AUSM vs SPY
Allspring Ultra Short Municipal ETF vs State Street SPDR S&P 500 ETF Trust
Quick Verdict
SPY has a lower expense ratio. SPY delivered stronger 1-year returns. SPY offers more diversification with 505 holdings.
Side-by-Side Comparison
| Metric | AUSM | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 0.18% | 0.09% | |
| AUM | $33M | $821.1B | |
| Dividend Yield | 2.77% | 1.01% | |
| Holdings | 95 | 505 | |
| YTD Return | +1.55% | +12.22% | |
| 1Y Return | +2.65% | +20.83% | |
| 3Y Return (annualized) | - | +21.70% | |
| 5Y Return (annualized) | - | +12.98% | |
| Volatility (annualized) | 0.6% | 15.3% | |
| Max Drawdown | -0.4% | -56.5% | |
| Fund Family | Allspring Global Investments | State Street Investment Management | |
| Category | Tax Preferred | Equity | |
| Inception | Jul 8, 2025 | Jan 22, 1993 |
AUSM vs SPY Performance
Allspring Ultra Short Municipal ETF (AUSM) is a ETF from Allspring Global Investments and State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management. Over the past year AUSM returned +2.65% while SPY returned +20.83%. Year to date, AUSM is up 1.55% versus a gain of 12.22% for SPY.
Risk: Volatility and Drawdowns
SPY has been the more volatile fund, with annualized monthly volatility of 15.3% compared with 0.6% for AUSM. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.
The deepest peak-to-trough decline in our data was -0.4% for AUSM and -56.5% for SPY. Drawdown depth is worth weighing if you expect to sell during market stress rather than ride it out.
The two funds' monthly returns correlate at 0.35. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
AUSM charges 0.18% per year while SPY charges 0.09%. On a $10,000 position that is $18 vs $9 annually, a gap of $9 per year that compounds over a long holding period. On income, AUSM currently yields 2.77% against 1.01% for SPY.
Holdings Overlap
AUSM and SPY share 0 holdings out of 517 unique holdings combined, representing a 0.0% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
Frequently Asked Questions
Which is cheaper, AUSM or SPY?
AUSM has an expense ratio of 0.18% while SPY charges 0.09%. SPY is the cheaper option. On a $10,000 investment, that is $9 per year of difference.
Which performed better, AUSM or SPY?
Over the past year AUSM returned +2.65% vs +20.83% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (1 years), AUSM annualized +2.85% vs +8.79% for SPY. Past performance does not guarantee future results.
Which is riskier, AUSM or SPY?
SPY has been the more volatile fund at 15.3% annualized versus 0.6% for AUSM. Worst drawdown: AUSM -0.4% vs SPY -56.5%.
Should I hold both AUSM and SPY?
AUSM and SPY have a monthly-return correlation of 0.35, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between AUSM and SPY?
AUSM and SPY share 0 common holdings with a 0.0% weight overlap. Combined, they hold 517 unique securities.
Which pays a higher dividend, AUSM or SPY?
AUSM yields 2.77% while SPY yields 1.01%, so AUSM currently pays the higher dividend yield.
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