CGHY vs. CGMS

Last updated Jul 12, 2026

CGHY (Capital Group High Yield Bond ETF) and CGMS (Capital Group U.S. Multi-Sector Income ETF) are both exchange-traded funds - CGHY is a High Yield Bonds fund managed by Capital Group, while CGMS is a Multisector Bonds fund actively managed by Capital Group. Over the past year, CGHY returned 6.22% vs 5.41% for CGMS. A 0.78 correlation means they provide meaningful diversification when combined. Both charge a 0.39% expense ratio.

Performance

CGHY vs. CGMS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Capital Group High Yield Bond ETF (CGHY) and Capital Group U.S. Multi-Sector Income ETF (CGMS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CGHY achieves a 2.14% return, which is significantly higher than CGMS's 1.55% return.

CGHY

• 1D: -0.20%
• 1M: 0.09%
• 6M: 1.82%
• YTD: 2.14%
• 1Y: 6.22%
• 3Y*: —
• 5Y*: —
• 10Y*: —

CGMS

• 1D: -0.11%
• 1M: -0.21%
• 6M: 1.19%
• YTD: 1.55%
• 1Y: 5.41%
• 3Y*: 7.86%
• 5Y*: —
• 10Y*: —

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

CGHY vs. CGMS - Yearly Performance Comparison

	2026 (YTD)	2025
CGHY Capital Group High Yield Bond ETF	2.14%	3.83%
CGMS Capital Group U.S. Multi-Sector Income ETF	1.55%	4.02%

Correlation

The correlation between CGHY and CGMS is 0.78, 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	0.78
Correlation (All Time) Calculated using the full available price history since Jun 26, 2025	0.78

The correlation between CGHY and CGMS has been stable across timeframes, ranging from 0.78 to 0.78 - a consistent structural relationship.

Return for Risk

CGHY vs. CGMS — Risk / Return Rank

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

CGHY

CGHY Risk / Return Rank: 75
CGHY Sharpe Ratio Rank: 73
CGHY Sortino Ratio Rank: 83
CGHY Omega Ratio Rank: 78
CGHY Calmar Ratio Rank: 64
CGHY Martin Ratio Rank: 78

CGMS

CGMS Risk / Return Rank: 56
CGMS Sharpe Ratio Rank: 53
CGMS Sortino Ratio Rank: 57
CGMS Omega Ratio Rank: 54
CGMS Calmar Ratio Rank: 51
CGMS Martin Ratio Rank: 65

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.

CGHY vs. CGMS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Capital Group High Yield Bond ETF (CGHY) and Capital Group U.S. Multi-Sector Income ETF (CGMS). 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.

	CGHY	CGMS	Difference
Sharpe ratio: Return per unit of total volatility	1.86	1.48	+0.38
Sortino ratio: Return per unit of downside risk	2.94	2.20	+0.75
Omega ratio: Gain probability vs. loss probability	1.37	1.27	+0.09
Calmar ratio: Return relative to maximum drawdown	2.58	2.07	+0.50
Martin ratio: Return relative to average drawdown	11.76	9.22	+2.54

CGHY vs. CGMS - Sharpe Ratio Comparison

The current CGHY Sharpe Ratio is 1.86, which is comparable to the CGMS Sharpe Ratio of 1.48. The chart below compares the historical Sharpe Ratios of CGHY and CGMS, 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

CGHY vs. CGMS - Drawdown Comparison

The maximum CGHY drawdown since its inception was -2.38%, smaller than the maximum CGMS drawdown of -4.08%. Use the drawdown chart below to compare losses from any high point for CGHY and CGMS.

Drawdown Indicators

	CGHY	CGMS	Difference
Max Drawdown Largest peak-to-trough decline	-2.38%	-4.08%	+1.70%
Max Drawdown (1Y) Largest decline over 1 year	-2.38%	-2.47%	+0.09%
Max Drawdown (3Y) Largest decline over 3 years	—	-4.08%	—
Current Drawdown Current decline from peak	-0.24%	-0.44%	+0.20%
Average Drawdown Average peak-to-trough decline	-0.30%	-0.66%	+0.36%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.52%	0.56%	-0.04%

Volatility

CGHY vs. CGMS - Volatility Comparison

The current volatility for Capital Group High Yield Bond ETF (CGHY) is 0.71%, while Capital Group U.S. Multi-Sector Income ETF (CGMS) has a volatility of 1.04%. This indicates that CGHY experiences smaller price fluctuations and is considered to be less risky than CGMS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CGHY	CGMS	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.71%	1.04%	-0.33%
Volatility (6M) Calculated over the trailing 6-month period	2.69%	2.82%	-0.13%
Volatility (1Y) Calculated over the trailing 1-year period	3.30%	3.47%	-0.17%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.28%	5.10%	-1.82%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.28%	5.10%	-1.82%

CGHY vs. CGMS - Expense Ratio Comparison

Both CGHY and CGMS have an expense ratio of 0.39%.

Dividends

CGHY vs. CGMS - Dividend Comparison

CGHY's dividend yield for the trailing twelve months is around 5.46%, less than CGMS's 6.14% yield.

Position	TTM	2025	2024	2023	2022
CGHY Capital Group High Yield Bond ETF	5.46%	3.09%	0.00%	0.00%	0.00%
CGMS Capital Group U.S. Multi-Sector Income ETF	6.14%	6.00%	5.91%	5.84%	0.97%

Frequently Asked Questions

Can I hold both CGHY and CGMS in my portfolio?

CGHY and CGMS have a correlation of 0.78, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CGHY or CGMS?

CGMS has higher volatility (1.04%) compared to CGHY (0.71%). In terms of maximum drawdown, CGHY dropped -2.38% vs CGMS's -4.08%.

Which ETF is better, CGHY or CGMS?

On 1-year performance, CGHY leads with 6.22% vs 5.41% for CGMS. Both ETFs have the same 0.39% expense ratio. On volatility, CGHY has been the lower-risk option at 0.71%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CGHY or CGMS?

Over the 1-year period, CGHY has performed better with a 6.22% return vs 5.41%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CGHY or CGMS?

CGHY and CGMS have the same expense ratio: 0.39% per year.

Which ETF pays a higher dividend yield, CGHY or CGMS?

CGMS has the higher dividend yield at 6.14%, compared with 5.46% for CGHY.

What is the main difference between CGHY and CGMS?

CGHY is categorized as High Yield Bonds, while CGMS is Multisector Bonds.

Which has better risk-adjusted returns?

CGHY currently has the higher Sharpe Ratio (1.86 vs 1.48), 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.