MUST vs. IQMM

Last updated Jun 4, 2026

MUST (Columbia Multi-Sector Municipal Income ETF) and IQMM (ProShares GENIUS Money Market ETF) are both Money Market funds. MUST is passively managed, while IQMM is actively managed. At a correlation of -0.22, they often move in opposite directions. MUST charges 0.23%/yr vs 0.15%/yr for IQMM.

Performance

MUST vs. IQMM - Performance Comparison

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

Returns By Period

MUST

• 1D: 0.15%
• 1M: 1.08%
• YTD: 1.60%
• 6M: 1.55%
• 1Y: 7.14%
• 3Y*: 3.82%
• 5Y*: 0.87%
• 10Y*: —

IQMM

• 1D: 0.01%
• 1M: 0.28%
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

MUST vs. IQMM - Yearly Performance Comparison

	2026 (YTD)
MUST Columbia Multi-Sector Municipal Income ETF	-0.76%
IQMM ProShares GENIUS Money Market ETF	0.98%

Correlation

The correlation between MUST and IQMM 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 20, 2026	-0.22

Return for Risk

MUST vs. IQMM — 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: 39
MUST Sortino Ratio Rank: 39
MUST Omega Ratio Rank: 40
MUST Calmar Ratio Rank: 48
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.

MUST vs. IQMM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Columbia Multi-Sector Municipal Income ETF (MUST) and ProShares GENIUS Money Market ETF (IQMM). 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	IQMM	Difference
Sharpe ratio Return per unit of total volatility	1.39	—	—
Sortino ratio Return per unit of downside risk	2.02	—	—
Omega ratio Gain probability vs. loss probability	1.26	—	—
Calmar ratio Return relative to maximum drawdown	2.38	—	—
Martin ratio Return relative to average drawdown	6.52	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	MUST	IQMM	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.39	—	—
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	16.18	-15.64

Drawdowns

MUST vs. IQMM - Drawdown Comparison

The maximum MUST drawdown since its inception was -13.83%, which is greater than IQMM's maximum drawdown of -0.02%. Use the drawdown chart below to compare losses from any high point for MUST and IQMM.

Drawdown Indicators

	MUST	IQMM	Difference
Max Drawdown Largest peak-to-trough decline	-13.83%	-0.02%	-13.81%
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	-0.94%	-0.00%	-0.94%
Average Drawdown Average peak-to-trough decline	-3.41%	-0.00%	-3.41%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.10%	—	—

Volatility

Volatility by Period

	MUST	IQMM	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.80%	—	—
Volatility (6M) Calculated over the trailing 6-month period	3.60%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	5.17%	0.22%	+4.95%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.44%	0.22%	+5.22%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.59%	0.22%	+5.37%

MUST vs. IQMM - Expense Ratio Comparison

MUST has a 0.23% expense ratio, which is higher than IQMM's 0.15% 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. IQMM - Dividend Comparison

MUST's dividend yield for the trailing twelve months is around 3.32%, more than IQMM's 0.94% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
IQMM ProShares GENIUS Money Market ETF	0.94%	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 MUST and IQMM in my portfolio?

MUST and IQMM 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, MUST or IQMM?

On fees, IQMM is cheaper at 0.15% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, MUST or IQMM?

IQMM is cheaper with a 0.15% expense ratio, compared with 0.23% for MUST.

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

MUST has the higher dividend yield at 3.32%, compared with 0.94% for IQMM.

What is the main difference between MUST and IQMM?

They also come from different issuers: Ameriprise Financial and ProShares. Their fees differ too: 0.23% for MUST and 0.15% for IQMM.