CGMU vs. CGMS

Last updated Jun 4, 2026

CGMU (Capital Group Municipal Income ETF) and CGMS (Capital Group U.S. Multi-Sector Income ETF) are both exchange-traded funds - CGMU is a Municipal Bonds fund actively managed by Capital Group, while CGMS is a Multisector Bonds fund actively managed by Capital Group. Both are actively managed. Over the past 3 years, CGMU returned 4.70%/yr vs 7.92%/yr for CGMS. A 0.57 correlation means they provide meaningful diversification when combined. CGMU charges 0.27%/yr vs 0.39%/yr for CGMS.

Performance

CGMU vs. CGMS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Capital Group Municipal Income ETF (CGMU) 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, CGMU achieves a 1.39% return, which is significantly lower than CGMS's 1.54% return.

CGMU

• 1D: -0.11%
• 1M: 0.45%
• YTD: 1.39%
• 6M: 1.79%
• 1Y: 6.72%
• 3Y*: 4.70%
• 5Y*: —
• 10Y*: —

CGMS

• 1D: -0.25%
• 1M: 0.56%
• YTD: 1.54%
• 6M: 1.68%
• 1Y: 7.10%
• 3Y*: 7.92%
• 5Y*: —
• 10Y*: —

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

CGMU vs. CGMS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
CGMU Capital Group Municipal Income ETF	1.39%	5.19%	2.64%	6.76%	4.53%
CGMS Capital Group U.S. Multi-Sector Income ETF	1.54%	7.52%	7.24%	11.51%	2.61%

Correlation

The correlation between CGMU and CGMS 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	0.59
Correlation (All Time) Calculated using the full available price history since Oct 28, 2022	0.57

The correlation between CGMU and CGMS shifts across timeframes, from 0.45 (1 year) to 0.59 (3 years), reflecting how their relationship changes across market environments.

Return for Risk

CGMU vs. CGMS — Risk / Return Rank

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

CGMU

CGMU Risk / Return Rank: 75
CGMU Sharpe Ratio Rank: 87
CGMU Sortino Ratio Rank: 89
CGMU Omega Ratio Rank: 92
CGMU Calmar Ratio Rank: 53
CGMU Martin Ratio Rank: 51

CGMS

CGMS Risk / Return Rank: 63
CGMS Sharpe Ratio Rank: 60
CGMS Sortino Ratio Rank: 67
CGMS Omega Ratio Rank: 64
CGMS Calmar Ratio Rank: 57
CGMS Martin Ratio Rank: 69

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.

CGMU vs. CGMS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Capital Group Municipal Income ETF (CGMU) 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.

	CGMU	CGMS	Difference
Sharpe ratio: Return per unit of total volatility	2.94	2.08	+0.87
Sortino ratio: Return per unit of downside risk	4.18	3.14	+1.05
Omega ratio: Gain probability vs. loss probability	1.64	1.39	+0.24
Calmar ratio: Return relative to maximum drawdown	2.65	2.88	-0.24
Martin ratio: Return relative to average drawdown	8.61	12.89	-4.28
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CGMU vs. CGMS - Sharpe Ratio Comparison

The current CGMU Sharpe Ratio is 2.94, which is higher than the CGMS Sharpe Ratio of 2.08. The chart below compares the historical Sharpe Ratios of CGMU 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.

Sharpe Ratios by Period

	CGMU	CGMS	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.94	2.08	+0.87
Sharpe Ratio (All Time) Calculated using the full available price history	1.66	1.66	0.00

Drawdowns

CGMU vs. CGMS - Drawdown Comparison

The maximum CGMU drawdown since its inception was -4.11%, roughly equal to the maximum CGMS drawdown of -4.08%. Use the drawdown chart below to compare losses from any high point for CGMU and CGMS.

Drawdown Indicators

	CGMU	CGMS	Difference
Max Drawdown Largest peak-to-trough decline	-4.11%	-4.08%	-0.03%
Max Drawdown (1Y) Largest decline over 1 year	-2.55%	-2.47%	-0.08%
Max Drawdown (3Y) Largest decline over 3 years	-3.89%	-4.08%	+0.19%
Current Drawdown Current decline from peak	-0.89%	-0.25%	-0.64%
Average Drawdown Average peak-to-trough decline	-0.84%	-0.67%	-0.17%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.78%	0.55%	+0.23%

Volatility

CGMU vs. CGMS - Volatility Comparison

The current volatility for Capital Group Municipal Income ETF (CGMU) is 0.79%, while Capital Group U.S. Multi-Sector Income ETF (CGMS) has a volatility of 1.15%. This indicates that CGMU 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

	CGMU	CGMS	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.79%	1.15%	-0.36%
Volatility (6M) Calculated over the trailing 6-month period	1.72%	2.66%	-0.94%
Volatility (1Y) Calculated over the trailing 1-year period	2.29%	3.43%	-1.14%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.48%	5.13%	-1.65%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.48%	5.13%	-1.65%

CGMU vs. CGMS - Expense Ratio Comparison

CGMU has a 0.27% expense ratio, which is lower than CGMS's 0.39% expense ratio.

Dividends

CGMU vs. CGMS - Dividend Comparison

CGMU's dividend yield for the trailing twelve months is around 3.33%, less than CGMS's 6.09% yield.

Position	TTM	2025	2024	2023	2022
CGMS Capital Group U.S. Multi-Sector Income ETF	6.09%	6.00%	5.91%	5.84%	0.97%
CGMU Capital Group Municipal Income ETF	3.33%	3.32%	3.21%	3.08%	0.49%

Frequently Asked Questions

Can I hold both CGMU and CGMS in my portfolio?

CGMU and CGMS 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, CGMU or CGMS?

CGMS has higher volatility (1.15%) compared to CGMU (0.79%). In terms of maximum drawdown, CGMU dropped -4.11% vs CGMS's -4.08%.

Which ETF is better, CGMU or CGMS?

On 3-year performance, CGMS leads with 7.92% vs 4.70% for CGMU. On fees, CGMU is cheaper at 0.27% per year. On volatility, CGMU has been the lower-risk option at 0.79%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CGMU or CGMS?

Over the 3-year period, CGMS has performed better with a 7.92% return vs 4.70%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CGMU or CGMS?

CGMU is cheaper with a 0.27% expense ratio, compared with 0.39% for CGMS.

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

CGMS has the higher dividend yield at 6.09%, compared with 3.33% for CGMU.

What is the main difference between CGMU and CGMS?

CGMU is categorized as Municipal Bonds, while CGMS is Multisector Bonds. Their fees differ too: 0.27% for CGMU and 0.39% for CGMS.

Which has better risk-adjusted returns?

CGMU currently has the higher Sharpe Ratio (2.94 vs 2.08), 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.