MUST vs. BILZ
MUST (Columbia Multi-Sector Municipal Income ETF) and BILZ (PIMCO Ultra Short Government Active Exchange-Traded Fund) are both exchange-traded funds - MUST is a Money Market fund tracking the Bloomberg Beta Advantage Multi-Sector Municipal Bond Index, while BILZ is a Ultrashort Bond fund actively managed by PIMCO. MUST is passively managed, while BILZ is actively managed. Over the past year, MUST returned 7.14% vs 3.91% for BILZ. At a correlation of -0.03, they often move in opposite directions. MUST charges 0.23%/yr vs 0.14%/yr for BILZ.
Performance
MUST vs. BILZ - Performance Comparison
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Returns By Period
In the year-to-date period, MUST achieves a 1.60% return, which is significantly higher than BILZ's 1.47% return.
MUST
- 1D
- 0.15%
- 1M
- 1.08%
- YTD
- 1.60%
- 6M
- 1.55%
- 1Y
- 7.14%
- 3Y*
- 3.82%
- 5Y*
- 0.87%
- 10Y*
- —
BILZ
- 1D
- 0.00%
- 1M
- 0.28%
- YTD
- 1.47%
- 6M
- 1.76%
- 1Y
- 3.91%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
MUST vs. BILZ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
MUST Columbia Multi-Sector Municipal Income ETF | 1.60% | 4.92% | 0.37% | 3.87% |
BILZ PIMCO Ultra Short Government Active Exchange-Traded Fund | 1.47% | 4.21% | 5.25% | 2.33% |
Correlation
The correlation between MUST and BILZ is -0.11, 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 (1Y) Calculated over the trailing 1-year period | -0.11 |
Correlation (All Time) Calculated using the full available price history since Jun 23, 2023 | -0.03 |
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Return for Risk
MUST vs. BILZ — Risk / Return Rank
MUST
BILZ
MUST vs. BILZ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Columbia Multi-Sector Municipal Income ETF (MUST) and PIMCO Ultra Short Government Active Exchange-Traded Fund (BILZ). 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.
| MUST | BILZ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -17.69 | ||
| Sortino ratioReturn per unit of downside risk | -123.24 | ||
| Omega ratioGain probability vs. loss probability | 1.26 | 53.31 | -52.05 |
| Calmar ratioReturn relative to maximum drawdown | 2.38 | 198.55 | -196.17 |
| Martin ratioReturn relative to average drawdown | 6.52 | 2,000.92 | -1,994.40 |
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
| MUST | BILZ | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.39 | 19.09 | -17.69 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.16 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.54 | 10.48 | -9.94 |
Drawdowns
MUST vs. BILZ - Drawdown Comparison
The maximum MUST drawdown since its inception was -13.83%, which is greater than BILZ's maximum drawdown of -0.52%. Use the drawdown chart below to compare losses from any high point for MUST and BILZ.
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Drawdown Indicators
| MUST | BILZ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -13.83% | -0.52% | -13.31% |
Max Drawdown (1Y)Largest decline over 1 year | -3.01% | -0.02% | -2.99% |
Max Drawdown (3Y)Largest decline over 3 years | -6.08% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -13.83% | — | — |
Current DrawdownCurrent decline from peak | -0.94% | 0.00% | -0.94% |
Average DrawdownAverage peak-to-trough decline | -3.41% | -0.01% | -3.40% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.10% | 0.00% | +1.10% |
Volatility
MUST vs. BILZ - Volatility Comparison
Columbia Multi-Sector Municipal Income ETF (MUST) has a higher volatility of 1.80% compared to PIMCO Ultra Short Government Active Exchange-Traded Fund (BILZ) at 0.07%. This indicates that MUST's price experiences larger fluctuations and is considered to be riskier than BILZ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| MUST | BILZ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.80% | 0.07% | +1.73% |
Volatility (6M)Calculated over the trailing 6-month period | 3.60% | 0.14% | +3.46% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.17% | 0.21% | +4.96% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.44% | 0.43% | +5.01% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.59% | 0.43% | +5.16% |
MUST vs. BILZ - Expense Ratio Comparison
MUST has a 0.23% expense ratio, which is higher than BILZ's 0.14% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
MUST vs. BILZ - Dividend Comparison
MUST's dividend yield for the trailing twelve months is around 3.32%, less than BILZ's 4.07% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
BILZ PIMCO Ultra Short Government Active Exchange-Traded Fund | 4.07% | 4.19% | 4.95% | 2.23% | 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
MUST and BILZ have a correlation of -0.11, 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 BILZ (0.07%). In terms of maximum drawdown, MUST dropped -13.83% vs BILZ's -0.52%.
On 1-year performance, MUST leads with 7.14% vs 3.91% for BILZ. On fees, BILZ is cheaper at 0.14% per year. On volatility, BILZ has been the lower-risk option at 0.07%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, MUST has performed better with a 7.14% return vs 3.91%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BILZ is cheaper with a 0.14% expense ratio, compared with 0.23% for MUST.
BILZ has the higher dividend yield at 4.07%, compared with 3.32% for MUST.
MUST is categorized as Money Market, while BILZ is Ultrashort Bond. They also come from different issuers: Ameriprise Financial and PIMCO. Their fees differ too: 0.23% for MUST and 0.14% for BILZ.
BILZ currently has the higher Sharpe Ratio (19.09 vs 1.39), 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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