VTEC vs. AUSM
VTEC (Vanguard California Tax-Exempt Bond ETF) and AUSM (Allspring Ultra Short Municipal ETF) are both Municipal Bonds funds. VTEC is passively managed, while AUSM is actively managed. At a 0.18 correlation, their price movements are largely independent. VTEC charges 0.08%/yr vs 0.18%/yr for AUSM.
Performance
VTEC vs. AUSM - Performance Comparison
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Returns By Period
As of year-to-date, both investments have demonstrated similar returns, with VTEC at 0.98% and AUSM at 0.98%.
VTEC
- 1D
- -0.05%
- 1M
- 0.62%
- YTD
- 0.98%
- 6M
- 1.25%
- 1Y
- 6.69%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
AUSM
- 1D
- -0.02%
- 1M
- 0.21%
- YTD
- 0.98%
- 6M
- 1.34%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
VTEC vs. AUSM - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
VTEC Vanguard California Tax-Exempt Bond ETF | 0.98% | 4.92% |
AUSM Allspring Ultra Short Municipal ETF | 0.98% | 1.63% |
Correlation
The correlation between VTEC and AUSM is 0.18, 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 | 0.18 |
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Return for Risk
VTEC vs. AUSM — Risk / Return Rank
VTEC
AUSM
VTEC vs. AUSM - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard California Tax-Exempt Bond ETF (VTEC) 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.
| VTEC | AUSM | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | 1.52 | — | — |
| Calmar ratioReturn relative to maximum drawdown | 2.35 | — | — |
| Martin ratioReturn relative to average drawdown | 7.83 | — | — |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| VTEC | AUSM | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.39 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.73 | 3.98 | -3.25 |
Drawdowns
VTEC vs. AUSM - Drawdown Comparison
The maximum VTEC drawdown since its inception was -4.50%, which is greater than AUSM's maximum drawdown of -0.42%. Use the drawdown chart below to compare losses from any high point for VTEC and AUSM.
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Drawdown Indicators
| VTEC | AUSM | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -4.50% | -0.42% | -4.08% |
Max Drawdown (1Y)Largest decline over 1 year | -2.85% | — | — |
Current DrawdownCurrent decline from peak | -0.82% | -0.02% | -0.80% |
Average DrawdownAverage peak-to-trough decline | -1.12% | -0.09% | -1.03% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.86% | — | — |
Volatility
VTEC vs. AUSM - Volatility Comparison
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Volatility by Period
| VTEC | AUSM | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.86% | — | — |
Volatility (6M)Calculated over the trailing 6-month period | 1.87% | — | — |
Volatility (1Y)Calculated over the trailing 1-year period | 2.82% | 0.73% | +2.09% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.76% | 0.73% | +3.03% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.76% | 0.73% | +3.03% |
VTEC vs. AUSM - Expense Ratio Comparison
VTEC has a 0.08% 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
VTEC vs. AUSM - Dividend Comparison
VTEC's dividend yield for the trailing twelve months is around 3.16%, more than AUSM's 2.39% yield.
| Position | TTM | 2025 | 2024 |
|---|---|---|---|
AUSM Allspring Ultra Short Municipal ETF | 2.39% | 1.26% | 0.00% |
VTEC Vanguard California Tax-Exempt Bond ETF | 3.16% | 3.13% | 2.54% |
Frequently Asked Questions
VTEC and AUSM have a correlation of 0.18, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, VTEC is cheaper at 0.08% per year. The better choice depends on whether you care most about return, fees, risk, or income.
VTEC is cheaper with a 0.08% expense ratio, compared with 0.18% for AUSM.
VTEC has the higher dividend yield at 3.16%, compared with 2.39% for AUSM.
They also come from different issuers: Vanguard and Allspring. Their fees differ too: 0.08% for VTEC and 0.18% for AUSM.
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