GMNY vs. AUSM

Last updated Jun 23, 2026

GMNY (Goldman Sachs Dynamic New York Municipal Income ETF) and AUSM (Allspring Ultra Short Municipal ETF) are both Municipal Bonds funds. Both are actively managed. At a 0.03 correlation, their price movements are largely independent. GMNY charges 0.30%/yr vs 0.18%/yr for AUSM.

Performance

GMNY vs. AUSM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Goldman Sachs Dynamic New York Municipal Income ETF (GMNY) and Allspring Ultra Short Municipal ETF (AUSM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GMNY achieves a 2.06% return, which is significantly higher than AUSM's 1.20% return.

GMNY

• 1D: -0.03%
• 1M: 1.28%
• YTD: 2.06%
• 6M: 2.24%
• 1Y: 6.30%
• 3Y*: —
• 5Y*: —
• 10Y*: —

AUSM

• 1D: 0.02%
• 1M: 0.25%
• YTD: 1.20%
• 6M: 1.34%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

GMNY vs. AUSM - Yearly Performance Comparison

	2026 (YTD)	2025
GMNY Goldman Sachs Dynamic New York Municipal Income ETF	2.06%	3.96%
AUSM Allspring Ultra Short Municipal ETF	1.20%	1.58%

Correlation

The correlation between GMNY and AUSM is 0.03, 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	0.03

Return for Risk

GMNY vs. AUSM — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

GMNY

GMNY Risk / Return Rank: 72
GMNY Sharpe Ratio Rank: 76
GMNY Sortino Ratio Rank: 80
GMNY Omega Ratio Rank: 84
GMNY Calmar Ratio Rank: 59
GMNY Martin Ratio Rank: 62

AUSM

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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.

GMNY vs. AUSM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Goldman Sachs Dynamic New York Municipal Income ETF (GMNY) 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.

	GMNY	AUSM	Difference
Sharpe ratio: Return per unit of total volatility	2.33	—	—
Sortino ratio: Return per unit of downside risk	3.39	—	—
Omega ratio: Gain probability vs. loss probability	1.49	—	—
Calmar ratio: Return relative to maximum drawdown	2.85	—	—
Martin ratio: Return relative to average drawdown	10.80	—	—

Drawdowns

GMNY vs. AUSM - Drawdown Comparison

The maximum GMNY drawdown since its inception was -4.00%, which is greater than AUSM's maximum drawdown of -0.42%. Use the drawdown chart below to compare losses from any high point for GMNY and AUSM.

Drawdown Indicators

	GMNY	AUSM	Difference
Max Drawdown Largest peak-to-trough decline	-4.00%	-0.42%	-3.58%
Max Drawdown (1Y) Largest decline over 1 year	-2.21%	—	—
Current Drawdown Current decline from peak	-0.03%	-0.01%	-0.02%
Average Drawdown Average peak-to-trough decline	-0.90%	-0.09%	-0.81%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.58%	—	—

Volatility

Volatility by Period

	GMNY	AUSM	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.60%	—	—
Volatility (6M) Calculated over the trailing 6-month period	2.03%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	2.72%	0.75%	+1.97%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.58%	0.75%	+2.83%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.58%	0.75%	+2.83%

GMNY vs. AUSM - Expense Ratio Comparison

GMNY has a 0.30% expense ratio, which is higher than AUSM's 0.18% expense ratio.

Dividends

GMNY vs. AUSM - Dividend Comparison

GMNY's dividend yield for the trailing twelve months is around 3.28%, more than AUSM's 2.39% yield.

Position	TTM	2025	2024
AUSM Allspring Ultra Short Municipal ETF	2.39%	1.26%	0.00%
GMNY Goldman Sachs Dynamic New York Municipal Income ETF	3.28%	3.33%	1.47%

Frequently Asked Questions

Can I hold both GMNY and AUSM in my portfolio?

GMNY and AUSM have a correlation of 0.03, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, GMNY or AUSM?

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.

Which ETF is cheaper, GMNY or AUSM?

AUSM is cheaper with a 0.18% expense ratio, compared with 0.30% for GMNY.

Which ETF pays a higher dividend yield, GMNY or AUSM?

GMNY has the higher dividend yield at 3.28%, compared with 2.39% for AUSM.

What is the main difference between GMNY and AUSM?

They also come from different issuers: Goldman Sachs and Allspring. Their fees differ too: 0.30% for GMNY and 0.18% for AUSM.