SHYD vs. MUST
SHYD (VanEck Short High Yield Muni ETF) and MUST (Columbia Multi-Sector Municipal Income ETF) are both exchange-traded funds - SHYD is a Municipal Bonds fund tracking the Bloomberg Municipal High Yield Short Duration, 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, SHYD returned 0.94%/yr vs 0.88%/yr for MUST. At a 0.31 correlation, their price movements are largely independent. SHYD charges 0.35%/yr vs 0.23%/yr for MUST.
Performance
SHYD vs. MUST - Performance Comparison
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Returns By Period
In the year-to-date period, SHYD achieves a 1.32% return, which is significantly lower than MUST's 1.85% return.
SHYD
- 1D
- 0.00%
- 1M
- 1.59%
- YTD
- 1.32%
- 6M
- 1.27%
- 1Y
- 4.98%
- 3Y*
- 4.61%
- 5Y*
- 0.94%
- 10Y*
- 2.01%
MUST
- 1D
- -0.19%
- 1M
- 2.22%
- YTD
- 1.85%
- 6M
- 1.94%
- 1Y
- 7.02%
- 3Y*
- 3.48%
- 5Y*
- 0.88%
- 10Y*
- —
SHYD vs. MUST - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
SHYD VanEck Short High Yield Muni ETF | 1.32% | 5.58% | 4.85% | 2.39% | -9.11% | 4.04% | 1.56% | 7.55% | 0.97% |
MUST Columbia Multi-Sector Municipal Income ETF | 1.85% | 4.92% | 0.37% | 6.23% | -8.82% | 1.93% | 6.67% | 8.35% | 2.72% |
Correlation
The correlation between SHYD and MUST is 0.43, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.43 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.37 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.38 |
Correlation (All Time) Calculated using the full available price history since Oct 10, 2018 | 0.31 |
The correlation between SHYD and MUST shifts across timeframes, from 0.31 (all time) to 0.43 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
SHYD vs. MUST — Risk / Return Rank
SHYD
MUST
SHYD vs. MUST - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for VanEck Short High Yield Muni ETF (SHYD) 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.
| SHYD | MUST | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.28 | ||
| Sortino ratioReturn per unit of downside risk | +0.45 | ||
| Omega ratioGain probability vs. loss probability | 1.34 | 1.27 | +0.07 |
| Calmar ratioReturn relative to maximum drawdown | 2.31 | 2.34 | -0.03 |
| Martin ratioReturn relative to average drawdown | 7.58 | 6.31 | +1.27 |
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Drawdowns
SHYD vs. MUST - Drawdown Comparison
The maximum SHYD drawdown since its inception was -31.22%, which is greater than MUST's maximum drawdown of -13.83%. Use the drawdown chart below to compare losses from any high point for SHYD and MUST.
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Drawdown Indicators
| SHYD | MUST | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -31.22% | -13.83% | -17.39% |
Max Drawdown (1Y)Largest decline over 1 year | -2.17% | -3.01% | +0.84% |
Max Drawdown (3Y)Largest decline over 3 years | -4.17% | -6.08% | +1.91% |
Max Drawdown (5Y)Largest decline over 5 years | -13.32% | -13.83% | +0.51% |
Max Drawdown (10Y)Largest decline over 10 years | -31.22% | — | — |
Current DrawdownCurrent decline from peak | 0.00% | -0.70% | +0.70% |
Average DrawdownAverage peak-to-trough decline | -3.02% | -3.39% | +0.37% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.66% | 1.12% | -0.46% |
Volatility
SHYD vs. MUST - Volatility Comparison
The current volatility for VanEck Short High Yield Muni ETF (SHYD) is 0.75%, while Columbia Multi-Sector Municipal Income ETF (MUST) has a volatility of 1.54%. This indicates that SHYD experiences smaller price fluctuations and is considered to be less risky 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
| SHYD | MUST | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.75% | 1.54% | -0.79% |
Volatility (6M)Calculated over the trailing 6-month period | 1.97% | 3.62% | -1.65% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.96% | 5.03% | -2.07% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.38% | 5.45% | -0.07% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.69% | 5.58% | +4.11% |
SHYD vs. MUST - Expense Ratio Comparison
SHYD has a 0.35% expense ratio, which is higher than MUST's 0.23% expense ratio.
Dividends
SHYD vs. MUST - Dividend Comparison
SHYD's dividend yield for the trailing twelve months is around 3.49%, more than MUST's 3.31% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% | 0.00% | 0.00% | 0.00% |
SHYD VanEck Short High Yield Muni ETF | 3.49% | 3.50% | 3.16% | 2.99% | 2.66% | 2.56% | 3.05% | 3.19% | 3.17% | 3.11% | 2.97% | 3.26% |
Frequently Asked Questions
SHYD and MUST have a correlation of 0.43, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
MUST has higher volatility (1.54%) compared to SHYD (0.75%). In terms of maximum drawdown, SHYD dropped -31.22% vs MUST's -13.83%.
On 5-year performance, SHYD leads with 0.94% vs 0.88% for MUST. On fees, MUST is cheaper at 0.23% per year. On volatility, SHYD has been the lower-risk option at 0.75%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, SHYD has performed better with a 0.94% return vs 0.88%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
MUST is cheaper with a 0.23% expense ratio, compared with 0.35% for SHYD.
SHYD has the higher dividend yield at 3.49%, compared with 3.31% for MUST.
SHYD is categorized as Municipal Bonds, while MUST is Money Market. SHYD tracks Bloomberg Municipal High Yield Short Duration, while MUST tracks Bloomberg Beta Advantage Multi-Sector Municipal Bond Index. They also come from different issuers: VanEck and Ameriprise Financial. Their fees differ too: 0.35% for SHYD and 0.23% for MUST.
SHYD currently has the higher Sharpe Ratio (1.69 vs 1.41), 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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