CGMM vs. CSD

Last updated Apr 1, 2026

Compare and contrast key facts about Capital Group U.S. Small and Mid Cap ETF (CGMM) and Invesco S&P Spin-Off ETF (CSD).

CGMM and CSD are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. CGMM is an actively managed fund by Capital Group. It was launched on Jan 14, 2025. CSD is a passively managed fund by Invesco that tracks the performance of the S&P U.S. Spin-Off Index. It was launched on Dec 15, 2006.

Performance

CGMM vs. CSD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Capital Group U.S. Small and Mid Cap ETF (CGMM) and Invesco S&P Spin-Off ETF (CSD). The values are adjusted to include any dividend payments, if applicable.

CGMM vs. CSD - Yearly Performance Comparison

	2026 (YTD)	2025
CGMM Capital Group U.S. Small and Mid Cap ETF	1.80%	11.46%
CSD Invesco S&P Spin-Off ETF	12.97%	12.07%

Returns By Period

In the year-to-date period, CGMM achieves a 1.80% return, which is significantly lower than CSD's 12.97% return.

CGMM

• 1D: 3.31%
• 1M: -6.20%
• YTD: 1.80%
• 6M: 3.71%
• 1Y: 23.39%
• 3Y*: —
• 5Y*: —
• 10Y*: —

CSD

• 1D: 4.82%
• 1M: -6.74%
• YTD: 12.97%
• 6M: 21.17%
• 1Y: 50.42%
• 3Y*: 26.15%
• 5Y*: 12.70%
• 10Y*: 12.09%

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

CGMM vs. CSD - Expense Ratio Comparison

CGMM has a 0.51% expense ratio, which is lower than CSD's 0.65% expense ratio.

CSD

Invesco S&P Spin-Off ETF

CGMM

Capital Group U.S. Small and Mid Cap ETF

Return for Risk

CGMM vs. CSD — Risk / Return Rank

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

CGMM

CGMM Risk / Return Rank: 65
CGMM Sharpe Ratio Rank: 61
CGMM Sortino Ratio Rank: 64
CGMM Omega Ratio Rank: 61
CGMM Calmar Ratio Rank: 66
CGMM Martin Ratio Rank: 70

CSD

CSD Risk / Return Rank: 88
CSD Sharpe Ratio Rank: 86
CSD Sortino Ratio Rank: 86
CSD Omega Ratio Rank: 85
CSD Calmar Ratio Rank: 90
CSD Martin Ratio Rank: 91

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.

CGMM vs. CSD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Capital Group U.S. Small and Mid Cap ETF (CGMM) and Invesco S&P Spin-Off ETF (CSD). 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.

	CGMM	CSD	Difference
Sharpe ratio Return per unit of total volatility	1.09	1.74	-0.65
Sortino ratio Return per unit of downside risk	1.64	2.30	-0.66
Omega ratio Gain probability vs. loss probability	1.22	1.33	-0.11
Calmar ratio Return relative to maximum drawdown	1.70	2.99	-1.29
Martin ratio Return relative to average drawdown	7.25	12.37	-5.11
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CGMM vs. CSD - Sharpe Ratio Comparison

The current CGMM Sharpe Ratio is 1.09, which is lower than the CSD Sharpe Ratio of 1.74. The chart below compares the historical Sharpe Ratios of CGMM and CSD, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	CGMM	CSD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.09	1.74	-0.65
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.55	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.49	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.53	0.39	+0.15

Correlation

The correlation between CGMM and CSD is 0.85, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

CGMM vs. CSD - Dividend Comparison

CGMM's dividend yield for the trailing twelve months is around 0.39%, more than CSD's 0.14% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CGMM Capital Group U.S. Small and Mid Cap ETF	0.39%	0.40%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
CSD Invesco S&P Spin-Off ETF	0.14%	0.16%	0.17%	0.51%	0.86%	0.73%	0.99%	1.08%	0.99%	0.60%	1.62%	2.61%

Drawdowns

CGMM vs. CSD - Drawdown Comparison

The maximum CGMM drawdown since its inception was -21.04%, smaller than the maximum CSD drawdown of -70.47%. Use the drawdown chart below to compare losses from any high point for CGMM and CSD.

Drawdown Indicators

	CGMM	CSD	Difference
Max Drawdown Largest peak-to-trough decline	-21.04%	-70.47%	+49.43%
Max Drawdown (1Y) Largest decline over 1 year	-13.98%	-17.08%	+3.10%
Max Drawdown (5Y) Largest decline over 5 years	—	-30.15%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-57.55%	—
Current Drawdown Current decline from peak	-7.12%	-7.06%	-0.06%
Average Drawdown Average peak-to-trough decline	-3.42%	-14.35%	+10.93%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.29%	4.13%	-0.84%

Volatility

CGMM vs. CSD - Volatility Comparison

The current volatility for Capital Group U.S. Small and Mid Cap ETF (CGMM) is 6.89%, while Invesco S&P Spin-Off ETF (CSD) has a volatility of 10.52%. This indicates that CGMM experiences smaller price fluctuations and is considered to be less risky than CSD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CGMM	CSD	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.89%	10.52%	-3.63%
Volatility (6M) Calculated over the trailing 6-month period	12.36%	19.01%	-6.65%
Volatility (1Y) Calculated over the trailing 1-year period	21.56%	29.16%	-7.60%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.02%	23.04%	-2.02%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.02%	24.69%	-3.67%