AUSM vs. ASCE

Last updated Jun 24, 2026

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

Performance

AUSM vs. ASCE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Allspring Ultra Short Municipal ETF (AUSM) and Allspring SMID Core ETF (ASCE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, AUSM achieves a 1.18% return, which is significantly lower than ASCE's 28.36% return.

AUSM

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

ASCE

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

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

AUSM vs. ASCE - Yearly Performance Comparison

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

Correlation

The correlation between AUSM and ASCE 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

AUSM vs. ASCE - Risk-Adjusted Trends Comparison

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

AUSM vs. ASCE - Drawdown Comparison

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

Drawdown Indicators

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

Volatility

Volatility by Period

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

AUSM vs. ASCE - Expense Ratio Comparison

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

Dividends

AUSM vs. ASCE - Dividend Comparison

AUSM's dividend yield for the trailing twelve months is around 2.39%, more than ASCE's 0.17% 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 AUSM and ASCE in my portfolio?

AUSM and ASCE 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, AUSM or ASCE?

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, AUSM or ASCE?

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

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

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

What is the main difference between AUSM and ASCE?

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