CGMU vs. QDSNX

Last updated Jun 13, 2026

CGMU (Capital Group Municipal Income ETF) and QDSNX (AQR Diversifying Strategies Fund Class N) are both funds - CGMU is a Municipal Bonds fund actively managed by Capital Group, while QDSNX is a Tactical Allocation fund actively managed by AQR Funds. Both are actively managed. Over the past 3 years, CGMU returned 4.63%/yr vs 12.84%/yr for QDSNX. At a correlation of -0.02, they often move in opposite directions. CGMU charges 0.27%/yr vs 3.30%/yr for QDSNX.

Performance

CGMU vs. QDSNX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Capital Group Municipal Income ETF (CGMU) and AQR Diversifying Strategies Fund Class N (QDSNX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CGMU achieves a 1.39% return, which is significantly lower than QDSNX's 4.87% return.

CGMU

• 1D: -0.07%
• 1M: 0.56%
• YTD: 1.39%
• 6M: 1.82%
• 1Y: 6.32%
• 3Y*: 4.63%
• 5Y*: —
• 10Y*: —

QDSNX

• 1D: 0.34%
• 1M: -0.41%
• YTD: 4.87%
• 6M: 6.21%
• 1Y: 13.30%
• 3Y*: 12.84%
• 5Y*: 10.72%
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

CGMU vs. QDSNX - 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%
QDSNX AQR Diversifying Strategies Fund Class N	4.87%	16.14%	9.56%	8.62%	0.68%

Correlation

The correlation between CGMU and QDSNX is 0.03, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.03
Correlation (3Y) Calculated over the trailing 3-year period	0.05
Correlation (All Time) Calculated using the full available price history since Oct 27, 2022	-0.02

Return for Risk

CGMU vs. QDSNX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

CGMU

CGMU Risk / Return Rank: 77
CGMU Sharpe Ratio Rank: 91
CGMU Sortino Ratio Rank: 92
CGMU Omega Ratio Rank: 94
CGMU Calmar Ratio Rank: 56
CGMU Martin Ratio Rank: 53

QDSNX

QDSNX Risk / Return Rank: 92
QDSNX Sharpe Ratio Rank: 92
QDSNX Sortino Ratio Rank: 90
QDSNX Omega Ratio Rank: 86
QDSNX Calmar Ratio Rank: 98
QDSNX Martin Ratio Rank: 96

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

CGMU vs. QDSNX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Capital Group Municipal Income ETF (CGMU) and AQR Diversifying Strategies Fund Class N (QDSNX). 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	QDSNX	Difference
Sharpe ratio: Return per unit of total volatility	2.78	2.71	+0.07
Sortino ratio: Return per unit of downside risk	3.96	4.02	-0.07
Omega ratio: Gain probability vs. loss probability	1.59	1.52	+0.08
Calmar ratio: Return relative to maximum drawdown	2.49	6.97	-4.48
Martin ratio: Return relative to average drawdown	7.97	19.53	-11.56

CGMU vs. QDSNX - Sharpe Ratio Comparison

The current CGMU Sharpe Ratio is 2.78, which is comparable to the QDSNX Sharpe Ratio of 2.71. The chart below compares the historical Sharpe Ratios of CGMU and QDSNX, 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. QDSNX - Drawdown Comparison

The maximum CGMU drawdown since its inception was -4.11%, smaller than the maximum QDSNX drawdown of -7.15%. Use the drawdown chart below to compare losses from any high point for CGMU and QDSNX.

Drawdown Indicators

	CGMU	QDSNX	Difference
Max Drawdown Largest peak-to-trough decline	-4.11%	-7.15%	+3.04%
Max Drawdown (1Y) Largest decline over 1 year	-2.55%	-1.97%	-0.58%
Max Drawdown (3Y) Largest decline over 3 years	-3.89%	-6.93%	+3.04%
Max Drawdown (5Y) Largest decline over 5 years	—	-7.15%	—
Current Drawdown Current decline from peak	-0.89%	-1.41%	+0.52%
Average Drawdown Average peak-to-trough decline	-0.84%	-1.45%	+0.61%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.79%	0.70%	+0.09%

Volatility

CGMU vs. QDSNX - Volatility Comparison

The current volatility for Capital Group Municipal Income ETF (CGMU) is 0.81%, while AQR Diversifying Strategies Fund Class N (QDSNX) has a volatility of 1.72%. This indicates that CGMU experiences smaller price fluctuations and is considered to be less risky than QDSNX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CGMU	QDSNX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.81%	1.72%	-0.91%
Volatility (6M) Calculated over the trailing 6-month period	1.73%	3.68%	-1.95%
Volatility (1Y) Calculated over the trailing 1-year period	2.28%	5.06%	-2.78%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.47%	7.64%	-4.17%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.47%	7.30%	-3.83%

CGMU vs. QDSNX - Expense Ratio Comparison

CGMU has a 0.27% expense ratio, which is lower than QDSNX's 3.30% expense ratio.

Dividends

CGMU vs. QDSNX - Dividend Comparison

CGMU's dividend yield for the trailing twelve months is around 3.33%, more than QDSNX's 1.90% yield.

Position	TTM	2025	2024	2023	2022	2021	2020
CGMU Capital Group Municipal Income ETF	3.33%	3.32%	3.21%	3.08%	0.49%	0.00%	0.00%
QDSNX AQR Diversifying Strategies Fund Class N	1.90%	1.99%	0.00%	11.18%	8.01%	5.99%	1.83%

Frequently Asked Questions

Can I hold both CGMU and QDSNX in my portfolio?

CGMU and QDSNX have a correlation of 0.03, 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 QDSNX?

QDSNX has higher volatility (1.72%) compared to CGMU (0.81%). In terms of maximum drawdown, CGMU dropped -4.11% vs QDSNX's -7.15%.

Which has better risk-adjusted returns?

CGMU currently has the higher Sharpe Ratio (2.78 vs 2.71), 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.