MUNC vs. AUSM

Last updated Jun 7, 2026

MUNC (Northern Trust 2045 Tax-Exempt Distributing Ladder ETF) and AUSM (Allspring Ultra Short Municipal ETF) are both Municipal Bonds funds. Both are actively managed. At a 0.16 correlation, their price movements are largely independent. Both charge a 0.18% expense ratio.

Performance

MUNC vs. AUSM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Northern Trust 2045 Tax-Exempt Distributing Ladder ETF (MUNC) 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, MUNC achieves a 0.96% return, which is significantly lower than AUSM's 1.02% return.

MUNC

• 1D: -0.12%
• 1M: 0.15%
• YTD: 0.96%
• 6M: 1.37%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

AUSM

• 1D: 0.00%
• 1M: 0.23%
• YTD: 1.02%
• 6M: 1.36%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

MUNC vs. AUSM - Yearly Performance Comparison

	2026 (YTD)	2025
MUNC Northern Trust 2045 Tax-Exempt Distributing Ladder ETF	0.96%	3.78%
AUSM Allspring Ultra Short Municipal ETF	1.02%	1.13%

Correlation

The correlation between MUNC and AUSM is 0.16, 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 Aug 20, 2025	0.16

Return for Risk

MUNC vs. AUSM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Northern Trust 2045 Tax-Exempt Distributing Ladder ETF (MUNC) 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.

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

Sharpe Ratios by Period

	MUNC	AUSM	Difference
Sharpe Ratio (All Time) Calculated using the full available price history	2.24	4.02	-1.78

Drawdowns

MUNC vs. AUSM - Drawdown Comparison

The maximum MUNC drawdown since its inception was -3.17%, which is greater than AUSM's maximum drawdown of -0.42%. Use the drawdown chart below to compare losses from any high point for MUNC and AUSM.

Drawdown Indicators

	MUNC	AUSM	Difference
Max Drawdown Largest peak-to-trough decline	-3.17%	-0.42%	-2.75%
Current Drawdown Current decline from peak	-1.32%	0.00%	-1.32%
Average Drawdown Average peak-to-trough decline	-0.68%	-0.09%	-0.59%

Volatility

Volatility by Period

	MUNC	AUSM	Difference
Volatility (1Y) Calculated over the trailing 1-year period	2.71%	0.73%	+1.98%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.71%	0.73%	+1.98%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.71%	0.73%	+1.98%

MUNC vs. AUSM - Expense Ratio Comparison

Both MUNC and AUSM have an expense ratio of 0.18%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.

Dividends

MUNC vs. AUSM - Dividend Comparison

MUNC's dividend yield for the trailing twelve months is around 2.51%, more than AUSM's 2.39% yield.

Position	TTM	2025
AUSM Allspring Ultra Short Municipal ETF	2.39%	1.26%
MUNC Northern Trust 2045 Tax-Exempt Distributing Ladder ETF	2.51%	1.15%

Frequently Asked Questions

Can I hold both MUNC and AUSM in my portfolio?

MUNC and AUSM have a correlation of 0.16, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, MUNC or AUSM?

Both ETFs have the same 0.18% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, MUNC or AUSM?

MUNC and AUSM have the same expense ratio: 0.18% per year.

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

MUNC has the higher dividend yield at 2.51%, compared with 2.39% for AUSM.

What is the main difference between MUNC and AUSM?

They also come from different issuers: Northern Trust and Allspring.