MUST vs. SBIL

Last updated Jun 4, 2026

MUST (Columbia Multi-Sector Municipal Income ETF) and SBIL (Simplify Government Money Market ETF) are both Money Market funds. MUST is passively managed, while SBIL is actively managed. At a correlation of -0.06, they often move in opposite directions. MUST charges 0.23%/yr vs 0.15%/yr for SBIL.

Performance

MUST vs. SBIL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Columbia Multi-Sector Municipal Income ETF (MUST) and Simplify Government Money Market ETF (SBIL). 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 SBIL's 1.51% return.

MUST

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

SBIL

• 1D: 0.00%
• 1M: 0.29%
• YTD: 1.51%
• 6M: 1.80%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

MUST vs. SBIL - Yearly Performance Comparison

	2026 (YTD)	2025
MUST Columbia Multi-Sector Municipal Income ETF	1.60%	4.28%
SBIL Simplify Government Money Market ETF	1.51%	1.88%

Correlation

The correlation between MUST and SBIL is -0.06, 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 (All Time) Calculated using the full available price history since Jul 16, 2025	-0.06

Return for Risk

MUST vs. SBIL — 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

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. SBIL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Columbia Multi-Sector Municipal Income ETF (MUST) and Simplify Government Money Market ETF (SBIL). 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	SBIL	Difference
Sharpe ratio Return per unit of total volatility	1.39	—	—
Sortino ratio Return per unit of downside risk	2.02	—	—
Omega ratio Gain probability vs. loss probability	1.26	—	—
Calmar ratio Return relative to maximum drawdown	2.38	—	—
Martin ratio Return relative to average drawdown	6.52	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	MUST	SBIL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.39	—	—
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	14.09	-13.55

Drawdowns

MUST vs. SBIL - Drawdown Comparison

The maximum MUST drawdown since its inception was -13.83%, which is greater than SBIL's maximum drawdown of -0.03%. Use the drawdown chart below to compare losses from any high point for MUST and SBIL.

Drawdown Indicators

	MUST	SBIL	Difference
Max Drawdown Largest peak-to-trough decline	-13.83%	-0.03%	-13.80%
Max Drawdown (1Y) Largest decline over 1 year	-3.01%	—	—
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%	—	—

Volatility

Volatility by Period

	MUST	SBIL	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.80%	—	—
Volatility (6M) Calculated over the trailing 6-month period	3.60%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	5.17%	0.28%	+4.89%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.44%	0.28%	+5.16%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.59%	0.28%	+5.31%

MUST vs. SBIL - Expense Ratio Comparison

MUST has a 0.23% expense ratio, which is higher than SBIL's 0.15% 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. SBIL - Dividend Comparison

MUST's dividend yield for the trailing twelve months is around 3.32%, more than SBIL's 3.26% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
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%
SBIL Simplify Government Money Market ETF	3.26%	1.79%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both MUST and SBIL in my portfolio?

MUST and SBIL have a correlation of -0.06, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, MUST or SBIL?

On fees, SBIL is cheaper at 0.15% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, MUST or SBIL?

SBIL is cheaper with a 0.15% expense ratio, compared with 0.23% for MUST.

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

MUST has the higher dividend yield at 3.32%, compared with 3.26% for SBIL.

What is the main difference between MUST and SBIL?

They also come from different issuers: Ameriprise Financial and Simplify. Their fees differ too: 0.23% for MUST and 0.15% for SBIL.