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MALMX vs. APUSX
Performance
Return for Risk
Drawdowns
Volatility
Dividends

MALMX vs. APUSX

Last updated Jul 14, 2026
Documentation

MALMX (BlackRock Short-Term Municipal Fund) and APUSX (Cavanal Hill Ultra Short Tax-Free Income Fund) are both Municipal Bonds funds. Over the past 5 years, MALMX returned 2.38%/yr vs 2.12%/yr for APUSX. At a 0.32 correlation, their price movements are largely independent. MALMX charges 0.36%/yr vs 0.60%/yr for APUSX.

Performance

MALMX vs. APUSX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in BlackRock Short-Term Municipal Fund (MALMX) and Cavanal Hill Ultra Short Tax-Free Income Fund (APUSX). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, MALMX achieves a 1.20% return, which is significantly higher than APUSX's 1.00% return.

MALMX

1D
0.00%
1M
0.28%
6M
0.80%
YTD
1.20%
1Y
4.06%
3Y*
4.61%
5Y*
2.38%
10Y*
1.76%

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)

MALMX vs. APUSX - Yearly Performance Comparison

2026 (YTD)202520242023202220212020
MALMX
BlackRock Short-Term Municipal Fund		1.20%6.38%3.58%4.21%-2.88%-0.11%1.39%
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 MALMX and APUSX is 0.35, which is low. Their price movements are largely independent, making them effective diversification partners.

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

0.35

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

0.28

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

0.33

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

0.32

Compare stocks, funds, or ETFs

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

BlackRock Short-Term Municipal Fund

Cavanal Hill Ultra Short Tax-Free Income Fund

Often compared with MALMX:
MALMX vs. NPVMALMX vs. LIVIXMALMX vs. ATOIXMALMX vs. LSMSXMALMX vs. FASGXMALMX vs. NMTRXMALMX vs. BATVX
Often compared with APUSX:
APUSX vs. ALTHXAPUSX vs. CBTAXAPUSX vs. APBDXAPUSX vs. MYIAPUSX vs. APSTXAPUSX vs. COLTXAPUSX vs. APENX

Return for Risk

MALMX vs. APUSX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
MALMX
MALMX Risk / Return Rank: 7373
Overall Rank
MALMX Sharpe Ratio Rank: 8787
Sharpe Ratio Rank
MALMX Sortino Ratio Rank: 9494
Sortino Ratio Rank
MALMX Omega Ratio Rank: 9797
Omega Ratio Rank
MALMX Calmar Ratio Rank: 4747
Calmar Ratio Rank
MALMX Martin Ratio Rank: 3939
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.

MALMX vs. APUSX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BlackRock Short-Term Municipal Fund (MALMX) 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.

MALMXAPUSXDifference
Sharpe ratioReturn per unit of total volatility
2.31
0.15

+2.16

Sortino ratioReturn per unit of downside risk
4.13
0.34

+3.79

Omega ratioGain probability vs. loss probability

1.76

1.32

+0.44

Calmar ratioReturn relative to maximum drawdown

2.11

0.23

+1.88

Martin ratioReturn relative to average drawdown

6.76

3.58

+3.18

MALMX vs. APUSX - Sharpe Ratio Comparison

The current MALMX Sharpe Ratio is 2.31, which is higher than the APUSX Sharpe Ratio of 0.15. The chart below compares the historical Sharpe Ratios of MALMX 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

MALMX vs. APUSX - Drawdown Comparison

The maximum MALMX drawdown since its inception was -5.01%, smaller than the maximum APUSX drawdown of -10.36%. Use the drawdown chart below to compare losses from any high point for MALMX and APUSX.

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Drawdown Indicators

MALMXAPUSXDifference

Max Drawdown

Largest peak-to-trough decline

-5.01%

-10.36%

+5.35%

Max Drawdown (1Y)

Largest decline over 1 year

-1.88%

-10.36%

+8.48%

Max Drawdown (3Y)

Largest decline over 3 years

-2.32%

-10.36%

+8.04%

Max Drawdown (5Y)

Largest decline over 5 years

-5.01%

-10.36%

+5.35%

Max Drawdown (10Y)

Largest decline over 10 years

-5.01%

—

—

Current Drawdown

Current decline from peak

-0.26%

0.00%

-0.26%

Average Drawdown

Average peak-to-trough decline

-0.72%

-0.29%

-0.43%

Ulcer Index

Depth and duration of drawdowns from previous peaks

0.59%

0.65%

-0.06%

Volatility

MALMX vs. APUSX - Volatility Comparison

The current volatility for BlackRock Short-Term Municipal Fund (MALMX) is 0.40%, while Cavanal Hill Ultra Short Tax-Free Income Fund (APUSX) has a volatility of 15.98%. This indicates that MALMX 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

MALMXAPUSXDifference

Volatility (1M)

Calculated over the trailing 1-month period

0.40%

15.98%

-15.58%

Volatility (6M)

Calculated over the trailing 6-month period

1.29%

15.66%

-14.37%

Volatility (1Y)

Calculated over the trailing 1-year period

1.72%

15.75%

-14.03%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

2.00%

7.14%

-5.14%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

1.59%

6.25%

-4.66%

MALMX vs. APUSX - Expense Ratio Comparison

MALMX has a 0.36% expense ratio, which is lower than APUSX's 0.60% expense ratio.

Dividends

MALMX vs. APUSX - Dividend Comparison

MALMX's dividend yield for the trailing twelve months is around 3.48%, more than APUSX's 2.40% yield.

PositionTTM20252024202320222021202020192018201720162015
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%0.00%
MALMX
BlackRock Short-Term Municipal Fund		3.48%4.62%3.93%2.56%0.90%0.58%1.08%1.75%1.34%0.86%0.54%0.41%

Frequently Asked Questions

MALMX and APUSX have a correlation of 0.35, 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 MALMX (0.40%). In terms of maximum drawdown, MALMX dropped -5.01% vs APUSX's -10.36%.

MALMX currently has the higher Sharpe Ratio (2.31 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.

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