MMK vs. MUST

Last updated Jul 4, 2026

MMK (State Street Prime Money Market ETF) and MUST (Columbia Multi-Sector Municipal Income ETF) are both Money Market funds. MMK is actively managed, while MUST is passively managed. At a correlation of -0.22, they often move in opposite directions. MMK charges 0.18%/yr vs 0.23%/yr for MUST.

Performance

MMK vs. MUST - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in State Street Prime Money Market ETF (MMK) and Columbia Multi-Sector Municipal Income ETF (MUST). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

MMK

• 1D: 0.03%
• 1M: 0.31%
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

MUST

• 1D: 0.29%
• 1M: 0.66%
• 6M: 2.07%
• YTD: 2.27%
• 1Y: 6.33%
• 3Y*: 3.69%
• 5Y*: 0.91%
• 10Y*: —

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

MMK vs. MUST - Yearly Performance Comparison

	2026 (YTD)
MMK State Street Prime Money Market ETF	1.41%
MUST Columbia Multi-Sector Municipal Income ETF	0.42%

Correlation

The correlation between MMK and MUST is -0.22, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (All Time) Calculated using the full available price history since Feb 12, 2026	-0.22

Return for Risk

MMK vs. MUST — Risk / Return Rank

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

MMK

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

MUST

MUST Risk / Return Rank: 43
MUST Sharpe Ratio Rank: 42
MUST Sortino Ratio Rank: 42
MUST Omega Ratio Rank: 42
MUST Calmar Ratio Rank: 50
MUST Martin Ratio Rank: 41

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.

MMK vs. MUST - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for State Street Prime Money Market ETF (MMK) 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	MMK	MUST	Difference
Sharpe ratio: Return per unit of total volatility	—	1.25	—
Sortino ratio: Return per unit of downside risk	—	1.83	—
Omega ratio: Gain probability vs. loss probability	—	1.23	—
Calmar ratio: Return relative to maximum drawdown	—	2.09	—
Martin ratio: Return relative to average drawdown	—	5.62	—

Drawdowns

MMK vs. MUST - Drawdown Comparison

The maximum MMK drawdown since its inception was -0.01%, smaller than the maximum MUST drawdown of -13.83%. Use the drawdown chart below to compare losses from any high point for MMK and MUST.

Drawdown Indicators

	MMK	MUST	Difference
Max Drawdown Largest peak-to-trough decline	-0.01%	-13.83%	+13.82%
Max Drawdown (1Y) Largest decline over 1 year	—	-3.01%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-6.08%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-13.83%	—
Current Drawdown Current decline from peak	0.00%	-0.29%	+0.29%
Average Drawdown Average peak-to-trough decline	-0.00%	-3.38%	+3.38%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	1.12%	—

Volatility

Volatility by Period

	MMK	MUST	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	1.32%	—
Volatility (6M) Calculated over the trailing 6-month period	—	3.70%	—
Volatility (1Y) Calculated over the trailing 1-year period	0.18%	5.05%	-4.87%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.18%	5.46%	-5.28%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.18%	5.58%	-5.40%

MMK vs. MUST - Expense Ratio Comparison

MMK 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

MMK vs. MUST - Dividend Comparison

MMK's dividend yield for the trailing twelve months is around 1.38%, less than MUST's 3.32% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
MMK State Street Prime Money Market ETF	1.38%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
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

Can I hold both MMK and MUST in my portfolio?

MMK and MUST have a correlation of -0.22, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, MMK or MUST?

On fees, MMK is cheaper at 0.18% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, MMK or MUST?

MMK is cheaper with a 0.18% expense ratio, compared with 0.23% for MUST.

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

MUST has the higher dividend yield at 3.32%, compared with 1.38% for MMK.

What is the main difference between MMK and MUST?

They also come from different issuers: State Street and Ameriprise Financial. Their fees differ too: 0.18% for MMK and 0.23% for MUST.