CGMU vs. DBO
CGMU (Capital Group Municipal Income ETF) and DBO (Invesco DB Oil Fund) are both exchange-traded funds - CGMU is a Municipal Bonds fund actively managed by Capital Group, while DBO is a Oil & Gas fund tracking the DBIQ Optimum Yield Crude Oil Index Excess Return. CGMU is actively managed, while DBO is passively managed. Over the past 3 years, CGMU returned 4.10%/yr vs 14.86%/yr for DBO. Their -0.11 correlation means they have often moved in opposite directions in the past. CGMU charges 0.27%/yr vs 0.78%/yr for DBO.
Performance
CGMU vs. DBO - Performance Comparison
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Returns By Period
In the year-to-date period, CGMU achieves a 0.55% return, which is significantly lower than DBO's 76.48% 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%
DBO
- 1D
- 1.56%
- 1M
- 24.59%
- 6M
- 53.46%
- YTD
- 76.48%
- 1Y
- 60.30%
- 3Y*
- 14.86%
- 5Y*
- 13.46%
- 10Y*
- 12.59%
- ALL TIME*
- 0.52%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $30.40M | $28.97M | $30.27M | |
| $11.01M | $10.23M | $13.95M |
CGMU vs. DBO - 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% |
DBO Invesco DB Oil Fund | 76.48% | -11.71% | 7.85% | -4.44% | -9.69% |
Correlation
The correlation between CGMU and DBO is -0.28, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.28 |
Correlation (3Y) Balances recent behavior with more history. | -0.15 |
Correlation (All Time) Calculated using the full available price history since Oct 27, 2022 | -0.11 |
The correlation between CGMU and DBO shifts across timeframes, from -0.28 (1 year) to -0.11 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
CGMU vs. DBO — Risk / Return Rank
CGMU
DBO
CGMU vs. DBO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Capital Group Municipal Income ETF (CGMU) and Invesco DB Oil Fund (DBO). 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 | DBO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.60 | ||
| Sortino ratioReturn per unit of downside risk | +0.76 | ||
| Omega ratioGain probability vs. loss probability | 1.41 | 1.25 | +0.16 |
| Calmar ratioReturn relative to maximum drawdown | 1.91 | 2.01 | -0.10 |
| Martin ratioReturn relative to average drawdown | 5.61 | 6.09 | -0.48 |
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Drawdowns
CGMU vs. DBO - Drawdown Comparison
The maximum CGMU drawdown since its inception was -4.11%, smaller than the maximum DBO drawdown of -90.18%. Use the drawdown chart below to compare losses from any high point for CGMU and DBO.
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Drawdown Indicators
| CGMU | DBO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -4.11% | -90.18% | +86.07% |
Max Drawdown (1Y)Largest decline over 1 year | -2.55% | -27.73% | +25.18% |
Max Drawdown (3Y)Largest decline over 3 years | -3.61% | -28.20% | +24.59% |
Max Drawdown (5Y)Largest decline over 5 years | — | -37.68% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -61.69% | — |
Current DrawdownCurrent decline from peak | -1.71% | -53.56% | +51.85% |
Average DrawdownAverage peak-to-trough decline | -0.84% | -62.20% | +61.36% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.86% | 9.96% | -9.10% |
Volatility
CGMU vs. DBO - Volatility Comparison
The current volatility for Capital Group Municipal Income ETF (CGMU) is 0.77%, while Invesco DB Oil Fund (DBO) has a volatility of 17.75%. This indicates that CGMU experiences smaller price fluctuations and is considered to be less risky than DBO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CGMU | DBO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.77% | 17.75% | -16.98% |
Volatility (6M)Calculated over the trailing 6-month period | 1.88% | 33.77% | -31.89% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.39% | 38.53% | -36.14% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.44% | 33.35% | -29.91% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.44% | 32.20% | -28.76% |
CGMU vs. DBO - Expense Ratio Comparison
CGMU has a 0.27% expense ratio, which is lower than DBO's 0.78% expense ratio.
Dividends
CGMU vs. DBO - Dividend Comparison
CGMU's dividend yield for the trailing twelve months is around 3.39%, more than DBO's 1.99% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
CGMU Capital Group Municipal Income ETF | 3.39% | 3.32% | 3.21% | 3.08% | 0.49% | 0.00% | 0.00% | 0.00% | 0.00% |
DBO Invesco DB Oil Fund | 1.99% | 3.51% | 4.68% | 4.59% | 0.66% | 0.00% | 0.00% | 1.63% | 1.58% |
Frequently Asked Questions
CGMU and DBO have a correlation of -0.28, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DBO has higher volatility (17.75%) compared to CGMU (0.77%). In terms of maximum drawdown, CGMU dropped -4.11% vs DBO's -90.18%.
On 3-year performance, DBO leads with 14.86% vs 4.10% for CGMU. On fees, CGMU is cheaper at 0.27% per year. On volatility, CGMU has been the lower-risk option at 0.77%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, DBO has performed better with a 14.86% return vs 4.10%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
CGMU is cheaper with a 0.27% expense ratio, compared with 0.78% for DBO.
CGMU has the higher dividend yield at 3.39%, compared with 1.99% for DBO.
CGMU is categorized as Municipal Bonds, while DBO is Oil & Gas. They also come from different issuers: Capital Group and Invesco. Their fees differ too: 0.27% for CGMU and 0.78% for DBO.
CGMU currently has the higher Sharpe Ratio (2.04 vs 1.45), 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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