Columbia Multi-Sector Municipal Income ETF (MUST) Performance
MUST total return
Distributions reinvested · as of Oct 23, 2026- YTD
- −1.8% since Dec 31, 2025
- 1 year
- −1.5% total return
- 5 years
- +0.3% a year
- Since first price
- +2.4% a year since 2018
MUST trailing returns vs SPY, QQQ, AGG
| Period | MUST total return | Price only | S&P 500 (SPY) | Nasdaq-100 (QQQ) | U.S. bonds (AGG) |
|---|---|---|---|---|---|
| 1 month | +2.7% | +2.4% | −1.0% | −5.0% | +0.9% |
| 3 months | −1.4% | −2.3% | +3.2% | +1.9% | −0.4% |
| 6 months | −2.6% | −4.2% | +7.8% | +8.4% | −1.5% |
| YTD | −1.8% | −4.2% | +12.3% | +15.1% | −1.0% |
| 1 year | −1.5% | −4.8% | +14.4% | +15.9% | −1.1% |
| 3 years | +13.0%+4.2%/yr | +2.6% | +87.4%+23.3%/yr | +101.4%+26.3%/yr | +16.6%+5.2%/yr |
| 5 years | +1.4%+0.3%/yr | −11.6% | +79.3%+12.4%/yr | +94.0%+14.2%/yr | −0.8%−0.2%/yr |
| Since inceptionOct 10, 2018 | +21.0%+2.4%/yr | −1.3% | — | — | — |
Total return from adjusted closes (distributions reinvested, before tax). Periods of 3 years or more are also shown annualized. Price only excludes distributions.
Growth of $10,000: MUST vs SPY
From Oct 10, 2018: MUST grew to $12,098, SPY to $30,780.
Year-end values with distributions reinvested, no taxes or trading costs. Start: first common trading day of both funds.
MUST returns by calendar year
6 of 7 full years positive. Best 2019 (+8.1%), worst 2022 (−8.8%). 2026 is year to date.
MUST annual returns table
| Year | MUST | Largest drop | SPY | QQQ | AGG |
|---|---|---|---|---|---|
| 2026YTD | −1.8% | −8.1% | +12.3% | +15.1% | −1.0% |
| 2025 | +4.9% | −5.1% | +17.7% | +20.8% | +7.2% |
| 2024 | +0.4% | −2.7% | +24.9% | +25.6% | +1.3% |
| 2023 | +6.2% | −6.4% | +26.2% | +54.9% | +5.7% |
| 2022 | −8.8% | −13.2% | −18.2% | −32.6% | −13.0% |
| 2021 | +1.9% | −2.3% | +28.7% | +27.4% | −1.8% |
| 2020 | +6.7% | −12.9% | +18.3% | +48.6% | +7.5% |
| 2019 | +8.1% | −1.7% | +31.2% | +39.0% | +8.5% |
Largest drop = deepest fall from a high within that calendar year.
Calendar-year return vs largest drop within the year
Most years include a sizable fall at some point even when the year ends higher.
MUST largest drawdowns
Now 4.2% below the high| Peak | Decline | Bottom | Recovered | Fall | Underwater |
|---|---|---|---|---|---|
| Aug 3, 2021 | −13.8% | Oct 31, 2022 | Sep 17, 2025 | 1.2 years | 4.1 years |
| Mar 9, 2020 | −12.9% | Mar 23, 2020 | Jul 31, 2020 | 14 days | 5 months |
Declines from a closing high (distributions reinvested) of 10% or more. Underwater = time from the peak until the old high was regained.
MUST risk statistics
| Statistic | 3 years | 5 years | Since 2018 |
|---|---|---|---|
| Annualized return | +2.7% | −0.5% | +2.0% |
| Volatility (annualized) | 6.3% | 7.0% | 6.3% |
| Sharpe ratio | -0.25 | -0.56 | -0.07 |
| Sortino ratio | -0.34 | -0.72 | -0.10 |
| Best month | +6.0% | +6.0% | +6.0% |
| Worst month | −4.2% | −4.2% | −4.3% |
| Best 12 months | +9.8% | +9.8% | +10.8% |
| Worst 12 months | −3.4% | −12.4% | −12.4% |
| Positive months | 58% | 52% | 60% |
| Beta vs S&P 500 | 0.29 | 0.29 | — |
| Correlation with S&P 500 | 0.57 | 0.65 | — |
From monthly total returns. Sharpe and Sortino use 1–3 month T-bills (BIL) as the risk-free rate, so they need history from 2007 on.
MUST rolling returns
| Holding period | Periods | Worst | Median | Best | Positive |
|---|---|---|---|---|---|
| 1-year | 85 | −12.4% | +3.0% | +10.8% | 81% |
| 3-year (a year) | 61 | −2.3% | +0.8% | +6.1% | 56% |
| 5-year (a year) | 37 | −0.5% | +1.1% | +2.6% | 97% |
Every holding period starting at a month-end since 2018. Returns for 3 years and longer are annualized.
MUST performance overview
Columbia Multi-Sector Municipal Income ETF (MUST) returned −1.5% over the past year and +0.3% a year over five years, with distributions reinvested. Since its first recorded price in 2018 it has returned +2.4% a year, turning $10,000 into about $12,098. Over the same year S&P 500 (SPY) returned +14.4%.
The deepest decline was −13.8%, from Aug 3, 2021 to Oct 31, 2022, and it took 2.9 years to get back to the old high. MUST finished 6 of its 7 full calendar years with a gain; the best year was 2019 (+8.1%) and the worst 2022 (−8.8%). Volatility has been 6.3% a year.
Related: MUST chart, MUST dividends. See the MUST overview for the latest quote and fund facts.
MUST performance FAQ
What is the MUST return over the past year?
MUST returned −1.5% over the 12 months to October 23, 2026, including reinvested distributions. On price alone it fell 4.8%.
What is the average annual return of MUST?
MUST has returned +0.3% a year over 5 years, +2.4% a year since October 10, 2018 (total return, distributions reinvested).
How much would $10,000 invested in MUST be worth?
$10,000 invested in MUST at its first recorded close on October 10, 2018 would be worth about $12,098 on October 23, 2026 with distributions reinvested.
What was the worst year for MUST?
The worst calendar year was 2022, with a total return of −8.8%. The best was 2019 at +8.1%.
What is the biggest drawdown of MUST?
The largest peak-to-trough decline was −13.8% between August 3, 2021 and October 31, 2022. It recovered to the old high on September 17, 2025, 2.9 years after the bottom.
How volatile is MUST?
Over the past 3 years MUST had an annualized volatility of 6.3% and a Sharpe ratio of -0.25 (excess return over 1–3 month T-bills per unit of risk).