CGCB vs. GIOIX

Last updated Jun 4, 2026

CGCB (Capital Group Core Bond ETF) and GIOIX (Guggenheim Macro Opportunities Fund) are both funds - CGCB is a Intermediate Core Bond fund actively managed by Capital Group, while GIOIX is a Nontraditional Bonds fund actively managed by Guggenheim. Both are actively managed. Over the past year, CGCB returned 5.06% vs 6.11% for GIOIX. A 0.72 correlation means they provide meaningful diversification when combined. CGCB charges 0.27%/yr vs 0.96%/yr for GIOIX.

Performance

CGCB vs. GIOIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Capital Group Core Bond ETF (CGCB) and Guggenheim Macro Opportunities Fund (GIOIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CGCB achieves a 0.05% return, which is significantly lower than GIOIX's 1.12% return.

CGCB

• 1D: -0.19%
• 1M: 0.18%
• YTD: 0.05%
• 6M: 0.01%
• 1Y: 5.06%
• 3Y*: —
• 5Y*: —
• 10Y*: —

GIOIX

• 1D: 0.00%
• 1M: 0.57%
• YTD: 1.12%
• 6M: 1.66%
• 1Y: 6.11%
• 3Y*: 7.59%
• 5Y*: 3.26%
• 10Y*: 4.33%

*Multi-year figures are annualized to reflect compound growth (CAGR)

CGCB vs. GIOIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
CGCB Capital Group Core Bond ETF	0.05%	7.29%	1.44%	6.80%
GIOIX Guggenheim Macro Opportunities Fund	1.12%	7.64%	7.78%	5.48%

Correlation

The correlation between CGCB and GIOIX is 0.72, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.72
Correlation (All Time) Calculated using the full available price history since Sep 29, 2023	0.72

The correlation between CGCB and GIOIX has been stable across timeframes, ranging from 0.72 to 0.72 - a consistent structural relationship.

Return for Risk

CGCB vs. GIOIX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

CGCB

CGCB Risk / Return Rank: 35
CGCB Sharpe Ratio Rank: 36
CGCB Sortino Ratio Rank: 37
CGCB Omega Ratio Rank: 33
CGCB Calmar Ratio Rank: 35
CGCB Martin Ratio Rank: 34

GIOIX

GIOIX Risk / Return Rank: 77
GIOIX Sharpe Ratio Rank: 74
GIOIX Sortino Ratio Rank: 93
GIOIX Omega Ratio Rank: 89
GIOIX Calmar Ratio Rank: 58
GIOIX Martin Ratio Rank: 72

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

CGCB vs. GIOIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Capital Group Core Bond ETF (CGCB) and Guggenheim Macro Opportunities Fund (GIOIX). 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.

	CGCB	GIOIX	Difference
Sharpe ratio: Return per unit of total volatility	1.29	2.49	-1.21
Sortino ratio: Return per unit of downside risk	1.92	4.65	-2.73
Omega ratio: Gain probability vs. loss probability	1.22	1.63	-0.41
Calmar ratio: Return relative to maximum drawdown	1.71	2.90	-1.20
Martin ratio: Return relative to average drawdown	5.16	13.85	-8.68
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CGCB vs. GIOIX - Sharpe Ratio Comparison

The current CGCB Sharpe Ratio is 1.29, which is lower than the GIOIX Sharpe Ratio of 2.49. The chart below compares the historical Sharpe Ratios of CGCB and GIOIX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	CGCB	GIOIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.29	2.49	-1.21
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	1.03	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	1.50	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.08	1.73	-0.65

Drawdowns

CGCB vs. GIOIX - Drawdown Comparison

The maximum CGCB drawdown since its inception was -5.17%, smaller than the maximum GIOIX drawdown of -13.38%. Use the drawdown chart below to compare losses from any high point for CGCB and GIOIX.

Drawdown Indicators

	CGCB	GIOIX	Difference
Max Drawdown Largest peak-to-trough decline	-5.17%	-13.38%	+8.21%
Max Drawdown (1Y) Largest decline over 1 year	-2.98%	-2.12%	-0.86%
Max Drawdown (3Y) Largest decline over 3 years	—	-2.12%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-13.38%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-13.38%	—
Current Drawdown Current decline from peak	-1.83%	-0.08%	-1.75%
Average Drawdown Average peak-to-trough decline	-1.34%	-1.42%	+0.08%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.98%	0.44%	+0.54%

Volatility

CGCB vs. GIOIX - Volatility Comparison

Capital Group Core Bond ETF (CGCB) has a higher volatility of 1.32% compared to Guggenheim Macro Opportunities Fund (GIOIX) at 0.99%. This indicates that CGCB's price experiences larger fluctuations and is considered to be riskier than GIOIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CGCB	GIOIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.32%	0.99%	+0.33%
Volatility (6M) Calculated over the trailing 6-month period	2.80%	2.05%	+0.75%
Volatility (1Y) Calculated over the trailing 1-year period	3.94%	2.47%	+1.47%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.39%	3.18%	+2.21%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.39%	2.89%	+2.50%

CGCB vs. GIOIX - Expense Ratio Comparison

CGCB has a 0.27% expense ratio, which is lower than GIOIX's 0.96% expense ratio.

Dividends

CGCB vs. GIOIX - Dividend Comparison

CGCB's dividend yield for the trailing twelve months is around 4.22%, less than GIOIX's 6.09% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CGCB Capital Group Core Bond ETF	4.22%	4.22%	3.99%	0.95%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
GIOIX Guggenheim Macro Opportunities Fund	6.09%	5.86%	5.88%	6.45%	3.78%	3.10%	3.61%	3.29%	3.55%	3.54%	5.38%	5.82%

Frequently Asked Questions

Can I hold both CGCB and GIOIX in my portfolio?

CGCB and GIOIX have a correlation of 0.72, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CGCB or GIOIX?

CGCB has higher volatility (1.32%) compared to GIOIX (0.99%). In terms of maximum drawdown, CGCB dropped -5.17% vs GIOIX's -13.38%.

Which has better risk-adjusted returns?

GIOIX currently has the higher Sharpe Ratio (2.49 vs 1.29), 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.