FMUB vs MUST
Fidelity Municipal Bond Opportunities ETF vs Columbia Multi-Sector Municipal Income ETF
Which is better, FMUB or MUST?
Nearly the same fund. MUST costs less.
MUST has a lower expense ratio. FMUB led over 1Y and the full window. The two have moved almost in lockstep, correlation 0.97.
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 | FMUB | MUST |
|---|---|---|
| Expense Ratio | 0.30% | 0.23%Best |
| AUM | $246M | $509M |
| Dividend Yield | 3.76% | 3.59% |
| Holdings | 605 | 1,292 |
| YTD Return | -2.14%Best | -4.34% |
| 1Y Return | -1.26%Best | -2.87% |
| 3Y Return (annualized) | - | +2.83% |
| 5Y Return (annualized) | - | -0.37% |
| Volatility (annualized) | 4.5%Best | 5.8% |
| Max Drawdown | -6.1%Best | -8.4% |
| $10,000 over 1.5 years | $10,501Best | $10,090 |
| Fund Family | Fidelity Investments (US) | Columbia Threadneedle Investments |
| Category | Tax Preferred | Tax Preferred |
| Style | Municipal Bond | Municipal Bond |
| Inception | Apr 7, 2025 | Oct 10, 2018 |
Not shown on this pair: Top 10 Weight.
Volatility and max drawdown, and the $10,000 over 1.5 years row, are measured over the window both funds cover: Apr 7, 2025 to Oct 14, 2026 (1.5 years).
FMUB 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 1.5 years both funds cover.
FMUB vs MUST Performance
Fidelity Municipal Bond Opportunities ETF (FMUB) is an ETF from Fidelity Investments (US) and Columbia Multi-Sector Municipal Income ETF (MUST) is an ETF from Columbia Threadneedle Investments. Over the past year FMUB returned -1.26% while MUST returned -2.87%. Year to date, FMUB is down 2.14% versus a loss of 4.34% for MUST.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
MUST has been the more volatile fund, with annualized monthly volatility of 5.8% compared with 4.5% for FMUB. 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 -6.1% for FMUB and -8.4% 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 0.97. They move almost in lockstep, so holding both mostly duplicates the same exposure.
Fees and Cost Over Time
FMUB charges 0.30% per year while MUST charges 0.23%. On a $10,000 position that is $30 vs $23 annually, a gap of $7 per year that compounds over a long holding period. On income, FMUB currently yields 3.76% against 3.59% for MUST.
Holdings Overlap
We hold position weights for 353 holdings in FMUB and 356 in MUST, totalling 34.6% 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, 35 positions appear in both.
35 positions in common, counted across the 353 positions we hold weights for in FMUB and 356 in MUST, against full books of 605 and 1,292.
Top Shared Holdings
| Stock | Weight in FMUB | Weight in MUST | Difference |
|---|---|---|---|
| NY MTATRN 4 11/15/20Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Green Climate Bond Certified Series 2020d-2 | 0.00% | 0.48% | 0.48% |
| IL CHITRN 5 01/01/20Chicago O'Hare International Airport 5 2036-01-01 | 0.01% | 0.42% | 0.41% |
| TX NRTTRN 5 01/01/20North Tex Twy Auth Rev 5% Jan 01, 2041 | 0.27% | 0.11% | 0.16% |
| OH AMEPWR 5 02/15/20American Muni. Pwr., Inc. Rev. Series 2023 A, 5% 46798 | 0.21% | 0.17% | 0.04% |
| IL CHIWTR 5 11/01/20Chicago-R 5.% 11/01/35 | 0.20% | 0.16% | 0.04% |
| VA FAIDEV 4 05/15/20Fairfax Cnty Va Indl Dev Auth | 0.18% | 0.13% | 0.05% |
| CO COSMED 4 11/01/20Colorado Health Facilities Authority, Colorado, Revenue Bonds, Sanford Health, Series 2019a | 0.22% | 0.05% | 0.17% |
| UT SALAPT 5.25 07/01Salt Lake City 5.25% 07/01/38 | 0.06% | 0.21% | 0.15% |
| IL CHITRN 4 01/01/20Chicago Il O Hare Internationa Chitrn 01/44 Fixed Oid 4 | 0.21% | 0.04% | 0.17% |
| NJ NJSTRN 5.25 06/15Nj Transp 5.25% 06/15/55 | 0.04% | 0.20% | 0.16% |
You are not choosing between two funds in isolation.
Whichever of FMUB 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, FMUB or MUST?
FMUB has an expense ratio of 0.30% while MUST charges 0.23%. MUST is the cheaper option, by $7 a year on a $10,000 investment.
Which performed better, FMUB or MUST?
Over the past year FMUB returned -1.26% vs -2.87% for MUST, so FMUB leads on 1-year performance. Over the longest common window we track (2 years), FMUB annualized +3.31% vs +0.60% for MUST. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, FMUB or MUST?
MUST has been the more volatile fund at 5.8% annualized versus 4.5% for FMUB. Worst drawdown: FMUB -6.1% vs MUST -8.4%.
Should I hold both FMUB and MUST?
FMUB and MUST have a monthly-return correlation of 0.97, 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, FMUB or MUST?
FMUB yields 3.76% while MUST yields 3.59%, so FMUB currently pays the higher dividend yield.
Is MUST better than FMUB?
MUST has a lower expense ratio. FMUB led over 1Y and the full window. The two have moved almost in lockstep, correlation 0.97. Which one suits a particular account depends on what it is for. This is information, not a recommendation.