MUST vs. BNO
MUST (Columbia Multi-Sector Municipal Income ETF) and BNO (United States Brent Oil Fund LP) are both exchange-traded funds - MUST is a Money Market fund tracking the Bloomberg Beta Advantage Multi-Sector Municipal Bond Index, while BNO is a Oil & Gas fund tracking the Front Month Brent Crude Oil. Both are passively managed. Over the past 5 years, MUST returned 0.87%/yr vs 24.16%/yr for BNO. At a correlation of -0.03, they often move in opposite directions. MUST charges 0.23%/yr vs 0.90%/yr for BNO.
Performance
MUST vs. BNO - Performance Comparison
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Returns By Period
In the year-to-date period, MUST achieves a 1.60% return, which is significantly lower than BNO's 90.47% return.
MUST
- 1D
- 0.15%
- 1M
- 1.08%
- YTD
- 1.60%
- 6M
- 1.55%
- 1Y
- 7.14%
- 3Y*
- 3.82%
- 5Y*
- 0.87%
- 10Y*
- —
BNO
- 1D
- 1.99%
- 1M
- -10.29%
- YTD
- 90.47%
- 6M
- 86.00%
- 1Y
- 91.89%
- 3Y*
- 27.93%
- 5Y*
- 24.16%
- 10Y*
- 13.60%
MUST vs. BNO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
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% |
BNO United States Brent Oil Fund LP | 90.47% | -5.44% | 9.67% | -3.43% | 35.25% | 62.34% | -38.23% | 36.01% | -34.15% |
Correlation
The correlation between MUST and BNO is -0.12, 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 | -0.12 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.07 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.04 |
Correlation (All Time) Calculated using the full available price history since Oct 11, 2018 | -0.03 |
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Return for Risk
MUST vs. BNO — Risk / Return Rank
MUST
BNO
MUST vs. BNO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Columbia Multi-Sector Municipal Income ETF (MUST) and United States Brent Oil Fund LP (BNO). 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 | BNO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.84 | ||
| Sortino ratioReturn per unit of downside risk | -0.71 | ||
| Omega ratioGain probability vs. loss probability | 1.26 | 1.38 | -0.11 |
| Calmar ratioReturn relative to maximum drawdown | 2.38 | 5.17 | -2.79 |
| Martin ratioReturn relative to average drawdown | 6.52 | 9.76 | -3.24 |
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 | BNO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.39 | 2.23 | -0.84 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.16 | 0.69 | -0.53 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.37 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.54 | 0.14 | +0.40 |
Drawdowns
MUST vs. BNO - Drawdown Comparison
The maximum MUST drawdown since its inception was -13.83%, smaller than the maximum BNO drawdown of -87.06%. Use the drawdown chart below to compare losses from any high point for MUST and BNO.
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Drawdown Indicators
| MUST | BNO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -13.83% | -87.06% | +73.23% |
Max Drawdown (1Y)Largest decline over 1 year | -3.01% | -17.87% | +14.86% |
Max Drawdown (3Y)Largest decline over 3 years | -6.08% | -23.75% | +17.67% |
Max Drawdown (5Y)Largest decline over 5 years | -13.83% | -33.70% | +19.87% |
Max Drawdown (10Y)Largest decline over 10 years | — | -75.18% | — |
Current DrawdownCurrent decline from peak | -0.94% | -10.29% | +9.35% |
Average DrawdownAverage peak-to-trough decline | -3.41% | -40.17% | +36.76% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.10% | 9.45% | -8.35% |
Volatility
MUST vs. BNO - Volatility Comparison
The current volatility for Columbia Multi-Sector Municipal Income ETF (MUST) is 1.80%, while United States Brent Oil Fund LP (BNO) has a volatility of 14.22%. This indicates that MUST experiences smaller price fluctuations and is considered to be less risky than BNO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| MUST | BNO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.80% | 14.22% | -12.42% |
Volatility (6M)Calculated over the trailing 6-month period | 3.60% | 36.10% | -32.50% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.17% | 41.46% | -36.29% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.44% | 35.38% | -29.94% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.59% | 36.68% | -31.09% |
MUST vs. BNO - Expense Ratio Comparison
MUST has a 0.23% expense ratio, which is lower than BNO's 0.90% expense ratio.
Dividends
MUST vs. BNO - Dividend Comparison
MUST's dividend yield for the trailing twelve months is around 3.32%, while BNO has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
BNO United States Brent Oil Fund LP | 0.00% | 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
MUST and BNO have a correlation of -0.12, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BNO has higher volatility (14.22%) compared to MUST (1.80%). In terms of maximum drawdown, MUST dropped -13.83% vs BNO's -87.06%.
On 5-year performance, BNO leads with 24.16% 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, BNO has performed better with a 24.16% 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 0.90% for BNO.
MUST has the higher dividend yield at 3.32%, compared with 0.00% for BNO.
MUST is categorized as Money Market, while BNO is Oil & Gas. MUST tracks Bloomberg Beta Advantage Multi-Sector Municipal Bond Index, while BNO tracks Front Month Brent Crude Oil. They also come from different issuers: Ameriprise Financial and Concierge Technologies. Their fees differ too: 0.23% for MUST and 0.90% for BNO.
BNO currently has the higher Sharpe Ratio (2.23 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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