CGMS vs. HYG
CGMS (Capital Group U.S. Multi-Sector Income ETF) and HYG (iShares iBoxx $ High Yield Corporate Bond ETF) are both exchange-traded funds - CGMS is a Multisector Bonds fund actively managed by Capital Group, while HYG is a High Yield Bonds fund tracking the Markit iBoxx USD Liquid High Yield Index. CGMS is actively managed, while HYG is passively managed. Over the past 3 years, CGMS returned 8.08%/yr vs 8.74%/yr for HYG. Their correlation of 0.82 suggests significant overlap in exposure. CGMS charges 0.39%/yr vs 0.49%/yr for HYG.
Performance
CGMS vs. HYG - Performance Comparison
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Returns By Period
In the year-to-date period, CGMS achieves a 1.77% return, which is significantly higher than HYG's 1.54% return.
CGMS
- 1D
- 0.22%
- 1M
- 0.60%
- YTD
- 1.77%
- 6M
- 1.62%
- 1Y
- 5.81%
- 3Y*
- 8.08%
- 5Y*
- —
- 10Y*
- —
HYG
- 1D
- -0.03%
- 1M
- 0.44%
- YTD
- 1.54%
- 6M
- 1.53%
- 1Y
- 5.62%
- 3Y*
- 8.74%
- 5Y*
- 3.66%
- 10Y*
- 4.99%
CGMS vs. HYG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
CGMS Capital Group U.S. Multi-Sector Income ETF | 1.77% | 7.52% | 7.24% | 11.51% | 2.77% |
HYG iShares iBoxx $ High Yield Corporate Bond ETF | 1.54% | 8.59% | 7.97% | 11.54% | 1.60% |
Correlation
The correlation between CGMS and HYG is 0.84, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.84 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.82 |
Correlation (All Time) Calculated using the full available price history since Oct 27, 2022 | 0.82 |
The correlation between CGMS and HYG has been stable across timeframes, ranging from 0.82 to 0.84 - a consistent structural relationship.
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Return for Risk
CGMS vs. HYG — Risk / Return Rank
CGMS
HYG
CGMS vs. HYG - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Capital Group U.S. Multi-Sector Income ETF (CGMS) and iShares iBoxx $ High Yield Corporate Bond ETF (HYG). 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.
| CGMS | HYG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.21 | ||
| Sortino ratioReturn per unit of downside risk | +0.31 | ||
| Omega ratioGain probability vs. loss probability | 1.31 | 1.28 | +0.04 |
| Calmar ratioReturn relative to maximum drawdown | 2.36 | 2.41 | -0.05 |
| Martin ratioReturn relative to average drawdown | 10.46 | 10.57 | -0.12 |
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Drawdowns
CGMS vs. HYG - Drawdown Comparison
The maximum CGMS drawdown since its inception was -4.08%, smaller than the maximum HYG drawdown of -34.25%. Use the drawdown chart below to compare losses from any high point for CGMS and HYG.
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Drawdown Indicators
| CGMS | HYG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -4.08% | -34.25% | +30.17% |
Max Drawdown (1Y)Largest decline over 1 year | -2.47% | -2.34% | -0.13% |
Max Drawdown (3Y)Largest decline over 3 years | -4.08% | -4.56% | +0.48% |
Max Drawdown (5Y)Largest decline over 5 years | — | -15.79% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -22.03% | — |
Current DrawdownCurrent decline from peak | -0.18% | -0.24% | +0.06% |
Average DrawdownAverage peak-to-trough decline | -0.66% | -3.23% | +2.57% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.56% | 0.53% | +0.03% |
Volatility
CGMS vs. HYG - Volatility Comparison
Capital Group U.S. Multi-Sector Income ETF (CGMS) and iShares iBoxx $ High Yield Corporate Bond ETF (HYG) have volatilities of 1.14% and 1.13%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CGMS | HYG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.14% | 1.13% | +0.01% |
Volatility (6M)Calculated over the trailing 6-month period | 2.79% | 3.11% | -0.32% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.50% | 3.88% | -0.38% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.12% | 7.54% | -2.42% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.12% | 8.27% | -3.15% |
CGMS vs. HYG - Expense Ratio Comparison
CGMS has a 0.39% expense ratio, which is lower than HYG's 0.49% expense ratio.
Dividends
CGMS vs. HYG - Dividend Comparison
CGMS's dividend yield for the trailing twelve months is around 6.08%, more than HYG's 5.91% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CGMS Capital Group U.S. Multi-Sector Income ETF | 6.08% | 6.00% | 5.91% | 5.84% | 0.97% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
HYG iShares iBoxx $ High Yield Corporate Bond ETF | 5.91% | 5.71% | 6.01% | 5.74% | 5.30% | 4.02% | 4.88% | 4.99% | 5.54% | 5.12% | 5.27% | 5.90% |
Frequently Asked Questions
CGMS and HYG have a correlation of 0.84, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
CGMS has higher volatility (1.14%) compared to HYG (1.13%). In terms of maximum drawdown, CGMS dropped -4.08% vs HYG's -34.25%.
On 3-year performance, HYG leads with 8.74% vs 8.08% for CGMS. On fees, CGMS is cheaper at 0.39% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, HYG has performed better with a 8.74% return vs 8.08%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
CGMS is cheaper with a 0.39% expense ratio, compared with 0.49% for HYG.
CGMS has the higher dividend yield at 6.08%, compared with 5.91% for HYG.
CGMS is categorized as Multisector Bonds, while HYG is High Yield Bonds. They also come from different issuers: Capital Group and iShares. Their fees differ too: 0.39% for CGMS and 0.49% for HYG.
CGMS currently has the higher Sharpe Ratio (1.67 vs 1.46), 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.
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