CGMU vs. PZT
CGMU (Capital Group Municipal Income ETF) and PZT (Invesco New York AMT-Free Municipal Bond ETF) are both Municipal Bonds funds. CGMU is actively managed, while PZT is passively managed. Over the past 3 years, CGMU returned 4.67%/yr vs 3.41%/yr for PZT. A 0.68 correlation means they provide meaningful diversification when combined. CGMU charges 0.27%/yr vs 0.28%/yr for PZT.
Performance
CGMU vs. PZT - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, CGMU achieves a 1.58% return, which is significantly lower than PZT's 3.19% return.
CGMU
- 1D
- 0.18%
- 1M
- 0.63%
- YTD
- 1.58%
- 6M
- 1.97%
- 1Y
- 6.75%
- 3Y*
- 4.67%
- 5Y*
- —
- 10Y*
- —
PZT
- 1D
- 0.31%
- 1M
- 1.45%
- YTD
- 3.19%
- 6M
- 3.54%
- 1Y
- 9.78%
- 3Y*
- 3.41%
- 5Y*
- 0.03%
- 10Y*
- 1.94%
CGMU vs. PZT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
CGMU Capital Group Municipal Income ETF | 1.58% | 5.19% | 2.64% | 6.76% | 4.53% |
PZT Invesco New York AMT-Free Municipal Bond ETF | 3.19% | 1.76% | 1.17% | 7.57% | 6.87% |
Correlation
The correlation between CGMU and PZT is 0.49, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.50 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.65 |
Correlation (All Time) Calculated using the full available price history since Oct 28, 2022 | 0.68 |
The correlation between CGMU and PZT shifts across timeframes, from 0.49 (1 year) to 0.68 (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. PZT — Risk / Return Rank
CGMU
PZT
CGMU vs. PZT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Capital Group Municipal Income ETF (CGMU) and Invesco New York AMT-Free Municipal Bond ETF (PZT). 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 | PZT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.88 | ||
| Sortino ratioReturn per unit of downside risk | +1.31 | ||
| Omega ratioGain probability vs. loss probability | 1.64 | 1.41 | +0.23 |
| Calmar ratioReturn relative to maximum drawdown | 2.66 | 3.10 | -0.44 |
| Martin ratioReturn relative to average drawdown | 8.64 | 10.57 | -1.93 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Loading charts...
Sharpe Ratios by Period
| CGMU | PZT | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.95 | 2.07 | +0.88 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.00 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.28 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.67 | 0.38 | +1.30 |
Drawdowns
CGMU vs. PZT - Drawdown Comparison
The maximum CGMU drawdown since its inception was -4.11%, smaller than the maximum PZT drawdown of -22.73%. Use the drawdown chart below to compare losses from any high point for CGMU and PZT.
Loading charts...
Drawdown Indicators
| CGMU | PZT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -4.11% | -22.73% | +18.62% |
Max Drawdown (1Y)Largest decline over 1 year | -2.55% | -3.17% | +0.62% |
Max Drawdown (3Y)Largest decline over 3 years | -3.89% | -9.00% | +5.11% |
Max Drawdown (5Y)Largest decline over 5 years | — | -19.13% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -19.13% | — |
Current DrawdownCurrent decline from peak | -0.71% | -1.11% | +0.40% |
Average DrawdownAverage peak-to-trough decline | -0.84% | -3.91% | +3.07% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.78% | 0.93% | -0.15% |
Volatility
CGMU vs. PZT - Volatility Comparison
The current volatility for Capital Group Municipal Income ETF (CGMU) is 0.80%, while Invesco New York AMT-Free Municipal Bond ETF (PZT) has a volatility of 2.10%. This indicates that CGMU experiences smaller price fluctuations and is considered to be less risky than PZT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| CGMU | PZT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.80% | 2.10% | -1.30% |
Volatility (6M)Calculated over the trailing 6-month period | 1.73% | 3.45% | -1.72% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.30% | 4.74% | -2.44% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.48% | 6.63% | -3.15% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.48% | 6.96% | -3.48% |
CGMU vs. PZT - Expense Ratio Comparison
CGMU has a 0.27% expense ratio, which is lower than PZT's 0.28% expense ratio.
Dividends
CGMU vs. PZT - Dividend Comparison
CGMU's dividend yield for the trailing twelve months is around 3.33%, less than PZT's 3.57% 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% |
PZT Invesco New York AMT-Free Municipal Bond ETF | 3.57% | 3.43% | 3.04% | 2.82% | 2.66% | 2.77% | 2.55% | 2.73% | 3.01% | 2.94% | 3.36% | 3.40% |
Frequently Asked Questions
CGMU and PZT have a correlation of 0.49, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PZT has higher volatility (2.10%) compared to CGMU (0.80%). In terms of maximum drawdown, CGMU dropped -4.11% vs PZT's -22.73%.
On 3-year performance, CGMU leads with 4.67% vs 3.41% for PZT. On fees, CGMU is cheaper at 0.27% per year. On volatility, CGMU has been the lower-risk option at 0.80%. 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 3.41%. 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 0.28% for PZT.
PZT has the higher dividend yield at 3.57%, compared with 3.33% for CGMU.
They also come from different issuers: Capital Group and Invesco. Their fees differ too: 0.27% for CGMU and 0.28% for PZT.
CGMU currently has the higher Sharpe Ratio (2.95 vs 2.07), 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 PZT
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