FMHI vs. MUST

Last updated Jun 3, 2026

FMHI (First Trust Municipal High Income ETF) and MUST (Columbia Multi-Sector Municipal Income ETF) are both exchange-traded funds - FMHI is a Municipal Bonds fund actively managed by First Trust, while MUST is a Money Market fund tracking the Bloomberg Beta Advantage Multi-Sector Municipal Bond Index. FMHI is actively managed, while MUST is passively managed. Over the past 5 years, FMHI returned 0.91%/yr vs 0.80%/yr for MUST. At a 0.45 correlation, their price movements are largely independent. FMHI charges 0.55%/yr vs 0.23%/yr for MUST.

Performance

FMHI vs. MUST - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust Municipal High Income ETF (FMHI) 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, FMHI achieves a 2.60% return, which is significantly higher than MUST's 1.45% return.

FMHI

• 1D: 0.17%
• 1M: 0.92%
• YTD: 2.60%
• 6M: 3.13%
• 1Y: 8.61%
• 3Y*: 5.50%
• 5Y*: 0.91%
• 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)

FMHI vs. MUST - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
FMHI First Trust Municipal High Income ETF	2.60%	3.54%	5.41%	7.20%	-14.67%	7.58%	4.09%	10.34%	1.15%
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 FMHI and MUST is 0.46, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.46
Correlation (3Y) Calculated over the trailing 3-year period	0.52
Correlation (5Y) Calculated over the trailing 5-year period	0.53
Correlation (All Time) Calculated using the full available price history since Oct 11, 2018	0.45

The correlation between FMHI and MUST has been stable across timeframes, ranging from 0.45 to 0.53 - a consistent structural relationship.

Return for Risk

FMHI vs. MUST — Risk / Return Rank

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

FMHI

FMHI Risk / Return Rank: 81
FMHI Sharpe Ratio Rank: 83
FMHI Sortino Ratio Rank: 91
FMHI Omega Ratio Rank: 91
FMHI Calmar Ratio Rank: 70
FMHI Martin Ratio Rank: 71

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.

FMHI vs. MUST - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust Municipal High Income ETF (FMHI) 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.

	FMHI	MUST	Difference
Sharpe ratio Return per unit of total volatility	2.77	1.27	+1.50
Sortino ratio Return per unit of downside risk	4.30	1.85	+2.46
Omega ratio Gain probability vs. loss probability	1.61	1.24	+0.38
Calmar ratio Return relative to maximum drawdown	3.57	2.29	+1.28
Martin ratio Return relative to average drawdown	13.45	6.31	+7.15
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FMHI vs. MUST - Sharpe Ratio Comparison

The current FMHI Sharpe Ratio is 2.77, which is higher than the MUST Sharpe Ratio of 1.27. The chart below compares the historical Sharpe Ratios of FMHI 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

	FMHI	MUST	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.77	1.27	+1.50
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.19	0.15	+0.04
Sharpe Ratio (All Time) Calculated using the full available price history	0.56	0.54	+0.03

Drawdowns

FMHI vs. MUST - Drawdown Comparison

The maximum FMHI drawdown since its inception was -18.83%, which is greater than MUST's maximum drawdown of -13.83%. Use the drawdown chart below to compare losses from any high point for FMHI and MUST.

Drawdown Indicators

	FMHI	MUST	Difference
Max Drawdown Largest peak-to-trough decline	-18.83%	-13.83%	-5.00%
Max Drawdown (1Y) Largest decline over 1 year	-2.35%	-3.01%	+0.66%
Max Drawdown (3Y) Largest decline over 3 years	-6.17%	-6.08%	-0.09%
Max Drawdown (5Y) Largest decline over 5 years	-18.83%	-13.83%	-5.00%
Current Drawdown Current decline from peak	0.00%	-1.09%	+1.09%
Average Drawdown Average peak-to-trough decline	-4.52%	-3.41%	-1.11%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.62%	1.10%	-0.48%

Volatility

FMHI vs. MUST - Volatility Comparison

The current volatility for First Trust Municipal High Income ETF (FMHI) is 0.96%, while Columbia Multi-Sector Municipal Income ETF (MUST) has a volatility of 1.80%. This indicates that FMHI experiences smaller price fluctuations and is considered to be less risky than MUST based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FMHI	MUST	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.96%	1.80%	-0.84%
Volatility (6M) Calculated over the trailing 6-month period	2.11%	3.62%	-1.51%
Volatility (1Y) Calculated over the trailing 1-year period	3.13%	5.18%	-2.05%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.77%	5.44%	-0.67%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.73%	5.60%	+0.13%

FMHI vs. MUST - Expense Ratio Comparison

FMHI has a 0.55% expense ratio, which is higher than MUST's 0.23% expense ratio.

Dividends

FMHI vs. MUST - Dividend Comparison

FMHI's dividend yield for the trailing twelve months is around 4.25%, more than MUST's 3.33% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
FMHI First Trust Municipal High Income ETF	4.25%	4.16%	4.01%	3.89%	3.57%	2.87%	3.13%	3.33%	3.46%	0.30%
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%

Frequently Asked Questions

Can I hold both FMHI and MUST in my portfolio?

FMHI and MUST have a correlation of 0.46, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FMHI or MUST?

MUST has higher volatility (1.80%) compared to FMHI (0.96%). In terms of maximum drawdown, FMHI dropped -18.83% vs MUST's -13.83%.

Which ETF is better, FMHI or MUST?

On 5-year performance, FMHI leads with 0.91% vs 0.80% for MUST. On fees, MUST is cheaper at 0.23% per year. On volatility, FMHI has been the lower-risk option at 0.96%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FMHI or MUST?

Over the 5-year period, FMHI has performed better with a 0.91% return vs 0.80%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FMHI or MUST?

MUST is cheaper with a 0.23% expense ratio, compared with 0.55% for FMHI.

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

FMHI has the higher dividend yield at 4.25%, compared with 3.33% for MUST.

What is the main difference between FMHI and MUST?

FMHI is categorized as Municipal Bonds, while MUST is Money Market. They also come from different issuers: First Trust and Ameriprise Financial. Their fees differ too: 0.55% for FMHI and 0.23% for MUST.

Which has better risk-adjusted returns?

FMHI currently has the higher Sharpe Ratio (2.77 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.