PortfoliosLab logoPortfoliosLab logo

Documentation

Upgrade your plan
BIDAX vs. APUSX
Performance
Return for Risk
Drawdowns
Volatility
Dividends

BIDAX vs. APUSX

Last updated Jul 2, 2026
See Documentation

BIDAX (iShares Municipal Bond Index Fund) and APUSX (Cavanal Hill Ultra Short Tax-Free Income Fund) are both Municipal Bonds funds. Over the past 5 years, BIDAX returned 0.77%/yr vs -0.12%/yr for APUSX. At a 0.29 correlation, their price movements are largely independent. BIDAX charges 0.50%/yr vs 0.60%/yr for APUSX.

Performance

BIDAX vs. APUSX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Municipal Bond Index Fund (BIDAX) and Cavanal Hill Ultra Short Tax-Free Income Fund (APUSX). The values are adjusted to include any dividend payments, if applicable.

Loading charts...

Returns By Period

In the year-to-date period, BIDAX achieves a 2.04% return, which is significantly higher than APUSX's -9.63% return.

BIDAX

1D
0.35%
1M
0.81%
YTD
2.04%
6M
2.04%
1Y
6.46%
3Y*
3.73%
5Y*
0.77%
10Y*
—

APUSX

1D
-10.36%
1M
-10.36%
YTD
-9.63%
6M
-9.63%
1Y
-8.34%
3Y*
-0.41%
5Y*
-0.12%
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

BIDAX vs. APUSX - Yearly Performance Comparison

2026 (YTD)202520242023202220212020
BIDAX
iShares Municipal Bond Index Fund		2.04%4.52%1.44%5.74%-9.41%1.38%4.70%
APUSX
Cavanal Hill Ultra Short Tax-Free Income Fund		-9.63%3.88%3.65%2.63%-0.18%-0.40%0.15%

Correlation

The correlation between BIDAX and APUSX is 0.32, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.32

Correlation (3Y)
Calculated over the trailing 3-year period

0.26

Correlation (5Y)
Calculated over the trailing 5-year period

0.31

Correlation (All Time)
Calculated using the full available price history since Jan 2, 2020

0.29

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

iShares Municipal Bond Index Fund

Cavanal Hill Ultra Short Tax-Free Income Fund

Often compared with BIDAX:
BIDAX vs. SCHGBIDAX vs. NEABIDAX vs. ASFYXBIDAX vs. DFSMXBIDAX vs. FHMIXBIDAX vs. ATOIXBIDAX vs. ECAT
Often compared with APUSX:
APUSX vs. ALTHXAPUSX vs. CBTAXAPUSX vs. APBDXAPUSX vs. MYIAPUSX vs. APENXAPUSX vs. APSTXAPUSX vs. COLTX

Return for Risk

BIDAX vs. APUSX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
BIDAX
BIDAX Risk / Return Rank: 7272
Overall Rank
BIDAX Sharpe Ratio Rank: 8888
Sharpe Ratio Rank
BIDAX Sortino Ratio Rank: 9090
Sortino Ratio Rank
BIDAX Omega Ratio Rank: 9292
Omega Ratio Rank
BIDAX Calmar Ratio Rank: 4848
Calmar Ratio Rank
BIDAX Martin Ratio Rank: 4141
Martin Ratio Rank
APUSX
APUSX Risk / Return Rank: 00
Overall Rank
APUSX Sharpe Ratio Rank: 11
Sharpe Ratio Rank
APUSX Sortino Ratio Rank: 11
Sortino Ratio Rank
APUSX Omega Ratio Rank: 00
Omega Ratio Rank
APUSX Calmar Ratio Rank: 00
Calmar Ratio Rank
APUSX Martin Ratio Rank: 00
Martin Ratio Rank
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.

BIDAX vs. APUSX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Municipal Bond Index Fund (BIDAX) and Cavanal Hill Ultra Short Tax-Free Income Fund (APUSX). 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.

BIDAXAPUSXDifference
Sharpe ratioReturn per unit of total volatility
2.48
-0.81

+3.29

Sortino ratioReturn per unit of downside risk
3.90
-0.79

+4.68

Omega ratioGain probability vs. loss probability

1.62

0.26

+1.36

Calmar ratioReturn relative to maximum drawdown

2.23

-0.81

+3.04

Martin ratioReturn relative to average drawdown

7.40

-12.81

+20.21

BIDAX vs. APUSX - Sharpe Ratio Comparison

The current BIDAX Sharpe Ratio is 2.48, which is higher than the APUSX Sharpe Ratio of -0.81. The chart below compares the historical Sharpe Ratios of BIDAX and APUSX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Loading charts...

Drawdowns

BIDAX vs. APUSX - Drawdown Comparison

The maximum BIDAX drawdown since its inception was -14.39%, which is greater than APUSX's maximum drawdown of -10.36%. Use the drawdown chart below to compare losses from any high point for BIDAX and APUSX.

Loading charts...

Drawdown Indicators

BIDAXAPUSXDifference

Max Drawdown

Largest peak-to-trough decline

-14.39%

-10.36%

-4.03%

Max Drawdown (1Y)

Largest decline over 1 year

-2.95%

-10.36%

+7.41%

Max Drawdown (3Y)

Largest decline over 3 years

-6.07%

-10.36%

+4.29%

Max Drawdown (5Y)

Largest decline over 5 years

-14.39%

-10.36%

-4.03%

Current Drawdown

Current decline from peak

-0.03%

-10.36%

+10.33%

Average Drawdown

Average peak-to-trough decline

-3.49%

-0.30%

-3.19%

Ulcer Index

Depth and duration of drawdowns from previous peaks

0.89%

0.65%

+0.24%

Volatility

BIDAX vs. APUSX - Volatility Comparison

The current volatility for iShares Municipal Bond Index Fund (BIDAX) is 0.51%, while Cavanal Hill Ultra Short Tax-Free Income Fund (APUSX) has a volatility of 10.93%. This indicates that BIDAX experiences smaller price fluctuations and is considered to be less risky than APUSX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Loading charts...

Volatility by Period

BIDAXAPUSXDifference

Volatility (1M)

Calculated over the trailing 1-month period

0.51%

10.93%

-10.42%

Volatility (6M)

Calculated over the trailing 6-month period

2.10%

10.95%

-8.85%

Volatility (1Y)

Calculated over the trailing 1-year period

2.67%

10.42%

-7.75%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

4.09%

4.81%

-0.72%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

4.42%

4.23%

+0.19%

BIDAX vs. APUSX - Expense Ratio Comparison

BIDAX has a 0.50% expense ratio, which is lower than APUSX's 0.60% expense ratio.

Dividends

BIDAX vs. APUSX - Dividend Comparison

BIDAX's dividend yield for the trailing twelve months is around 3.10%, more than APUSX's 2.69% yield.

PositionTTM20252024202320222021202020192018
APUSX
Cavanal Hill Ultra Short Tax-Free Income Fund		2.69%3.69%3.68%1.69%0.33%0.00%0.25%0.00%0.00%
BIDAX
iShares Municipal Bond Index Fund		3.10%4.09%3.25%2.16%1.92%2.36%2.35%3.64%0.48%

Frequently Asked Questions

BIDAX and APUSX have a correlation of 0.32, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

APUSX has higher volatility (10.93%) compared to BIDAX (0.51%). In terms of maximum drawdown, BIDAX dropped -14.39% vs APUSX's -10.36%.

BIDAX currently has the higher Sharpe Ratio (2.48 vs -0.81), 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.

Portfolio Optimizer

Find the right allocation for BIDAX and APUSX

Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.

Open Portfolio Optimizer