CGMU vs. GSG
CGMU (Capital Group Municipal Income ETF) and GSG (iShares S&P GSCI Commodity-Indexed Trust) are both exchange-traded funds - CGMU is a Municipal Bonds fund actively managed by Capital Group, while GSG is a Commodities fund tracking the S&P GSCI Total Return Index. CGMU is actively managed, while GSG is passively managed. Over the past 3 years, CGMU returned 4.28%/yr vs 15.35%/yr for GSG. At a correlation of -0.08, they often move in opposite directions. CGMU charges 0.27%/yr vs 0.75%/yr for GSG.
Performance
CGMU vs. GSG - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, CGMU achieves a 1.45% return, which is significantly lower than GSG's 36.17% return.
CGMU
- 1D
- 0.04%
- 1M
- -0.01%
- 6M
- 0.68%
- YTD
- 1.45%
- 1Y
- 6.15%
- 3Y*
- 4.28%
- 5Y*
- —
- 10Y*
- —
GSG
- 1D
- 1.65%
- 1M
- 6.59%
- 6M
- 31.88%
- YTD
- 36.17%
- 1Y
- 38.63%
- 3Y*
- 15.35%
- 5Y*
- 14.58%
- 10Y*
- 7.91%
CGMU vs. GSG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
CGMU Capital Group Municipal Income ETF | 1.45% | 5.19% | 2.64% | 6.76% | 4.65% |
GSG iShares S&P GSCI Commodity-Indexed Trust | 36.17% | 5.93% | 8.52% | -5.51% | -4.24% |
Correlation
The correlation between CGMU and GSG is -0.24, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.24 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.11 |
Correlation (All Time) Calculated using the full available price history since Oct 27, 2022 | -0.08 |
The correlation between CGMU and GSG shifts across timeframes, from -0.24 (1 year) to -0.08 (all time), reflecting how their relationship changes across market environments.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
CGMU vs. GSG — Risk / Return Rank
CGMU
GSG
CGMU vs. GSG - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Capital Group Municipal Income ETF (CGMU) and iShares S&P GSCI Commodity-Indexed Trust (GSG). 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 | GSG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.06 | ||
| Sortino ratioReturn per unit of downside risk | +1.58 | ||
| Omega ratioGain probability vs. loss probability | 1.58 | 1.29 | +0.28 |
| Calmar ratioReturn relative to maximum drawdown | 2.42 | 2.06 | +0.36 |
| Martin ratioReturn relative to average drawdown | 7.63 | 6.84 | +0.79 |
Loading charts...
Drawdowns
CGMU vs. GSG - Drawdown Comparison
The maximum CGMU drawdown since its inception was -4.11%, smaller than the maximum GSG drawdown of -89.62%. Use the drawdown chart below to compare losses from any high point for CGMU and GSG.
Loading charts...
Drawdown Indicators
| CGMU | GSG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -4.11% | -89.62% | +85.51% |
Max Drawdown (1Y)Largest decline over 1 year | -2.55% | -18.81% | +16.26% |
Max Drawdown (3Y)Largest decline over 3 years | -3.89% | -18.81% | +14.92% |
Max Drawdown (5Y)Largest decline over 5 years | — | -29.12% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -57.64% | — |
Current DrawdownCurrent decline from peak | -0.83% | -58.89% | +58.06% |
Average DrawdownAverage peak-to-trough decline | -0.83% | -63.68% | +62.85% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.81% | 5.66% | -4.85% |
Volatility
CGMU vs. GSG - Volatility Comparison
The current volatility for Capital Group Municipal Income ETF (CGMU) is 0.54%, while iShares S&P GSCI Commodity-Indexed Trust (GSG) has a volatility of 7.09%. This indicates that CGMU experiences smaller price fluctuations and is considered to be less risky than GSG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| CGMU | GSG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.54% | 7.09% | -6.55% |
Volatility (6M)Calculated over the trailing 6-month period | 1.76% | 21.58% | -19.82% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.29% | 23.52% | -21.23% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.43% | 22.81% | -19.38% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.43% | 22.00% | -18.57% |
CGMU vs. GSG - Expense Ratio Comparison
CGMU has a 0.27% expense ratio, which is lower than GSG's 0.75% expense ratio.
Dividends
CGMU vs. GSG - Dividend Comparison
CGMU's dividend yield for the trailing twelve months is around 3.35%, while GSG has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
CGMU Capital Group Municipal Income ETF | 3.35% | 3.32% | 3.21% | 3.08% | 0.49% |
GSG iShares S&P GSCI Commodity-Indexed Trust | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
CGMU and GSG have a correlation of -0.24, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GSG has higher volatility (7.09%) compared to CGMU (0.54%). In terms of maximum drawdown, CGMU dropped -4.11% vs GSG's -89.62%.
On 3-year performance, GSG leads with 15.35% vs 4.28% for CGMU. On fees, CGMU is cheaper at 0.27% per year. On volatility, CGMU has been the lower-risk option at 0.54%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, GSG has performed better with a 15.35% return vs 4.28%. 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 0.75% for GSG.
CGMU has the higher dividend yield at 3.35%, compared with 0.00% for GSG.
CGMU is categorized as Municipal Bonds, while GSG is Commodities. They also come from different issuers: Capital Group and iShares. Their fees differ too: 0.27% for CGMU and 0.75% for GSG.
CGMU currently has the higher Sharpe Ratio (2.71 vs 1.65), 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.
Find the right allocation for CGMU and GSG
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer