CGMU vs. AMHIX

Last updated Aug 2, 2026

CGMU (Capital Group Municipal Income ETF) and AMHIX (American High-Income Municipal Bond Fund) are both funds - CGMU is a Municipal Bonds fund actively managed by Capital Group, while AMHIX is a High Yield Muni fund managed by American Funds. Over the past 3 years, CGMU returned 4.10%/yr vs 5.41%/yr for AMHIX. Their 0.68 correlation means they have sometimes moved together and sometimes differently. CGMU charges 0.27%/yr vs 0.63%/yr for AMHIX.

Performance

CGMU vs. AMHIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Capital Group Municipal Income ETF (CGMU) and American High-Income Municipal Bond Fund (AMHIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CGMU achieves a 0.55% return, which is significantly lower than AMHIX's 1.35% return.

CGMU

• 1D: -0.12%
• 1M: -1.46%
• 6M: -0.42%
• YTD: 0.55%
• 1Y: 4.49%
• 3Y*: 4.10%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 5.27%

AMHIX

• 1D: -0.26%
• 1M: -1.87%
• 6M: 0.70%
• YTD: 1.35%
• 1Y: 6.44%
• 3Y*: 5.41%
• 5Y*: 1.24%
• 10Y*: 3.01%
• ALL TIME*: 4.94%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
AMHIX American High-Income Municipal Bond Fund	$0.00	$0.00	$0.00
CGMU Capital Group Municipal Income ETF	$30.40M	$28.97M	$30.27M

CGMU vs. AMHIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
CGMU Capital Group Municipal Income ETF	0.55%	5.19%	2.64%	6.76%	4.65%
AMHIX American High-Income Municipal Bond Fund	1.35%	5.70%	6.19%	7.18%	6.06%

Correlation

The correlation between CGMU and AMHIX is 0.66, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.66
Correlation (3Y) Balances recent behavior with more history.	0.67
Correlation (All Time) Calculated using the full available price history since Oct 27, 2022	0.68

The correlation between CGMU and AMHIX has been stable across timeframes, ranging from 0.66 to 0.68 - a consistent structural relationship.

Return for Risk

CGMU vs. AMHIX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

CGMU

CGMU Risk / Return Rank: 73
CGMU Sharpe Ratio Rank: 86
CGMU Sortino Ratio Rank: 85
CGMU Omega Ratio Rank: 90
CGMU Calmar Ratio Rank: 54
CGMU Martin Ratio Rank: 49

AMHIX

AMHIX Risk / Return Rank: 89
AMHIX Sharpe Ratio Rank: 94
AMHIX Sortino Ratio Rank: 94
AMHIX Omega Ratio Rank: 95
AMHIX Calmar Ratio Rank: 83
AMHIX Martin Ratio Rank: 80

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

CGMU vs. AMHIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Capital Group Municipal Income ETF (CGMU) and American High-Income Municipal Bond Fund (AMHIX). 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.

	CGMU	AMHIX	Difference
Sharpe ratio: Return per unit of total volatility	2.04	2.49	-0.45
Sortino ratio: Return per unit of downside risk	2.81	3.86	-1.05
Omega ratio: Gain probability vs. loss probability	1.41	1.58	-0.17
Calmar ratio: Return relative to maximum drawdown	1.91	2.74	-0.84
Martin ratio: Return relative to average drawdown	5.61	9.51	-3.90

CGMU vs. AMHIX - Sharpe Ratio Comparison

The current CGMU Sharpe Ratio is 2.04, which is comparable to the AMHIX Sharpe Ratio of 2.49. The chart below compares the historical Sharpe Ratios of CGMU and AMHIX, 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

CGMU vs. AMHIX - Drawdown Comparison

The maximum CGMU drawdown since its inception was -4.11%, smaller than the maximum AMHIX drawdown of -21.74%. Use the drawdown chart below to compare losses from any high point for CGMU and AMHIX.

Drawdown Indicators

	CGMU	AMHIX	Difference
Max Drawdown Largest peak-to-trough decline	-4.11%	-21.74%	+17.63%
Max Drawdown (1Y) Largest decline over 1 year	-2.55%	-2.76%	+0.21%
Max Drawdown (3Y) Largest decline over 3 years	-3.61%	-5.71%	+2.10%
Max Drawdown (5Y) Largest decline over 5 years	—	-17.81%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-17.81%	—
Current Drawdown Current decline from peak	-1.71%	-1.87%	+0.16%
Average Drawdown Average peak-to-trough decline	-0.84%	-2.12%	+1.28%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.86%	0.79%	+0.07%

Volatility

CGMU vs. AMHIX - Volatility Comparison

The current volatility for Capital Group Municipal Income ETF (CGMU) is 0.77%, while American High-Income Municipal Bond Fund (AMHIX) has a volatility of 0.92%. This indicates that CGMU experiences smaller price fluctuations and is considered to be less risky than AMHIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CGMU	AMHIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.77%	0.92%	-0.15%
Volatility (6M) Calculated over the trailing 6-month period	1.88%	2.36%	-0.48%
Volatility (1Y) Calculated over the trailing 1-year period	2.39%	3.04%	-0.65%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.44%	4.86%	-1.42%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.44%	4.53%	-1.09%

CGMU vs. AMHIX - Expense Ratio Comparison

CGMU has a 0.27% expense ratio, which is lower than AMHIX's 0.63% expense ratio.

Dividends

CGMU vs. AMHIX - Dividend Comparison

CGMU's dividend yield for the trailing twelve months is around 3.39%, less than AMHIX's 3.59% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AMHIX American High-Income Municipal Bond Fund	3.59%	5.26%	3.80%	3.10%	2.53%	3.23%	3.40%	3.46%	3.67%	4.01%	3.55%	4.03%
CGMU Capital Group Municipal Income ETF	3.39%	3.32%	3.21%	3.08%	0.49%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both CGMU and AMHIX in my portfolio?

CGMU and AMHIX have a correlation of 0.66, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CGMU or AMHIX?

AMHIX has higher volatility (0.92%) compared to CGMU (0.77%). In terms of maximum drawdown, CGMU dropped -4.11% vs AMHIX's -21.74%.

Which has better risk-adjusted returns?

AMHIX currently has the higher Sharpe Ratio (2.49 vs 2.04), 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.