MMSD vs. AUSM
MMSD (NYLI MacKay Muni Short Duration ETF) and AUSM (Allspring Ultra Short Municipal ETF) are both Municipal Bonds funds. Both are actively managed. At a 0.05 correlation, their price movements are largely independent. MMSD charges 0.25%/yr vs 0.18%/yr for AUSM.
Performance
MMSD vs. AUSM - Performance Comparison
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Returns By Period
In the year-to-date period, MMSD achieves a 1.26% return, which is significantly higher than AUSM's 0.98% return.
MMSD
- 1D
- -0.09%
- 1M
- 0.20%
- YTD
- 1.26%
- 6M
- 1.63%
- 1Y
- 4.73%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
AUSM
- 1D
- -0.02%
- 1M
- 0.21%
- YTD
- 0.98%
- 6M
- 1.34%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
MMSD vs. AUSM - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
MMSD NYLI MacKay Muni Short Duration ETF | 1.26% | 2.53% |
AUSM Allspring Ultra Short Municipal ETF | 0.98% | 1.63% |
Correlation
The correlation between MMSD and AUSM is 0.05, 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 9, 2025 | 0.05 |
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Return for Risk
MMSD vs. AUSM — Risk / Return Rank
MMSD
AUSM
MMSD vs. AUSM - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for NYLI MacKay Muni Short Duration ETF (MMSD) 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.
| MMSD | AUSM | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | 1.62 | — | — |
| Calmar ratioReturn relative to maximum drawdown | 3.53 | — | — |
| Martin ratioReturn relative to average drawdown | 13.49 | — | — |
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
| MMSD | AUSM | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.75 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 2.63 | 3.98 | -1.35 |
Drawdowns
MMSD vs. AUSM - Drawdown Comparison
The maximum MMSD drawdown since its inception was -1.35%, which is greater than AUSM's maximum drawdown of -0.42%. Use the drawdown chart below to compare losses from any high point for MMSD and AUSM.
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Drawdown Indicators
| MMSD | AUSM | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -1.35% | -0.42% | -0.93% |
Max Drawdown (1Y)Largest decline over 1 year | -1.35% | — | — |
Current DrawdownCurrent decline from peak | -0.19% | -0.02% | -0.17% |
Average DrawdownAverage peak-to-trough decline | -0.22% | -0.09% | -0.13% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.35% | — | — |
Volatility
MMSD vs. AUSM - Volatility Comparison
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Volatility by Period
| MMSD | AUSM | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.69% | — | — |
Volatility (6M)Calculated over the trailing 6-month period | 1.43% | — | — |
Volatility (1Y)Calculated over the trailing 1-year period | 1.73% | 0.73% | +1.00% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 1.76% | 0.73% | +1.03% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 1.76% | 0.73% | +1.03% |
MMSD vs. AUSM - Expense Ratio Comparison
MMSD has a 0.25% expense ratio, which is higher than AUSM's 0.18% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
MMSD vs. AUSM - Dividend Comparison
MMSD's dividend yield for the trailing twelve months is around 3.57%, more than AUSM's 2.39% yield.
| Position | TTM | 2025 |
|---|---|---|
AUSM Allspring Ultra Short Municipal ETF | 2.39% | 1.26% |
MMSD NYLI MacKay Muni Short Duration ETF | 3.57% | 2.30% |
Frequently Asked Questions
MMSD and AUSM have a correlation of 0.05, 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 0.25% for MMSD.
MMSD has the higher dividend yield at 3.57%, compared with 2.39% for AUSM.
They also come from different issuers: NYLI and Allspring. Their fees differ too: 0.25% for MMSD and 0.18% for AUSM.
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