CALI vs. AUSM
CALI (iShares Short-Term California Muni Active ETF) and AUSM (Allspring Ultra Short Municipal ETF) are both Municipal Bonds funds. CALI is passively managed, while AUSM is actively managed. At a 0.16 correlation, their price movements are largely independent. CALI charges 0.08%/yr vs 0.18%/yr for AUSM.
Performance
CALI vs. AUSM - Performance Comparison
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Returns By Period
In the year-to-date period, CALI achieves a 0.91% return, which is significantly lower than AUSM's 0.98% return.
CALI
- 1D
- 0.03%
- 1M
- 0.25%
- YTD
- 0.91%
- 6M
- 1.11%
- 1Y
- 2.99%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
AUSM
- 1D
- -0.02%
- 1M
- 0.21%
- YTD
- 0.98%
- 6M
- 1.34%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
CALI vs. AUSM - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
CALI iShares Short-Term California Muni Active ETF | 0.91% | 1.58% |
AUSM Allspring Ultra Short Municipal ETF | 0.98% | 1.63% |
Correlation
The correlation between CALI and AUSM is 0.16, 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 | 0.16 |
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Return for Risk
CALI vs. AUSM — Risk / Return Rank
CALI
AUSM
CALI vs. AUSM - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Short-Term California Muni Active ETF (CALI) 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.
| CALI | AUSM | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | 1.94 | — | — |
| Calmar ratioReturn relative to maximum drawdown | 4.49 | — | — |
| Martin ratioReturn relative to average drawdown | 22.91 | — | — |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| CALI | AUSM | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 3.97 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 2.84 | 3.98 | -1.14 |
Drawdowns
CALI vs. AUSM - Drawdown Comparison
The maximum CALI drawdown since its inception was -0.78%, which is greater than AUSM's maximum drawdown of -0.42%. Use the drawdown chart below to compare losses from any high point for CALI and AUSM.
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Drawdown Indicators
| CALI | AUSM | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -0.78% | -0.42% | -0.36% |
Max Drawdown (1Y)Largest decline over 1 year | -0.67% | — | — |
Current DrawdownCurrent decline from peak | 0.00% | -0.02% | +0.02% |
Average DrawdownAverage peak-to-trough decline | -0.08% | -0.09% | +0.01% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.13% | — | — |
Volatility
CALI vs. AUSM - Volatility Comparison
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Volatility by Period
| CALI | AUSM | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.22% | — | — |
Volatility (6M)Calculated over the trailing 6-month period | 0.51% | — | — |
Volatility (1Y)Calculated over the trailing 1-year period | 0.76% | 0.73% | +0.03% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 1.11% | 0.73% | +0.38% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 1.11% | 0.73% | +0.38% |
CALI vs. AUSM - Expense Ratio Comparison
CALI has a 0.08% expense ratio, which is lower than AUSM's 0.18% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
CALI vs. AUSM - Dividend Comparison
CALI's dividend yield for the trailing twelve months is around 2.52%, more than AUSM's 2.39% yield.
| Position | TTM | 2025 | 2024 | 2023 |
|---|---|---|---|---|
AUSM Allspring Ultra Short Municipal ETF | 2.39% | 1.26% | 0.00% | 0.00% |
CALI iShares Short-Term California Muni Active ETF | 2.52% | 2.62% | 3.14% | 1.37% |
Frequently Asked Questions
CALI and AUSM have a correlation of 0.16, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, CALI is cheaper at 0.08% per year. The better choice depends on whether you care most about return, fees, risk, or income.
CALI is cheaper with a 0.08% expense ratio, compared with 0.18% for AUSM.
CALI has the higher dividend yield at 2.52%, compared with 2.39% for AUSM.
They also come from different issuers: iShares and Allspring. Their fees differ too: 0.08% for CALI and 0.18% for AUSM.
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