TAXM vs. AUSM

Last updated Jun 4, 2026

TAXM (BondBloxx IR+M Tax-Aware ETF for Massachusetts Residents) and AUSM (Allspring Ultra Short Municipal ETF) are both Municipal Bonds funds. Both are actively managed. At a 0.13 correlation, their price movements are largely independent. TAXM charges 0.35%/yr vs 0.18%/yr for AUSM.

Performance

TAXM vs. AUSM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in BondBloxx IR+M Tax-Aware ETF for Massachusetts Residents (TAXM) 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, TAXM achieves a 1.18% return, which is significantly higher than AUSM's 0.98% return.

TAXM

• 1D: -0.06%
• 1M: 0.51%
• YTD: 1.18%
• 6M: 1.54%
• 1Y: 6.62%
• 3Y*: —
• 5Y*: —
• 10Y*: —

AUSM

• 1D: -0.02%
• 1M: 0.21%
• YTD: 0.98%
• 6M: 1.34%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

TAXM vs. AUSM - Yearly Performance Comparison

	2026 (YTD)	2025
TAXM BondBloxx IR+M Tax-Aware ETF for Massachusetts Residents	1.18%	4.35%
AUSM Allspring Ultra Short Municipal ETF	0.98%	1.63%

Correlation

The correlation between TAXM and AUSM is 0.13, 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 Jul 9, 2025	0.13

Return for Risk

TAXM vs. AUSM — Risk / Return Rank

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

TAXM

TAXM Risk / Return Rank: 70
TAXM Sharpe Ratio Rank: 78
TAXM Sortino Ratio Rank: 83
TAXM Omega Ratio Rank: 86
TAXM Calmar Ratio Rank: 51
TAXM Martin Ratio Rank: 52

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.

TAXM vs. AUSM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BondBloxx IR+M Tax-Aware ETF for Massachusetts Residents (TAXM) 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.

	TAXM	AUSM	Difference
Sharpe ratio: Return per unit of total volatility	2.49	—	—
Sortino ratio: Return per unit of downside risk	3.67	—	—
Omega ratio: Gain probability vs. loss probability	1.53	—	—
Calmar ratio: Return relative to maximum drawdown	2.46	—	—
Martin ratio: Return relative to average drawdown	8.62	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	TAXM	AUSM	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.49	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.14	3.98	-2.84

Drawdowns

TAXM vs. AUSM - Drawdown Comparison

The maximum TAXM drawdown since its inception was -3.10%, which is greater than AUSM's maximum drawdown of -0.42%. Use the drawdown chart below to compare losses from any high point for TAXM and AUSM.

Drawdown Indicators

	TAXM	AUSM	Difference
Max Drawdown Largest peak-to-trough decline	-3.10%	-0.42%	-2.68%
Max Drawdown (1Y) Largest decline over 1 year	-2.70%	—	—
Current Drawdown Current decline from peak	-0.80%	-0.02%	-0.78%
Average Drawdown Average peak-to-trough decline	-0.71%	-0.09%	-0.62%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.77%	—	—

Volatility

Volatility by Period

	TAXM	AUSM	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.94%	—	—
Volatility (6M) Calculated over the trailing 6-month period	2.04%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	2.67%	0.73%	+1.94%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.56%	0.73%	+2.83%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.56%	0.73%	+2.83%

TAXM vs. AUSM - Expense Ratio Comparison

TAXM has a 0.35% expense ratio, which is higher than AUSM's 0.18% expense ratio.

Dividends

TAXM vs. AUSM - Dividend Comparison

TAXM's dividend yield for the trailing twelve months is around 3.29%, more than AUSM's 2.39% yield.

Position	TTM	2025
AUSM Allspring Ultra Short Municipal ETF	2.39%	1.26%
TAXM BondBloxx IR+M Tax-Aware ETF for Massachusetts Residents	3.29%	2.75%

Frequently Asked Questions

Can I hold both TAXM and AUSM in my portfolio?

TAXM and AUSM have a correlation of 0.13, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, TAXM 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, TAXM or AUSM?

AUSM is cheaper with a 0.18% expense ratio, compared with 0.35% for TAXM.

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

TAXM has the higher dividend yield at 3.29%, compared with 2.39% for AUSM.

What is the main difference between TAXM and AUSM?

They also come from different issuers: BondBloxx and Allspring. Their fees differ too: 0.35% for TAXM and 0.18% for AUSM.