MUST vs. JMSI
MUST (Columbia Multi-Sector Municipal Income ETF) and JMSI (J P Morgan Exchange-Traded Fund Trust - Sustainable Municipal Income Etf Fund) are both exchange-traded funds - MUST is a Money Market fund tracking the Bloomberg Beta Advantage Multi-Sector Municipal Bond Index, while JMSI is a Municipal Bonds fund actively managed by JPMorgan. MUST is passively managed, while JMSI is actively managed. Over the past year, MUST returned 7.14% vs 6.08% for JMSI. A 0.50 correlation means they provide meaningful diversification when combined. MUST charges 0.23%/yr vs 0.18%/yr for JMSI.
Performance
MUST vs. JMSI - Performance Comparison
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Returns By Period
In the year-to-date period, MUST achieves a 1.60% return, which is significantly higher than JMSI's 1.06% return.
MUST
- 1D
- 0.15%
- 1M
- 1.08%
- YTD
- 1.60%
- 6M
- 1.55%
- 1Y
- 7.14%
- 3Y*
- 3.82%
- 5Y*
- 0.87%
- 10Y*
- —
JMSI
- 1D
- -0.13%
- 1M
- 0.57%
- YTD
- 1.06%
- 6M
- 1.41%
- 1Y
- 6.08%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
MUST vs. JMSI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
MUST Columbia Multi-Sector Municipal Income ETF | 1.60% | 4.92% | 0.37% | 3.36% |
JMSI J P Morgan Exchange-Traded Fund Trust - Sustainable Municipal Income Etf Fund | 1.06% | 4.40% | 2.77% | 2.70% |
Correlation
The correlation between MUST and JMSI 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 (All Time) Calculated using the full available price history since Jul 18, 2023 | 0.50 |
The correlation between MUST and JMSI has been stable across timeframes, ranging from 0.46 to 0.50 - a consistent structural relationship.
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Return for Risk
MUST vs. JMSI — Risk / Return Rank
MUST
JMSI
MUST vs. JMSI - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Columbia Multi-Sector Municipal Income ETF (MUST) and J P Morgan Exchange-Traded Fund Trust - Sustainable Municipal Income Etf Fund (JMSI). 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 | JMSI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.71 | ||
| Sortino ratioReturn per unit of downside risk | -1.07 | ||
| Omega ratioGain probability vs. loss probability | 1.26 | 1.43 | -0.17 |
| Calmar ratioReturn relative to maximum drawdown | 2.38 | 2.05 | +0.33 |
| Martin ratioReturn relative to average drawdown | 6.52 | 7.06 | -0.54 |
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 | JMSI | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.39 | 2.10 | -0.71 |
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 | 1.03 | -0.49 |
Drawdowns
MUST vs. JMSI - Drawdown Comparison
The maximum MUST drawdown since its inception was -13.83%, which is greater than JMSI's maximum drawdown of -4.57%. Use the drawdown chart below to compare losses from any high point for MUST and JMSI.
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Drawdown Indicators
| MUST | JMSI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -13.83% | -4.57% | -9.26% |
Max Drawdown (1Y)Largest decline over 1 year | -3.01% | -2.98% | -0.03% |
Max Drawdown (3Y)Largest decline over 3 years | -6.08% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -13.83% | — | — |
Current DrawdownCurrent decline from peak | -0.94% | -0.87% | -0.07% |
Average DrawdownAverage peak-to-trough decline | -3.41% | -0.92% | -2.49% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.10% | 0.86% | +0.24% |
Volatility
MUST vs. JMSI - Volatility Comparison
Columbia Multi-Sector Municipal Income ETF (MUST) has a higher volatility of 1.80% compared to J P Morgan Exchange-Traded Fund Trust - Sustainable Municipal Income Etf Fund (JMSI) at 0.96%. This indicates that MUST's price experiences larger fluctuations and is considered to be riskier than JMSI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| MUST | JMSI | 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 | 3.60% | 2.20% | +1.40% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.17% | 2.91% | +2.26% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.44% | 3.73% | +1.71% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.59% | 3.73% | +1.86% |
MUST vs. JMSI - Expense Ratio Comparison
MUST has a 0.23% expense ratio, which is higher than JMSI's 0.18% 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. JMSI - Dividend Comparison
MUST's dividend yield for the trailing twelve months is around 3.32%, less than JMSI's 3.65% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
JMSI J P Morgan Exchange-Traded Fund Trust - Sustainable Municipal Income Etf Fund | 3.65% | 3.65% | 3.66% | 1.79% | 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 JMSI 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.
MUST has higher volatility (1.80%) compared to JMSI (0.96%). In terms of maximum drawdown, MUST dropped -13.83% vs JMSI's -4.57%.
On 1-year performance, MUST leads with 7.14% vs 6.08% for JMSI. On fees, JMSI is cheaper at 0.18% per year. On volatility, JMSI has been the lower-risk option at 0.96%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, MUST has performed better with a 7.14% return vs 6.08%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
JMSI is cheaper with a 0.18% expense ratio, compared with 0.23% for MUST.
JMSI has the higher dividend yield at 3.65%, compared with 3.32% for MUST.
MUST is categorized as Money Market, while JMSI is Municipal Bonds. They also come from different issuers: Ameriprise Financial and JPMorgan. Their fees differ too: 0.23% for MUST and 0.18% for JMSI.
JMSI currently has the higher Sharpe Ratio (2.10 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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