JMUB vs. MUST
JMUB (JPMorgan Municipal ETF) and MUST (Columbia Multi-Sector Municipal Income ETF) are both exchange-traded funds - JMUB is a Municipal Bonds fund actively managed by JPMorgan, while MUST is a Money Market fund tracking the Bloomberg Beta Advantage Multi-Sector Municipal Bond Index. JMUB is actively managed, while MUST is passively managed. Over the past 5 years, JMUB returned 1.26%/yr vs 0.87%/yr for MUST. A 0.50 correlation means they provide meaningful diversification when combined. JMUB charges 0.18%/yr vs 0.23%/yr for MUST.
Performance
JMUB vs. MUST - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, JMUB achieves a 1.42% return, which is significantly lower than MUST's 1.60% return.
JMUB
- 1D
- 0.16%
- 1M
- 0.68%
- YTD
- 1.42%
- 6M
- 1.66%
- 1Y
- 6.09%
- 3Y*
- 3.88%
- 5Y*
- 1.26%
- 10Y*
- —
MUST
- 1D
- 0.00%
- 1M
- 0.98%
- YTD
- 1.60%
- 6M
- 1.99%
- 1Y
- 6.76%
- 3Y*
- 3.65%
- 5Y*
- 0.87%
- 10Y*
- —
JMUB vs. MUST - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
JMUB JPMorgan Municipal ETF | 1.42% | 4.34% | 1.88% | 5.96% | -7.43% | 1.58% | 4.98% | 8.37% | 2.81% |
MUST Columbia Multi-Sector Municipal Income ETF | 1.60% | 4.92% | 0.37% | 6.23% | -8.82% | 1.93% | 6.67% | 8.35% | 2.36% |
Correlation
The correlation between JMUB and MUST is 0.44, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.44 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.55 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.56 |
Correlation (All Time) Calculated using the full available price history since Nov 1, 2018 | 0.50 |
The correlation between JMUB and MUST shifts across timeframes, from 0.44 (1 year) to 0.56 (5 years), reflecting how their relationship changes across market environments.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
JMUB vs. MUST — Risk / Return Rank
JMUB
MUST
JMUB vs. MUST - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for JPMorgan Municipal ETF (JMUB) 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.
| JMUB | MUST | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.23 | ||
| Sortino ratioReturn per unit of downside risk | +1.75 | ||
| Omega ratioGain probability vs. loss probability | 1.56 | 1.25 | +0.32 |
| Calmar ratioReturn relative to maximum drawdown | 2.39 | 2.25 | +0.14 |
| Martin ratioReturn relative to average drawdown | 8.33 | 6.17 | +2.16 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Loading charts...
Sharpe Ratios by Period
| JMUB | MUST | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.55 | 1.32 | +1.23 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.38 | 0.16 | +0.22 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.74 | 0.54 | +0.20 |
Drawdowns
JMUB vs. MUST - Drawdown Comparison
The maximum JMUB drawdown since its inception was -12.50%, smaller than the maximum MUST drawdown of -13.83%. Use the drawdown chart below to compare losses from any high point for JMUB and MUST.
Loading charts...
Drawdown Indicators
| JMUB | MUST | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -12.50% | -13.83% | +1.33% |
Max Drawdown (1Y)Largest decline over 1 year | -2.55% | -3.01% | +0.46% |
Max Drawdown (3Y)Largest decline over 3 years | -4.79% | -6.08% | +1.29% |
Max Drawdown (5Y)Largest decline over 5 years | -12.06% | -13.83% | +1.77% |
Current DrawdownCurrent decline from peak | -0.44% | -0.94% | +0.50% |
Average DrawdownAverage peak-to-trough decline | -2.51% | -3.41% | +0.90% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.73% | 1.10% | -0.37% |
Volatility
JMUB vs. MUST - Volatility Comparison
The current volatility for JPMorgan Municipal ETF (JMUB) is 0.87%, while Columbia Multi-Sector Municipal Income ETF (MUST) has a volatility of 1.80%. This indicates that JMUB 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.
Loading charts...
Volatility by Period
| JMUB | MUST | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.87% | 1.80% | -0.93% |
Volatility (6M)Calculated over the trailing 6-month period | 1.83% | 3.60% | -1.77% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.40% | 5.15% | -2.75% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.33% | 5.44% | -2.11% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.14% | 5.59% | -1.45% |
JMUB vs. MUST - Expense Ratio Comparison
JMUB has a 0.18% expense ratio, which is lower than MUST's 0.23% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
JMUB vs. MUST - Dividend Comparison
JMUB's dividend yield for the trailing twelve months is around 3.59%, more than MUST's 3.32% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
JMUB JPMorgan Municipal ETF | 3.59% | 3.52% | 3.50% | 3.20% | 2.16% | 1.94% | 2.13% | 3.66% | 0.45% |
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% |
Frequently Asked Questions
JMUB and MUST have a correlation of 0.44, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
MUST has higher volatility (1.80%) compared to JMUB (0.87%). In terms of maximum drawdown, JMUB dropped -12.50% vs MUST's -13.83%.
On 5-year performance, JMUB leads with 1.26% vs 0.87% for MUST. On fees, JMUB is cheaper at 0.18% per year. On volatility, JMUB has been the lower-risk option at 0.87%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, JMUB has performed better with a 1.26% return vs 0.87%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
JMUB is cheaper with a 0.18% expense ratio, compared with 0.23% for MUST.
JMUB has the higher dividend yield at 3.59%, compared with 3.32% for MUST.
JMUB is categorized as Municipal Bonds, while MUST is Money Market. They also come from different issuers: JPMorgan and Ameriprise Financial. Their fees differ too: 0.18% for JMUB and 0.23% for MUST.
JMUB currently has the higher Sharpe Ratio (2.55 vs 1.32), 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.
Find the right allocation for JMUB and MUST
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer