Income Active ETF	1.14%	0.66%	0.00%	0.00%

Drawdowns

APMU vs. AMUN - Drawdown Comparison

The maximum APMU drawdown since its inception was -4.39%, which is greater than AMUN's maximum drawdown of -0.61%. Use the drawdown chart below to compare losses from any high point for APMU and AMUN.

Drawdown Indicators

	APMU	AMUN	Difference
Max Drawdown Largest peak-to-trough decline	-4.39%	-0.61%	-3.78%
Max Drawdown (1Y) Largest decline over 1 year	-2.40%	—	—
Current Drawdown Current decline from peak	-2.04%	-0.05%	-1.99%
Average Drawdown Average peak-to-trough decline	-0.90%	-0.11%	-0.79%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.74%	—	—

Volatility

Volatility by Period

	APMU	AMUN	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.06%	—	—
Volatility (6M) Calculated over the trailing 6-month period	1.83%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	2.93%	1.12%	+1.81%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.83%	1.12%	+1.71%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.83%	1.12%	+1.71%