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WSSCX vs. APUSX
Performance
Return for Risk
Drawdowns
Volatility
Dividends

WSSCX vs. APUSX

Last updated Jul 3, 2026
See Documentation

WSSCX (Allspring Short-Term Municipal Bond Fund) and APUSX (Cavanal Hill Ultra Short Tax-Free Income Fund) are both Municipal Bonds funds. Over the past 5 years, WSSCX returned 0.87%/yr vs 2.12%/yr for APUSX. At a 0.31 correlation, their price movements are largely independent. WSSCX charges 1.38%/yr vs 0.60%/yr for APUSX.

Performance

WSSCX vs. APUSX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Allspring Short-Term Municipal Bond Fund (WSSCX) and Cavanal Hill Ultra Short Tax-Free Income Fund (APUSX). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, WSSCX achieves a 0.86% return, which is significantly lower than APUSX's 1.00% return.

WSSCX

1D
0.00%
1M
0.26%
6M
0.86%
YTD
0.86%
1Y
2.43%
3Y*
2.54%
5Y*
0.87%
10Y*
0.73%

APUSX

1D
11.76%
1M
0.18%
6M
1.00%
YTD
1.00%
1Y
2.43%
3Y*
3.35%
5Y*
2.12%
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

WSSCX vs. APUSX - Yearly Performance Comparison

2026 (YTD)202520242023202220212020
WSSCX
Allspring Short-Term Municipal Bond Fund		0.86%2.95%2.07%2.73%-3.62%-0.63%1.06%
APUSX
Cavanal Hill Ultra Short Tax-Free Income Fund		1.00%3.88%3.65%2.63%-0.18%-0.40%0.15%

Correlation

The correlation between WSSCX and APUSX is 0.32, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.32

Correlation (3Y)
Calculated over the trailing 3-year period

0.26

Correlation (5Y)
Calculated over the trailing 5-year period

0.31

Correlation (All Time)
Calculated using the full available price history since Jan 2, 2020

0.31

Compare stocks, funds, or ETFs

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Allspring Short-Term Municipal Bond Fund

Cavanal Hill Ultra Short Tax-Free Income Fund

Often compared with WSSCX:
WSSCX vs. EKJAXWSSCX vs. SENAXWSSCX vs. DFABXWSSCX vs. EKWAXWSSCX vs. EVSAXWSSCX vs. BATVXWSSCX vs. ESPAX
Often compared with APUSX:
APUSX vs. ALTHXAPUSX vs. CBTAXAPUSX vs. APBDXAPUSX vs. MYIAPUSX vs. APSTXAPUSX vs. APENXAPUSX vs. COLTX

Return for Risk

WSSCX vs. APUSX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
WSSCX
WSSCX Risk / Return Rank: 7474
Overall Rank
WSSCX Sharpe Ratio Rank: 8383
Sharpe Ratio Rank
WSSCX Sortino Ratio Rank: 8888
Sortino Ratio Rank
WSSCX Omega Ratio Rank: 9494
Omega Ratio Rank
WSSCX Calmar Ratio Rank: 5858
Calmar Ratio Rank
WSSCX Martin Ratio Rank: 4444
Martin Ratio Rank
APUSX
APUSX Risk / Return Rank: 1818
Overall Rank
APUSX Sharpe Ratio Rank: 55
Sharpe Ratio Rank
APUSX Sortino Ratio Rank: 55
Sortino Ratio Rank
APUSX Omega Ratio Rank: 5858
Omega Ratio Rank
APUSX Calmar Ratio Rank: 55
Calmar Ratio Rank
APUSX Martin Ratio Rank: 1919
Martin Ratio Rank
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.

WSSCX vs. APUSX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Allspring Short-Term Municipal Bond Fund (WSSCX) and Cavanal Hill Ultra Short Tax-Free Income Fund (APUSX). 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.

WSSCXAPUSXDifference
Sharpe ratioReturn per unit of total volatility
2.25
0.16

+2.09

Sortino ratioReturn per unit of downside risk
3.60
0.35

+3.25

Omega ratioGain probability vs. loss probability

1.67

1.33

+0.34

Calmar ratioReturn relative to maximum drawdown

2.40

0.24

+2.17

Martin ratioReturn relative to average drawdown

7.61

3.74

+3.87

WSSCX vs. APUSX - Sharpe Ratio Comparison

The current WSSCX Sharpe Ratio is 2.25, which is higher than the APUSX Sharpe Ratio of 0.16. The chart below compares the historical Sharpe Ratios of WSSCX and APUSX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

WSSCX vs. APUSX - Drawdown Comparison

The maximum WSSCX drawdown since its inception was -6.08%, smaller than the maximum APUSX drawdown of -10.36%. Use the drawdown chart below to compare losses from any high point for WSSCX and APUSX.

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Drawdown Indicators

WSSCXAPUSXDifference

Max Drawdown

Largest peak-to-trough decline

-6.08%

-10.36%

+4.28%

Max Drawdown (1Y)

Largest decline over 1 year

-1.02%

-10.36%

+9.34%

Max Drawdown (3Y)

Largest decline over 3 years

-1.65%

-10.36%

+8.71%

Max Drawdown (5Y)

Largest decline over 5 years

-5.85%

-10.36%

+4.51%

Max Drawdown (10Y)

Largest decline over 10 years

-6.08%

—

—

Current Drawdown

Current decline from peak

-0.04%

0.00%

-0.04%

Average Drawdown

Average peak-to-trough decline

-0.72%

-0.29%

-0.43%

Ulcer Index

Depth and duration of drawdowns from previous peaks

0.32%

0.65%

-0.33%

Volatility

WSSCX vs. APUSX - Volatility Comparison

The current volatility for Allspring Short-Term Municipal Bond Fund (WSSCX) is 0.28%, while Cavanal Hill Ultra Short Tax-Free Income Fund (APUSX) has a volatility of 15.98%. This indicates that WSSCX experiences smaller price fluctuations and is considered to be less risky than APUSX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

WSSCXAPUSXDifference

Volatility (1M)

Calculated over the trailing 1-month period

0.28%

15.98%

-15.70%

Volatility (6M)

Calculated over the trailing 6-month period

0.87%

15.66%

-14.79%

Volatility (1Y)

Calculated over the trailing 1-year period

1.09%

15.75%

-14.66%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

1.47%

7.14%

-5.67%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

1.38%

6.27%

-4.89%

WSSCX vs. APUSX - Expense Ratio Comparison

WSSCX has a 1.38% expense ratio, which is higher than APUSX's 0.60% expense ratio.

Dividends

WSSCX vs. APUSX - Dividend Comparison

WSSCX's dividend yield for the trailing twelve months is around 1.68%, less than APUSX's 2.40% yield.

PositionTTM20252024202320222021202020192018201720162015
APUSX
Cavanal Hill Ultra Short Tax-Free Income Fund		2.40%3.69%3.68%1.69%0.33%0.00%0.25%0.00%0.00%0.00%0.00%0.00%
WSSCX
Allspring Short-Term Municipal Bond Fund		1.68%1.66%1.62%1.21%0.55%0.28%0.55%0.94%0.77%0.53%0.42%0.29%

Frequently Asked Questions

WSSCX and APUSX have a correlation of 0.32, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

APUSX has higher volatility (15.98%) compared to WSSCX (0.28%). In terms of maximum drawdown, WSSCX dropped -6.08% vs APUSX's -10.36%.

WSSCX currently has the higher Sharpe Ratio (2.25 vs 0.16), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.

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