CGMU vs. PNAIX
CGMU (Capital Group Municipal Income ETF) and PNAIX (T. Rowe Price All-Cap Opportunities Fund I Class) are both funds - CGMU is a Municipal Bonds fund actively managed by Capital Group, while PNAIX is a Large Cap Growth Equities fund tracking the Russell 3000 Index. CGMU is actively managed, while PNAIX is passively managed. Over the past 3 years, CGMU returned 4.63%/yr vs 17.41%/yr for PNAIX. At a 0.13 correlation, their price movements are largely independent. CGMU charges 0.27%/yr vs 0.66%/yr for PNAIX.
Performance
CGMU vs. PNAIX - Performance Comparison
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Returns By Period
In the year-to-date period, CGMU achieves a 1.39% return, which is significantly higher than PNAIX's -1.66% return.
CGMU
- 1D
- -0.07%
- 1M
- 0.56%
- YTD
- 1.39%
- 6M
- 1.82%
- 1Y
- 6.32%
- 3Y*
- 4.63%
- 5Y*
- —
- 10Y*
- —
PNAIX
- 1D
- 2.25%
- 1M
- -1.01%
- YTD
- -1.66%
- 6M
- -1.61%
- 1Y
- 10.14%
- 3Y*
- 17.41%
- 5Y*
- 9.52%
- 10Y*
- 15.46%
CGMU vs. PNAIX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
CGMU Capital Group Municipal Income ETF | 1.39% | 5.19% | 2.64% | 6.76% | 4.65% |
PNAIX T. Rowe Price All-Cap Opportunities Fund I Class | -1.66% | 16.53% | 25.43% | 29.18% | 0.60% |
Correlation
The correlation between CGMU and PNAIX is 0.18, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.18 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.16 |
Correlation (All Time) Calculated using the full available price history since Oct 27, 2022 | 0.13 |
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Return for Risk
CGMU vs. PNAIX — Risk / Return Rank
CGMU
PNAIX
CGMU vs. PNAIX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Capital Group Municipal Income ETF (CGMU) and T. Rowe Price All-Cap Opportunities Fund I Class (PNAIX). 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 | PNAIX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.02 | ||
| Sortino ratioReturn per unit of downside risk | +2.83 | ||
| Omega ratioGain probability vs. loss probability | 1.59 | 1.14 | +0.45 |
| Calmar ratioReturn relative to maximum drawdown | 2.49 | 0.75 | +1.74 |
| Martin ratioReturn relative to average drawdown | 7.97 | 2.60 | +5.37 |
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Drawdowns
CGMU vs. PNAIX - Drawdown Comparison
The maximum CGMU drawdown since its inception was -4.11%, smaller than the maximum PNAIX drawdown of -30.49%. Use the drawdown chart below to compare losses from any high point for CGMU and PNAIX.
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Drawdown Indicators
| CGMU | PNAIX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -4.11% | -30.49% | +26.38% |
Max Drawdown (1Y)Largest decline over 1 year | -2.55% | -14.02% | +11.47% |
Max Drawdown (3Y)Largest decline over 3 years | -3.89% | -19.05% | +15.16% |
Max Drawdown (5Y)Largest decline over 5 years | — | -29.29% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -30.49% | — |
Current DrawdownCurrent decline from peak | -0.89% | -3.56% | +2.67% |
Average DrawdownAverage peak-to-trough decline | -0.84% | -5.52% | +4.68% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.79% | 4.01% | -3.22% |
Volatility
CGMU vs. PNAIX - Volatility Comparison
The current volatility for Capital Group Municipal Income ETF (CGMU) is 0.81%, while T. Rowe Price All-Cap Opportunities Fund I Class (PNAIX) has a volatility of 5.17%. This indicates that CGMU experiences smaller price fluctuations and is considered to be less risky than PNAIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CGMU | PNAIX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.81% | 5.17% | -4.36% |
Volatility (6M)Calculated over the trailing 6-month period | 1.73% | 11.38% | -9.65% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.28% | 13.90% | -11.62% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.47% | 17.69% | -14.22% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.47% | 19.20% | -15.73% |
CGMU vs. PNAIX - Expense Ratio Comparison
CGMU has a 0.27% expense ratio, which is lower than PNAIX's 0.66% expense ratio.
Dividends
CGMU vs. PNAIX - Dividend Comparison
CGMU's dividend yield for the trailing twelve months is around 3.33%, less than PNAIX's 8.68% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
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% |
PNAIX T. Rowe Price All-Cap Opportunities Fund I Class | 8.68% | 8.53% | 9.37% | 5.23% | 3.31% | 20.62% | 15.56% | 7.43% | 12.75% | 0.29% |
Frequently Asked Questions
CGMU and PNAIX have a correlation of 0.18, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PNAIX has higher volatility (5.17%) compared to CGMU (0.81%). In terms of maximum drawdown, CGMU dropped -4.11% vs PNAIX's -30.49%.
CGMU currently has the higher Sharpe Ratio (2.78 vs 0.75), 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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