MINO vs. MUST

Last updated Jun 3, 2026

MINO (PIMCO Municipal Income Opportunities Active Exchange-Traded Fund) and MUST (Columbia Multi-Sector Municipal Income ETF) are both exchange-traded funds - MINO is a Municipal Bonds fund actively managed by PIMCO, while MUST is a Money Market fund tracking the Bloomberg Beta Advantage Multi-Sector Municipal Bond Index. MINO is actively managed, while MUST is passively managed. Over the past 3 years, MINO returned 5.01%/yr vs 3.77%/yr for MUST. A 0.51 correlation means they provide meaningful diversification when combined. MINO charges 0.39%/yr vs 0.23%/yr for MUST.

Performance

MINO vs. MUST - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PIMCO Municipal Income Opportunities Active Exchange-Traded Fund (MINO) 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, MINO achieves a 2.04% return, which is significantly higher than MUST's 1.45% return.

MINO

• 1D: 0.24%
• 1M: 0.68%
• YTD: 2.04%
• 6M: 2.15%
• 1Y: 8.06%
• 3Y*: 5.01%
• 5Y*: —
• 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)

MINO vs. MUST - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
MINO PIMCO Municipal Income Opportunities Active Exchange-Traded Fund	2.04%	4.42%	3.13%	8.46%	-10.43%	0.28%
MUST Columbia Multi-Sector Municipal Income ETF	1.45%	4.92%	0.37%	6.23%	-8.82%	-0.23%

Correlation

The correlation between MINO and MUST is 0.41, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.41
Correlation (3Y) Calculated over the trailing 3-year period	0.49
Correlation (All Time) Calculated using the full available price history since Sep 10, 2021	0.51

The correlation between MINO and MUST has been stable across timeframes, ranging from 0.41 to 0.51 - a consistent structural relationship.

Return for Risk

MINO vs. MUST — Risk / Return Rank

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

MINO

MINO Risk / Return Rank: 80
MINO Sharpe Ratio Rank: 88
MINO Sortino Ratio Rank: 92
MINO Omega Ratio Rank: 93
MINO Calmar Ratio Rank: 65
MINO Martin Ratio Rank: 64

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.

MINO vs. MUST - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PIMCO Municipal Income Opportunities Active Exchange-Traded Fund (MINO) 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.

	MINO	MUST	Difference
Sharpe ratio Return per unit of total volatility	2.97	1.27	+1.70
Sortino ratio Return per unit of downside risk	4.56	1.85	+2.71
Omega ratio Gain probability vs. loss probability	1.65	1.24	+0.41
Calmar ratio Return relative to maximum drawdown	3.30	2.29	+1.01
Martin ratio Return relative to average drawdown	11.87	6.31	+5.56
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MINO vs. MUST - Sharpe Ratio Comparison

The current MINO Sharpe Ratio is 2.97, which is higher than the MUST Sharpe Ratio of 1.27. The chart below compares the historical Sharpe Ratios of MINO 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

	MINO	MUST	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.97	1.27	+1.70
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.15	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.32	0.54	-0.21

Drawdowns

MINO vs. MUST - Drawdown Comparison

The maximum MINO drawdown since its inception was -15.24%, which is greater than MUST's maximum drawdown of -13.83%. Use the drawdown chart below to compare losses from any high point for MINO and MUST.

Drawdown Indicators

	MINO	MUST	Difference
Max Drawdown Largest peak-to-trough decline	-15.24%	-13.83%	-1.41%
Max Drawdown (1Y) Largest decline over 1 year	-2.41%	-3.01%	+0.60%
Max Drawdown (3Y) Largest decline over 3 years	-5.34%	-6.08%	+0.74%
Max Drawdown (5Y) Largest decline over 5 years	—	-13.83%	—
Current Drawdown Current decline from peak	-0.14%	-1.09%	+0.95%
Average Drawdown Average peak-to-trough decline	-4.26%	-3.41%	-0.85%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.67%	1.10%	-0.43%

Volatility

MINO vs. MUST - Volatility Comparison

The current volatility for PIMCO Municipal Income Opportunities Active Exchange-Traded Fund (MINO) is 1.03%, while Columbia Multi-Sector Municipal Income ETF (MUST) has a volatility of 1.80%. This indicates that MINO 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

	MINO	MUST	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.03%	1.80%	-0.77%
Volatility (6M) Calculated over the trailing 6-month period	1.92%	3.62%	-1.70%
Volatility (1Y) Calculated over the trailing 1-year period	2.73%	5.18%	-2.45%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.55%	5.44%	-0.89%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.55%	5.60%	-1.05%

MINO vs. MUST - Expense Ratio Comparison

MINO has a 0.39% expense ratio, which is higher than MUST's 0.23% expense ratio.

Dividends

MINO vs. MUST - Dividend Comparison

MINO's dividend yield for the trailing twelve months is around 3.89%, more than MUST's 3.33% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
MINO PIMCO Municipal Income Opportunities Active Exchange-Traded Fund	3.89%	3.71%	3.91%	3.78%	2.87%	0.29%	0.00%	0.00%	0.00%
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%

Frequently Asked Questions

Can I hold both MINO and MUST in my portfolio?

MINO and MUST have a correlation of 0.41, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MINO or MUST?

MUST has higher volatility (1.80%) compared to MINO (1.03%). In terms of maximum drawdown, MINO dropped -15.24% vs MUST's -13.83%.

Which ETF is better, MINO or MUST?

On 3-year performance, MINO leads with 5.01% vs 3.77% for MUST. On fees, MUST is cheaper at 0.23% per year. On volatility, MINO has been the lower-risk option at 1.03%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MINO or MUST?

Over the 3-year period, MINO has performed better with a 5.01% return vs 3.77%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MINO or MUST?

MUST is cheaper with a 0.23% expense ratio, compared with 0.39% for MINO.

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

MINO has the higher dividend yield at 3.89%, compared with 3.33% for MUST.

What is the main difference between MINO and MUST?

MINO is categorized as Municipal Bonds, while MUST is Money Market. They also come from different issuers: PIMCO and Ameriprise Financial. Their fees differ too: 0.39% for MINO and 0.23% for MUST.

Which has better risk-adjusted returns?

MINO currently has the higher Sharpe Ratio (2.97 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.