CGMU vs. RPIDX

Last updated Jun 9, 2026

CGMU (Capital Group Municipal Income ETF) and RPIDX (T. Rowe Price Dynamic Credit Fund) are both funds - CGMU is a Municipal Bonds fund actively managed by Capital Group, while RPIDX is a Nontraditional Bonds fund managed by T. Rowe Price. Over the past 3 years, CGMU returned 4.67%/yr vs 7.87%/yr for RPIDX. At a correlation of -0.05, they often move in opposite directions. CGMU charges 0.27%/yr vs 0.63%/yr for RPIDX.

Performance

CGMU vs. RPIDX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Capital Group Municipal Income ETF (CGMU) and T. Rowe Price Dynamic Credit Fund (RPIDX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CGMU achieves a 1.46% return, which is significantly higher than RPIDX's 0.51% return.

CGMU

• 1D: 0.07%
• 1M: 0.30%
• YTD: 1.46%
• 6M: 2.01%
• 1Y: 6.88%
• 3Y*: 4.67%
• 5Y*: —
• 10Y*: —

RPIDX

• 1D: 0.23%
• 1M: -0.05%
• YTD: 0.51%
• 6M: 1.56%
• 1Y: 7.39%
• 3Y*: 7.87%
• 5Y*: 4.43%
• 10Y*: —

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

CGMU vs. RPIDX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
CGMU Capital Group Municipal Income ETF	1.46%	5.19%	2.64%	6.76%	4.53%
RPIDX T. Rowe Price Dynamic Credit Fund	0.51%	9.74%	9.92%	4.72%	2.84%

Correlation

The correlation between CGMU and RPIDX is 0.09, 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	0.09
Correlation (3Y) Calculated over the trailing 3-year period	-0.07
Correlation (All Time) Calculated using the full available price history since Oct 28, 2022	-0.05

The correlation between CGMU and RPIDX shifts across timeframes, from -0.07 (3 years) to 0.09 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

CGMU vs. RPIDX — Risk / Return Rank

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

CGMU

CGMU Risk / Return Rank: 79
CGMU Sharpe Ratio Rank: 93
CGMU Sortino Ratio Rank: 93
CGMU Omega Ratio Rank: 95
CGMU Calmar Ratio Rank: 61
CGMU Martin Ratio Rank: 55

RPIDX

RPIDX Risk / Return Rank: 84
RPIDX Sharpe Ratio Rank: 66
RPIDX Sortino Ratio Rank: 91
RPIDX Omega Ratio Rank: 83
RPIDX Calmar Ratio Rank: 95
RPIDX Martin Ratio Rank: 83

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. RPIDX - 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 Dynamic Credit Fund (RPIDX). 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	RPIDX	Difference
Sharpe ratio: Return per unit of total volatility	3.02	2.26	+0.76
Sortino ratio: Return per unit of downside risk	4.31	4.36	-0.05
Omega ratio: Gain probability vs. loss probability	1.65	1.54	+0.12
Calmar ratio: Return relative to maximum drawdown	2.71	5.62	-2.91
Martin ratio: Return relative to average drawdown	8.76	14.72	-5.96
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CGMU vs. RPIDX - Sharpe Ratio Comparison

The current CGMU Sharpe Ratio is 3.02, which is higher than the RPIDX Sharpe Ratio of 2.26. The chart below compares the historical Sharpe Ratios of CGMU and RPIDX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	CGMU	RPIDX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.02	2.26	+0.76
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	1.16	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.66	1.12	+0.54

Drawdowns

CGMU vs. RPIDX - Drawdown Comparison

The maximum CGMU drawdown since its inception was -4.11%, smaller than the maximum RPIDX drawdown of -19.95%. Use the drawdown chart below to compare losses from any high point for CGMU and RPIDX.

Drawdown Indicators

	CGMU	RPIDX	Difference
Max Drawdown Largest peak-to-trough decline	-4.11%	-19.95%	+15.84%
Max Drawdown (1Y) Largest decline over 1 year	-2.55%	-1.34%	-1.21%
Max Drawdown (3Y) Largest decline over 3 years	-3.89%	-3.17%	-0.72%
Max Drawdown (5Y) Largest decline over 5 years	—	-7.31%	—
Current Drawdown Current decline from peak	-0.82%	-0.51%	-0.31%
Average Drawdown Average peak-to-trough decline	-0.84%	-1.87%	+1.03%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.79%	0.51%	+0.28%

Volatility

CGMU vs. RPIDX - Volatility Comparison

Capital Group Municipal Income ETF (CGMU) has a higher volatility of 0.82% compared to T. Rowe Price Dynamic Credit Fund (RPIDX) at 0.70%. This indicates that CGMU's price experiences larger fluctuations and is considered to be riskier than RPIDX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CGMU	RPIDX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.82%	0.70%	+0.12%
Volatility (6M) Calculated over the trailing 6-month period	1.74%	2.57%	-0.83%
Volatility (1Y) Calculated over the trailing 1-year period	2.29%	3.34%	-1.05%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.47%	3.83%	-0.36%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.47%	4.79%	-1.32%

CGMU vs. RPIDX - Expense Ratio Comparison

CGMU has a 0.27% expense ratio, which is lower than RPIDX's 0.63% expense ratio.

Dividends

CGMU vs. RPIDX - Dividend Comparison

CGMU's dividend yield for the trailing twelve months is around 3.33%, less than RPIDX's 9.89% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
CGMU Capital Group Municipal Income ETF	3.33%	3.32%	3.21%	3.08%	0.49%	0.00%	0.00%	0.00%
RPIDX T. Rowe Price Dynamic Credit Fund	9.89%	9.91%	9.20%	6.64%	7.97%	5.34%	7.14%	4.41%

Frequently Asked Questions

Can I hold both CGMU and RPIDX in my portfolio?

CGMU and RPIDX have a correlation of 0.09, 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 RPIDX?

CGMU has higher volatility (0.82%) compared to RPIDX (0.70%). In terms of maximum drawdown, CGMU dropped -4.11% vs RPIDX's -19.95%.

Which has better risk-adjusted returns?

CGMU currently has the higher Sharpe Ratio (3.02 vs 2.26), 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.