WSSCX vs. ESPAX

Last updated Aug 1, 2026

WSSCX (Allspring Short-Term Municipal Bond Fund) and ESPAX (Allspring Special Small Cap Value Fund) are both mutual funds - WSSCX is a Municipal Bonds fund managed by Allspring, while ESPAX is a Small Cap Value Equities fund managed by Allspring. Over the past 10 years, WSSCX returned 0.67%/yr vs 7.96%/yr for ESPAX. Their 0.00 correlation means their historical movements had little consistent relationship. WSSCX charges 1.38%/yr vs 1.24%/yr for ESPAX.

Performance

WSSCX vs. ESPAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Allspring Short-Term Municipal Bond Fund (WSSCX) and Allspring Special Small Cap Value Fund (ESPAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, WSSCX achieves a 0.34% return, which is significantly lower than ESPAX's 13.11% return. Over the past 10 years, WSSCX has underperformed ESPAX with an annualized return of 0.67%, while ESPAX has yielded a comparatively higher 7.96% annualized return.

WSSCX

• 1D: -0.10%
• 1M: -0.51%
• 6M: -0.09%
• YTD: 0.34%
• 1Y: 1.46%
• 3Y*: 2.32%
• 5Y*: 0.72%
• 10Y*: 0.67%
• ALL TIME*: 1.17%

ESPAX

• 1D: 0.08%
• 1M: -0.90%
• 6M: 6.87%
• YTD: 13.11%
• 1Y: 17.70%
• 3Y*: 6.93%
• 5Y*: 4.88%
• 10Y*: 7.96%
• ALL TIME*: 8.68%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
ESPAX Allspring Special Small Cap Value Fund	$0.00	$0.00	$0.00
WSSCX Allspring Short-Term Municipal Bond Fund	$0.00	$0.00	$0.00

WSSCX vs. ESPAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
WSSCX Allspring Short-Term Municipal Bond Fund	0.34%	2.95%	2.07%	2.73%	-3.62%	-0.63%	1.06%	1.97%	0.67%	0.95%
ESPAX Allspring Special Small Cap Value Fund	13.11%	-3.10%	6.44%	18.65%	-13.94%	27.61%	1.16%	28.03%	-13.77%	11.08%

Correlation

The correlation between WSSCX and ESPAX is 0.21, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.21
Correlation (3Y) Balances recent behavior with more history.	0.15
Correlation (5Y) Shows whether the relationship held over a longer period.	0.10
Correlation (10Y) Provides a long-term view across more market conditions.	0.05
Correlation (All Time) Calculated using the full available price history since Jan 31, 2003	0.00

Over the past year, WSSCX and ESPAX have become more correlated (0.21) than their long-term average of 0.00, meaning their price movements have been converging.

Return for Risk

WSSCX vs. ESPAX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

WSSCX

WSSCX Risk / Return Rank: 55
WSSCX Sharpe Ratio Rank: 57
WSSCX Sortino Ratio Rank: 64
WSSCX Omega Ratio Rank: 83
WSSCX Calmar Ratio Rank: 37
WSSCX Martin Ratio Rank: 33

ESPAX

ESPAX Risk / Return Rank: 25
ESPAX Sharpe Ratio Rank: 25
ESPAX Sortino Ratio Rank: 28
ESPAX Omega Ratio Rank: 24
ESPAX Calmar Ratio Rank: 24
ESPAX Martin Ratio Rank: 23

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

WSSCX vs. ESPAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Allspring Short-Term Municipal Bond Fund (WSSCX) and Allspring Special Small Cap Value Fund (ESPAX). 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.

	WSSCX	ESPAX	Difference
Sharpe ratio: Return per unit of total volatility	1.51	0.84	+0.66
Sortino ratio: Return per unit of downside risk	2.30	1.39	+0.90
Omega ratio: Gain probability vs. loss probability	1.41	1.15	+0.25
Calmar ratio: Return relative to maximum drawdown	1.65	1.09	+0.56
Martin ratio: Return relative to average drawdown	5.01	3.21	+1.81

WSSCX vs. ESPAX - Sharpe Ratio Comparison

The current WSSCX Sharpe Ratio is 1.51, which is higher than the ESPAX Sharpe Ratio of 0.84. The chart below compares the historical Sharpe Ratios of WSSCX and ESPAX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

WSSCX vs. ESPAX - Drawdown Comparison

The maximum WSSCX drawdown since its inception was -6.08%, smaller than the maximum ESPAX drawdown of -61.14%. Use the drawdown chart below to compare losses from any high point for WSSCX and ESPAX.

Drawdown Indicators

	WSSCX	ESPAX	Difference
Max Drawdown Largest peak-to-trough decline	-6.08%	-61.14%	+55.06%
Max Drawdown (1Y) Largest decline over 1 year	-1.02%	-13.58%	+12.56%
Max Drawdown (3Y) Largest decline over 3 years	-1.65%	-24.80%	+23.15%
Max Drawdown (5Y) Largest decline over 5 years	-5.85%	-26.84%	+20.99%
Max Drawdown (10Y) Largest decline over 10 years	-6.08%	-43.28%	+37.20%
Current Drawdown Current decline from peak	-0.55%	-2.97%	+2.42%
Average Drawdown Average peak-to-trough decline	-0.72%	-9.11%	+8.39%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.33%	4.62%	-4.29%

Volatility

WSSCX vs. ESPAX - Volatility Comparison

The current volatility for Allspring Short-Term Municipal Bond Fund (WSSCX) is 0.33%, while Allspring Special Small Cap Value Fund (ESPAX) has a volatility of 4.56%. This indicates that WSSCX experiences smaller price fluctuations and is considered to be less risky than ESPAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	WSSCX	ESPAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.33%	4.56%	-4.23%
Volatility (6M) Calculated over the trailing 6-month period	0.89%	12.30%	-11.41%
Volatility (1Y) Calculated over the trailing 1-year period	1.12%	17.60%	-16.48%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.47%	20.16%	-18.69%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.38%	21.37%	-19.99%

WSSCX vs. ESPAX - Expense Ratio Comparison

WSSCX has a 1.38% expense ratio, which is higher than ESPAX's 1.24% expense ratio.

Dividends

WSSCX vs. ESPAX - Dividend Comparison

WSSCX's dividend yield for the trailing twelve months is around 1.56%, less than ESPAX's 7.30% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ESPAX Allspring Special Small Cap Value Fund	7.30%	8.26%	10.10%	2.07%	6.24%	6.34%	0.39%	1.68%	7.90%	5.33%	2.25%	2.33%
WSSCX Allspring Short-Term Municipal Bond Fund	1.56%	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

Can I hold both WSSCX and ESPAX in my portfolio?

WSSCX and ESPAX have a correlation of 0.21, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, WSSCX or ESPAX?

ESPAX has higher volatility (4.56%) compared to WSSCX (0.33%). In terms of maximum drawdown, WSSCX dropped -6.08% vs ESPAX's -61.14%.

Which has better risk-adjusted returns?

WSSCX currently has the higher Sharpe Ratio (1.50 vs 0.84), 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.