Average mutual information (AMI) has been applied to many fields, including various aspects of bioinformatics. In this paper, we evaluate its performance as a measure of evolutionary distance between sequences. We use the internal transcribed spacer (ITS) regions for 16 fungal sequences as representative sequences used for species comparison. We generate profiles based on the AMI for each species' ITS sequence. We then populate a distance matrix for the set of species using either a Euclidean or correlation distance between AMI profiles. We generate phylogenetic trees using the distance matrices as input. While these trees do not exactly match the accepted fungal phylogeny, there are sufficient commonalities to merit further investigation of AMI as a distance metric and tool for inferring relationships. We also simulate the evolution of an ITS sequence in order to observe how point mutations affect the distance between AMI profiles, concluding that a correlation distance performs slightly better than a Euclidean distance.