OVM vs. AUSM
OVM (Overlay Shares Municipal Bond ETF) and AUSM (Allspring Ultra Short Municipal ETF) are both Municipal Bonds funds. Both are actively managed. At a 0.06 correlation, their price movements are largely independent. OVM charges 0.82%/yr vs 0.18%/yr for AUSM.
Performance
OVM vs. AUSM - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, OVM achieves a 3.96% return, which is significantly higher than AUSM's 0.98% return.
OVM
- 1D
- -0.17%
- 1M
- 1.10%
- YTD
- 3.96%
- 6M
- 4.16%
- 1Y
- 11.81%
- 3Y*
- 5.37%
- 5Y*
- 1.59%
- 10Y*
- —
AUSM
- 1D
- -0.02%
- 1M
- 0.21%
- YTD
- 0.98%
- 6M
- 1.34%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
OVM vs. AUSM - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
OVM Overlay Shares Municipal Bond ETF | 3.96% | 5.60% |
AUSM Allspring Ultra Short Municipal ETF | 0.98% | 1.63% |
Correlation
The correlation between OVM and AUSM is 0.06, 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 | 0.06 |
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
OVM vs. AUSM — Risk / Return Rank
OVM
AUSM
OVM vs. AUSM - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Overlay Shares Municipal Bond ETF (OVM) 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.
| OVM | AUSM | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | 1.58 | — | — |
| Calmar ratioReturn relative to maximum drawdown | 4.86 | — | — |
| Martin ratioReturn relative to average drawdown | 18.92 | — | — |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Loading charts...
Sharpe Ratios by Period
| OVM | AUSM | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.85 | — | — |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.30 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.43 | 3.98 | -3.55 |
Drawdowns
OVM vs. AUSM - Drawdown Comparison
The maximum OVM drawdown since its inception was -15.58%, which is greater than AUSM's maximum drawdown of -0.42%. Use the drawdown chart below to compare losses from any high point for OVM and AUSM.
Loading charts...
Drawdown Indicators
| OVM | AUSM | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -15.58% | -0.42% | -15.16% |
Max Drawdown (1Y)Largest decline over 1 year | -2.44% | — | — |
Max Drawdown (3Y)Largest decline over 3 years | -8.20% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -15.58% | — | — |
Current DrawdownCurrent decline from peak | -0.17% | -0.02% | -0.15% |
Average DrawdownAverage peak-to-trough decline | -4.01% | -0.09% | -3.92% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.63% | — | — |
Volatility
OVM vs. AUSM - Volatility Comparison
Loading charts...
Volatility by Period
| OVM | AUSM | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.26% | — | — |
Volatility (6M)Calculated over the trailing 6-month period | 3.36% | — | — |
Volatility (1Y)Calculated over the trailing 1-year period | 4.16% | 0.73% | +3.43% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.39% | 0.73% | +4.66% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.55% | 0.73% | +5.82% |
OVM vs. AUSM - Expense Ratio Comparison
OVM has a 0.82% expense ratio, which is higher than AUSM's 0.18% expense ratio.
Dividends
OVM vs. AUSM - Dividend Comparison
OVM's dividend yield for the trailing twelve months is around 6.11%, more than AUSM's 2.39% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
AUSM Allspring Ultra Short Municipal ETF | 2.39% | 1.26% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
OVM Overlay Shares Municipal Bond ETF | 6.11% | 5.45% | 4.91% | 4.66% | 4.21% | 6.10% | 3.97% | 0.58% |
Frequently Asked Questions
OVM and AUSM have a correlation of 0.06, 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 0.82% for OVM.
OVM has the higher dividend yield at 6.11%, compared with 2.39% for AUSM.
They also come from different issuers: Liquid Strategies and Allspring. Their fees differ too: 0.82% for OVM and 0.18% for AUSM.
Find the right allocation for OVM and AUSM
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer