MUST vs. FMHI

Last updated Jun 3, 2026

MUST (Columbia Multi-Sector Municipal Income ETF) and FMHI (First Trust Municipal High Income ETF) are both exchange-traded funds - MUST is a Money Market fund tracking the Bloomberg Beta Advantage Multi-Sector Municipal Bond Index, while FMHI is a Municipal Bonds fund actively managed by First Trust. MUST is passively managed, while FMHI is actively managed. Over the past 5 years, MUST returned 0.80%/yr vs 0.91%/yr for FMHI. At a 0.45 correlation, their price movements are largely independent. MUST charges 0.23%/yr vs 0.55%/yr for FMHI.

Performance

MUST vs. FMHI - Performance Comparison

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

Returns By Period

In the year-to-date period, MUST achieves a 1.45% return, which is significantly lower than FMHI's 2.60% return.

MUST

• 1D: 0.49%
• 1M: 1.18%
• YTD: 1.45%
• 6M: 1.84%
• 1Y: 6.55%
• 3Y*: 3.77%
• 5Y*: 0.80%
• 10Y*: —

FMHI

• 1D: 0.17%
• 1M: 0.92%
• YTD: 2.60%
• 6M: 3.13%
• 1Y: 8.61%
• 3Y*: 5.50%
• 5Y*: 0.91%
• 10Y*: —

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

MUST vs. FMHI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
MUST Columbia Multi-Sector Municipal Income ETF	1.45%	4.92%	0.37%	6.23%	-8.82%	1.93%	6.67%	8.35%	2.72%
FMHI First Trust Municipal High Income ETF	2.60%	3.54%	5.41%	7.20%	-14.67%	7.58%	4.09%	10.34%	1.15%

Correlation

The correlation between MUST and FMHI is 0.46, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.46
Correlation (3Y) Calculated over the trailing 3-year period	0.52
Correlation (5Y) Calculated over the trailing 5-year period	0.53
Correlation (All Time) Calculated using the full available price history since Oct 11, 2018	0.45

The correlation between MUST and FMHI has been stable across timeframes, ranging from 0.45 to 0.53 - a consistent structural relationship.

Return for Risk

MUST vs. FMHI — Risk / Return Rank

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

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

FMHI

FMHI Risk / Return Rank: 81
FMHI Sharpe Ratio Rank: 83
FMHI Sortino Ratio Rank: 91
FMHI Omega Ratio Rank: 91
FMHI Calmar Ratio Rank: 70
FMHI Martin Ratio Rank: 71

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. FMHI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Columbia Multi-Sector Municipal Income ETF (MUST) and First Trust Municipal High Income ETF (FMHI). 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	FMHI	Difference
Sharpe ratio Return per unit of total volatility	1.27	2.77	-1.50
Sortino ratio Return per unit of downside risk	1.85	4.30	-2.46
Omega ratio Gain probability vs. loss probability	1.24	1.61	-0.38
Calmar ratio Return relative to maximum drawdown	2.29	3.57	-1.28
Martin ratio Return relative to average drawdown	6.31	13.45	-7.15
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MUST vs. FMHI - Sharpe Ratio Comparison

The current MUST Sharpe Ratio is 1.27, which is lower than the FMHI Sharpe Ratio of 2.77. The chart below compares the historical Sharpe Ratios of MUST and FMHI, 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

	MUST	FMHI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.27	2.77	-1.50
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.15	0.19	-0.04
Sharpe Ratio (All Time) Calculated using the full available price history	0.54	0.56	-0.03

Drawdowns

MUST vs. FMHI - Drawdown Comparison

The maximum MUST drawdown since its inception was -13.83%, smaller than the maximum FMHI drawdown of -18.83%. Use the drawdown chart below to compare losses from any high point for MUST and FMHI.

Drawdown Indicators

	MUST	FMHI	Difference
Max Drawdown Largest peak-to-trough decline	-13.83%	-18.83%	+5.00%
Max Drawdown (1Y) Largest decline over 1 year	-3.01%	-2.35%	-0.66%
Max Drawdown (3Y) Largest decline over 3 years	-6.08%	-6.17%	+0.09%
Max Drawdown (5Y) Largest decline over 5 years	-13.83%	-18.83%	+5.00%
Current Drawdown Current decline from peak	-1.09%	0.00%	-1.09%
Average Drawdown Average peak-to-trough decline	-3.41%	-4.52%	+1.11%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.10%	0.62%	+0.48%

Volatility

MUST vs. FMHI - Volatility Comparison

Columbia Multi-Sector Municipal Income ETF (MUST) has a higher volatility of 1.80% compared to First Trust Municipal High Income ETF (FMHI) at 0.96%. This indicates that MUST's price experiences larger fluctuations and is considered to be riskier than FMHI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MUST	FMHI	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.80%	0.96%	+0.84%
Volatility (6M) Calculated over the trailing 6-month period	3.62%	2.11%	+1.51%
Volatility (1Y) Calculated over the trailing 1-year period	5.18%	3.13%	+2.05%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.44%	4.77%	+0.67%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.60%	5.73%	-0.13%

MUST vs. FMHI - Expense Ratio Comparison

MUST has a 0.23% expense ratio, which is lower than FMHI's 0.55% expense ratio.

Dividends

MUST vs. FMHI - Dividend Comparison

MUST's dividend yield for the trailing twelve months is around 3.33%, less than FMHI's 4.25% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
FMHI First Trust Municipal High Income ETF	4.25%	4.16%	4.01%	3.89%	3.57%	2.87%	3.13%	3.33%	3.46%	0.30%
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%	0.00%

Frequently Asked Questions

Can I hold both MUST and FMHI in my portfolio?

MUST and FMHI have a correlation of 0.46, 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 FMHI?

MUST has higher volatility (1.80%) compared to FMHI (0.96%). In terms of maximum drawdown, MUST dropped -13.83% vs FMHI's -18.83%.

Which ETF is better, MUST or FMHI?

On 5-year performance, FMHI leads with 0.91% vs 0.80% for MUST. On fees, MUST is cheaper at 0.23% per year. On volatility, FMHI has been the lower-risk option at 0.96%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MUST or FMHI?

Over the 5-year period, FMHI has performed better with a 0.91% return vs 0.80%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MUST or FMHI?

MUST is cheaper with a 0.23% expense ratio, compared with 0.55% for FMHI.

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

FMHI has the higher dividend yield at 4.25%, compared with 3.33% for MUST.

What is the main difference between MUST and FMHI?

MUST is categorized as Money Market, while FMHI is Municipal Bonds. They also come from different issuers: Ameriprise Financial and First Trust. Their fees differ too: 0.23% for MUST and 0.55% for FMHI.

Which has better risk-adjusted returns?

FMHI currently has the higher Sharpe Ratio (2.77 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.