CGMU vs. PRCHX
CGMU (Capital Group Municipal Income ETF) and PRCHX (T. Rowe Price Capital Appreciation and Income Fund Class I) are both funds - CGMU is a Municipal Bonds fund actively managed by Capital Group, while PRCHX is a Diversified Portfolio fund actively managed by T. Rowe Price. Both are actively managed. Over the past year, CGMU returned 6.32% vs 11.41% for PRCHX. At a 0.34 correlation, their price movements are largely independent. CGMU charges 0.27%/yr vs 0.49%/yr for PRCHX.
Performance
CGMU vs. PRCHX - Performance Comparison
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Returns By Period
In the year-to-date period, CGMU achieves a 1.39% return, which is significantly lower than PRCHX's 2.61% return.
CGMU
- 1D
- -0.07%
- 1M
- 0.56%
- YTD
- 1.39%
- 6M
- 1.82%
- 1Y
- 6.32%
- 3Y*
- 4.63%
- 5Y*
- —
- 10Y*
- —
PRCHX
- 1D
- 0.68%
- 1M
- -0.41%
- YTD
- 2.61%
- 6M
- 3.48%
- 1Y
- 11.41%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
CGMU vs. PRCHX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
CGMU Capital Group Municipal Income ETF | 1.39% | 5.19% | 2.64% | 2.33% |
PRCHX T. Rowe Price Capital Appreciation and Income Fund Class I | 2.61% | 13.68% | 8.92% | 3.12% |
Correlation
The correlation between CGMU and PRCHX is 0.30, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.30 |
Correlation (All Time) Calculated using the full available price history since Nov 30, 2023 | 0.34 |
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Return for Risk
CGMU vs. PRCHX — Risk / Return Rank
CGMU
PRCHX
CGMU vs. PRCHX - 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 Capital Appreciation and Income Fund Class I (PRCHX). 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 | PRCHX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.61 | ||
| Sortino ratioReturn per unit of downside risk | +0.89 | ||
| Omega ratioGain probability vs. loss probability | 1.59 | 1.41 | +0.18 |
| Calmar ratioReturn relative to maximum drawdown | 2.49 | 2.63 | -0.14 |
| Martin ratioReturn relative to average drawdown | 7.97 | 12.99 | -5.02 |
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Drawdowns
CGMU vs. PRCHX - Drawdown Comparison
The maximum CGMU drawdown since its inception was -4.11%, smaller than the maximum PRCHX drawdown of -6.10%. Use the drawdown chart below to compare losses from any high point for CGMU and PRCHX.
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Drawdown Indicators
| CGMU | PRCHX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -4.11% | -6.10% | +1.99% |
Max Drawdown (1Y)Largest decline over 1 year | -2.55% | -4.50% | +1.95% |
Max Drawdown (3Y)Largest decline over 3 years | -3.89% | — | — |
Current DrawdownCurrent decline from peak | -0.89% | -1.37% | +0.48% |
Average DrawdownAverage peak-to-trough decline | -0.84% | -0.65% | -0.19% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.79% | 0.91% | -0.12% |
Volatility
CGMU vs. PRCHX - Volatility Comparison
The current volatility for Capital Group Municipal Income ETF (CGMU) is 0.81%, while T. Rowe Price Capital Appreciation and Income Fund Class I (PRCHX) has a volatility of 2.18%. This indicates that CGMU experiences smaller price fluctuations and is considered to be less risky than PRCHX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CGMU | PRCHX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.81% | 2.18% | -1.37% |
Volatility (6M)Calculated over the trailing 6-month period | 1.73% | 4.44% | -2.71% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.28% | 5.46% | -3.18% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.47% | 6.56% | -3.09% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.47% | 6.56% | -3.09% |
CGMU vs. PRCHX - Expense Ratio Comparison
CGMU has a 0.27% expense ratio, which is lower than PRCHX's 0.49% expense ratio.
Dividends
CGMU vs. PRCHX - Dividend Comparison
CGMU's dividend yield for the trailing twelve months is around 3.33%, less than PRCHX's 5.20% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
CGMU Capital Group Municipal Income ETF | 3.33% | 3.32% | 3.21% | 3.08% | 0.49% |
PRCHX T. Rowe Price Capital Appreciation and Income Fund Class I | 5.20% | 5.08% | 3.22% | 0.27% | 0.00% |
Frequently Asked Questions
CGMU and PRCHX have a correlation of 0.30, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PRCHX has higher volatility (2.18%) compared to CGMU (0.81%). In terms of maximum drawdown, CGMU dropped -4.11% vs PRCHX's -6.10%.
CGMU currently has the higher Sharpe Ratio (2.78 vs 2.16), 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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