DSM vs MUST
BNY Mellon Strategic Municipal Bond Fund Inc vs Columbia Multi-Sector Municipal Income ETF
Which is better, DSM or MUST?
Each has led over a different period.
MUST has a lower expense ratio. DSM led over 3Y, MUST over 1Y, 5Y and the full window.
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 | DSM | MUST |
|---|---|---|
| Expense Ratio | 1.09% | 0.23%Best |
| AUM | $335M | $509M |
| Dividend Yield | 5.50% | 3.59% |
| Holdings | 233 | 1,292 |
| YTD Return | -13.99% | -4.34%Best |
| 1Y Return | -10.44% | -2.87%Best |
| 3Y Return (annualized) | +5.32%Best | +2.83% |
| 5Y Return (annualized) | -4.62% | -0.37%Best |
| Volatility (annualized) | 14.6% | 6.2%Best |
| Max Drawdown | -38.8% | -13.8%Best |
| $10,000 over 5 years | $7,894 | $9,816Best |
| Fund Family | BNY Mellon Investment Management | Columbia Threadneedle Investments |
| Category | Tax Preferred | Tax Preferred |
| Style | Municipal Bond | Municipal Bond |
| Inception | Nov 22, 1989 | 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 Oct 14, 2026 (8 years).
DSM 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 years both funds cover.
DSM vs MUST Performance
BNY Mellon Strategic Municipal Bond Fund Inc (DSM) is an ETF from BNY Mellon Investment Management and Columbia Multi-Sector Municipal Income ETF (MUST) is an ETF from Columbia Threadneedle Investments. Over the past year DSM returned -10.44% while MUST returned -2.87%. Year to date, DSM is down 13.99% versus a loss of 4.34% for MUST.
Over three years, DSM compounded at +5.32% per year against +2.83% for MUST; over five years the annualized figures are -4.62% and -0.37% respectively. Across the full 8-year window we track, MUST has the edge at +1.36% annualized vs -0.54%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
DSM has been the more volatile fund, with annualized monthly volatility of 14.6% compared with 6.2% 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 -38.8% for DSM 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 0.87. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
DSM charges 1.09% per year while MUST charges 0.23%. On a $10,000 position that is $109 vs $23 annually, a gap of $86 per year that compounds over a long holding period. On income, DSM currently yields 5.50% against 3.59% for MUST.
Holdings Overlap
We hold position weights for 101 holdings in DSM and 356 in MUST, totalling 41.1% and 52.2% 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, 14 positions appear in both.
The two holdings books were reported 64 days apart, DSM as of Jul 31, 2026 and MUST as of Oct 3, 2026, so some of the difference between them is the time between the two reports rather than the funds.
14 positions in common, counted across the 101 positions we hold weights for in DSM and 356 in MUST, against full books of 233 and 1,292.
Top Shared Holdings
| Stock | Weight in DSM | Weight in MUST | Difference |
|---|---|---|---|
| NY NYTTRN 5 12/01/20New York St Transprtn Dev Corp Regd B/E Amt 5.00000000 | 0.87% | 0.08% | 0.79% |
| SC SCSMED 4 12/01/20South Carolina Jobs-economic Development Authority, Hospital Revenue Bonds, Bon Secours Mercy Health | 0.76% | 0.15% | 0.61% |
| TX HOUAPT 5.5 07/15/City Of Houston, Series 2024 B 5.5 07/15/2038 | 0.74% | 0.10% | 0.64% |
| SC SCSUTL 4 12/01/20South Carolina St Public Svc A 4 12/01/2055 | 0.43% | 0.18% | 0.25% |
| PA PASTRN 4 12/01/20Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Subordinate Series 2021A | 0.37% | 0.24% | 0.13% |
| TX HOUAPT 4.5 07/01/City Of Houston Tx Airport System Revenue 4.5 01-July-2053 Sub | 0.43% | 0.16% | 0.27% |
| NJ NJSTRN 5 06/15/20New Jersey Transportation Trust Fund Authority, Series 2022 Cc 06/15/2044 | 0.43% | 0.14% | 0.29% |
| NY NYTTRN 5.62 04/01New York Transportation Development Corporation, Special Facility Revenue Bonds, Delta Air Lines, Inc. - Laguardia Airport Terminals C&D Redevelopment 5.625 05-12-2027 | 0.29% | 0.20% | 0.09% |
| IL MPNFAC 0 12/15/20Metropolitan Pier & Exposition Authority 0 2036-12-15 | 0.45% | 0.02% | 0.43% |
| AL BLWPOL 06/01/2055BALDWIN CNTY VAR 06/55 | 0.21% | 0.19% | 0.02% |
You are not choosing between two funds in isolation.
Whichever of DSM 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, DSM or MUST?
DSM has an expense ratio of 1.09% while MUST charges 0.23%. MUST is the cheaper option, by $86 a year on a $10,000 investment.
Which performed better, DSM or MUST?
Over the past year DSM returned -10.44% vs -2.87% for MUST, so MUST leads on 1-year performance. Over the longest common window we track (8 years), DSM annualized -0.54% vs +1.36% for MUST. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, DSM or MUST?
DSM has been the more volatile fund at 14.6% annualized versus 6.2% for MUST. Worst drawdown: DSM -38.8% vs MUST -13.8%.
Should I hold both DSM and MUST?
DSM and MUST have a monthly-return correlation of 0.87, so their returns are far enough apart for the mix to behave differently from either one alone. This is information, not a recommendation.
Which pays a higher dividend, DSM or MUST?
DSM yields 5.50% while MUST yields 3.59%, so DSM currently pays the higher dividend yield.
Is MUST better than DSM?
MUST has a lower expense ratio. DSM led over 3Y, MUST over 1Y, 5Y and the full window. Which one suits a particular account depends on what it is for. This is information, not a recommendation.