GMUN vs. AUSM
GMUN (Goldman Sachs Community Municipal Bond ETF) and AUSM (Allspring Ultra Short Municipal ETF) are both Municipal Bonds funds. GMUN is passively managed, while AUSM is actively managed. At a 0.12 correlation, their price movements are largely independent. GMUN charges 0.15%/yr vs 0.18%/yr for AUSM.
Performance
GMUN vs. AUSM - Performance Comparison
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Returns By Period
In the year-to-date period, GMUN achieves a -0.34% return, which is significantly lower than AUSM's 1.02% return.
GMUN
- 1D
- 0.00%
- 1M
- -0.79%
- YTD
- -0.34%
- 6M
- 0.02%
- 1Y
- 4.76%
- 3Y*
- 3.06%
- 5Y*
- —
- 10Y*
- —
AUSM
- 1D
- 0.04%
- 1M
- 0.25%
- YTD
- 1.02%
- 6M
- 1.36%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
GMUN vs. AUSM - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
GMUN Goldman Sachs Community Municipal Bond ETF | -0.34% | 4.16% |
AUSM Allspring Ultra Short Municipal ETF | 1.02% | 1.63% |
Correlation
The correlation between GMUN and AUSM is 0.12, 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 | 0.12 |
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Return for Risk
GMUN vs. AUSM — Risk / Return Rank
GMUN
AUSM
GMUN vs. AUSM - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Goldman Sachs Community Municipal Bond ETF (GMUN) 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.
| GMUN | AUSM | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | 1.49 | — | — |
| Calmar ratioReturn relative to maximum drawdown | 1.75 | — | — |
| Martin ratioReturn relative to average drawdown | 5.36 | — | — |
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
| GMUN | AUSM | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.04 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.99 | 4.03 | -3.03 |
Drawdowns
GMUN vs. AUSM - Drawdown Comparison
The maximum GMUN drawdown since its inception was -4.35%, which is greater than AUSM's maximum drawdown of -0.42%. Use the drawdown chart below to compare losses from any high point for GMUN and AUSM.
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Drawdown Indicators
| GMUN | AUSM | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -4.35% | -0.42% | -3.93% |
Max Drawdown (1Y)Largest decline over 1 year | -2.83% | — | — |
Max Drawdown (3Y)Largest decline over 3 years | -3.37% | — | — |
Current DrawdownCurrent decline from peak | -2.29% | 0.00% | -2.29% |
Average DrawdownAverage peak-to-trough decline | -1.02% | -0.09% | -0.93% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.92% | — | — |
Volatility
GMUN vs. AUSM - Volatility Comparison
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Volatility by Period
| GMUN | AUSM | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.09% | — | — |
Volatility (6M)Calculated over the trailing 6-month period | 2.00% | — | — |
Volatility (1Y)Calculated over the trailing 1-year period | 2.42% | 0.73% | +1.69% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 2.96% | 0.73% | +2.23% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 2.96% | 0.73% | +2.23% |
GMUN vs. AUSM - Expense Ratio Comparison
GMUN has a 0.15% expense ratio, which is lower than AUSM's 0.18% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
GMUN vs. AUSM - Dividend Comparison
GMUN's dividend yield for the trailing twelve months is around 3.12%, more than AUSM's 2.39% yield.
| Position | TTM | 2025 | 2024 | 2023 |
|---|---|---|---|---|
AUSM Allspring Ultra Short Municipal ETF | 2.39% | 1.26% | 0.00% | 0.00% |
GMUN Goldman Sachs Community Municipal Bond ETF | 3.12% | 2.94% | 3.22% | 2.20% |
Frequently Asked Questions
GMUN and AUSM have a correlation of 0.12, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, GMUN is cheaper at 0.15% per year. The better choice depends on whether you care most about return, fees, risk, or income.
GMUN is cheaper with a 0.15% expense ratio, compared with 0.18% for AUSM.
GMUN has the higher dividend yield at 3.12%, compared with 2.39% for AUSM.
They also come from different issuers: Goldman Sachs and Allspring. Their fees differ too: 0.15% for GMUN and 0.18% for AUSM.
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