MUST vs. MMKT

Last updated Jun 4, 2026

MUST (Columbia Multi-Sector Municipal Income ETF) and MMKT (Texas Capital Government Money Market ETF) are both Money Market funds. MUST is passively managed, while MMKT is actively managed. Over the past year, MUST returned 7.14% vs 3.81% for MMKT. At a correlation of -0.04, they often move in opposite directions. MUST charges 0.23%/yr vs 0.20%/yr for MMKT.

Performance

MUST vs. MMKT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Columbia Multi-Sector Municipal Income ETF (MUST) and Texas Capital Government Money Market ETF (MMKT). 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 higher than MMKT's 1.44% return.

MUST

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

MMKT

• 1D: 0.01%
• 1M: 0.28%
• YTD: 1.44%
• 6M: 1.76%
• 1Y: 3.81%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

MUST vs. MMKT - Yearly Performance Comparison

	2026 (YTD)	2025	2024
MUST Columbia Multi-Sector Municipal Income ETF	1.60%	4.92%	-1.33%
MMKT Texas Capital Government Money Market ETF	1.44%	4.13%	1.21%

Correlation

The correlation between MUST and MMKT is -0.03, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.03
Correlation (All Time) Calculated using the full available price history since Sep 26, 2024	-0.04

Return for Risk

MUST vs. MMKT — 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

MMKT

MMKT Risk / Return Rank: 100
MMKT Sharpe Ratio Rank: 100
MMKT Sortino Ratio Rank: 100
MMKT Omega Ratio Rank: 100
MMKT Calmar Ratio Rank: 100
MMKT Martin Ratio Rank: 100

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. MMKT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Columbia Multi-Sector Municipal Income ETF (MUST) and Texas Capital Government Money Market ETF (MMKT). 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	MMKT	Difference
Sharpe ratio: Return per unit of total volatility	1.39	16.49	-15.10
Sortino ratio: Return per unit of downside risk	2.02	62.61	-60.59
Omega ratio: Gain probability vs. loss probability	1.26	15.14	-13.88
Calmar ratio: Return relative to maximum drawdown	2.38	153.44	-151.06
Martin ratio: Return relative to average drawdown	6.52	910.67	-904.15
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. MMKT - Sharpe Ratio Comparison

The current MUST Sharpe Ratio is 1.39, which is lower than the MMKT Sharpe Ratio of 16.49. The chart below compares the historical Sharpe Ratios of MUST and MMKT, 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	MMKT	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.39	16.49	-15.10
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	17.60	-17.06

Drawdowns

MUST vs. MMKT - Drawdown Comparison

The maximum MUST drawdown since its inception was -13.83%, which is greater than MMKT's maximum drawdown of -0.04%. Use the drawdown chart below to compare losses from any high point for MUST and MMKT.

Drawdown Indicators

	MUST	MMKT	Difference
Max Drawdown Largest peak-to-trough decline	-13.83%	-0.04%	-13.79%
Max Drawdown (1Y) Largest decline over 1 year	-3.01%	-0.02%	-2.99%
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%	0.00%	+1.10%

Volatility

MUST vs. MMKT - Volatility Comparison

Columbia Multi-Sector Municipal Income ETF (MUST) has a higher volatility of 1.80% compared to Texas Capital Government Money Market ETF (MMKT) at 0.05%. This indicates that MUST's price experiences larger fluctuations and is considered to be riskier than MMKT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MUST	MMKT	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.80%	0.05%	+1.75%
Volatility (6M) Calculated over the trailing 6-month period	3.60%	0.13%	+3.47%
Volatility (1Y) Calculated over the trailing 1-year period	5.17%	0.23%	+4.94%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.44%	0.23%	+5.21%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.59%	0.23%	+5.36%

MUST vs. MMKT - Expense Ratio Comparison

MUST has a 0.23% expense ratio, which is higher than MMKT's 0.20% 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. MMKT - Dividend Comparison

MUST's dividend yield for the trailing twelve months is around 3.32%, less than MMKT's 3.73% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
MMKT Texas Capital Government Money Market ETF	3.73%	3.98%	1.07%	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 MMKT in my portfolio?

MUST and MMKT have a correlation of -0.03, 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 MMKT?

MUST has higher volatility (1.80%) compared to MMKT (0.05%). In terms of maximum drawdown, MUST dropped -13.83% vs MMKT's -0.04%.

Which ETF is better, MUST or MMKT?

On 1-year performance, MUST leads with 7.14% vs 3.81% for MMKT. On fees, MMKT is cheaper at 0.20% per year. On volatility, MMKT has been the lower-risk option at 0.05%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MUST or MMKT?

Over the 1-year period, MUST has performed better with a 7.14% return vs 3.81%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MUST or MMKT?

MMKT is cheaper with a 0.20% expense ratio, compared with 0.23% for MUST.

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

MMKT has the higher dividend yield at 3.73%, compared with 3.32% for MUST.

What is the main difference between MUST and MMKT?

They also come from different issuers: Ameriprise Financial and Texas Capital. Their fees differ too: 0.23% for MUST and 0.20% for MMKT.

Which has better risk-adjusted returns?

MMKT currently has the higher Sharpe Ratio (16.49 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.