CGCP vs. GIOIX

Last updated Jun 4, 2026

CGCP (Capital Group Core Plus Income ETF) and GIOIX (Guggenheim Macro Opportunities Fund) are both funds - CGCP is a Intermediate Core-Plus 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 3 years, CGCP returned 5.07%/yr vs 7.59%/yr for GIOIX. A 0.74 correlation means they provide meaningful diversification when combined. CGCP charges 0.34%/yr vs 0.96%/yr for GIOIX.

Performance

CGCP vs. GIOIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Capital Group Core Plus Income ETF (CGCP) 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, CGCP achieves a 0.33% return, which is significantly lower than GIOIX's 1.12% return.

CGCP

• 1D: -0.31%
• 1M: 0.27%
• YTD: 0.33%
• 6M: 0.37%
• 1Y: 5.84%
• 3Y*: 5.07%
• 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)

CGCP vs. GIOIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
CGCP Capital Group Core Plus Income ETF	0.33%	7.35%	2.95%	7.17%	-9.78%
GIOIX Guggenheim Macro Opportunities Fund	1.12%	7.64%	7.78%	9.69%	-6.66%

Correlation

The correlation between CGCP and GIOIX is 0.74, 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	0.74
Correlation (3Y) Calculated over the trailing 3-year period	0.75
Correlation (All Time) Calculated using the full available price history since Feb 25, 2022	0.74

The correlation between CGCP and GIOIX has been stable across timeframes, ranging from 0.74 to 0.75 - a consistent structural relationship.

Return for Risk

CGCP vs. GIOIX — Risk / Return Rank

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

CGCP

CGCP Risk / Return Rank: 45
CGCP Sharpe Ratio Rank: 44
CGCP Sortino Ratio Rank: 47
CGCP Omega Ratio Rank: 44
CGCP Calmar Ratio Rank: 45
CGCP Martin Ratio Rank: 45

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.

CGCP vs. GIOIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Capital Group Core Plus Income ETF (CGCP) 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.

	CGCP	GIOIX	Difference
Sharpe ratio Return per unit of total volatility	1.58	2.49	-0.91
Sortino ratio Return per unit of downside risk	2.36	4.65	-2.29
Omega ratio Gain probability vs. loss probability	1.29	1.63	-0.34
Calmar ratio Return relative to maximum drawdown	2.27	2.90	-0.64
Martin ratio Return relative to average drawdown	7.46	13.85	-6.39
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CGCP vs. GIOIX - Sharpe Ratio Comparison

The current CGCP Sharpe Ratio is 1.58, which is lower than the GIOIX Sharpe Ratio of 2.49. The chart below compares the historical Sharpe Ratios of CGCP 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

	CGCP	GIOIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.58	2.49	-0.91
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	0.26	1.73	-1.47

Drawdowns

CGCP vs. GIOIX - Drawdown Comparison

The maximum CGCP drawdown since its inception was -15.06%, which is greater than GIOIX's maximum drawdown of -13.38%. Use the drawdown chart below to compare losses from any high point for CGCP and GIOIX.

Drawdown Indicators

	CGCP	GIOIX	Difference
Max Drawdown Largest peak-to-trough decline	-15.06%	-13.38%	-1.68%
Max Drawdown (1Y) Largest decline over 1 year	-2.59%	-2.12%	-0.47%
Max Drawdown (3Y) Largest decline over 3 years	-5.37%	-2.12%	-3.25%
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	-1.16%	-0.08%	-1.08%
Average Drawdown Average peak-to-trough decline	-4.93%	-1.42%	-3.51%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.78%	0.44%	+0.34%

Volatility

CGCP vs. GIOIX - Volatility Comparison

Capital Group Core Plus Income ETF (CGCP) has a higher volatility of 1.33% compared to Guggenheim Macro Opportunities Fund (GIOIX) at 0.99%. This indicates that CGCP'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

	CGCP	GIOIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.33%	0.99%	+0.34%
Volatility (6M) Calculated over the trailing 6-month period	2.73%	2.05%	+0.68%
Volatility (1Y) Calculated over the trailing 1-year period	3.70%	2.47%	+1.23%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.36%	3.18%	+3.18%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.36%	2.89%	+3.47%

CGCP vs. GIOIX - Expense Ratio Comparison

CGCP has a 0.34% expense ratio, which is lower than GIOIX's 0.96% expense ratio.

Dividends

CGCP vs. GIOIX - Dividend Comparison

CGCP's dividend yield for the trailing twelve months is around 5.16%, less than GIOIX's 6.09% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CGCP Capital Group Core Plus Income ETF	5.16%	5.10%	5.17%	4.98%	2.96%	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 CGCP and GIOIX in my portfolio?

CGCP and GIOIX have a correlation of 0.74, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CGCP or GIOIX?

CGCP has higher volatility (1.33%) compared to GIOIX (0.99%). In terms of maximum drawdown, CGCP dropped -15.06% vs GIOIX's -13.38%.

Which has better risk-adjusted returns?

GIOIX currently has the higher Sharpe Ratio (2.49 vs 1.58), 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.