MUST vs. LSAT
Compare and contrast key facts about Columbia Multi-Sector Municipal Income ETF (MUST) and Leadershares Alphafactor Tactical Focused ETF (LSAT).
MUST and LSAT are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. MUST is a passively managed fund by Ameriprise Financial that tracks the performance of the Bloomberg Beta Advantage Multi-Sector Municipal Bond Index. It was launched on Oct 10, 2018. LSAT is an actively managed fund by Redwood. It was launched on Oct 27, 2020.
Performance
MUST vs. LSAT - Performance Comparison
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MUST vs. LSAT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
MUST Columbia Multi-Sector Municipal Income ETF | 0.02% | 4.92% | 0.37% | 6.23% | -8.82% | 1.93% | 3.23% |
LSAT Leadershares Alphafactor Tactical Focused ETF | 1.40% | -1.54% | 18.16% | 13.64% | -12.99% | 25.10% | 20.47% |
Returns By Period
In the year-to-date period, MUST achieves a 0.02% return, which is significantly lower than LSAT's 1.40% return.
MUST
- 1D
- 0.34%
- 1M
- -2.40%
- YTD
- 0.02%
- 6M
- 1.52%
- 1Y
- 5.29%
- 3Y*
- 2.90%
- 5Y*
- 0.78%
- 10Y*
- —
LSAT
- 1D
- 1.77%
- 1M
- -1.78%
- YTD
- 1.40%
- 6M
- -2.97%
- 1Y
- 0.13%
- 3Y*
- 9.21%
- 5Y*
- 5.57%
- 10Y*
- —
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MUST vs. LSAT - Expense Ratio Comparison
MUST has a 0.23% expense ratio, which is lower than LSAT's 0.99% expense ratio.
Return for Risk
MUST vs. LSAT — Risk / Return Rank
MUST
LSAT
MUST vs. LSAT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Columbia Multi-Sector Municipal Income ETF (MUST) and Leadershares Alphafactor Tactical Focused ETF (LSAT). 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 | LSAT | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.81 | 0.01 | +0.80 |
Sortino ratioReturn per unit of downside risk | 1.10 | 0.13 | +0.96 |
Omega ratioGain probability vs. loss probability | 1.16 | 1.02 | +0.14 |
Calmar ratioReturn relative to maximum drawdown | 1.17 | 0.07 | +1.10 |
Martin ratioReturn relative to average drawdown | 4.26 | 0.21 | +4.04 |
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 | LSAT | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.81 | 0.01 | +0.80 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.15 | 0.34 | -0.20 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.51 | 0.65 | -0.14 |
Correlation
The correlation between MUST and LSAT is 0.09, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.
Dividends
MUST vs. LSAT - Dividend Comparison
MUST's dividend yield for the trailing twelve months is around 3.29%, more than LSAT's 1.87% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
MUST Columbia Multi-Sector Municipal Income ETF | 3.29% | 3.28% | 3.13% | 2.51% | 1.76% | 1.62% | 2.33% | 2.70% | 0.55% |
LSAT Leadershares Alphafactor Tactical Focused ETF | 1.87% | 1.90% | 1.31% | 1.85% | 0.36% | 3.44% | 0.30% | 0.00% | 0.00% |
Drawdowns
MUST vs. LSAT - Drawdown Comparison
The maximum MUST drawdown since its inception was -13.83%, smaller than the maximum LSAT drawdown of -20.48%. Use the drawdown chart below to compare losses from any high point for MUST and LSAT.
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Drawdown Indicators
| MUST | LSAT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -13.83% | -20.48% | +6.65% |
Max Drawdown (1Y)Largest decline over 1 year | -4.56% | -13.54% | +8.98% |
Max Drawdown (5Y)Largest decline over 5 years | -13.83% | -20.48% | +6.65% |
Current DrawdownCurrent decline from peak | -2.49% | -6.77% | +4.28% |
Average DrawdownAverage peak-to-trough decline | -3.44% | -5.68% | +2.24% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.25% | 4.22% | -2.97% |
Volatility
MUST vs. LSAT - Volatility Comparison
The current volatility for Columbia Multi-Sector Municipal Income ETF (MUST) is 1.84%, while Leadershares Alphafactor Tactical Focused ETF (LSAT) has a volatility of 4.05%. This indicates that MUST experiences smaller price fluctuations and is considered to be less risky than LSAT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| MUST | LSAT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.84% | 4.05% | -2.21% |
Volatility (6M)Calculated over the trailing 6-month period | 3.43% | 9.35% | -5.92% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.60% | 17.26% | -10.66% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.38% | 16.28% | -10.90% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.60% | 16.90% | -11.30% |