BOXX vs. CGMU
BOXX (Alpha Architect 1-3 Month Box ETF) and CGMU (Capital Group Municipal Income ETF) are both exchange-traded funds - BOXX is a Ultrashort Bond fund tracking the Solactive 1-3 Month US T-Bill Index, while CGMU is a Municipal Bonds fund actively managed by Capital Group. BOXX is passively managed, while CGMU is actively managed. Over the past 3 years, BOXX returned 4.75%/yr vs 4.56%/yr for CGMU. At a correlation of -0.01, they often move in opposite directions. BOXX charges 0.19%/yr vs 0.27%/yr for CGMU.
Performance
BOXX vs. CGMU - Performance Comparison
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Returns By Period
In the year-to-date period, BOXX achieves a 1.61% return, which is significantly higher than CGMU's 1.39% return.
BOXX
- 1D
- 0.02%
- 1M
- 0.31%
- YTD
- 1.61%
- 6M
- 1.97%
- 1Y
- 4.09%
- 3Y*
- 4.75%
- 5Y*
- —
- 10Y*
- —
CGMU
- 1D
- -0.18%
- 1M
- 0.30%
- YTD
- 1.39%
- 6M
- 1.71%
- 1Y
- 6.52%
- 3Y*
- 4.56%
- 5Y*
- —
- 10Y*
- —
BOXX vs. CGMU - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
BOXX Alpha Architect 1-3 Month Box ETF | 1.61% | 4.37% | 5.16% | 5.04% | 0.07% |
CGMU Capital Group Municipal Income ETF | 1.39% | 5.19% | 2.64% | 6.76% | 0.00% |
Correlation
The correlation between BOXX and CGMU is -0.18, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.18 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.02 |
Correlation (All Time) Calculated using the full available price history since Dec 29, 2022 | -0.01 |
The correlation between BOXX and CGMU shifts across timeframes, from -0.18 (1 year) to -0.01 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
BOXX vs. CGMU — Risk / Return Rank
BOXX
CGMU
BOXX vs. CGMU - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Alpha Architect 1-3 Month Box ETF (BOXX) 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.
| BOXX | CGMU | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +10.00 | ||
| Sortino ratioReturn per unit of downside risk | +33.99 | ||
| Omega ratioGain probability vs. loss probability | 9.98 | 1.61 | +8.37 |
| Calmar ratioReturn relative to maximum drawdown | 59.76 | 2.57 | +57.19 |
| Martin ratioReturn relative to average drawdown | 531.70 | 8.32 | +523.37 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| BOXX | CGMU | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 12.84 | 2.84 | +10.00 |
Sharpe Ratio (All Time)Calculated using the full available price history | 12.91 | 1.65 | +11.26 |
Drawdowns
BOXX vs. CGMU - Drawdown Comparison
The maximum BOXX drawdown since its inception was -0.12%, smaller than the maximum CGMU drawdown of -4.11%. Use the drawdown chart below to compare losses from any high point for BOXX and CGMU.
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Drawdown Indicators
| BOXX | CGMU | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -0.12% | -4.11% | +3.99% |
Max Drawdown (1Y)Largest decline over 1 year | -0.07% | -2.55% | +2.48% |
Max Drawdown (3Y)Largest decline over 3 years | -0.12% | -3.89% | +3.77% |
Current DrawdownCurrent decline from peak | 0.00% | -0.89% | +0.89% |
Average DrawdownAverage peak-to-trough decline | -0.00% | -0.84% | +0.84% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.01% | 0.79% | -0.78% |
Volatility
BOXX vs. CGMU - Volatility Comparison
The current volatility for Alpha Architect 1-3 Month Box ETF (BOXX) is 0.09%, while Capital Group Municipal Income ETF (CGMU) has a volatility of 0.82%. This indicates that BOXX experiences smaller price fluctuations and is considered to be less risky 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
| BOXX | CGMU | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.09% | 0.82% | -0.73% |
Volatility (6M)Calculated over the trailing 6-month period | 0.25% | 1.74% | -1.49% |
Volatility (1Y)Calculated over the trailing 1-year period | 0.32% | 2.31% | -1.99% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 0.37% | 3.47% | -3.10% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 0.37% | 3.47% | -3.10% |
BOXX vs. CGMU - Expense Ratio Comparison
BOXX has a 0.19% expense ratio, which is lower than CGMU's 0.27% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
BOXX vs. CGMU - Dividend Comparison
BOXX has not paid dividends to shareholders, while CGMU's dividend yield for the trailing twelve months is around 3.33%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
BOXX Alpha Architect 1-3 Month Box ETF | 0.00% | 0.00% | 0.26% | 0.00% | 0.00% |
CGMU Capital Group Municipal Income ETF | 3.33% | 3.32% | 3.21% | 3.08% | 0.49% |
Frequently Asked Questions
BOXX and CGMU have a correlation of -0.18, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
CGMU has higher volatility (0.82%) compared to BOXX (0.09%). In terms of maximum drawdown, BOXX dropped -0.12% vs CGMU's -4.11%.
On 3-year performance, BOXX leads with 4.75% vs 4.56% for CGMU. On fees, BOXX is cheaper at 0.19% per year. On volatility, BOXX has been the lower-risk option at 0.09%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, BOXX has performed better with a 4.75% return vs 4.56%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BOXX is cheaper with a 0.19% expense ratio, compared with 0.27% for CGMU.
CGMU has the higher dividend yield at 3.33%, compared with 0.00% for BOXX.
BOXX is categorized as Ultrashort Bond, while CGMU is Municipal Bonds. They also come from different issuers: Alpha Architect and Capital Group. Their fees differ too: 0.19% for BOXX and 0.27% for CGMU.
BOXX currently has the higher Sharpe Ratio (12.84 vs 2.84), 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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