AMHIX vs. CGMU
AMHIX (American High-Income Municipal Bond Fund) and CGMU (Capital Group Municipal Income ETF) are both funds - AMHIX is a High Yield Muni fund managed by American Funds, while CGMU is a Municipal Bonds fund actively managed by Capital Group. Over the past 3 years, AMHIX returned 5.41%/yr vs 4.10%/yr for CGMU. Their 0.68 correlation means they have sometimes moved together and sometimes differently. AMHIX charges 0.63%/yr vs 0.27%/yr for CGMU.
Performance
AMHIX vs. CGMU - Performance Comparison
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Returns By Period
In the year-to-date period, AMHIX achieves a 1.35% return, which is significantly higher than CGMU's 0.55% return.
AMHIX
- 1D
- -0.26%
- 1M
- -1.87%
- 6M
- 0.70%
- YTD
- 1.35%
- 1Y
- 6.44%
- 3Y*
- 5.41%
- 5Y*
- 1.24%
- 10Y*
- 3.01%
- ALL TIME*
- 4.94%
CGMU
- 1D
- -0.12%
- 1M
- -1.46%
- 6M
- -0.42%
- YTD
- 0.55%
- 1Y
- 4.49%
- 3Y*
- 4.10%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 5.27%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
| $30.40M | $28.97M | $30.27M |
AMHIX vs. CGMU - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
AMHIX American High-Income Municipal Bond Fund | 1.35% | 5.70% | 6.19% | 7.18% | 6.06% |
CGMU Capital Group Municipal Income ETF | 0.55% | 5.19% | 2.64% | 6.76% | 4.65% |
Correlation
The correlation between AMHIX and CGMU is 0.66, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.66 |
Correlation (3Y) Balances recent behavior with more history. | 0.67 |
Correlation (All Time) Calculated using the full available price history since Oct 27, 2022 | 0.68 |
The correlation between AMHIX and CGMU has been stable across timeframes, ranging from 0.66 to 0.68 - a consistent structural relationship.
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Return for Risk
AMHIX vs. CGMU — Risk / Return Rank
AMHIX
CGMU
AMHIX vs. CGMU - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for American High-Income Municipal Bond Fund (AMHIX) and Capital Group Municipal Income ETF (CGMU). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| AMHIX | CGMU | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.45 | ||
| Sortino ratioReturn per unit of downside risk | +1.05 | ||
| Omega ratioGain probability vs. loss probability | 1.58 | 1.41 | +0.17 |
| Calmar ratioReturn relative to maximum drawdown | 2.74 | 1.91 | +0.84 |
| Martin ratioReturn relative to average drawdown | 9.51 | 5.61 | +3.90 |
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Drawdowns
AMHIX vs. CGMU - Drawdown Comparison
The maximum AMHIX drawdown since its inception was -21.74%, which is greater than CGMU's maximum drawdown of -4.11%. Use the drawdown chart below to compare losses from any high point for AMHIX and CGMU.
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Drawdown Indicators
| AMHIX | CGMU | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -21.74% | -4.11% | -17.63% |
Max Drawdown (1Y)Largest decline over 1 year | -2.76% | -2.55% | -0.21% |
Max Drawdown (3Y)Largest decline over 3 years | -5.71% | -3.61% | -2.10% |
Max Drawdown (5Y)Largest decline over 5 years | -17.81% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -17.81% | — | — |
Current DrawdownCurrent decline from peak | -1.87% | -1.71% | -0.16% |
Average DrawdownAverage peak-to-trough decline | -2.12% | -0.84% | -1.28% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.79% | 0.86% | -0.07% |
Volatility
AMHIX vs. CGMU - Volatility Comparison
American High-Income Municipal Bond Fund (AMHIX) has a higher volatility of 0.92% compared to Capital Group Municipal Income ETF (CGMU) at 0.77%. This indicates that AMHIX's price experiences larger fluctuations and is considered to be riskier than CGMU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| AMHIX | CGMU | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.92% | 0.77% | +0.15% |
Volatility (6M)Calculated over the trailing 6-month period | 2.36% | 1.88% | +0.48% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.04% | 2.39% | +0.65% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.86% | 3.44% | +1.42% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.53% | 3.44% | +1.09% |
AMHIX vs. CGMU - Expense Ratio Comparison
AMHIX has a 0.63% expense ratio, which is higher than CGMU's 0.27% expense ratio.
Dividends
AMHIX vs. CGMU - Dividend Comparison
AMHIX's dividend yield for the trailing twelve months is around 3.59%, more than CGMU's 3.39% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
AMHIX American High-Income Municipal Bond Fund | 3.59% | 5.26% | 3.80% | 3.10% | 2.53% | 3.23% | 3.40% | 3.46% | 3.67% | 4.01% | 3.55% | 4.03% |
CGMU Capital Group Municipal Income ETF | 3.39% | 3.32% | 3.21% | 3.08% | 0.49% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
AMHIX and CGMU have a correlation of 0.66, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
AMHIX has higher volatility (0.92%) compared to CGMU (0.77%). In terms of maximum drawdown, AMHIX dropped -21.74% vs CGMU's -4.11%.
AMHIX currently has the higher Sharpe Ratio (2.49 vs 2.04), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.
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