CGMU vs. FBND
CGMU (Capital Group Municipal Income ETF) and FBND (Fidelity Total Bond ETF) are both exchange-traded funds - CGMU is a Municipal Bonds fund actively managed by Capital Group, while FBND is a Intermediate Core-Plus Bond fund actively managed by Fidelity. Both are actively managed. Over the past 3 years, CGMU returned 4.67%/yr vs 4.60%/yr for FBND. A 0.71 correlation means they provide meaningful diversification when combined. CGMU charges 0.27%/yr vs 0.36%/yr for FBND.
Performance
CGMU vs. FBND - Performance Comparison
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Returns By Period
In the year-to-date period, CGMU achieves a 1.46% return, which is significantly higher than FBND's 0.10% return.
CGMU
- 1D
- 0.07%
- 1M
- 0.30%
- YTD
- 1.46%
- 6M
- 2.01%
- 1Y
- 6.88%
- 3Y*
- 4.67%
- 5Y*
- —
- 10Y*
- —
FBND
- 1D
- -0.07%
- 1M
- -0.69%
- YTD
- 0.10%
- 6M
- 0.40%
- 1Y
- 5.34%
- 3Y*
- 4.60%
- 5Y*
- 0.68%
- 10Y*
- 2.47%
CGMU vs. FBND - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
CGMU Capital Group Municipal Income ETF | 1.46% | 5.19% | 2.64% | 6.76% | 4.53% |
FBND Fidelity Total Bond ETF | 0.10% | 7.57% | 2.13% | 6.81% | 2.70% |
Correlation
The correlation between CGMU and FBND is 0.53, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.53 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.71 |
Correlation (All Time) Calculated using the full available price history since Oct 28, 2022 | 0.71 |
The correlation between CGMU and FBND shifts across timeframes, from 0.53 (1 year) to 0.71 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
CGMU vs. FBND — Risk / Return Rank
CGMU
FBND
CGMU vs. FBND - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Capital Group Municipal Income ETF (CGMU) and Fidelity Total Bond ETF (FBND). 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 | FBND | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.61 | ||
| Sortino ratioReturn per unit of downside risk | +2.22 | ||
| Omega ratioGain probability vs. loss probability | 1.65 | 1.25 | +0.41 |
| Calmar ratioReturn relative to maximum drawdown | 2.71 | 2.01 | +0.70 |
| Martin ratioReturn relative to average drawdown | 8.76 | 5.97 | +2.79 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| CGMU | FBND | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 3.02 | 1.41 | +1.61 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.12 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.41 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.66 | 0.44 | +1.22 |
Drawdowns
CGMU vs. FBND - Drawdown Comparison
The maximum CGMU drawdown since its inception was -4.11%, smaller than the maximum FBND drawdown of -17.25%. Use the drawdown chart below to compare losses from any high point for CGMU and FBND.
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Drawdown Indicators
| CGMU | FBND | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -4.11% | -17.25% | +13.14% |
Max Drawdown (1Y)Largest decline over 1 year | -2.55% | -2.66% | +0.11% |
Max Drawdown (3Y)Largest decline over 3 years | -3.89% | -5.94% | +2.05% |
Max Drawdown (5Y)Largest decline over 5 years | — | -17.25% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -17.25% | — |
Current DrawdownCurrent decline from peak | -0.82% | -1.82% | +1.00% |
Average DrawdownAverage peak-to-trough decline | -0.84% | -3.35% | +2.51% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.79% | 0.90% | -0.11% |
Volatility
CGMU vs. FBND - Volatility Comparison
The current volatility for Capital Group Municipal Income ETF (CGMU) is 0.82%, while Fidelity Total Bond ETF (FBND) has a volatility of 1.23%. This indicates that CGMU experiences smaller price fluctuations and is considered to be less risky than FBND based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CGMU | FBND | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.82% | 1.23% | -0.41% |
Volatility (6M)Calculated over the trailing 6-month period | 1.74% | 2.75% | -1.01% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.29% | 3.80% | -1.51% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.47% | 5.92% | -2.45% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.47% | 6.10% | -2.63% |
CGMU vs. FBND - Expense Ratio Comparison
CGMU has a 0.27% expense ratio, which is lower than FBND's 0.36% expense ratio.
Dividends
CGMU vs. FBND - Dividend Comparison
CGMU's dividend yield for the trailing twelve months is around 3.33%, less than FBND's 4.72% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CGMU Capital Group Municipal Income ETF | 3.33% | 3.32% | 3.21% | 3.08% | 0.49% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
FBND Fidelity Total Bond ETF | 4.72% | 4.70% | 4.73% | 4.26% | 3.07% | 1.86% | 4.25% | 2.90% | 2.93% | 2.56% | 2.84% | 3.26% |
Frequently Asked Questions
CGMU and FBND have a correlation of 0.53, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FBND has higher volatility (1.23%) compared to CGMU (0.82%). In terms of maximum drawdown, CGMU dropped -4.11% vs FBND's -17.25%.
On 3-year performance, CGMU leads with 4.67% vs 4.60% for FBND. On fees, CGMU is cheaper at 0.27% per year. On volatility, CGMU has been the lower-risk option at 0.82%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, CGMU has performed better with a 4.67% return vs 4.60%. 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 0.36% for FBND.
FBND has the higher dividend yield at 4.72%, compared with 3.33% for CGMU.
CGMU is categorized as Municipal Bonds, while FBND is Intermediate Core-Plus Bond. They also come from different issuers: Capital Group and Fidelity. Their fees differ too: 0.27% for CGMU and 0.36% for FBND.
CGMU currently has the higher Sharpe Ratio (3.02 vs 1.41), 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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