TAXS vs. AUSM
TAXS (Northern Trust Short-Term Tax-Exempt Bond ETF) and AUSM (Allspring Ultra Short Municipal ETF) are both Municipal Bonds funds. TAXS is passively managed, while AUSM is actively managed. At a 0.13 correlation, their price movements are largely independent. TAXS charges 0.05%/yr vs 0.18%/yr for AUSM.
Performance
TAXS vs. AUSM - Performance Comparison
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Returns By Period
In the year-to-date period, TAXS achieves a 0.77% return, which is significantly lower than AUSM's 1.18% return.
TAXS
- 1D
- 0.11%
- 1M
- -0.33%
- 6M
- 0.36%
- YTD
- 0.77%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- —
AUSM
- 1D
- -0.10%
- 1M
- -0.04%
- 6M
- 0.92%
- YTD
- 1.18%
- 1Y
- 2.69%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 2.66%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $44.27K | $74.40K | $102.83K | |
| $562.28K | $943.97K | $1.02M |
TAXS vs. AUSM - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
TAXS Northern Trust Short-Term Tax-Exempt Bond ETF | 0.77% | 1.22% |
AUSM Allspring Ultra Short Municipal ETF | 1.18% | 1.13% |
Correlation
The correlation between TAXS 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 Aug 19, 2025 | 0.13 |
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Return for Risk
TAXS vs. AUSM — Risk / Return Rank
TAXS
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
AUSM
TAXS vs. AUSM - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Northern Trust Short-Term Tax-Exempt Bond ETF (TAXS) 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.
| TAXS | AUSM | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | — | 2.07 | — |
| Calmar ratioReturn relative to maximum drawdown | — | 6.45 | — |
| Martin ratioReturn relative to average drawdown | — | 18.74 | — |
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Drawdowns
TAXS vs. AUSM - Drawdown Comparison
The maximum TAXS drawdown since its inception was -0.84%, which is greater than AUSM's maximum drawdown of -0.42%. Use the drawdown chart below to compare losses from any high point for TAXS and AUSM.
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Drawdown Indicators
| TAXS | AUSM | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -0.84% | -0.42% | -0.42% |
Max Drawdown (1Y)Largest decline over 1 year | — | -0.42% | — |
Current DrawdownCurrent decline from peak | -0.46% | -0.28% | -0.18% |
Average DrawdownAverage peak-to-trough decline | -0.21% | -0.08% | -0.13% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | — | 0.14% | — |
Volatility
TAXS vs. AUSM - Volatility Comparison
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Volatility by Period
| TAXS | AUSM | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | — | 0.23% | — |
Volatility (6M)Calculated over the trailing 6-month period | — | 0.49% | — |
Volatility (1Y)Calculated over the trailing 1-year period | 1.04% | 0.76% | +0.28% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 1.04% | 0.75% | +0.29% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 1.04% | 0.75% | +0.29% |
TAXS vs. AUSM - Expense Ratio Comparison
TAXS 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
TAXS vs. AUSM - Dividend Comparison
TAXS's dividend yield for the trailing twelve months is around 2.04%, less than AUSM's 2.83% yield.
| Position | TTM | 2025 |
|---|---|---|
AUSM Allspring Ultra Short Municipal ETF | 2.77% | 1.26% |
TAXS Northern Trust Short-Term Tax-Exempt Bond ETF | 2.04% | 0.74% |
Frequently Asked Questions
TAXS 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.
On fees, TAXS is cheaper at 0.05% per year. The better choice depends on whether you care most about return, fees, risk, or income.
TAXS is cheaper with a 0.05% expense ratio, compared with 0.18% for AUSM.
AUSM has the higher dividend yield at 2.77%, compared with 2.04% for TAXS.
They also come from different issuers: Northern Trust and Allspring. Their fees differ too: 0.05% for TAXS and 0.18% for AUSM.
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