EAAFX vs. SMAIX

Last updated Aug 1, 2026

EAAFX (Allspring Asset Allocation Fund) and SMAIX (Allspring Ultra Short-Term Municipal Income Fund) are both mutual funds - EAAFX is a Diversified Portfolio fund managed by Allspring, while SMAIX is a Municipal Bonds fund managed by Allspring. Over the past 10 years, EAAFX returned 7.71%/yr vs 1.66%/yr for SMAIX. Their 0.04 correlation means their historical movements had little consistent relationship. EAAFX charges 1.04%/yr vs 0.25%/yr for SMAIX.

Performance

EAAFX vs. SMAIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Allspring Asset Allocation Fund (EAAFX) and Allspring Ultra Short-Term Municipal Income Fund (SMAIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, EAAFX achieves a 7.16% return, which is significantly higher than SMAIX's 1.08% return. Over the past 10 years, EAAFX has outperformed SMAIX with an annualized return of 7.71%, while SMAIX has yielded a comparatively lower 1.66% annualized return.

EAAFX

• 1D: 1.48%
• 1M: -1.73%
• 6M: 3.78%
• YTD: 7.16%
• 1Y: 15.96%
• 3Y*: 12.24%
• 5Y*: 6.20%
• 10Y*: 7.71%
• ALL TIME*: 5.54%

SMAIX

• 1D: 0.00%
• 1M: -0.31%
• 6M: 0.66%
• YTD: 1.08%
• 1Y: 2.36%
• 3Y*: 3.28%
• 5Y*: 2.15%
• 10Y*: 1.66%
• ALL TIME*: 1.29%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
EAAFX Allspring Asset Allocation Fund	$0.00	$0.00	$0.00
SMAIX Allspring Ultra Short-Term Municipal Income Fund	$0.00	$0.00	$0.00

EAAFX vs. SMAIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EAAFX Allspring Asset Allocation Fund	7.16%	15.11%	10.65%	14.32%	-16.00%	13.38%	13.57%	19.77%	-9.58%	14.80%
SMAIX Allspring Ultra Short-Term Municipal Income Fund	1.08%	3.62%	3.54%	3.37%	-0.64%	0.28%	1.13%	2.18%	1.43%	1.20%

Correlation

The correlation between EAAFX and SMAIX is 0.17, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.17
Correlation (3Y) Balances recent behavior with more history.	0.12
Correlation (5Y) Shows whether the relationship held over a longer period.	0.13
Correlation (10Y) Provides a long-term view across more market conditions.	0.08
Correlation (All Time) Calculated using the full available price history since Jan 2, 2001	0.04

The correlation between EAAFX and SMAIX shifts across timeframes, from 0.04 (all time) to 0.17 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

EAAFX vs. SMAIX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

EAAFX

EAAFX Risk / Return Rank: 55
EAAFX Sharpe Ratio Rank: 53
EAAFX Sortino Ratio Rank: 49
EAAFX Omega Ratio Rank: 50
EAAFX Calmar Ratio Rank: 68
EAAFX Martin Ratio Rank: 55

SMAIX

SMAIX Risk / Return Rank: 97
SMAIX Sharpe Ratio Rank: 93
SMAIX Sortino Ratio Rank: 98
SMAIX Omega Ratio Rank: 99
SMAIX Calmar Ratio Rank: 98
SMAIX Martin Ratio Rank: 98

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

EAAFX vs. SMAIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Allspring Asset Allocation Fund (EAAFX) and Allspring Ultra Short-Term Municipal Income Fund (SMAIX). 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.

	EAAFX	SMAIX	Difference
Sharpe ratio: Return per unit of total volatility	1.37	2.43	-1.06
Sortino ratio: Return per unit of downside risk	1.92	5.50	-3.58
Omega ratio: Gain probability vs. loss probability	1.25	2.33	-1.08
Calmar ratio: Return relative to maximum drawdown	2.24	5.75	-3.51
Martin ratio: Return relative to average drawdown	7.33	22.99	-15.66

EAAFX vs. SMAIX - Sharpe Ratio Comparison

The current EAAFX Sharpe Ratio is 1.37, which is lower than the SMAIX Sharpe Ratio of 2.43. The chart below compares the historical Sharpe Ratios of EAAFX and SMAIX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

EAAFX vs. SMAIX - Drawdown Comparison

The maximum EAAFX drawdown since its inception was -34.17%, which is greater than SMAIX's maximum drawdown of -1.92%. Use the drawdown chart below to compare losses from any high point for EAAFX and SMAIX.

Drawdown Indicators

	EAAFX	SMAIX	Difference
Max Drawdown Largest peak-to-trough decline	-34.17%	-1.92%	-32.25%
Max Drawdown (1Y) Largest decline over 1 year	-6.44%	-0.41%	-6.03%
Max Drawdown (3Y) Largest decline over 3 years	-9.94%	-1.14%	-8.80%
Max Drawdown (5Y) Largest decline over 5 years	-22.36%	-1.92%	-20.44%
Max Drawdown (10Y) Largest decline over 10 years	-25.55%	-1.92%	-23.63%
Current Drawdown Current decline from peak	-3.23%	-0.31%	-2.92%
Average Drawdown Average peak-to-trough decline	-6.58%	-0.15%	-6.43%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.96%	0.10%	+1.86%

Volatility

EAAFX vs. SMAIX - Volatility Comparison

Allspring Asset Allocation Fund (EAAFX) has a higher volatility of 3.63% compared to Allspring Ultra Short-Term Municipal Income Fund (SMAIX) at 0.23%. This indicates that EAAFX's price experiences larger fluctuations and is considered to be riskier than SMAIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EAAFX	SMAIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.63%	0.23%	+3.40%
Volatility (6M) Calculated over the trailing 6-month period	8.47%	0.74%	+7.73%
Volatility (1Y) Calculated over the trailing 1-year period	10.52%	1.00%	+9.52%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.23%	1.14%	+10.09%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.16%	0.96%	+10.20%

EAAFX vs. SMAIX - Expense Ratio Comparison

EAAFX has a 1.04% expense ratio, which is higher than SMAIX's 0.25% expense ratio.

Dividends

EAAFX vs. SMAIX - Dividend Comparison

EAAFX's dividend yield for the trailing twelve months is around 5.36%, more than SMAIX's 2.65% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EAAFX Allspring Asset Allocation Fund	5.36%	5.74%	8.41%	0.00%	6.53%	15.18%	3.85%	1.51%	8.51%	1.70%	1.58%	4.52%
SMAIX Allspring Ultra Short-Term Municipal Income Fund	2.65%	3.03%	2.84%	1.93%	0.93%	0.48%	1.12%	1.74%	1.42%	0.98%	0.77%	0.50%

Frequently Asked Questions

Can I hold both EAAFX and SMAIX in my portfolio?

EAAFX and SMAIX have a correlation of 0.17, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EAAFX or SMAIX?

EAAFX has higher volatility (3.63%) compared to SMAIX (0.23%). In terms of maximum drawdown, EAAFX dropped -34.17% vs SMAIX's -1.92%.

Which has better risk-adjusted returns?

SMAIX currently has the higher Sharpe Ratio (2.43 vs 1.37), 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.