MMD vs MUST
NYLIM MacKay DefinedTerm Muni Opportunities Fund vs Columbia Multi-Sector Municipal Income ETF
Which is better, MMD or MUST?
MUST has been ahead.
MUST has a lower expense ratio. MUST led over 1Y, 3Y, 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 | MMD | MUST |
|---|---|---|
| Expense Ratio | 2.33% | 0.23%Best |
| AUM | $478M | $509M |
| Dividend Yield | 5.20% | 3.59% |
| Holdings | 96 | 1,292 |
| YTD Return | -4.95% | -4.34%Best |
| 1Y Return | -5.20% | -2.87%Best |
| 3Y Return (annualized) | +1.68% | +2.83%Best |
| 5Y Return (annualized) | -3.93% | -0.37%Best |
| Volatility (annualized) | 12.9% | 6.2%Best |
| Max Drawdown | -30.1% | -13.8%Best |
| $10,000 over 5 years | $8,183 | $9,816Best |
| Fund Family | New York Life Investments | Columbia Threadneedle Investments |
| Category | Tax Preferred | Tax Preferred |
| Style | Municipal Bond | Municipal Bond |
| Inception | Jun 27, 2012 | 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).
MMD 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.
MMD vs MUST Performance
NYLIM MacKay DefinedTerm Muni Opportunities Fund (MMD) is an ETF from New York Life Investments and Columbia Multi-Sector Municipal Income ETF (MUST) is an ETF from Columbia Threadneedle Investments. Over the past year MMD returned -5.20% while MUST returned -2.87%. Year to date, MMD is down 4.95% versus a loss of 4.34% for MUST.
Over three years, MMD compounded at +1.68% per year against +2.83% for MUST; over five years the annualized figures are -3.93% and -0.37% respectively. Across the full 8-year window we track, MUST has the edge at +1.36% annualized vs -0.84%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
MMD has been the more volatile fund, with annualized monthly volatility of 12.9% 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 -30.1% for MMD 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 0.78. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
MMD charges 2.33% per year while MUST charges 0.23%. On a $10,000 position that is $233 vs $23 annually, a gap of $210 per year that compounds over a long holding period. On income, MMD currently yields 5.20% against 3.59% for MUST.
Holdings Overlap
We hold position weights for 34 holdings in MMD and 356 in MUST, totalling 46.5% 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, 4 positions appear in both.
The two holdings books were reported 95 days apart, MMD as of Jun 30, 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.
4 positions in common, counted across the 34 positions we hold weights for in MMD and 356 in MUST, against full books of 96 and 1,292.
Top Shared Holdings
| Stock | Weight in MMD | Weight in MUST | Difference |
|---|---|---|---|
| NJ NJSTRN 5.25 06/15New Jersey St Transprtn Trust Fund Auth 5.25% 06/15/2043 | 1.54% | 0.20% | 1.34% |
| IL MPNFAC 5 06/15/20Metropolitan Pier & Exposition Authority 0.05 06/15/2057 | 1.51% | 0.19% | 1.32% |
| PA ALTDEV 5 05/01/20Allentown Pa Neighborhood Impt 5 05/01/2042 | 0.32% | 0.18% | 0.14% |
| NJ NJSTRN 4 06/15/20New Jersey Transportation Trust Fund Authority 4 06/15/2044 | 0.32% | 0.05% | 0.27% |
You are not choosing between two funds in isolation.
Whichever of MMD 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, MMD or MUST?
MMD has an expense ratio of 2.33% while MUST charges 0.23%. MUST is the cheaper option, by $210 a year on a $10,000 investment.
Which performed better, MMD or MUST?
Over the past year MMD returned -5.20% vs -2.87% for MUST, so MUST leads on 1-year performance. Over the longest common window we track (8 years), MMD annualized -0.84% vs +1.36% for MUST. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, MMD or MUST?
MMD has been the more volatile fund at 12.9% annualized versus 6.2% for MUST. Worst drawdown: MMD -30.1% vs MUST -13.8%.
Should I hold both MMD and MUST?
MMD and MUST have a monthly-return correlation of 0.78, 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, MMD or MUST?
MMD yields 5.20% while MUST yields 3.59%, so MMD currently pays the higher dividend yield.
Is MUST better than MMD?
MUST has a lower expense ratio. MUST led over 1Y, 3Y, 5Y and the full window. Which one suits a particular account depends on what it is for. This is information, not a recommendation.