MUST vs. MINO

Last updated Jun 4, 2026

MUST (Columbia Multi-Sector Municipal Income ETF) and MINO (PIMCO Municipal Income Opportunities Active Exchange-Traded Fund) are both exchange-traded funds - MUST is a Money Market fund tracking the Bloomberg Beta Advantage Multi-Sector Municipal Bond Index, while MINO is a Municipal Bonds fund actively managed by PIMCO. MUST is passively managed, while MINO is actively managed. Over the past 3 years, MUST returned 3.82%/yr vs 4.99%/yr for MINO. A 0.51 correlation means they provide meaningful diversification when combined. MUST charges 0.23%/yr vs 0.39%/yr for MINO.

Performance

MUST vs. MINO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Columbia Multi-Sector Municipal Income ETF (MUST) and PIMCO Municipal Income Opportunities Active Exchange-Traded Fund (MINO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MUST achieves a 1.60% return, which is significantly lower than MINO's 1.96% return.

MUST

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

MINO

• 1D: -0.08%
• 1M: 0.58%
• YTD: 1.96%
• 6M: 2.19%
• 1Y: 7.93%
• 3Y*: 4.99%
• 5Y*: —
• 10Y*: —

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

MUST vs. MINO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
MUST Columbia Multi-Sector Municipal Income ETF	1.60%	4.92%	0.37%	6.23%	-8.82%	-0.23%
MINO PIMCO Municipal Income Opportunities Active Exchange-Traded Fund	1.96%	4.42%	3.13%	8.46%	-10.43%	0.28%

Correlation

The correlation between MUST and MINO 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	0.48
Correlation (All Time) Calculated using the full available price history since Sep 10, 2021	0.51

The correlation between MUST and MINO has been stable across timeframes, ranging from 0.41 to 0.51 - a consistent structural relationship.

Return for Risk

MUST vs. MINO — 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

MINO

MINO Risk / Return Rank: 81
MINO Sharpe Ratio Rank: 87
MINO Sortino Ratio Rank: 92
MINO Omega Ratio Rank: 92
MINO Calmar Ratio Rank: 66
MINO Martin Ratio Rank: 65

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. MINO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Columbia Multi-Sector Municipal Income ETF (MUST) and PIMCO Municipal Income Opportunities Active Exchange-Traded Fund (MINO). 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	MINO	Difference
Sharpe ratio Return per unit of total volatility	1.39	2.92	-1.53
Sortino ratio Return per unit of downside risk	2.02	4.48	-2.47
Omega ratio Gain probability vs. loss probability	1.26	1.63	-0.37
Calmar ratio Return relative to maximum drawdown	2.38	3.30	-0.92
Martin ratio Return relative to average drawdown	6.52	11.84	-5.32
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. MINO - Sharpe Ratio Comparison

The current MUST Sharpe Ratio is 1.39, which is lower than the MINO Sharpe Ratio of 2.92. The chart below compares the historical Sharpe Ratios of MUST and MINO, 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	MINO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.39	2.92	-1.53
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	0.32	+0.22

Drawdowns

MUST vs. MINO - Drawdown Comparison

The maximum MUST drawdown since its inception was -13.83%, smaller than the maximum MINO drawdown of -15.24%. Use the drawdown chart below to compare losses from any high point for MUST and MINO.

Drawdown Indicators

	MUST	MINO	Difference
Max Drawdown Largest peak-to-trough decline	-13.83%	-15.24%	+1.41%
Max Drawdown (1Y) Largest decline over 1 year	-3.01%	-2.41%	-0.60%
Max Drawdown (3Y) Largest decline over 3 years	-6.08%	-5.34%	-0.74%
Max Drawdown (5Y) Largest decline over 5 years	-13.83%	—	—
Current Drawdown Current decline from peak	-0.94%	-0.22%	-0.72%
Average Drawdown Average peak-to-trough decline	-3.41%	-4.25%	+0.84%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.10%	0.67%	+0.43%

Volatility

MUST vs. MINO - Volatility Comparison

Columbia Multi-Sector Municipal Income ETF (MUST) has a higher volatility of 1.80% compared to PIMCO Municipal Income Opportunities Active Exchange-Traded Fund (MINO) at 1.04%. This indicates that MUST's price experiences larger fluctuations and is considered to be riskier than MINO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MUST	MINO	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.80%	1.04%	+0.76%
Volatility (6M) Calculated over the trailing 6-month period	3.60%	1.90%	+1.70%
Volatility (1Y) Calculated over the trailing 1-year period	5.17%	2.73%	+2.44%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.44%	4.55%	+0.89%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.59%	4.55%	+1.04%

MUST vs. MINO - Expense Ratio Comparison

MUST has a 0.23% expense ratio, which is lower than MINO's 0.39% expense ratio.

Dividends

MUST vs. MINO - Dividend Comparison

MUST's dividend yield for the trailing twelve months is around 3.32%, less than MINO's 3.89% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
MINO PIMCO Municipal Income Opportunities Active Exchange-Traded Fund	3.89%	3.71%	3.91%	3.78%	2.87%	0.29%	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 MINO in my portfolio?

MUST and MINO 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.

Which is riskier, MUST or MINO?

MUST has higher volatility (1.80%) compared to MINO (1.04%). In terms of maximum drawdown, MUST dropped -13.83% vs MINO's -15.24%.

Which ETF is better, MUST or MINO?

On 3-year performance, MINO leads with 4.99% vs 3.82% for MUST. On fees, MUST is cheaper at 0.23% per year. On volatility, MINO has been the lower-risk option at 1.04%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MUST or MINO?

Over the 3-year period, MINO has performed better with a 4.99% return vs 3.82%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MUST or MINO?

MUST is cheaper with a 0.23% expense ratio, compared with 0.39% for MINO.

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

MINO has the higher dividend yield at 3.89%, compared with 3.32% for MUST.

What is the main difference between MUST and MINO?

MUST is categorized as Money Market, while MINO is Municipal Bonds. They also come from different issuers: Ameriprise Financial and PIMCO. Their fees differ too: 0.23% for MUST and 0.39% for MINO.

Which has better risk-adjusted returns?

MINO currently has the higher Sharpe Ratio (2.92 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.