RECS vs. MUST
RECS (Columbia Research Enhanced Core ETF) and MUST (Columbia Multi-Sector Municipal Income ETF) are both exchange-traded funds - RECS is a Large Cap Growth Equities fund tracking the Beta Advantage Research Enhanced U.S. Equity Index, while MUST is a Money Market fund tracking the Bloomberg Beta Advantage Multi-Sector Municipal Bond Index. Both are passively managed. Over the past 5 years, RECS returned 14.04%/yr vs 0.87%/yr for MUST. At a 0.09 correlation, their price movements are largely independent. RECS charges 0.15%/yr vs 0.23%/yr for MUST.
Performance
RECS vs. MUST - Performance Comparison
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Returns By Period
In the year-to-date period, RECS achieves a 6.61% return, which is significantly higher than MUST's 1.60% return.
RECS
- 1D
- -0.75%
- 1M
- 4.11%
- YTD
- 6.61%
- 6M
- 6.84%
- 1Y
- 25.02%
- 3Y*
- 21.66%
- 5Y*
- 14.04%
- 10Y*
- 9.89%
MUST
- 1D
- 0.15%
- 1M
- 1.08%
- YTD
- 1.60%
- 6M
- 1.55%
- 1Y
- 7.14%
- 3Y*
- 3.82%
- 5Y*
- 0.87%
- 10Y*
- —
RECS vs. MUST - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
RECS Columbia Research Enhanced Core ETF | 6.61% | 19.30% | 26.27% | 23.19% | -14.39% | 32.73% | 15.35% | -0.93% | 0.00% |
MUST Columbia Multi-Sector Municipal Income ETF | 1.60% | 4.92% | 0.37% | 6.23% | -8.82% | 1.93% | 6.67% | 8.35% | 2.72% |
Correlation
The correlation between RECS and MUST is 0.16, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.16 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.15 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.12 |
Correlation (All Time) Calculated using the full available price history since Oct 11, 2018 | 0.09 |
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Return for Risk
RECS vs. MUST — Risk / Return Rank
RECS
MUST
RECS vs. MUST - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Columbia Research Enhanced Core ETF (RECS) and Columbia Multi-Sector Municipal Income ETF (MUST). 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.
| RECS | MUST | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.74 | ||
| Sortino ratioReturn per unit of downside risk | +0.95 | ||
| Omega ratioGain probability vs. loss probability | 1.38 | 1.26 | +0.12 |
| Calmar ratioReturn relative to maximum drawdown | 2.85 | 2.38 | +0.47 |
| Martin ratioReturn relative to average drawdown | 12.27 | 6.52 | +5.74 |
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
| RECS | MUST | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.13 | 1.39 | +0.74 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.86 | 0.16 | +0.70 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.61 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.38 | 0.54 | -0.16 |
Drawdowns
RECS vs. MUST - Drawdown Comparison
The maximum RECS drawdown since its inception was -34.29%, which is greater than MUST's maximum drawdown of -13.83%. Use the drawdown chart below to compare losses from any high point for RECS and MUST.
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Drawdown Indicators
| RECS | MUST | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -34.29% | -13.83% | -20.46% |
Max Drawdown (1Y)Largest decline over 1 year | -8.82% | -3.01% | -5.81% |
Max Drawdown (3Y)Largest decline over 3 years | -18.60% | -6.08% | -12.52% |
Max Drawdown (5Y)Largest decline over 5 years | -22.08% | -13.83% | -8.25% |
Max Drawdown (10Y)Largest decline over 10 years | -34.29% | — | — |
Current DrawdownCurrent decline from peak | -0.93% | -0.94% | +0.01% |
Average DrawdownAverage peak-to-trough decline | -1.28% | -3.41% | +2.13% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.04% | 1.10% | +0.94% |
Volatility
RECS vs. MUST - Volatility Comparison
Columbia Research Enhanced Core ETF (RECS) has a higher volatility of 2.97% compared to Columbia Multi-Sector Municipal Income ETF (MUST) at 1.80%. This indicates that RECS's price experiences larger fluctuations and is considered to be riskier than MUST based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| RECS | MUST | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.97% | 1.80% | +1.17% |
Volatility (6M)Calculated over the trailing 6-month period | 8.84% | 3.60% | +5.24% |
Volatility (1Y)Calculated over the trailing 1-year period | 11.78% | 5.17% | +6.61% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.38% | 5.44% | +10.94% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.22% | 5.59% | +10.63% |
RECS vs. MUST - Expense Ratio Comparison
RECS has a 0.15% expense ratio, which is lower than MUST's 0.23% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
RECS vs. MUST - Dividend Comparison
RECS's dividend yield for the trailing twelve months is around 1.04%, less than MUST's 3.32% 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% |
RECS Columbia Research Enhanced Core ETF | 1.04% | 1.11% | 1.09% | 1.00% | 1.41% | 20.64% | 1.09% | 0.49% | 0.00% |
Frequently Asked Questions
RECS and MUST have a correlation of 0.16, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
RECS has higher volatility (2.97%) compared to MUST (1.80%). In terms of maximum drawdown, RECS dropped -34.29% vs MUST's -13.83%.
On 5-year performance, RECS leads with 14.04% vs 0.87% for MUST. On fees, RECS is cheaper at 0.15% per year. On volatility, MUST has been the lower-risk option at 1.80%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, RECS has performed better with a 14.04% return vs 0.87%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
RECS is cheaper with a 0.15% expense ratio, compared with 0.23% for MUST.
MUST has the higher dividend yield at 3.32%, compared with 1.04% for RECS.
RECS is categorized as Large Cap Growth Equities, while MUST is Money Market. RECS tracks Beta Advantage Research Enhanced U.S. Equity Index, while MUST tracks Bloomberg Beta Advantage Multi-Sector Municipal Bond Index. Their fees differ too: 0.15% for RECS and 0.23% for MUST.
RECS currently has the higher Sharpe Ratio (2.13 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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