CGMU vs. FFRHX

Last updated Aug 2, 2026

CGMU (Capital Group Municipal Income ETF) and FFRHX (Fidelity Floating Rate High Income Fund) are both funds - CGMU is a Municipal Bonds fund actively managed by Capital Group, while FFRHX is a Bank Loan fund actively managed by Fidelity. Both are actively managed. Over the past 3 years, CGMU returned 4.10%/yr vs 6.51%/yr for FFRHX. Their 0.10 correlation means their historical movements had little consistent relationship. CGMU charges 0.27%/yr vs 0.67%/yr for FFRHX.

Performance

CGMU vs. FFRHX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Capital Group Municipal Income ETF (CGMU) and Fidelity Floating Rate High Income Fund (FFRHX). 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 FFRHX's 2.14% 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%

FFRHX

• 1D: 0.00%
• 1M: 0.11%
• 6M: 2.01%
• YTD: 2.14%
• 1Y: 4.94%
• 3Y*: 6.51%
• 5Y*: 5.49%
• 10Y*: 4.82%
• ALL TIME*: 3.90%

*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)
CGMU Capital Group Municipal Income ETF	$30.40M	$28.97M	$30.27M
FFRHX Fidelity Floating Rate High Income Fund	$0.00	$0.00	$0.00

CGMU vs. FFRHX - 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%
FFRHX Fidelity Floating Rate High Income Fund	2.14%	5.47%	7.10%	12.63%	2.42%

Correlation

The correlation between CGMU and FFRHX is 0.01, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.01
Correlation (3Y) Balances recent behavior with more history.	0.08
Correlation (All Time) Calculated using the full available price history since Oct 27, 2022	0.10

Return for Risk

CGMU vs. FFRHX — 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

FFRHX

FFRHX Risk / Return Rank: 95
FFRHX Sharpe Ratio Rank: 91
FFRHX Sortino Ratio Rank: 98
FFRHX Omega Ratio Rank: 98
FFRHX Calmar Ratio Rank: 96
FFRHX Martin Ratio Rank: 94

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. FFRHX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Capital Group Municipal Income ETF (CGMU) and Fidelity Floating Rate High Income Fund (FFRHX). 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	FFRHX	Difference
Sharpe ratio: Return per unit of total volatility	2.04	2.30	-0.25
Sortino ratio: Return per unit of downside risk	2.81	5.37	-2.55
Omega ratio: Gain probability vs. loss probability	1.41	1.81	-0.39
Calmar ratio: Return relative to maximum drawdown	1.91	4.51	-2.60
Martin ratio: Return relative to average drawdown	5.61	14.73	-9.12

CGMU vs. FFRHX - Sharpe Ratio Comparison

The current CGMU Sharpe Ratio is 2.04, which is comparable to the FFRHX Sharpe Ratio of 2.30. The chart below compares the historical Sharpe Ratios of CGMU and FFRHX, 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. FFRHX - Drawdown Comparison

The maximum CGMU drawdown since its inception was -4.11%, smaller than the maximum FFRHX drawdown of -22.20%. Use the drawdown chart below to compare losses from any high point for CGMU and FFRHX.

Drawdown Indicators

	CGMU	FFRHX	Difference
Max Drawdown Largest peak-to-trough decline	-4.11%	-22.20%	+18.09%
Max Drawdown (1Y) Largest decline over 1 year	-2.55%	-1.19%	-1.36%
Max Drawdown (3Y) Largest decline over 3 years	-3.61%	-3.29%	-0.32%
Max Drawdown (5Y) Largest decline over 5 years	—	-5.90%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-22.20%	—
Current Drawdown Current decline from peak	-1.71%	-0.11%	-1.60%
Average Drawdown Average peak-to-trough decline	-0.84%	-1.14%	+0.30%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.86%	0.36%	+0.50%

Volatility

CGMU vs. FFRHX - Volatility Comparison

Capital Group Municipal Income ETF (CGMU) has a higher volatility of 0.77% compared to Fidelity Floating Rate High Income Fund (FFRHX) at 0.22%. This indicates that CGMU's price experiences larger fluctuations and is considered to be riskier than FFRHX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CGMU	FFRHX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.77%	0.22%	+0.55%
Volatility (6M) Calculated over the trailing 6-month period	1.88%	1.69%	+0.19%
Volatility (1Y) Calculated over the trailing 1-year period	2.39%	2.34%	+0.05%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.44%	2.89%	+0.55%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.44%	4.13%	-0.69%

CGMU vs. FFRHX - Expense Ratio Comparison

CGMU has a 0.27% expense ratio, which is lower than FFRHX's 0.67% expense ratio.

Dividends

CGMU vs. FFRHX - Dividend Comparison

CGMU's dividend yield for the trailing twelve months is around 3.39%, less than FFRHX's 6.39% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
FFRHX Fidelity Floating Rate High Income Fund	6.39%	7.41%	6.94%	8.24%	3.81%	2.74%	3.84%	5.15%	4.74%	4.05%	4.44%	3.69%

Frequently Asked Questions

Can I hold both CGMU and FFRHX in my portfolio?

CGMU and FFRHX have a correlation of 0.01, 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 FFRHX?

CGMU has higher volatility (0.77%) compared to FFRHX (0.22%). In terms of maximum drawdown, CGMU dropped -4.11% vs FFRHX's -22.20%.

Which has better risk-adjusted returns?

FFRHX currently has the higher Sharpe Ratio (2.30 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.