INCO vs. MUST
INCO (Columbia India Consumer ETF) and MUST (Columbia Multi-Sector Municipal Income ETF) are both exchange-traded funds - INCO is a Asia Pacific Equities fund tracking the Indxx India Consumer Index, 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, INCO returned 5.56%/yr vs 0.87%/yr for MUST. At a 0.07 correlation, their price movements are largely independent. INCO charges 0.75%/yr vs 0.23%/yr for MUST.
Performance
INCO vs. MUST - Performance Comparison
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Returns By Period
In the year-to-date period, INCO achieves a -12.27% return, which is significantly lower than MUST's 1.60% return.
INCO
- 1D
- -1.56%
- 1M
- -2.34%
- YTD
- -12.27%
- 6M
- -10.65%
- 1Y
- -11.02%
- 3Y*
- 6.36%
- 5Y*
- 5.56%
- 10Y*
- 8.19%
MUST
- 1D
- 0.15%
- 1M
- 1.08%
- YTD
- 1.60%
- 6M
- 1.55%
- 1Y
- 7.14%
- 3Y*
- 3.82%
- 5Y*
- 0.87%
- 10Y*
- —
INCO vs. MUST - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
INCO Columbia India Consumer ETF | -12.27% | 0.59% | 12.70% | 34.63% | -7.01% | 19.28% | 14.55% | -4.22% | 18.46% |
MUST Columbia Multi-Sector Municipal Income ETF | 1.60% | 4.92% | 0.37% | 6.23% | -8.82% | 1.93% | 6.67% | 8.35% | 2.72% |
Correlation
The correlation between INCO and MUST is 0.19, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.19 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.10 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.07 |
Correlation (All Time) Calculated using the full available price history since Oct 11, 2018 | 0.07 |
The correlation between INCO and MUST shifts across timeframes, from 0.07 (all time) to 0.19 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
INCO vs. MUST — Risk / Return Rank
INCO
MUST
INCO vs. MUST - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Columbia India Consumer ETF (INCO) 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.
| INCO | MUST | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.05 | ||
| Sortino ratioReturn per unit of downside risk | -2.89 | ||
| Omega ratioGain probability vs. loss probability | 0.90 | 1.26 | -0.36 |
| Calmar ratioReturn relative to maximum drawdown | -0.52 | 2.38 | -2.90 |
| Martin ratioReturn relative to average drawdown | -1.33 | 6.52 | -7.85 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| INCO | MUST | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.66 | 1.39 | -2.05 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.33 | 0.16 | +0.17 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.40 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.42 | 0.54 | -0.12 |
Drawdowns
INCO vs. MUST - Drawdown Comparison
The maximum INCO drawdown since its inception was -47.69%, which is greater than MUST's maximum drawdown of -13.83%. Use the drawdown chart below to compare losses from any high point for INCO and MUST.
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Drawdown Indicators
| INCO | MUST | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -47.69% | -13.83% | -33.86% |
Max Drawdown (1Y)Largest decline over 1 year | -21.37% | -3.01% | -18.36% |
Max Drawdown (3Y)Largest decline over 3 years | -29.98% | -6.08% | -23.90% |
Max Drawdown (5Y)Largest decline over 5 years | -29.98% | -13.83% | -16.15% |
Max Drawdown (10Y)Largest decline over 10 years | -47.69% | — | — |
Current DrawdownCurrent decline from peak | -25.29% | -0.94% | -24.35% |
Average DrawdownAverage peak-to-trough decline | -10.57% | -3.41% | -7.16% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.30% | 1.10% | +7.20% |
Volatility
INCO vs. MUST - Volatility Comparison
Columbia India Consumer ETF (INCO) has a higher volatility of 5.78% compared to Columbia Multi-Sector Municipal Income ETF (MUST) at 1.80%. This indicates that INCO'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.
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Volatility by Period
| INCO | MUST | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.78% | 1.80% | +3.98% |
Volatility (6M)Calculated over the trailing 6-month period | 14.29% | 3.60% | +10.69% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.78% | 5.17% | +11.61% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.89% | 5.44% | +11.45% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.31% | 5.59% | +14.72% |
INCO vs. MUST - Expense Ratio Comparison
INCO has a 0.75% expense ratio, which is higher than MUST's 0.23% expense ratio.
Dividends
INCO vs. MUST - Dividend Comparison
INCO has not paid dividends to shareholders, while MUST's dividend yield for the trailing twelve months is around 3.32%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
INCO Columbia India Consumer ETF | 0.00% | 0.00% | 2.88% | 3.81% | 10.57% | 6.25% | 0.34% | 0.28% | 0.12% | 0.05% | 0.09% |
MUST Columbia Multi-Sector Municipal Income ETF | 3.32% | 3.28% | 3.13% | 2.51% | 1.76% | 1.62% | 2.33% | 2.70% | 0.55% | 0.00% | 0.00% |
Frequently Asked Questions
INCO and MUST have a correlation of 0.19, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
INCO has higher volatility (5.78%) compared to MUST (1.80%). In terms of maximum drawdown, INCO dropped -47.69% vs MUST's -13.83%.
On 5-year performance, INCO leads with 5.56% vs 0.87% 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.
Over the 5-year period, INCO has performed better with a 5.56% return vs 0.87%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
MUST is cheaper with a 0.23% expense ratio, compared with 0.75% for INCO.
MUST has the higher dividend yield at 3.32%, compared with 0.00% for INCO.
INCO is categorized as Asia Pacific Equities, while MUST is Money Market. INCO tracks Indxx India Consumer Index, while MUST tracks Bloomberg Beta Advantage Multi-Sector Municipal Bond Index. Their fees differ too: 0.75% for INCO and 0.23% for MUST.
MUST currently has the higher Sharpe Ratio (1.39 vs -0.66), 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.
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