APMU vs. APCB

Last updated Jun 23, 2026

APMU (ActivePassive Intermediate Municipal Bond ETF) and APCB (ActivePassive Core Bond ETF) are both exchange-traded funds - APMU is a Municipal Bonds fund actively managed by ActivePassive, while APCB is a Intermediate Core-Plus Bond fund actively managed by ActivePassive. Both are actively managed. Over the past 3 years, APMU returned 2.91%/yr vs 4.01%/yr for APCB. A 0.67 correlation means they provide meaningful diversification when combined. Both charge a 0.36% expense ratio.

Performance

APMU vs. APCB - Performance Comparison

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

Returns By Period

In the year-to-date period, APMU achieves a 0.64% return, which is significantly higher than APCB's 0.46% return.

APMU

• 1D: -0.20%
• 1M: 0.92%
• YTD: 0.64%
• 6M: 0.86%
• 1Y: 3.94%
• 3Y*: 2.91%
• 5Y*: —
• 10Y*: —

APCB

• 1D: -0.17%
• 1M: 0.68%
• YTD: 0.46%
• 6M: 0.76%
• 1Y: 4.35%
• 3Y*: 4.01%
• 5Y*: —
• 10Y*: —

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

APMU vs. APCB - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
APMU ActivePassive Intermediate Municipal Bond ETF	0.64%	4.50%	0.86%	1.24%
APCB ActivePassive Core Bond ETF	0.46%	6.87%	1.45%	1.57%

Correlation

The correlation between APMU and APCB is 0.52, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.52
Correlation (3Y) Calculated over the trailing 3-year period	0.66
Correlation (All Time) Calculated using the full available price history since May 3, 2023	0.67

The correlation between APMU and APCB shifts across timeframes, from 0.52 (1 year) to 0.67 (all time), reflecting how their relationship changes across market environments.

Return for Risk

APMU vs. APCB — Risk / Return Rank

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

APMU

APMU Risk / Return Rank: 44
APMU Sharpe Ratio Rank: 48
APMU Sortino Ratio Rank: 49
APMU Omega Ratio Rank: 54
APMU Calmar Ratio Rank: 34
APMU Martin Ratio Rank: 33

APCB

APCB Risk / Return Rank: 36
APCB Sharpe Ratio Rank: 37
APCB Sortino Ratio Rank: 37
APCB Omega Ratio Rank: 35
APCB Calmar Ratio Rank: 35
APCB Martin Ratio Rank: 33

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. APCB - Risk-Adjusted Trends Comparison

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

	APMU	APCB	Difference
Sharpe ratio: Return per unit of total volatility	1.61	1.28	+0.33
Sortino ratio: Return per unit of downside risk	2.35	1.89	+0.45
Omega ratio: Gain probability vs. loss probability	1.33	1.23	+0.10
Calmar ratio: Return relative to maximum drawdown	1.65	1.69	-0.04
Martin ratio: Return relative to average drawdown	4.68	4.84	-0.15

APMU vs. APCB - Sharpe Ratio Comparison

The current APMU Sharpe Ratio is 1.61, which is comparable to the APCB Sharpe Ratio of 1.28. The chart below compares the historical Sharpe Ratios of APMU and APCB, 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

APMU vs. APCB - Drawdown Comparison

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

Drawdown Indicators

	APMU	APCB	Difference
Max Drawdown Largest peak-to-trough decline	-4.39%	-6.42%	+2.03%
Max Drawdown (1Y) Largest decline over 1 year	-2.40%	-2.58%	+0.18%
Max Drawdown (3Y) Largest decline over 3 years	-3.41%	-5.32%	+1.91%
Current Drawdown Current decline from peak	-0.98%	-1.24%	+0.26%
Average Drawdown Average peak-to-trough decline	-0.93%	-1.51%	+0.58%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.84%	0.90%	-0.06%

Volatility

APMU vs. APCB - Volatility Comparison

The current volatility for ActivePassive Intermediate Municipal Bond ETF (APMU) is 0.80%, while ActivePassive Core Bond ETF (APCB) has a volatility of 1.01%. This indicates that APMU experiences smaller price fluctuations and is considered to be less risky than APCB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	APMU	APCB	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.80%	1.01%	-0.21%
Volatility (6M) Calculated over the trailing 6-month period	1.78%	2.54%	-0.76%
Volatility (1Y) Calculated over the trailing 1-year period	2.45%	3.42%	-0.97%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.81%	4.83%	-2.02%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.81%	4.83%	-2.02%

APMU vs. APCB - Expense Ratio Comparison

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

Dividends

APMU vs. APCB - Dividend Comparison

APMU's dividend yield for the trailing twelve months is around 2.66%, less than APCB's 4.34% yield.

Position	TTM	2025	2024	2023
APCB ActivePassive Core Bond ETF	4.34%	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 APMU and APCB in my portfolio?

APMU and APCB have a correlation of 0.52, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, APMU or APCB?

APCB has higher volatility (1.01%) compared to APMU (0.80%). In terms of maximum drawdown, APMU dropped -4.39% vs APCB's -6.42%.

Which ETF is better, APMU or APCB?

On 3-year performance, APCB leads with 4.01% vs 2.91% for APMU. Both ETFs have the same 0.36% expense ratio. On volatility, APMU has been the lower-risk option at 0.80%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, APMU or APCB?

Over the 3-year period, APCB has performed better with a 4.01% return vs 2.91%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, APMU or APCB?

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

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

APCB has the higher dividend yield at 4.34%, compared with 2.66% for APMU.

What is the main difference between APMU and APCB?

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

Which has better risk-adjusted returns?

APMU currently has the higher Sharpe Ratio (1.61 vs 1.28), 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.