CGCP vs. ICMUX

Last updated Jun 23, 2026

CGCP (Capital Group Core Plus Income ETF) and ICMUX (Intrepid Income Fund) are both funds - CGCP is a Intermediate Core-Plus Bond fund actively managed by Capital Group, while ICMUX is a Multisector Bonds fund managed by Intrepid Funds. Over the past 3 years, CGCP returned 5.14%/yr vs 9.67%/yr for ICMUX. At a 0.43 correlation, their price movements are largely independent. CGCP charges 0.34%/yr vs 0.91%/yr for ICMUX.

Performance

CGCP vs. ICMUX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Capital Group Core Plus Income ETF (CGCP) and Intrepid Income Fund (ICMUX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CGCP achieves a 0.38% return, which is significantly lower than ICMUX's 2.32% return.

CGCP

• 1D: -0.27%
• 1M: 0.45%
• YTD: 0.38%
• 6M: 0.50%
• 1Y: 4.94%
• 3Y*: 5.14%
• 5Y*: —
• 10Y*: —

ICMUX

• 1D: 0.00%
• 1M: 0.25%
• YTD: 2.32%
• 6M: 2.70%
• 1Y: 7.67%
• 3Y*: 9.67%
• 5Y*: 6.25%
• 10Y*: 5.83%

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

CGCP vs. ICMUX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
CGCP Capital Group Core Plus Income ETF	0.38%	7.35%	2.95%	7.17%	-9.68%
ICMUX Intrepid Income Fund	2.32%	8.16%	10.43%	10.90%	-2.57%

Correlation

The correlation between CGCP and ICMUX is 0.45, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.45
Correlation (3Y) Calculated over the trailing 3-year period	0.47
Correlation (All Time) Calculated using the full available price history since Feb 24, 2022	0.43

Return for Risk

CGCP vs. ICMUX — Risk / Return Rank

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

CGCP

CGCP Risk / Return Rank: 39
CGCP Sharpe Ratio Rank: 39
CGCP Sortino Ratio Rank: 40
CGCP Omega Ratio Rank: 38
CGCP Calmar Ratio Rank: 39
CGCP Martin Ratio Rank: 39

ICMUX

ICMUX Risk / Return Rank: 97
ICMUX Sharpe Ratio Rank: 99
ICMUX Sortino Ratio Rank: 98
ICMUX Omega Ratio Rank: 98
ICMUX Calmar Ratio Rank: 96
ICMUX Martin Ratio Rank: 95

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. ICMUX - Risk-Adjusted Trends Comparison

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

	CGCP	ICMUX	Difference
Sharpe ratio: Return per unit of total volatility	1.35	4.09	-2.74
Sortino ratio: Return per unit of downside risk	2.00	6.83	-4.82
Omega ratio: Gain probability vs. loss probability	1.24	2.04	-0.80
Calmar ratio: Return relative to maximum drawdown	1.92	5.92	-4.00
Martin ratio: Return relative to average drawdown	6.06	20.66	-14.60

CGCP vs. ICMUX - Sharpe Ratio Comparison

The current CGCP Sharpe Ratio is 1.35, which is lower than the ICMUX Sharpe Ratio of 4.09. The chart below compares the historical Sharpe Ratios of CGCP and ICMUX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

CGCP vs. ICMUX - Drawdown Comparison

The maximum CGCP drawdown since its inception was -15.06%, which is greater than ICMUX's maximum drawdown of -8.77%. Use the drawdown chart below to compare losses from any high point for CGCP and ICMUX.

Drawdown Indicators

	CGCP	ICMUX	Difference
Max Drawdown Largest peak-to-trough decline	-15.06%	-8.77%	-6.29%
Max Drawdown (1Y) Largest decline over 1 year	-2.59%	-1.34%	-1.25%
Max Drawdown (3Y) Largest decline over 3 years	-5.37%	-3.11%	-2.26%
Max Drawdown (5Y) Largest decline over 5 years	—	-5.64%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-8.77%	—
Current Drawdown Current decline from peak	-1.12%	-0.11%	-1.01%
Average Drawdown Average peak-to-trough decline	-4.88%	-0.74%	-4.14%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.82%	0.38%	+0.44%

Volatility

CGCP vs. ICMUX - Volatility Comparison

Capital Group Core Plus Income ETF (CGCP) has a higher volatility of 1.12% compared to Intrepid Income Fund (ICMUX) at 0.55%. This indicates that CGCP's price experiences larger fluctuations and is considered to be riskier than ICMUX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CGCP	ICMUX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.12%	0.55%	+0.57%
Volatility (6M) Calculated over the trailing 6-month period	2.81%	1.43%	+1.38%
Volatility (1Y) Calculated over the trailing 1-year period	3.67%	1.94%	+1.73%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.34%	2.66%	+3.68%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.34%	2.58%	+3.76%

CGCP vs. ICMUX - Expense Ratio Comparison

CGCP has a 0.34% expense ratio, which is lower than ICMUX's 0.91% expense ratio.

Dividends

CGCP vs. ICMUX - Dividend Comparison

CGCP's dividend yield for the trailing twelve months is around 5.16%, less than ICMUX's 7.55% 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%
ICMUX Intrepid Income Fund	7.55%	7.96%	7.85%	9.10%	8.17%	5.99%	5.56%	3.35%	3.07%	2.86%	3.01%	3.53%

Frequently Asked Questions

Can I hold both CGCP and ICMUX in my portfolio?

CGCP and ICMUX have a correlation of 0.45, 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 ICMUX?

CGCP has higher volatility (1.12%) compared to ICMUX (0.55%). In terms of maximum drawdown, CGCP dropped -15.06% vs ICMUX's -8.77%.

Which has better risk-adjusted returns?

ICMUX currently has the higher Sharpe Ratio (4.09 vs 1.35), 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.