FSMB vs. AUSM
FSMB (First Trust Short Duration Managed Municipal ETF) and AUSM (Allspring Ultra Short Municipal ETF) are both Municipal Bonds funds. Both are actively managed. At a 0.18 correlation, their price movements are largely independent. FSMB charges 0.45%/yr vs 0.18%/yr for AUSM.
Performance
FSMB vs. AUSM - Performance Comparison
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Returns By Period
In the year-to-date period, FSMB achieves a 1.15% return, which is significantly higher than AUSM's 0.98% return.
FSMB
- 1D
- 0.05%
- 1M
- 0.44%
- YTD
- 1.15%
- 6M
- 1.51%
- 1Y
- 4.18%
- 3Y*
- 3.56%
- 5Y*
- 1.51%
- 10Y*
- —
AUSM
- 1D
- -0.02%
- 1M
- 0.21%
- YTD
- 0.98%
- 6M
- 1.34%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
FSMB vs. AUSM - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
FSMB First Trust Short Duration Managed Municipal ETF | 1.15% | 2.10% |
AUSM Allspring Ultra Short Municipal ETF | 0.98% | 1.63% |
Correlation
The correlation between FSMB and AUSM is 0.18, 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 | 0.18 |
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Return for Risk
FSMB vs. AUSM — Risk / Return Rank
FSMB
AUSM
FSMB vs. AUSM - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for First Trust Short Duration Managed Municipal ETF (FSMB) 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.
| FSMB | AUSM | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | 1.63 | — | — |
| Calmar ratioReturn relative to maximum drawdown | 3.26 | — | — |
| Martin ratioReturn relative to average drawdown | 11.17 | — | — |
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
| FSMB | AUSM | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.99 | — | — |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.78 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.75 | 3.98 | -3.23 |
Drawdowns
FSMB vs. AUSM - Drawdown Comparison
The maximum FSMB drawdown since its inception was -6.32%, which is greater than AUSM's maximum drawdown of -0.42%. Use the drawdown chart below to compare losses from any high point for FSMB and AUSM.
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Drawdown Indicators
| FSMB | AUSM | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -6.32% | -0.42% | -5.90% |
Max Drawdown (1Y)Largest decline over 1 year | -1.29% | — | — |
Max Drawdown (3Y)Largest decline over 3 years | -1.76% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -5.97% | — | — |
Current DrawdownCurrent decline from peak | -0.25% | -0.02% | -0.23% |
Average DrawdownAverage peak-to-trough decline | -1.16% | -0.09% | -1.07% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.37% | — | — |
Volatility
FSMB vs. AUSM - Volatility Comparison
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Volatility by Period
| FSMB | AUSM | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.42% | — | — |
Volatility (6M)Calculated over the trailing 6-month period | 1.02% | — | — |
Volatility (1Y)Calculated over the trailing 1-year period | 1.40% | 0.73% | +0.67% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 1.96% | 0.73% | +1.23% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 2.92% | 0.73% | +2.19% |
FSMB vs. AUSM - Expense Ratio Comparison
FSMB has a 0.45% expense ratio, which is higher than AUSM's 0.18% expense ratio.
Dividends
FSMB vs. AUSM - Dividend Comparison
FSMB's dividend yield for the trailing twelve months is around 3.14%, more than AUSM's 2.39% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
AUSM Allspring Ultra Short Municipal ETF | 2.39% | 1.26% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
FSMB First Trust Short Duration Managed Municipal ETF | 3.14% | 3.09% | 2.88% | 2.40% | 1.47% | 1.20% | 1.79% | 2.27% | 0.19% |
Frequently Asked Questions
FSMB and AUSM have a correlation of 0.18, 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 0.45% for FSMB.
FSMB has the higher dividend yield at 3.14%, compared with 2.39% for AUSM.
They also come from different issuers: First Trust and Allspring. Their fees differ too: 0.45% for FSMB and 0.18% for AUSM.
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