MUST vs. EVIM

Last updated Jun 23, 2026

MUST (Columbia Multi-Sector Municipal Income ETF) and EVIM (Eaton Vance Intermediate Municipal Income ETF) are both exchange-traded funds - MUST is a Money Market fund tracking the Bloomberg Beta Advantage Multi-Sector Municipal Bond Index, while EVIM is a Municipal Bonds fund actively managed by Eaton Vance. MUST is passively managed, while EVIM is actively managed. Over the past year, MUST returned 6.80% vs 7.43% for EVIM. At a 0.50 correlation, their price movements are largely independent. MUST charges 0.23%/yr vs 0.29%/yr for EVIM.

Performance

MUST vs. EVIM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Columbia Multi-Sector Municipal Income ETF (MUST) and Eaton Vance Intermediate Municipal Income ETF (EVIM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MUST achieves a 2.04% return, which is significantly higher than EVIM's 1.80% return.

MUST

• 1D: 0.58%
• 1M: 2.42%
• YTD: 2.04%
• 6M: 2.19%
• 1Y: 6.80%
• 3Y*: 3.55%
• 5Y*: 0.93%
• 10Y*: —

EVIM

• 1D: 0.00%
• 1M: 1.51%
• YTD: 1.80%
• 6M: 2.05%
• 1Y: 7.43%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

MUST vs. EVIM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
MUST Columbia Multi-Sector Municipal Income ETF	2.04%	4.92%	0.37%	8.91%
EVIM Eaton Vance Intermediate Municipal Income ETF	1.80%	5.85%	1.65%	6.83%

Correlation

The correlation between MUST and EVIM is 0.38, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.38
Correlation (All Time) Calculated using the full available price history since Oct 19, 2023	0.50

The correlation between MUST and EVIM shifts across timeframes, from 0.38 (1 year) to 0.50 (all time), reflecting how their relationship changes across market environments.

Return for Risk

MUST vs. EVIM — Risk / Return Rank

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

MUST

MUST Risk / Return Rank: 41
MUST Sharpe Ratio Rank: 40
MUST Sortino Ratio Rank: 40
MUST Omega Ratio Rank: 40
MUST Calmar Ratio Rank: 47
MUST Martin Ratio Rank: 40

EVIM

EVIM Risk / Return Rank: 74
EVIM Sharpe Ratio Rank: 86
EVIM Sortino Ratio Rank: 91
EVIM Omega Ratio Rank: 94
EVIM Calmar Ratio Rank: 51
EVIM Martin Ratio Rank: 48

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.

MUST vs. EVIM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Columbia Multi-Sector Municipal Income ETF (MUST) and Eaton Vance Intermediate Municipal Income ETF (EVIM). 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.

	MUST	EVIM	Difference
Sharpe ratio: Return per unit of total volatility	1.36	2.70	-1.34
Sortino ratio: Return per unit of downside risk	1.99	4.06	-2.06
Omega ratio: Gain probability vs. loss probability	1.26	1.64	-0.38
Calmar ratio: Return relative to maximum drawdown	2.27	2.45	-0.18
Martin ratio: Return relative to average drawdown	6.11	7.78	-1.67

MUST vs. EVIM - Sharpe Ratio Comparison

The current MUST Sharpe Ratio is 1.36, which is lower than the EVIM Sharpe Ratio of 2.70. The chart below compares the historical Sharpe Ratios of MUST and EVIM, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

MUST vs. EVIM - Drawdown Comparison

The maximum MUST drawdown since its inception was -13.83%, which is greater than EVIM's maximum drawdown of -4.23%. Use the drawdown chart below to compare losses from any high point for MUST and EVIM.

Drawdown Indicators

	MUST	EVIM	Difference
Max Drawdown Largest peak-to-trough decline	-13.83%	-4.23%	-9.60%
Max Drawdown (1Y) Largest decline over 1 year	-3.01%	-3.05%	+0.04%
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	-0.51%	-0.59%	+0.08%
Average Drawdown Average peak-to-trough decline	-3.39%	-0.88%	-2.51%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.12%	0.96%	+0.16%

Volatility

MUST vs. EVIM - Volatility Comparison

Columbia Multi-Sector Municipal Income ETF (MUST) has a higher volatility of 1.61% compared to Eaton Vance Intermediate Municipal Income ETF (EVIM) at 0.70%. This indicates that MUST's price experiences larger fluctuations and is considered to be riskier than EVIM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MUST	EVIM	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.61%	0.70%	+0.91%
Volatility (6M) Calculated over the trailing 6-month period	3.61%	1.98%	+1.63%
Volatility (1Y) Calculated over the trailing 1-year period	5.03%	2.77%	+2.26%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.44%	3.83%	+1.61%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.58%	3.83%	+1.75%

MUST vs. EVIM - Expense Ratio Comparison

MUST has a 0.23% expense ratio, which is lower than EVIM's 0.29% expense ratio.

Dividends

MUST vs. EVIM - Dividend Comparison

MUST's dividend yield for the trailing twelve months is around 3.31%, less than EVIM's 3.53% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
EVIM Eaton Vance Intermediate Municipal Income ETF	3.53%	3.58%	3.56%	0.78%	0.00%	0.00%	0.00%	0.00%	0.00%
MUST Columbia Multi-Sector Municipal Income ETF	3.31%	3.28%	3.13%	2.51%	1.76%	1.62%	2.33%	2.70%	0.55%

Frequently Asked Questions

Can I hold both MUST and EVIM in my portfolio?

MUST and EVIM have a correlation of 0.38, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MUST or EVIM?

MUST has higher volatility (1.61%) compared to EVIM (0.70%). In terms of maximum drawdown, MUST dropped -13.83% vs EVIM's -4.23%.

Which ETF is better, MUST or EVIM?

On 1-year performance, EVIM leads with 7.43% vs 6.80% for MUST. On fees, MUST is cheaper at 0.23% per year. On volatility, EVIM has been the lower-risk option at 0.70%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MUST or EVIM?

Over the 1-year period, EVIM has performed better with a 7.43% return vs 6.80%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MUST or EVIM?

MUST is cheaper with a 0.23% expense ratio, compared with 0.29% for EVIM.

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

EVIM has the higher dividend yield at 3.53%, compared with 3.31% for MUST.

What is the main difference between MUST and EVIM?

MUST is categorized as Money Market, while EVIM is Municipal Bonds. They also come from different issuers: Ameriprise Financial and Eaton Vance. Their fees differ too: 0.23% for MUST and 0.29% for EVIM.

Which has better risk-adjusted returns?

EVIM currently has the higher Sharpe Ratio (2.70 vs 1.36), 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.