SBIL vs. MUST

Last updated Jun 24, 2026

SBIL (Simplify Government Money Market ETF) and MUST (Columbia Multi-Sector Municipal Income ETF) are both Money Market funds. SBIL is actively managed, while MUST is passively managed. At a correlation of -0.05, they often move in opposite directions. SBIL charges 0.15%/yr vs 0.23%/yr for MUST.

Performance

SBIL vs. MUST - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Simplify Government Money Market ETF (SBIL) and Columbia Multi-Sector Municipal Income ETF (MUST). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SBIL achieves a 1.68% return, which is significantly lower than MUST's 1.85% return.

SBIL

• 1D: 0.01%
• 1M: 0.25%
• YTD: 1.68%
• 6M: 1.75%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

MUST

• 1D: -0.19%
• 1M: 2.22%
• YTD: 1.85%
• 6M: 1.94%
• 1Y: 7.02%
• 3Y*: 3.48%
• 5Y*: 0.88%
• 10Y*: —

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

SBIL vs. MUST - Yearly Performance Comparison

	2026 (YTD)	2025
SBIL Simplify Government Money Market ETF	1.68%	1.88%
MUST Columbia Multi-Sector Municipal Income ETF	1.85%	4.33%

Correlation

The correlation between SBIL and MUST is -0.05, 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 15, 2025	-0.05

Return for Risk

SBIL vs. MUST — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

SBIL

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

MUST

MUST Risk / Return Rank: 44
MUST Sharpe Ratio Rank: 42
MUST Sortino Ratio Rank: 43
MUST Omega Ratio Rank: 43
MUST Calmar Ratio Rank: 50
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.

SBIL vs. MUST - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Simplify Government Money Market ETF (SBIL) 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	SBIL	MUST	Difference
Sharpe ratio: Return per unit of total volatility	—	1.41	—
Sortino ratio: Return per unit of downside risk	—	2.07	—
Omega ratio: Gain probability vs. loss probability	—	1.27	—
Calmar ratio: Return relative to maximum drawdown	—	2.34	—
Martin ratio: Return relative to average drawdown	—	6.31	—

Drawdowns

SBIL vs. MUST - Drawdown Comparison

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

Drawdown Indicators

	SBIL	MUST	Difference
Max Drawdown Largest peak-to-trough decline	-0.03%	-13.83%	+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	0.00%	-0.70%	+0.70%
Average Drawdown Average peak-to-trough decline	-0.00%	-3.39%	+3.39%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	1.12%	—

Volatility

Volatility by Period

	SBIL	MUST	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	1.54%	—
Volatility (6M) Calculated over the trailing 6-month period	—	3.62%	—
Volatility (1Y) Calculated over the trailing 1-year period	0.27%	5.03%	-4.76%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.27%	5.45%	-5.18%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.27%	5.58%	-5.31%

SBIL vs. MUST - Expense Ratio Comparison

SBIL 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

SBIL vs. MUST - Dividend Comparison

SBIL's dividend yield for the trailing twelve months is around 3.25%, less than MUST's 3.31% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
MUST Columbia Multi-Sector Municipal Income ETF	3.31%	3.28%	3.13%	2.51%	1.76%	1.62%	2.33%	2.70%	0.55%
SBIL Simplify Government Money Market ETF	3.25%	1.79%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both SBIL and MUST in my portfolio?

SBIL and MUST have a correlation of -0.05, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, SBIL or MUST?

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, SBIL or MUST?

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

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

MUST has the higher dividend yield at 3.31%, compared with 3.25% for SBIL.

What is the main difference between SBIL and MUST?

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