FMHI vs. AUSM
FMHI (First Trust Municipal High Income ETF) and AUSM (Allspring Ultra Short Municipal ETF) are both Municipal Bonds funds. Both are actively managed. At a 0.09 correlation, their price movements are largely independent. FMHI charges 0.55%/yr vs 0.18%/yr for AUSM.
Performance
FMHI vs. AUSM - Performance Comparison
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Returns By Period
In the year-to-date period, FMHI achieves a 2.92% return, which is significantly higher than AUSM's 1.18% return.
FMHI
- 1D
- -0.05%
- 1M
- 1.62%
- YTD
- 2.92%
- 6M
- 3.16%
- 1Y
- 7.99%
- 3Y*
- 5.04%
- 5Y*
- 0.83%
- 10Y*
- —
AUSM
- 1D
- -0.02%
- 1M
- 0.23%
- YTD
- 1.18%
- 6M
- 1.32%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
FMHI vs. AUSM - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
FMHI First Trust Municipal High Income ETF | 2.92% | 4.90% |
AUSM Allspring Ultra Short Municipal ETF | 1.18% | 1.58% |
Correlation
The correlation between FMHI and AUSM is 0.09, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (All Time) Calculated using the full available price history since Jul 8, 2025 | 0.09 |
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Return for Risk
FMHI vs. AUSM — Risk / Return Rank
FMHI
AUSM
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
FMHI vs. AUSM - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for First Trust Municipal High Income ETF (FMHI) 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.
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.
| FMHI | AUSM | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | 1.58 | — | — |
| Calmar ratioReturn relative to maximum drawdown | 3.42 | — | — |
| Martin ratioReturn relative to average drawdown | 12.86 | — | — |
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Drawdowns
FMHI vs. AUSM - Drawdown Comparison
The maximum FMHI drawdown since its inception was -18.83%, which is greater than AUSM's maximum drawdown of -0.42%. Use the drawdown chart below to compare losses from any high point for FMHI and AUSM.
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Drawdown Indicators
| FMHI | AUSM | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -18.83% | -0.42% | -18.41% |
Max Drawdown (1Y)Largest decline over 1 year | -2.35% | — | — |
Max Drawdown (3Y)Largest decline over 3 years | -6.17% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -18.83% | — | — |
Current DrawdownCurrent decline from peak | -0.06% | -0.03% | -0.03% |
Average DrawdownAverage peak-to-trough decline | -4.49% | -0.09% | -4.40% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.62% | — | — |
Volatility
FMHI vs. AUSM - Volatility Comparison
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Volatility by Period
| FMHI | AUSM | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.78% | — | — |
Volatility (6M)Calculated over the trailing 6-month period | 2.16% | — | — |
Volatility (1Y)Calculated over the trailing 1-year period | 3.06% | 0.75% | +2.31% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.77% | 0.75% | +4.02% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.71% | 0.75% | +4.96% |
FMHI vs. AUSM - Expense Ratio Comparison
FMHI has a 0.55% expense ratio, which is higher than AUSM's 0.18% expense ratio.
Dividends
FMHI vs. AUSM - Dividend Comparison
FMHI's dividend yield for the trailing twelve months is around 4.23%, more than AUSM's 2.39% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
AUSM Allspring Ultra Short Municipal ETF | 2.39% | 1.26% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
FMHI First Trust Municipal High Income ETF | 4.23% | 4.16% | 4.01% | 3.89% | 3.57% | 2.87% | 3.13% | 3.33% | 3.46% | 0.30% |
Frequently Asked Questions
FMHI and AUSM have a correlation of 0.09, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, AUSM is cheaper at 0.18% per year. The better choice depends on whether you care most about return, fees, risk, or income.
AUSM is cheaper with a 0.18% expense ratio, compared with 0.55% for FMHI.
FMHI has the higher dividend yield at 4.23%, compared with 2.39% for AUSM.
They also come from different issuers: First Trust and Allspring. Their fees differ too: 0.55% for FMHI and 0.18% for AUSM.
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