MUST vs. ITM
MUST (Columbia Multi-Sector Municipal Income ETF) and ITM (VanEck Intermediate Muni ETF) are both exchange-traded funds - MUST is a Money Market fund tracking the Bloomberg Beta Advantage Multi-Sector Municipal Bond Index, while ITM is a Municipal Bonds fund tracking the Bloomberg AMT-Free Intermediate Continuous. Both are passively managed. Over the past 5 years, MUST returned 0.88%/yr vs 0.51%/yr for ITM. A 0.51 correlation means they provide meaningful diversification when combined. MUST charges 0.23%/yr vs 0.24%/yr for ITM.
Performance
MUST vs. ITM - Performance Comparison
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Returns By Period
In the year-to-date period, MUST achieves a 1.85% return, which is significantly higher than ITM's 0.80% return.
MUST
- 1D
- -0.19%
- 1M
- 2.22%
- YTD
- 1.85%
- 6M
- 1.94%
- 1Y
- 7.02%
- 3Y*
- 3.48%
- 5Y*
- 0.88%
- 10Y*
- —
ITM
- 1D
- -0.04%
- 1M
- 1.26%
- YTD
- 0.80%
- 6M
- 0.83%
- 1Y
- 6.69%
- 3Y*
- 3.42%
- 5Y*
- 0.51%
- 10Y*
- 1.80%
MUST vs. ITM - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
MUST Columbia Multi-Sector Municipal Income ETF | 1.85% | 4.92% | 0.37% | 6.23% | -8.82% | 1.93% | 6.67% | 8.35% | 2.72% |
ITM VanEck Intermediate Muni ETF | 0.80% | 5.34% | 0.73% | 5.69% | -9.33% | 0.21% | 5.87% | 8.46% | 3.69% |
Correlation
The correlation between MUST and ITM is 0.41, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.41 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.55 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.57 |
Correlation (All Time) Calculated using the full available price history since Oct 10, 2018 | 0.51 |
The correlation between MUST and ITM shifts across timeframes, from 0.41 (1 year) to 0.57 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
MUST vs. ITM — Risk / Return Rank
MUST
ITM
MUST vs. ITM - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Columbia Multi-Sector Municipal Income ETF (MUST) and VanEck Intermediate Muni ETF (ITM). 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 | ITM | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.97 | ||
| Sortino ratioReturn per unit of downside risk | -1.38 | ||
| Omega ratioGain probability vs. loss probability | 1.27 | 1.50 | -0.23 |
| Calmar ratioReturn relative to maximum drawdown | 2.34 | 1.96 | +0.38 |
| Martin ratioReturn relative to average drawdown | 6.31 | 6.03 | +0.27 |
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Drawdowns
MUST vs. ITM - Drawdown Comparison
The maximum MUST drawdown since its inception was -13.83%, smaller than the maximum ITM drawdown of -24.75%. Use the drawdown chart below to compare losses from any high point for MUST and ITM.
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Drawdown Indicators
| MUST | ITM | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -13.83% | -24.75% | +10.92% |
Max Drawdown (1Y)Largest decline over 1 year | -3.01% | -3.43% | +0.42% |
Max Drawdown (3Y)Largest decline over 3 years | -6.08% | -5.68% | -0.40% |
Max Drawdown (5Y)Largest decline over 5 years | -13.83% | -15.11% | +1.28% |
Max Drawdown (10Y)Largest decline over 10 years | — | -24.75% | — |
Current DrawdownCurrent decline from peak | -0.70% | -1.14% | +0.44% |
Average DrawdownAverage peak-to-trough decline | -3.39% | -2.97% | -0.42% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.12% | 1.11% | +0.01% |
Volatility
MUST vs. ITM - Volatility Comparison
Columbia Multi-Sector Municipal Income ETF (MUST) has a higher volatility of 1.54% compared to VanEck Intermediate Muni ETF (ITM) at 0.76%. This indicates that MUST's price experiences larger fluctuations and is considered to be riskier than ITM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| MUST | ITM | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.54% | 0.76% | +0.78% |
Volatility (6M)Calculated over the trailing 6-month period | 3.62% | 2.22% | +1.40% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.03% | 2.83% | +2.20% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.45% | 4.30% | +1.15% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.58% | 7.09% | -1.51% |
MUST vs. ITM - Expense Ratio Comparison
MUST has a 0.23% expense ratio, which is lower than ITM's 0.24% expense ratio. Despite the difference, 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. ITM - Dividend Comparison
MUST's dividend yield for the trailing twelve months is around 3.31%, more than ITM's 2.92% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ITM VanEck Intermediate Muni ETF | 2.92% | 2.86% | 2.73% | 2.40% | 1.92% | 1.70% | 2.13% | 2.44% | 2.33% | 2.21% | 2.29% | 2.28% |
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% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
MUST and ITM have a correlation of 0.41, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
MUST has higher volatility (1.54%) compared to ITM (0.76%). In terms of maximum drawdown, MUST dropped -13.83% vs ITM's -24.75%.
On 5-year performance, MUST leads with 0.88% vs 0.51% for ITM. On fees, MUST is cheaper at 0.23% per year. On volatility, ITM has been the lower-risk option at 0.76%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, MUST has performed better with a 0.88% return vs 0.51%. 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 0.24% for ITM.
MUST has the higher dividend yield at 3.31%, compared with 2.92% for ITM.
MUST is categorized as Money Market, while ITM is Municipal Bonds. MUST tracks Bloomberg Beta Advantage Multi-Sector Municipal Bond Index, while ITM tracks Bloomberg AMT-Free Intermediate Continuous. They also come from different issuers: Ameriprise Financial and VanEck. Their fees differ too: 0.23% for MUST and 0.24% for ITM.
ITM currently has the higher Sharpe Ratio (2.38 vs 1.41), 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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