MUNX vs. AUSM

Last updated Jun 27, 2026

MUNX (AMG GW&K Muni Income ETF) and AUSM (Allspring Ultra Short Municipal ETF) are both Municipal Bonds funds. Both are actively managed. At a correlation of -0.03, they often move in opposite directions. MUNX charges 0.29%/yr vs 0.18%/yr for AUSM.

Performance

MUNX vs. AUSM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in AMG GW&K Muni Income ETF (MUNX) 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, MUNX achieves a 2.44% return, which is significantly higher than AUSM's 1.22% return.

MUNX

• 1D: 0.05%
• 1M: 0.94%
• YTD: 2.44%
• 6M: 2.62%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

AUSM

• 1D: 0.00%
• 1M: 0.34%
• YTD: 1.22%
• 6M: 1.32%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

MUNX vs. AUSM - Yearly Performance Comparison

	2026 (YTD)	2025
MUNX AMG GW&K Muni Income ETF	2.44%	0.49%
AUSM Allspring Ultra Short Municipal ETF	1.22%	0.53%

Correlation

The correlation between MUNX 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 Oct 30, 2025	-0.03

Return for Risk

MUNX vs. AUSM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for AMG GW&K Muni Income ETF (MUNX) 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.

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

Drawdowns

MUNX vs. AUSM - Drawdown Comparison

The maximum MUNX drawdown since its inception was -2.95%, which is greater than AUSM's maximum drawdown of -0.42%. Use the drawdown chart below to compare losses from any high point for MUNX and AUSM.

Drawdown Indicators

	MUNX	AUSM	Difference
Max Drawdown Largest peak-to-trough decline	-2.95%	-0.42%	-2.53%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-0.60%	-0.09%	-0.51%

Volatility

Volatility by Period

	MUNX	AUSM	Difference
Volatility (1Y) Calculated over the trailing 1-year period	3.41%	0.74%	+2.67%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.41%	0.74%	+2.67%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.41%	0.74%	+2.67%

MUNX vs. AUSM - Expense Ratio Comparison

MUNX has a 0.29% expense ratio, which is higher than AUSM's 0.18% expense ratio.

Dividends

MUNX vs. AUSM - Dividend Comparison

MUNX's dividend yield for the trailing twelve months is around 1.94%, less than AUSM's 2.61% yield.

Position	TTM	2025
AUSM Allspring Ultra Short Municipal ETF	2.61%	1.26%
MUNX AMG GW&K Muni Income ETF	1.94%	0.55%

Frequently Asked Questions

Can I hold both MUNX and AUSM in my portfolio?

MUNX 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, MUNX 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, MUNX or AUSM?

AUSM is cheaper with a 0.18% expense ratio, compared with 0.29% for MUNX.

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

AUSM has the higher dividend yield at 2.61%, compared with 1.94% for MUNX.

What is the main difference between MUNX and AUSM?

They also come from different issuers: AMG and Allspring. Their fees differ too: 0.29% for MUNX and 0.18% for AUSM.