FMHI vs MUST
First Trust Municipal High Income ETF vs Columbia Multi-Sector Municipal Income ETF
Which is better, FMHI or MUST?
Each has led over a different period.
MUST has a lower expense ratio. FMHI led over 1Y, 3Y and the full window, MUST over 5Y. The two have moved almost in lockstep, correlation 0.91.
MarketXLS is not an investment adviser. This comparison is generated automatically from market data and is for information only. A Best mark means the better reading on that one measure, not a recommendation to buy.
Side-by-Side Comparison
| Metric | FMHI | MUST |
|---|---|---|
| Expense Ratio | 0.49% | 0.23%Best |
| AUM | $1.1B | $539M |
| Dividend Yield | 4.55% | 3.48% |
| Holdings | 2,277 | 1,167 |
| YTD Return | +1.11%Best | -0.66% |
| 1Y Return | +1.08%Best | -0.16% |
| 3Y Return (annualized) | +5.24%Best | +3.60% |
| 5Y Return (annualized) | +0.27% | +0.37%Best |
| Volatility (annualized) | 7.7% | 6.3%Best |
| Max Drawdown | -18.8% | -13.8%Best |
| $10,000 over 5 years | $10,136 | $10,186Best |
| Fund Family | First Trust Portfolios (US) | Columbia Threadneedle Investments |
| Category | Tax Preferred | Tax Preferred |
| Style | Municipal Bond | Municipal Bond |
| Inception | Nov 2, 2017 | Oct 10, 2018 |
Not shown on this pair: Top 10 Weight.
Volatility and max drawdown are measured over the window both funds cover: Oct 10, 2018 to Nov 11, 2026 (8.1 years).
FMHI vs MUST growth
Month-end closes. Both lines start at 0% in the first month shown, so the gap between them is the difference in growth across that window. The full view covers the 8.1 years both funds cover.
FMHI vs MUST Performance
First Trust Municipal High Income ETF (FMHI) is an ETF from First Trust Portfolios (US) and Columbia Multi-Sector Municipal Income ETF (MUST) is an ETF from Columbia Threadneedle Investments. Over the past year FMHI returned +1.08% while MUST returned -0.16%. Year to date, FMHI is up 1.11% versus a loss of 0.66% for MUST.
Over three years, FMHI compounded at +5.24% per year against +3.60% for MUST; over five years the annualized figures are +0.27% and +0.37% respectively. Across the full 8-year window we track, FMHI has the edge at +1.89% annualized vs +1.82%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
FMHI has been the more volatile fund, with annualized monthly volatility of 7.7% compared with 6.3% for MUST. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.
The deepest peak-to-trough decline in our data was -18.8% for FMHI and -13.8% for MUST. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.91. They move almost in lockstep, so holding both mostly duplicates the same exposure.
Fees and Cost Over Time
FMHI charges 0.49% per year while MUST charges 0.23%. On a $10,000 position that is $49 vs $23 annually, a gap of $26 per year that compounds over a long holding period. On income, FMHI currently yields 4.55% against 3.48% for MUST.
Holdings Overlap
We hold position weights for 468 holdings in FMHI and 348 in MUST, totalling 57.6% and 52.5% of the two funds. Neither is a share of a fund we can divide by, so no overlap percentage is shown here. Within what we can see, 20 positions appear in both.
20 positions in common, counted across the 468 positions we hold weights for in FMHI and 348 in MUST, against full books of 2,277 and 1,167.
Top Shared Holdings
| Stock | Weight in FMHI | Weight in MUST | Difference |
|---|---|---|---|
| NY NYTTRN 4.38 10/01New York Transportation Development Corp 4.38% 10/01/2045 | 0.22% | 0.46% | 0.24% |
| FL MDCTRN 5.25 10/01Miami-Dade County, Florida, Seaport Revenue Bonds, Refunding Series 2022A 10/01/2052 | 0.18% | 0.35% | 0.17% |
| AZ MARDEV 4 10/15/20Maricopa (County Of), Az Industrial Development Authority (Commercial Metals Co.), Series 2022, Rb | 0.32% | 0.16% | 0.16% |
| FL MIATRN 5 10/01/20Miami Dade Cnty Fl Aviation Re Miatrn 10/34 Fixed 5 5% | 0.23% | 0.21% | 0.02% |
| MO STLDEV 5 09/01/20Saint Louis Cnty Mo Indl Dev Auth Senior Living Facs | 0.41% | 0.02% | 0.39% |
| GA FULDEV 4 07/01/20Fulton County Development Authority, Georgia, Revenue Bonds, Piedmont Healthcare, Inc Project, Series 2019a | 0.19% | 0.16% | 0.03% |
| FL MMBMED 4 11/15/20Miami Beach Health Facilities Authority, Florida, Hospital Revenue Bonds, Mount Sinai Medical Center Of Florida Project, Series 2021B | 0.17% | 0.16% | 0.01% |
| MO MOSMED 4 07/01/20Mo Hlth & Edu Facs | 0.08% | 0.25% | 0.17% |
| CO DENAPT 5 11/15/20Denver, Co City & County Airport Revenue Series A, Amt | 0.12% | 0.20% | 0.08% |
| LA STJGEN 6.35 07/01Stjgen 6.350 07/01/40 | 0.11% | 0.21% | 0.10% |
You are not choosing between two funds in isolation.
Whichever of FMHI and MUST you pick has to sit alongside everything else you own. Add the rest and see what the combination actually holds.
Free for up to 10 holdings. No account needed.
Frequently Asked Questions
Which is cheaper, FMHI or MUST?
FMHI has an expense ratio of 0.49% while MUST charges 0.23%. MUST is the cheaper option, by $26 a year on a $10,000 investment.
Which performed better, FMHI or MUST?
Over the past year FMHI returned +1.08% vs -0.16% for MUST, so FMHI leads on 1-year performance. Over the longest common window we track (8 years), FMHI annualized +1.89% vs +1.82% for MUST. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, FMHI or MUST?
FMHI has been the more volatile fund at 7.7% annualized versus 6.3% for MUST. Worst drawdown: FMHI -18.8% vs MUST -13.8%.
Should I hold both FMHI and MUST?
FMHI and MUST have a monthly-return correlation of 0.91, so they move almost identically. What is left to separate them is the fee and the index each one tracks. This is information, not a recommendation.
Which pays a higher dividend, FMHI or MUST?
FMHI yields 4.55% while MUST yields 3.48%, so FMHI currently pays the higher dividend yield.
Is MUST better than FMHI?
MUST has a lower expense ratio. FMHI led over 1Y, 3Y and the full window, MUST over 5Y. The two have moved almost in lockstep, correlation 0.91. Which one suits a particular account depends on what it is for. This is information, not a recommendation.