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FONPX vs. APUSX
Performance
Return for Risk
Drawdowns
Volatility
Dividends

FONPX vs. APUSX

Last updated Jul 14, 2026
Documentation

FONPX (Tributary Nebraska Tax-Free Fund) and APUSX (Cavanal Hill Ultra Short Tax-Free Income Fund) are both Municipal Bonds funds. Over the past 5 years, FONPX returned 0.95%/yr vs 2.12%/yr for APUSX. At a 0.27 correlation, their price movements are largely independent. FONPX charges 0.45%/yr vs 0.60%/yr for APUSX.

Performance

FONPX vs. APUSX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Tributary Nebraska Tax-Free Fund (FONPX) 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

The year-to-date returns for both stocks are quite close, with FONPX having a 1.04% return and APUSX slightly lower at 1.00%.

FONPX

1D
0.00%
1M
0.12%
6M
0.60%
YTD
1.04%
1Y
4.96%
3Y*
3.43%
5Y*
0.95%
10Y*
1.70%

APUSX

1D
0.00%
1M
0.18%
6M
1.00%
YTD
1.00%
1Y
2.33%
3Y*
3.31%
5Y*
2.12%
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

FONPX vs. APUSX - Yearly Performance Comparison

2026 (YTD)202520242023202220212020
FONPX
Tributary Nebraska Tax-Free Fund		1.04%5.26%0.63%4.76%-6.17%0.01%4.68%
APUSX
Cavanal Hill Ultra Short Tax-Free Income Fund		1.00%3.88%3.65%2.63%-0.18%-0.40%0.15%

Correlation

The correlation between FONPX and APUSX is 0.30, which is low. Their price movements are largely independent, making them effective diversification partners.

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

0.30

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

0.21

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

0.28

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

0.27

Compare stocks, funds, or ETFs

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

Tributary Nebraska Tax-Free Fund

Cavanal Hill Ultra Short Tax-Free Income Fund

Often compared with FONPX:
FONPX vs. FOSCXFONPX vs. FOBAXFONPX vs. FOSIXFONPX vs. FOINXFONPX vs. FSMBXFONPX vs. BATVXFONPX vs. FHMIX
Often compared with APUSX:
APUSX vs. ALTHXAPUSX vs. CBTAXAPUSX vs. APBDXAPUSX vs. MYIAPUSX vs. APSTXAPUSX vs. COLTXAPUSX vs. APENX

Return for Risk

FONPX vs. APUSX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
FONPX
FONPX Risk / Return Rank: 6868
Overall Rank
FONPX Sharpe Ratio Rank: 8585
Sharpe Ratio Rank
FONPX Sortino Ratio Rank: 8787
Sortino Ratio Rank
FONPX Omega Ratio Rank: 9090
Omega Ratio Rank
FONPX Calmar Ratio Rank: 4040
Calmar Ratio Rank
FONPX Martin Ratio Rank: 3636
Martin Ratio Rank
APUSX
APUSX Risk / Return Rank: 1919
Overall Rank
APUSX Sharpe Ratio Rank: 55
Sharpe Ratio Rank
APUSX Sortino Ratio Rank: 55
Sortino Ratio Rank
APUSX Omega Ratio Rank: 6161
Omega Ratio Rank
APUSX Calmar Ratio Rank: 55
Calmar Ratio Rank
APUSX Martin Ratio Rank: 1919
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.

FONPX vs. APUSX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Tributary Nebraska Tax-Free Fund (FONPX) 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.

FONPXAPUSXDifference
Sharpe ratioReturn per unit of total volatility
2.21
0.15

+2.06

Sortino ratioReturn per unit of downside risk
3.43
0.34

+3.08

Omega ratioGain probability vs. loss probability

1.54

1.32

+0.22

Calmar ratioReturn relative to maximum drawdown

1.91

0.23

+1.69

Martin ratioReturn relative to average drawdown

6.29

3.58

+2.71

FONPX vs. APUSX - Sharpe Ratio Comparison

The current FONPX Sharpe Ratio is 2.21, which is higher than the APUSX Sharpe Ratio of 0.15. The chart below compares the historical Sharpe Ratios of FONPX 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.

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Drawdowns

FONPX vs. APUSX - Drawdown Comparison

The maximum FONPX drawdown since its inception was -10.92%, which is greater than APUSX's maximum drawdown of -10.36%. Use the drawdown chart below to compare losses from any high point for FONPX and APUSX.

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Drawdown Indicators

FONPXAPUSXDifference

Max Drawdown

Largest peak-to-trough decline

-10.92%

-10.36%

-0.56%

Max Drawdown (1Y)

Largest decline over 1 year

-2.54%

-10.36%

+7.82%

Max Drawdown (3Y)

Largest decline over 3 years

-5.09%

-10.36%

+5.27%

Max Drawdown (5Y)

Largest decline over 5 years

-10.92%

-10.36%

-0.56%

Max Drawdown (10Y)

Largest decline over 10 years

-10.92%

—

—

Current Drawdown

Current decline from peak

-0.68%

0.00%

-0.68%

Average Drawdown

Average peak-to-trough decline

-1.90%

-0.29%

-1.61%

Ulcer Index

Depth and duration of drawdowns from previous peaks

0.77%

0.65%

+0.12%

Volatility

FONPX vs. APUSX - Volatility Comparison

The current volatility for Tributary Nebraska Tax-Free Fund (FONPX) is 0.50%, while Cavanal Hill Ultra Short Tax-Free Income Fund (APUSX) has a volatility of 15.98%. This indicates that FONPX 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.

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Volatility by Period

FONPXAPUSXDifference

Volatility (1M)

Calculated over the trailing 1-month period

0.50%

15.98%

-15.48%

Volatility (6M)

Calculated over the trailing 6-month period

1.76%

15.66%

-13.90%

Volatility (1Y)

Calculated over the trailing 1-year period

2.20%

15.75%

-13.55%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

3.24%

7.14%

-3.90%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

3.29%

6.25%

-2.96%

FONPX vs. APUSX - Expense Ratio Comparison

FONPX has a 0.45% expense ratio, which is lower than APUSX's 0.60% expense ratio.

Dividends

FONPX vs. APUSX - Dividend Comparison

FONPX's dividend yield for the trailing twelve months is around 2.65%, more than APUSX's 2.40% yield.

PositionTTM2025202420232022202120202019201820172016
APUSX
Cavanal Hill Ultra Short Tax-Free Income Fund		2.40%3.69%3.68%1.69%0.33%0.00%0.25%0.00%0.00%0.00%0.00%
FONPX
Tributary Nebraska Tax-Free Fund		2.65%2.47%2.39%2.39%1.81%1.84%1.92%2.69%3.36%3.55%3.10%

Frequently Asked Questions

FONPX and APUSX have a correlation of 0.30, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

APUSX has higher volatility (15.98%) compared to FONPX (0.50%). In terms of maximum drawdown, FONPX dropped -10.92% vs APUSX's -10.36%.

FONPX currently has the higher Sharpe Ratio (2.21 vs 0.15), 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

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