AUSM vs. TAXS

Last updated Jun 4, 2026

AUSM (Allspring Ultra Short Municipal ETF) and TAXS (Northern Trust Short-Term Tax-Exempt Bond ETF) are both Municipal Bonds funds. AUSM is actively managed, while TAXS is passively managed. At a 0.20 correlation, their price movements are largely independent. AUSM charges 0.18%/yr vs 0.05%/yr for TAXS.

Performance

AUSM vs. TAXS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Allspring Ultra Short Municipal ETF (AUSM) and Northern Trust Short-Term Tax-Exempt Bond ETF (TAXS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, AUSM achieves a 0.98% return, which is significantly higher than TAXS's 0.93% return.

AUSM

• 1D: -0.02%
• 1M: 0.21%
• YTD: 0.98%
• 6M: 1.34%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

TAXS

• 1D: 0.06%
• 1M: 0.38%
• YTD: 0.93%
• 6M: 1.33%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

AUSM vs. TAXS - Yearly Performance Comparison

	2026 (YTD)	2025
AUSM Allspring Ultra Short Municipal ETF	0.98%	1.13%
TAXS Northern Trust Short-Term Tax-Exempt Bond ETF	0.93%	1.22%

Correlation

The correlation between AUSM and TAXS is 0.20, 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 Aug 20, 2025	0.20

Return for Risk

AUSM vs. TAXS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Allspring Ultra Short Municipal ETF (AUSM) and Northern Trust Short-Term Tax-Exempt Bond ETF (TAXS). 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.

Sharpe Ratios by Period

	AUSM	TAXS	Difference
Sharpe Ratio (All Time) Calculated using the full available price history	3.98	2.78	+1.20

Drawdowns

AUSM vs. TAXS - Drawdown Comparison

The maximum AUSM drawdown since its inception was -0.42%, smaller than the maximum TAXS drawdown of -0.84%. Use the drawdown chart below to compare losses from any high point for AUSM and TAXS.

Drawdown Indicators

	AUSM	TAXS	Difference
Max Drawdown Largest peak-to-trough decline	-0.42%	-0.84%	+0.42%
Current Drawdown Current decline from peak	-0.02%	-0.09%	+0.07%
Average Drawdown Average peak-to-trough decline	-0.09%	-0.24%	+0.15%

Volatility

Volatility by Period

	AUSM	TAXS	Difference
Volatility (1Y) Calculated over the trailing 1-year period	0.73%	1.00%	-0.27%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.73%	1.00%	-0.27%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.73%	1.00%	-0.27%

AUSM vs. TAXS - Expense Ratio Comparison

AUSM has a 0.18% expense ratio, which is higher than TAXS'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. TAXS - Dividend Comparison

AUSM's dividend yield for the trailing twelve months is around 2.39%, more than TAXS's 1.83% yield.

Position	TTM	2025
AUSM Allspring Ultra Short Municipal ETF	2.39%	1.26%
TAXS Northern Trust Short-Term Tax-Exempt Bond ETF	1.83%	0.74%

Frequently Asked Questions

Can I hold both AUSM and TAXS in my portfolio?

AUSM and TAXS have a correlation of 0.20, 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 TAXS?

On fees, TAXS is cheaper at 0.05% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, AUSM or TAXS?

TAXS is cheaper with a 0.05% expense ratio, compared with 0.18% for AUSM.

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

AUSM has the higher dividend yield at 2.39%, compared with 1.83% for TAXS.

What is the main difference between AUSM and TAXS?

They also come from different issuers: Allspring and Northern Trust. Their fees differ too: 0.18% for AUSM and 0.05% for TAXS.