PZT vs. AUSM

Last updated Jul 15, 2026

PZT (Invesco New York AMT-Free Municipal Bond ETF) and AUSM (Allspring Ultra Short Municipal ETF) are both Municipal Bonds funds. PZT is passively managed, while AUSM is actively managed. Over the past year, PZT returned 8.43% vs 2.89% for AUSM. At a 0.04 correlation, their price movements are largely independent. PZT charges 0.28%/yr vs 0.18%/yr for AUSM.

Performance

PZT vs. AUSM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco New York AMT-Free Municipal Bond ETF (PZT) 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, PZT achieves a 3.18% return, which is significantly higher than AUSM's 1.34% return.

PZT

• 1D: 0.30%
• 1M: 0.74%
• 6M: 2.87%
• YTD: 3.18%
• 1Y: 8.43%
• 3Y*: 3.00%
• 5Y*: -0.19%
• 10Y*: 1.80%

AUSM

• 1D: 0.00%
• 1M: 0.22%
• 6M: 1.16%
• YTD: 1.34%
• 1Y: 2.89%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

PZT vs. AUSM - Yearly Performance Comparison

	2026 (YTD)	2025
PZT Invesco New York AMT-Free Municipal Bond ETF	3.18%	5.68%
AUSM Allspring Ultra Short Municipal ETF	1.34%	1.58%

Correlation

The correlation between PZT 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 (1Y) Calculated over the trailing 1-year period	0.06
Correlation (All Time) Calculated using the full available price history since Jul 8, 2025	0.04

Return for Risk

PZT vs. AUSM — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

PZT

PZT Risk / Return Rank: 70
PZT Sharpe Ratio Rank: 71
PZT Sortino Ratio Rank: 70
PZT Omega Ratio Rank: 76
PZT Calmar Ratio Rank: 67
PZT Martin Ratio Rank: 69

AUSM

AUSM Risk / Return Rank: 97
AUSM Sharpe Ratio Rank: 97
AUSM Sortino Ratio Rank: 98
AUSM Omega Ratio Rank: 98
AUSM Calmar Ratio Rank: 96
AUSM Martin Ratio Rank: 94

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.

PZT vs. AUSM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco New York AMT-Free Municipal Bond ETF (PZT) 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.

	PZT	AUSM	Difference
Sharpe ratio: Return per unit of total volatility	1.82	3.96	-2.14
Sortino ratio: Return per unit of downside risk	2.53	6.86	-4.32
Omega ratio: Gain probability vs. loss probability	1.36	2.26	-0.91
Calmar ratio: Return relative to maximum drawdown	2.67	6.94	-4.27
Martin ratio: Return relative to average drawdown	9.90	20.54	-10.65

PZT vs. AUSM - Sharpe Ratio Comparison

The current PZT Sharpe Ratio is 1.82, which is lower than the AUSM Sharpe Ratio of 3.96. The chart below compares the historical Sharpe Ratios of PZT and AUSM, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

PZT vs. AUSM - Drawdown Comparison

The maximum PZT drawdown since its inception was -22.73%, which is greater than AUSM's maximum drawdown of -0.42%. Use the drawdown chart below to compare losses from any high point for PZT and AUSM.

Drawdown Indicators

	PZT	AUSM	Difference
Max Drawdown Largest peak-to-trough decline	-22.73%	-0.42%	-22.31%
Max Drawdown (1Y) Largest decline over 1 year	-3.17%	-0.42%	-2.75%
Max Drawdown (3Y) Largest decline over 3 years	-9.00%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-19.13%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-19.13%	—	—
Current Drawdown Current decline from peak	-1.13%	-0.00%	-1.13%
Average Drawdown Average peak-to-trough decline	-3.89%	-0.08%	-3.81%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.92%	0.14%	+0.78%

Volatility

PZT vs. AUSM - Volatility Comparison

Invesco New York AMT-Free Municipal Bond ETF (PZT) has a higher volatility of 1.07% compared to Allspring Ultra Short Municipal ETF (AUSM) at 0.12%. This indicates that PZT's price experiences larger fluctuations and is considered to be riskier than AUSM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PZT	AUSM	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.07%	0.12%	+0.95%
Volatility (6M) Calculated over the trailing 6-month period	3.58%	0.45%	+3.13%
Volatility (1Y) Calculated over the trailing 1-year period	4.68%	0.73%	+3.95%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.64%	0.73%	+5.91%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.92%	0.73%	+6.19%

PZT vs. AUSM - Expense Ratio Comparison

PZT has a 0.28% expense ratio, which is higher than AUSM's 0.18% expense ratio.

Dividends

PZT vs. AUSM - Dividend Comparison

PZT's dividend yield for the trailing twelve months is around 3.61%, more than AUSM's 2.61% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AUSM Allspring Ultra Short Municipal ETF	2.61%	1.26%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
PZT Invesco New York AMT-Free Municipal Bond ETF	3.61%	3.43%	3.04%	2.82%	2.66%	2.77%	2.55%	2.73%	3.01%	2.94%	3.36%	3.40%

Frequently Asked Questions

Can I hold both PZT and AUSM in my portfolio?

PZT 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.

Which is riskier, PZT or AUSM?

PZT has higher volatility (1.07%) compared to AUSM (0.12%). In terms of maximum drawdown, PZT dropped -22.73% vs AUSM's -0.42%.

Which ETF is better, PZT or AUSM?

On 1-year performance, PZT leads with 8.43% vs 2.89% for AUSM. On fees, AUSM is cheaper at 0.18% per year. On volatility, AUSM has been the lower-risk option at 0.12%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PZT or AUSM?

Over the 1-year period, PZT has performed better with a 8.43% return vs 2.89%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PZT or AUSM?

AUSM is cheaper with a 0.18% expense ratio, compared with 0.28% for PZT.

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

PZT has the higher dividend yield at 3.61%, compared with 2.61% for AUSM.

What is the main difference between PZT and AUSM?

They also come from different issuers: Invesco and Allspring. Their fees differ too: 0.28% for PZT and 0.18% for AUSM.

Which has better risk-adjusted returns?

AUSM currently has the higher Sharpe Ratio (3.96 vs 1.82), 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.