TMNL vs. AUSM

Last updated Jun 5, 2026

TMNL (T. Rowe Price Long Municipal Income ETF) and AUSM (Allspring Ultra Short Municipal ETF) are both Municipal Bonds funds. Both are actively managed. At a correlation of -0.01, they often move in opposite directions. TMNL charges 0.26%/yr vs 0.18%/yr for AUSM.

Performance

TMNL vs. AUSM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in T. Rowe Price Long Municipal Income ETF (TMNL) 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, TMNL achieves a 2.54% return, which is significantly higher than AUSM's 1.02% return.

TMNL

• 1D: 0.25%
• 1M: 0.96%
• YTD: 2.54%
• 6M: 2.89%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

AUSM

• 1D: 0.04%
• 1M: 0.25%
• YTD: 1.02%
• 6M: 1.36%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

TMNL vs. AUSM - Yearly Performance Comparison

	2026 (YTD)	2025
TMNL T. Rowe Price Long Municipal Income ETF	2.54%	0.34%
AUSM Allspring Ultra Short Municipal ETF	1.02%	0.47%

Correlation

The correlation between TMNL and AUSM is -0.01, 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 Nov 21, 2025	-0.01

Return for Risk

TMNL vs. AUSM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price Long Municipal Income ETF (TMNL) 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	TMNL	AUSM	Difference
Sharpe Ratio (All Time) Calculated using the full available price history	1.22	4.03	-2.80

Drawdowns

TMNL vs. AUSM - Drawdown Comparison

The maximum TMNL drawdown since its inception was -2.94%, which is greater than AUSM's maximum drawdown of -0.42%. Use the drawdown chart below to compare losses from any high point for TMNL and AUSM.

Drawdown Indicators

	TMNL	AUSM	Difference
Max Drawdown Largest peak-to-trough decline	-2.94%	-0.42%	-2.52%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-0.59%	-0.09%	-0.50%

Volatility

Volatility by Period

	TMNL	AUSM	Difference
Volatility (1Y) Calculated over the trailing 1-year period	4.55%	0.73%	+3.82%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.55%	0.73%	+3.82%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.55%	0.73%	+3.82%

TMNL vs. AUSM - Expense Ratio Comparison

TMNL has a 0.26% expense ratio, which is higher than AUSM's 0.18% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

TMNL vs. AUSM - Dividend Comparison

TMNL's dividend yield for the trailing twelve months is around 2.12%, less than AUSM's 2.39% yield.

Position	TTM	2025
AUSM Allspring Ultra Short Municipal ETF	2.39%	1.26%
TMNL T. Rowe Price Long Municipal Income ETF	2.12%	0.39%

Frequently Asked Questions

Can I hold both TMNL and AUSM in my portfolio?

TMNL and AUSM have a correlation of -0.01, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, TMNL 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, TMNL or AUSM?

AUSM is cheaper with a 0.18% expense ratio, compared with 0.26% for TMNL.

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

AUSM has the higher dividend yield at 2.39%, compared with 2.12% for TMNL.

What is the main difference between TMNL and AUSM?

They also come from different issuers: T. Rowe Price and Allspring. Their fees differ too: 0.26% for TMNL and 0.18% for AUSM.