APUE vs. APMU

Last updated Jun 4, 2026

APUE (ActivePassive U.S. Equity ETF) and APMU (ActivePassive Intermediate Municipal Bond ETF) are both exchange-traded funds - APUE is a Large Cap Blend Equities 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, APUE returned 22.12%/yr vs 3.03%/yr for APMU. At a 0.17 correlation, their price movements are largely independent. APUE charges 0.33%/yr vs 0.36%/yr for APMU.

Performance

APUE vs. APMU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ActivePassive U.S. Equity ETF (APUE) 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, APUE achieves a 10.99% return, which is significantly higher than APMU's 0.44% return.

APUE

• 1D: -0.58%
• 1M: 4.97%
• YTD: 10.99%
• 6M: 11.14%
• 1Y: 29.02%
• 3Y*: 22.12%
• 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)

APUE vs. APMU - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
APUE ActivePassive U.S. Equity ETF	10.99%	17.49%	23.89%	18.42%
APMU ActivePassive Intermediate Municipal Bond ETF	0.44%	4.50%	0.86%	1.24%

Correlation

The correlation between APUE and APMU is 0.12, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.12
Correlation (3Y) Calculated over the trailing 3-year period	0.16
Correlation (All Time) Calculated using the full available price history since May 4, 2023	0.17

Return for Risk

APUE vs. APMU — Risk / Return Rank

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

APUE

APUE Risk / Return Rank: 73
APUE Sharpe Ratio Rank: 74
APUE Sortino Ratio Rank: 73
APUE Omega Ratio Rank: 73
APUE Calmar Ratio Rank: 66
APUE Martin Ratio Rank: 78

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.

APUE vs. APMU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ActivePassive U.S. Equity ETF (APUE) 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.

	APUE	APMU	Difference
Sharpe ratio: Return per unit of total volatility	2.39	1.81	+0.58
Sortino ratio: Return per unit of downside risk	3.29	2.62	+0.67
Omega ratio: Gain probability vs. loss probability	1.43	1.38	+0.06
Calmar ratio: Return relative to maximum drawdown	3.24	1.79	+1.45
Martin ratio: Return relative to average drawdown	15.17	5.30	+9.86
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

APUE vs. APMU - Sharpe Ratio Comparison

The current APUE Sharpe Ratio is 2.39, which is higher than the APMU Sharpe Ratio of 1.81. The chart below compares the historical Sharpe Ratios of APUE 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

	APUE	APMU	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.39	1.81	+0.58
Sharpe Ratio (All Time) Calculated using the full available price history	1.61	0.82	+0.79

Drawdowns

APUE vs. APMU - Drawdown Comparison

The maximum APUE drawdown since its inception was -18.83%, which is greater than APMU's maximum drawdown of -4.39%. Use the drawdown chart below to compare losses from any high point for APUE and APMU.

Drawdown Indicators

	APUE	APMU	Difference
Max Drawdown Largest peak-to-trough decline	-18.83%	-4.39%	-14.44%
Max Drawdown (1Y) Largest decline over 1 year	-8.98%	-2.40%	-6.58%
Max Drawdown (3Y) Largest decline over 3 years	-18.83%	-3.41%	-15.42%
Current Drawdown Current decline from peak	-0.58%	-1.17%	+0.59%
Average Drawdown Average peak-to-trough decline	-2.07%	-0.93%	-1.14%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.92%	0.81%	+1.11%

Volatility

APUE vs. APMU - Volatility Comparison

ActivePassive U.S. Equity ETF (APUE) has a higher volatility of 2.84% compared to ActivePassive Intermediate Municipal Bond ETF (APMU) at 0.75%. This indicates that APUE'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

	APUE	APMU	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.84%	0.75%	+2.09%
Volatility (6M) Calculated over the trailing 6-month period	9.08%	1.68%	+7.40%
Volatility (1Y) Calculated over the trailing 1-year period	12.20%	2.37%	+9.83%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.65%	2.81%	+11.84%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.65%	2.81%	+11.84%

APUE vs. APMU - Expense Ratio Comparison

APUE has a 0.33% expense ratio, which is lower than APMU's 0.36% expense ratio.

Dividends

APUE vs. APMU - Dividend Comparison

APUE's dividend yield for the trailing twelve months is around 0.75%, less than APMU's 2.66% yield.

Position	TTM	2025	2024	2023
APMU ActivePassive Intermediate Municipal Bond ETF	2.66%	2.63%	2.42%	1.31%
APUE ActivePassive U.S. Equity ETF	0.75%	0.83%	0.79%	0.41%

Frequently Asked Questions

Can I hold both APUE and APMU in my portfolio?

APUE and APMU have a correlation of 0.12, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, APUE or APMU?

APUE has higher volatility (2.84%) compared to APMU (0.75%). In terms of maximum drawdown, APUE dropped -18.83% vs APMU's -4.39%.

Which ETF is better, APUE or APMU?

On 3-year performance, APUE leads with 22.12% vs 3.03% for APMU. On fees, APUE is cheaper at 0.33% per year. 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, APUE or APMU?

Over the 3-year period, APUE has performed better with a 22.12% return vs 3.03%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, APUE or APMU?

APUE is cheaper with a 0.33% expense ratio, compared with 0.36% for APMU.

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

APMU has the higher dividend yield at 2.66%, compared with 0.75% for APUE.

What is the main difference between APUE and APMU?

APUE is categorized as Large Cap Blend Equities, while APMU is Municipal Bonds. Their fees differ too: 0.33% for APUE and 0.36% for APMU.

Which has better risk-adjusted returns?

APUE currently has the higher Sharpe Ratio (2.39 vs 1.81), 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.