AUSM vs. FMUN
AUSM (Allspring Ultra Short Municipal ETF) and FMUN (Fidelity Systematic Municipal Bond Index ETF) are both Municipal Bonds funds. Both are actively managed. At a 0.14 correlation, their price movements are largely independent. AUSM charges 0.18%/yr vs 0.05%/yr for FMUN.
Performance
AUSM vs. FMUN - Performance Comparison
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Returns By Period
In the year-to-date period, AUSM achieves a 0.98% return, which is significantly lower than FMUN's 1.63% return.
AUSM
- 1D
- -0.02%
- 1M
- 0.21%
- YTD
- 0.98%
- 6M
- 1.34%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
FMUN
- 1D
- -0.06%
- 1M
- 0.90%
- YTD
- 1.63%
- 6M
- 2.20%
- 1Y
- 7.24%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
AUSM vs. FMUN - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
AUSM Allspring Ultra Short Municipal ETF | 0.98% | 1.63% |
FMUN Fidelity Systematic Municipal Bond Index ETF | 1.63% | 4.85% |
Correlation
The correlation between AUSM and FMUN is 0.14, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (All Time) Calculated using the full available price history since Jul 9, 2025 | 0.14 |
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Return for Risk
AUSM vs. FMUN — Risk / Return Rank
AUSM
FMUN
AUSM vs. FMUN - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Allspring Ultra Short Municipal ETF (AUSM) and Fidelity Systematic Municipal Bond Index ETF (FMUN). 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.
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
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Sharpe Ratios by Period
| AUSM | FMUN | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | — | 2.34 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 3.98 | 1.27 | +2.71 |
Drawdowns
AUSM vs. FMUN - Drawdown Comparison
The maximum AUSM drawdown since its inception was -0.42%, smaller than the maximum FMUN drawdown of -3.21%. Use the drawdown chart below to compare losses from any high point for AUSM and FMUN.
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Drawdown Indicators
| AUSM | FMUN | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -0.42% | -3.21% | +2.79% |
Max Drawdown (1Y)Largest decline over 1 year | — | -3.21% | — |
Current DrawdownCurrent decline from peak | -0.02% | -0.72% | +0.70% |
Average DrawdownAverage peak-to-trough decline | -0.09% | -0.82% | +0.73% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | — | 0.97% | — |
Volatility
AUSM vs. FMUN - Volatility Comparison
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Volatility by Period
| AUSM | FMUN | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | — | 1.27% | — |
Volatility (6M)Calculated over the trailing 6-month period | — | 2.27% | — |
Volatility (1Y)Calculated over the trailing 1-year period | 0.73% | 3.12% | -2.39% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 0.73% | 4.06% | -3.33% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 0.73% | 4.06% | -3.33% |
AUSM vs. FMUN - Expense Ratio Comparison
AUSM has a 0.18% expense ratio, which is higher than FMUN's 0.05% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
AUSM vs. FMUN - Dividend Comparison
AUSM's dividend yield for the trailing twelve months is around 2.39%, less than FMUN's 3.29% yield.
| Position | TTM | 2025 |
|---|---|---|
AUSM Allspring Ultra Short Municipal ETF | 2.39% | 1.26% |
FMUN Fidelity Systematic Municipal Bond Index ETF | 3.29% | 2.41% |
Frequently Asked Questions
AUSM and FMUN have a correlation of 0.14, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, FMUN is cheaper at 0.05% per year. The better choice depends on whether you care most about return, fees, risk, or income.
FMUN is cheaper with a 0.05% expense ratio, compared with 0.18% for AUSM.
FMUN has the higher dividend yield at 3.29%, compared with 2.39% for AUSM.
They also come from different issuers: Allspring and Fidelity. Their fees differ too: 0.18% for AUSM and 0.05% for FMUN.
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