TAXI vs. AUSM

Last updated Jun 24, 2026

TAXI (Northern Trust Intermediate Tax-Exempt Bond ETF) and AUSM (Allspring Ultra Short Municipal ETF) are both Municipal Bonds funds. TAXI is passively managed, while AUSM is actively managed. At a 0.17 correlation, their price movements are largely independent. TAXI charges 0.05%/yr vs 0.18%/yr for AUSM.

Performance

TAXI vs. AUSM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Northern Trust Intermediate Tax-Exempt Bond ETF (TAXI) 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, TAXI achieves a 0.98% return, which is significantly lower than AUSM's 1.18% return.

TAXI

• 1D: -0.08%
• 1M: 0.89%
• YTD: 0.98%
• 6M: 1.20%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

AUSM

• 1D: -0.02%
• 1M: 0.23%
• YTD: 1.18%
• 6M: 1.32%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

TAXI vs. AUSM - Yearly Performance Comparison

	2026 (YTD)	2025
TAXI Northern Trust Intermediate Tax-Exempt Bond ETF	0.98%	3.35%
AUSM Allspring Ultra Short Municipal ETF	1.18%	1.13%

Correlation

The correlation between TAXI and AUSM is 0.17, 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 19, 2025	0.17

Return for Risk

TAXI vs. AUSM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Northern Trust Intermediate Tax-Exempt Bond ETF (TAXI) 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

TAXI vs. AUSM - Drawdown Comparison

The maximum TAXI drawdown since its inception was -2.23%, which is greater than AUSM's maximum drawdown of -0.42%. Use the drawdown chart below to compare losses from any high point for TAXI and AUSM.

Drawdown Indicators

	TAXI	AUSM	Difference
Max Drawdown Largest peak-to-trough decline	-2.23%	-0.42%	-1.81%
Current Drawdown Current decline from peak	-0.76%	-0.03%	-0.73%
Average Drawdown Average peak-to-trough decline	-0.48%	-0.09%	-0.39%

Volatility

Volatility by Period

	TAXI	AUSM	Difference
Volatility (1Y) Calculated over the trailing 1-year period	1.89%	0.75%	+1.14%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.89%	0.75%	+1.14%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.89%	0.75%	+1.14%

TAXI vs. AUSM - Expense Ratio Comparison

TAXI has a 0.05% expense ratio, which is lower than AUSM's 0.18% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

TAXI vs. AUSM - Dividend Comparison

TAXI's dividend yield for the trailing twelve months is around 2.00%, less than AUSM's 2.39% yield.

Position	TTM	2025
AUSM Allspring Ultra Short Municipal ETF	2.39%	1.26%
TAXI Northern Trust Intermediate Tax-Exempt Bond ETF	2.00%	0.85%

Frequently Asked Questions

Can I hold both TAXI and AUSM in my portfolio?

TAXI and AUSM have a correlation of 0.17, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, TAXI or AUSM?

On fees, TAXI is cheaper at 0.05% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, TAXI or AUSM?

TAXI is cheaper with a 0.05% expense ratio, compared with 0.18% for AUSM.

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

AUSM has the higher dividend yield at 2.39%, compared with 2.00% for TAXI.

What is the main difference between TAXI and AUSM?

They also come from different issuers: Northern Trust and Allspring. Their fees differ too: 0.05% for TAXI and 0.18% for AUSM.