VTES vs. AUSM
VTES (Vanguard Short-Term Tax-Exempt Bond ETF) and AUSM (Allspring Ultra Short Municipal ETF) are both Municipal Bonds funds. VTES is passively managed, while AUSM is actively managed. At a 0.17 correlation, their price movements are largely independent. VTES charges 0.07%/yr vs 0.18%/yr for AUSM.
Performance
VTES vs. AUSM - Performance Comparison
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Returns By Period
In the year-to-date period, VTES achieves a 0.77% return, which is significantly lower than AUSM's 0.98% return.
VTES
- 1D
- 0.01%
- 1M
- 0.59%
- YTD
- 0.77%
- 6M
- 0.88%
- 1Y
- 3.25%
- 3Y*
- 3.10%
- 5Y*
- —
- 10Y*
- —
AUSM
- 1D
- -0.20%
- 1M
- 0.03%
- YTD
- 0.98%
- 6M
- 1.16%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
VTES vs. AUSM - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
VTES Vanguard Short-Term Tax-Exempt Bond ETF | 0.77% | 2.08% |
AUSM Allspring Ultra Short Municipal ETF | 0.98% | 1.58% |
Correlation
The correlation between VTES 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 Jul 8, 2025 | 0.17 |
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Return for Risk
VTES vs. AUSM — Risk / Return Rank
VTES
AUSM
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
VTES vs. AUSM - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard Short-Term Tax-Exempt Bond ETF (VTES) 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.
| VTES | AUSM | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | 1.61 | — | — |
| Calmar ratioReturn relative to maximum drawdown | 2.22 | — | — |
| Martin ratioReturn relative to average drawdown | 6.35 | — | — |
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Drawdowns
VTES vs. AUSM - Drawdown Comparison
The maximum VTES drawdown since its inception was -2.42%, which is greater than AUSM's maximum drawdown of -0.42%. Use the drawdown chart below to compare losses from any high point for VTES and AUSM.
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Drawdown Indicators
| VTES | AUSM | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -2.42% | -0.42% | -2.00% |
Max Drawdown (1Y)Largest decline over 1 year | -1.47% | — | — |
Max Drawdown (3Y)Largest decline over 3 years | -1.80% | — | — |
Current DrawdownCurrent decline from peak | -0.51% | -0.23% | -0.28% |
Average DrawdownAverage peak-to-trough decline | -0.50% | -0.09% | -0.41% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.51% | — | — |
Volatility
VTES vs. AUSM - Volatility Comparison
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Volatility by Period
| VTES | AUSM | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.27% | — | — |
Volatility (6M)Calculated over the trailing 6-month period | 0.98% | — | — |
Volatility (1Y)Calculated over the trailing 1-year period | 1.24% | 0.78% | +0.46% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 1.71% | 0.78% | +0.93% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 1.71% | 0.78% | +0.93% |
VTES vs. AUSM - Expense Ratio Comparison
VTES has a 0.07% 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
VTES vs. AUSM - Dividend Comparison
VTES's dividend yield for the trailing twelve months is around 2.75%, more than AUSM's 2.39% yield.
| Position | TTM | 2025 | 2024 | 2023 |
|---|---|---|---|---|
AUSM Allspring Ultra Short Municipal ETF | 2.39% | 1.26% | 0.00% | 0.00% |
VTES Vanguard Short-Term Tax-Exempt Bond ETF | 2.75% | 2.77% | 2.99% | 2.03% |
Frequently Asked Questions
VTES 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.
On fees, VTES is cheaper at 0.07% per year. The better choice depends on whether you care most about return, fees, risk, or income.
VTES is cheaper with a 0.07% expense ratio, compared with 0.18% for AUSM.
VTES has the higher dividend yield at 2.75%, compared with 2.39% for AUSM.
They also come from different issuers: Vanguard and Allspring. Their fees differ too: 0.07% for VTES and 0.18% for AUSM.
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