ASCE vs. AUSM

Last updated Jun 24, 2026

ASCE (Allspring SMID Core ETF) and AUSM (Allspring Ultra Short Municipal ETF) are both exchange-traded funds - ASCE is a Small Cap Blend Equities fund actively managed by Allspring, while AUSM is a Municipal Bonds fund actively managed by Allspring. Both are actively managed. At a 0.02 correlation, their price movements are largely independent. ASCE charges 0.38%/yr vs 0.18%/yr for AUSM.

Performance

ASCE vs. AUSM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Allspring SMID Core ETF (ASCE) 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, ASCE achieves a 28.36% return, which is significantly higher than AUSM's 1.18% return.

ASCE

• 1D: -2.21%
• 1M: 6.39%
• YTD: 28.36%
• 6M: 23.53%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

AUSM

• 1D: -0.02%
• 1M: 0.23%
• YTD: 1.18%
• 6M: 1.32%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

ASCE vs. AUSM - Yearly Performance Comparison

	2026 (YTD)	2025
ASCE Allspring SMID Core ETF	28.36%	8.46%
AUSM Allspring Ultra Short Municipal ETF	1.18%	1.58%

Correlation

The correlation between ASCE and AUSM is 0.02, 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 (All Time) Calculated using the full available price history since Jul 8, 2025	0.02

Return for Risk

ASCE vs. AUSM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Allspring SMID Core ETF (ASCE) 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Drawdowns

ASCE vs. AUSM - Drawdown Comparison

The maximum ASCE drawdown since its inception was -9.22%, which is greater than AUSM's maximum drawdown of -0.42%. Use the drawdown chart below to compare losses from any high point for ASCE and AUSM.

Drawdown Indicators

	ASCE	AUSM	Difference
Max Drawdown Largest peak-to-trough decline	-9.22%	-0.42%	-8.80%
Current Drawdown Current decline from peak	-2.21%	-0.03%	-2.18%
Average Drawdown Average peak-to-trough decline	-2.02%	-0.09%	-1.93%

Volatility

Volatility by Period

	ASCE	AUSM	Difference
Volatility (1Y) Calculated over the trailing 1-year period	19.77%	0.75%	+19.02%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.77%	0.75%	+19.02%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.77%	0.75%	+19.02%

ASCE vs. AUSM - Expense Ratio Comparison

ASCE has a 0.38% expense ratio, which is higher than AUSM's 0.18% expense ratio.

Dividends

ASCE vs. AUSM - Dividend Comparison

ASCE's dividend yield for the trailing twelve months is around 0.17%, less than AUSM's 2.39% yield.

Position	TTM	2025
ASCE Allspring SMID Core ETF	0.17%	0.22%
AUSM Allspring Ultra Short Municipal ETF	2.39%	1.26%

Frequently Asked Questions

Can I hold both ASCE and AUSM in my portfolio?

ASCE and AUSM have a correlation of 0.02, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, ASCE or AUSM?

On fees, AUSM is cheaper at 0.18% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, ASCE or AUSM?

AUSM is cheaper with a 0.18% expense ratio, compared with 0.38% for ASCE.

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

AUSM has the higher dividend yield at 2.39%, compared with 0.17% for ASCE.

What is the main difference between ASCE and AUSM?

ASCE is categorized as Small Cap Blend Equities, while AUSM is Municipal Bonds. Their fees differ too: 0.38% for ASCE and 0.18% for AUSM.