MUST vs TAFL
Columbia Multi-Sector Municipal Income ETF vs AB Tax-Aware Long Municipal ETF
Which is better, MUST or TAFL?
Each has led over a different period.
MUST has a lower expense ratio. MUST led over 1Y and 3Y, TAFL over the full window. The two have moved almost in lockstep, correlation 0.92.
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 | MUST | TAFL |
|---|---|---|
| Expense Ratio | 0.23%Best | 0.28% |
| AUM | $539M | $59M |
| Dividend Yield | 3.48% | 4.27% |
| Holdings | 1,167 | 319 |
| YTD Return | -0.66% | +0.00%Best |
| 1Y Return | -0.16%Best | -0.20% |
| 3Y Return (annualized) | +3.60%Best | +2.57% |
| 5Y Return (annualized) | +0.37% | - |
| Volatility (annualized) | 5.6%Best | 5.8% |
| Max Drawdown | -8.4% | -7.8%Best |
| $10,000 over 2.9 years | $10,585 | $10,764Best |
| Fund Family | Columbia Threadneedle Investments | AllianceBernstein L.P. |
| Category | Tax Preferred | Tax Preferred |
| Style | Municipal Bond | Municipal Bond |
| Inception | Oct 10, 2018 | Dec 13, 2023 |
Not shown on this pair: Top 10 Weight.
Volatility and max drawdown, and the $10,000 over 2.9 years row, are measured over the window both funds cover: Dec 13, 2023 to Nov 11, 2026 (2.9 years).
MUST vs TAFL 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 2.9 years both funds cover.
MUST vs TAFL Performance
Columbia Multi-Sector Municipal Income ETF (MUST) is an ETF from Columbia Threadneedle Investments and AB Tax-Aware Long Municipal ETF (TAFL) is an ETF from AllianceBernstein L.P.. Over the past year MUST returned -0.16% while TAFL returned -0.20%. Year to date, MUST is down 0.66% versus a gain of 0.00% for TAFL.
Over three years, MUST compounded at +3.60% per year against +2.57% for TAFL.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
TAFL has been the more volatile fund, with annualized monthly volatility of 5.8% compared with 5.6% 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 -8.4% for MUST and -7.8% for TAFL. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.92. They move almost in lockstep, so holding both mostly duplicates the same exposure.
Fees and Cost Over Time
MUST charges 0.23% per year while TAFL charges 0.28%. On a $10,000 position that is $23 vs $28 annually, a gap of $5 per year that compounds over a long holding period. On income, MUST currently yields 3.48% against 4.27% for TAFL.
Holdings Overlap
We hold position weights for 348 holdings in MUST and 68 in TAFL, totalling 52.5% and 53.3% 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, 9 positions appear in both.
9 positions in common, counted across the 348 positions we hold weights for in MUST and 68 in TAFL, against full books of 1,167 and 319.
Top Shared Holdings
| Stock | Weight in MUST | Weight in TAFL | Difference |
|---|---|---|---|
| NY NYCUTL 5 06/15/20New York City Municipal Water Finance Authority 5 06/15/2048 | 0.13% | 1.65% | 1.52% |
| VA FAIDEV 4 05/15/20Fairfax Cnty Va Indl Dev Auth | 0.13% | 1.48% | 1.35% |
| IL MPNFAC 5 06/15/20Met Pier And Expo 5% 6/15/2050 Q | 0.19% | 1.24% | 1.05% |
| SC SCSMED 5.5 11/01/South Carolina 5.5% 11/54 | 0.09% | 0.83% | 0.74% |
| IL CHIEDU 6 12/01/20Chicago Board Of Education, Illinois, General Obligation Bonds, Dedicated Revenues, Series 2023A 6 12/01/2049 | 0.19% | 0.48% | 0.29% |
| VA HENMED 5 11/01/20Henrico Cnty Va 5% 11/48 | 0.19% | 0.16% | 0.03% |
| MD MDSFAC 5 05/01/20Maryland Stadium Authority 5%, 5/01/50 | 0.11% | 0.24% | 0.13% |
| IL CHIEDU 5 12/01/20Chicago Board Of Education Series 2023-A 5.00%, 12/01/34 | 0.03% | 0.24% | 0.21% |
| TX HOUAPT 5.5 07/15/City Of Houston, Series 2024 B 5.5 07/15/2038 | 0.10% | 0.17% | 0.07% |
You are not choosing between two funds in isolation.
Whichever of MUST and TAFL 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, MUST or TAFL?
MUST has an expense ratio of 0.23% while TAFL charges 0.28%. MUST is the cheaper option, by $5 a year on a $10,000 investment.
Which performed better, MUST or TAFL?
Over the past year MUST returned -0.16% vs -0.20% for TAFL, so MUST leads on 1-year performance. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, MUST or TAFL?
TAFL has been the more volatile fund at 5.8% annualized versus 5.6% for MUST. Worst drawdown: MUST -8.4% vs TAFL -7.8%.
Should I hold both MUST and TAFL?
MUST and TAFL have a monthly-return correlation of 0.92, 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, MUST or TAFL?
MUST yields 3.48% while TAFL yields 4.27%, so TAFL currently pays the higher dividend yield.
Is TAFL better than MUST?
MUST has a lower expense ratio. MUST led over 1Y and 3Y, TAFL over the full window. The two have moved almost in lockstep, correlation 0.92. Which one suits a particular account depends on what it is for. This is information, not a recommendation.