ESGN vs. MUST

Last updated Jun 3, 2026

ESGN (Columbia Sustainable International Equity Income ETF) and MUST (Columbia Multi-Sector Municipal Income ETF) are both exchange-traded funds - ESGN is a Foreign Large Cap Equities fund tracking the MSCI Beta ADV Sust Intl Equity Income 100, while MUST is a Money Market fund tracking the Bloomberg Beta Advantage Multi-Sector Municipal Bond Index. Both are passively managed. Over the past 5 years, ESGN returned 12.09%/yr vs 0.80%/yr for MUST. At a 0.08 correlation, their price movements are largely independent. ESGN charges 0.45%/yr vs 0.23%/yr for MUST.

Performance

ESGN vs. MUST - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Columbia Sustainable International Equity Income ETF (ESGN) and Columbia Multi-Sector Municipal Income ETF (MUST). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ESGN achieves a 8.09% return, which is significantly higher than MUST's 1.45% return.

ESGN

• 1D: 0.54%
• 1M: 0.78%
• YTD: 8.09%
• 6M: 11.60%
• 1Y: 25.97%
• 3Y*: 20.05%
• 5Y*: 12.09%
• 10Y*: —

MUST

• 1D: 0.49%
• 1M: 1.18%
• YTD: 1.45%
• 6M: 1.84%
• 1Y: 6.55%
• 3Y*: 3.77%
• 5Y*: 0.80%
• 10Y*: —

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

ESGN vs. MUST - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
ESGN Columbia Sustainable International Equity Income ETF	8.09%	39.85%	6.02%	20.88%	-5.95%	10.18%	-0.52%	15.83%	-12.97%
MUST Columbia Multi-Sector Municipal Income ETF	1.45%	4.92%	0.37%	6.23%	-8.82%	1.93%	6.67%	8.35%	2.72%

Correlation

The correlation between ESGN and MUST is 0.20, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.20
Correlation (3Y) Calculated over the trailing 3-year period	0.17
Correlation (5Y) Calculated over the trailing 5-year period	0.14
Correlation (All Time) Calculated using the full available price history since Oct 11, 2018	0.08

The correlation between ESGN and MUST shifts across timeframes, from 0.08 (all time) to 0.20 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

ESGN vs. MUST — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

ESGN

ESGN Risk / Return Rank: 57
ESGN Sharpe Ratio Rank: 56
ESGN Sortino Ratio Rank: 56
ESGN Omega Ratio Rank: 56
ESGN Calmar Ratio Rank: 57
ESGN Martin Ratio Rank: 59

MUST

MUST Risk / Return Rank: 38
MUST Sharpe Ratio Rank: 35
MUST Sortino Ratio Rank: 35
MUST Omega Ratio Rank: 35
MUST Calmar Ratio Rank: 46
MUST Martin Ratio Rank: 39

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.

ESGN vs. MUST - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Columbia Sustainable International Equity Income ETF (ESGN) and Columbia Multi-Sector Municipal Income ETF (MUST). 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.

	ESGN	MUST	Difference
Sharpe ratio Return per unit of total volatility	1.94	1.27	+0.67
Sortino ratio Return per unit of downside risk	2.69	1.85	+0.85
Omega ratio Gain probability vs. loss probability	1.35	1.24	+0.12
Calmar ratio Return relative to maximum drawdown	2.87	2.29	+0.58
Martin ratio Return relative to average drawdown	10.64	6.31	+4.34
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ESGN vs. MUST - Sharpe Ratio Comparison

The current ESGN Sharpe Ratio is 1.94, which is higher than the MUST Sharpe Ratio of 1.27. The chart below compares the historical Sharpe Ratios of ESGN and MUST, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	ESGN	MUST	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.94	1.27	+0.67
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.79	0.15	+0.65
Sharpe Ratio (All Time) Calculated using the full available price history	0.61	0.54	+0.07

Drawdowns

ESGN vs. MUST - Drawdown Comparison

The maximum ESGN drawdown since its inception was -41.71%, which is greater than MUST's maximum drawdown of -13.83%. Use the drawdown chart below to compare losses from any high point for ESGN and MUST.

Drawdown Indicators

	ESGN	MUST	Difference
Max Drawdown Largest peak-to-trough decline	-41.71%	-13.83%	-27.88%
Max Drawdown (1Y) Largest decline over 1 year	-9.56%	-3.01%	-6.55%
Max Drawdown (3Y) Largest decline over 3 years	-14.38%	-6.08%	-8.30%
Max Drawdown (5Y) Largest decline over 5 years	-24.51%	-13.83%	-10.68%
Current Drawdown Current decline from peak	-2.81%	-1.09%	-1.72%
Average Drawdown Average peak-to-trough decline	-7.06%	-3.41%	-3.65%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.58%	1.10%	+1.48%

Volatility

ESGN vs. MUST - Volatility Comparison

Columbia Sustainable International Equity Income ETF (ESGN) has a higher volatility of 4.05% compared to Columbia Multi-Sector Municipal Income ETF (MUST) at 1.80%. This indicates that ESGN's price experiences larger fluctuations and is considered to be riskier than MUST based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ESGN	MUST	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.05%	1.80%	+2.25%
Volatility (6M) Calculated over the trailing 6-month period	10.58%	3.62%	+6.96%
Volatility (1Y) Calculated over the trailing 1-year period	13.48%	5.18%	+8.30%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.29%	5.44%	+9.85%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.31%	5.60%	+10.71%

ESGN vs. MUST - Expense Ratio Comparison

ESGN has a 0.45% expense ratio, which is higher than MUST's 0.23% expense ratio.

Dividends

ESGN vs. MUST - Dividend Comparison

ESGN's dividend yield for the trailing twelve months is around 9.13%, more than MUST's 3.33% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
ESGN Columbia Sustainable International Equity Income ETF	9.13%	9.76%	3.11%	3.27%	3.57%	3.43%	2.64%	3.34%	7.25%	4.63%	2.52%
MUST Columbia Multi-Sector Municipal Income ETF	3.33%	3.28%	3.13%	2.51%	1.76%	1.62%	2.33%	2.70%	0.55%	0.00%	0.00%

Frequently Asked Questions

Can I hold both ESGN and MUST in my portfolio?

ESGN and MUST have a correlation of 0.20, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ESGN or MUST?

ESGN has higher volatility (4.05%) compared to MUST (1.80%). In terms of maximum drawdown, ESGN dropped -41.71% vs MUST's -13.83%.

Which ETF is better, ESGN or MUST?

On 5-year performance, ESGN leads with 12.09% vs 0.80% for MUST. On fees, MUST is cheaper at 0.23% per year. On volatility, MUST has been the lower-risk option at 1.80%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ESGN or MUST?

Over the 5-year period, ESGN has performed better with a 12.09% return vs 0.80%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ESGN or MUST?

MUST is cheaper with a 0.23% expense ratio, compared with 0.45% for ESGN.

Which ETF pays a higher dividend yield, ESGN or MUST?

ESGN has the higher dividend yield at 9.13%, compared with 3.33% for MUST.

What is the main difference between ESGN and MUST?

ESGN is categorized as Foreign Large Cap Equities, while MUST is Money Market. ESGN tracks MSCI Beta ADV Sust Intl Equity Income 100, while MUST tracks Bloomberg Beta Advantage Multi-Sector Municipal Bond Index. Their fees differ too: 0.45% for ESGN and 0.23% for MUST.

Which has better risk-adjusted returns?

ESGN currently has the higher Sharpe Ratio (1.94 vs 1.27), 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.