CGMU vs. SLQD
CGMU (Capital Group Municipal Income ETF) and SLQD (iShares 0-5 Year Investment Grade Corporate Bond ETF) are both exchange-traded funds - CGMU is a Municipal Bonds fund actively managed by Capital Group, while SLQD is a Corporate Bonds fund tracking the Markit iBoxx USD Liquid Investment Grade 0-5 Index. CGMU is actively managed, while SLQD is passively managed. Over the past 3 years, CGMU returned 4.63%/yr vs 5.51%/yr for SLQD. A 0.63 correlation means they provide meaningful diversification when combined. CGMU charges 0.27%/yr vs 0.06%/yr for SLQD.
Performance
CGMU vs. SLQD - 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 SLQD's 1.01% return.
CGMU
- 1D
- -0.07%
- 1M
- 0.56%
- YTD
- 1.39%
- 6M
- 1.82%
- 1Y
- 6.32%
- 3Y*
- 4.63%
- 5Y*
- —
- 10Y*
- —
SLQD
- 1D
- -0.02%
- 1M
- 0.26%
- YTD
- 1.01%
- 6M
- 1.39%
- 1Y
- 4.39%
- 3Y*
- 5.51%
- 5Y*
- 2.53%
- 10Y*
- 2.71%
CGMU vs. SLQD - 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% |
SLQD iShares 0-5 Year Investment Grade Corporate Bond ETF | 1.01% | 6.27% | 4.94% | 5.98% | 1.94% |
Correlation
The correlation between CGMU and SLQD is 0.45, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.45 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.63 |
Correlation (All Time) Calculated using the full available price history since Oct 27, 2022 | 0.63 |
The correlation between CGMU and SLQD shifts across timeframes, from 0.45 (1 year) to 0.63 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
CGMU vs. SLQD — Risk / Return Rank
CGMU
SLQD
CGMU vs. SLQD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Capital Group Municipal Income ETF (CGMU) and iShares 0-5 Year Investment Grade Corporate Bond ETF (SLQD). 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 | SLQD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.18 | ||
| Sortino ratioReturn per unit of downside risk | -0.79 | ||
| Omega ratioGain probability vs. loss probability | 1.59 | 1.61 | -0.02 |
| Calmar ratioReturn relative to maximum drawdown | 2.49 | 4.15 | -1.66 |
| Martin ratioReturn relative to average drawdown | 7.97 | 18.78 | -10.80 |
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Drawdowns
CGMU vs. SLQD - Drawdown Comparison
The maximum CGMU drawdown since its inception was -4.11%, smaller than the maximum SLQD drawdown of -12.69%. Use the drawdown chart below to compare losses from any high point for CGMU and SLQD.
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Drawdown Indicators
| CGMU | SLQD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -4.11% | -12.69% | +8.58% |
Max Drawdown (1Y)Largest decline over 1 year | -2.55% | -1.06% | -1.49% |
Max Drawdown (3Y)Largest decline over 3 years | -3.89% | -1.06% | -2.83% |
Max Drawdown (5Y)Largest decline over 5 years | — | -7.63% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -12.69% | — |
Current DrawdownCurrent decline from peak | -0.89% | -0.02% | -0.87% |
Average DrawdownAverage peak-to-trough decline | -0.84% | -0.87% | +0.03% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.79% | 0.23% | +0.56% |
Volatility
CGMU vs. SLQD - Volatility Comparison
Capital Group Municipal Income ETF (CGMU) has a higher volatility of 0.81% compared to iShares 0-5 Year Investment Grade Corporate Bond ETF (SLQD) at 0.53%. This indicates that CGMU's price experiences larger fluctuations and is considered to be riskier than SLQD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CGMU | SLQD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.81% | 0.53% | +0.28% |
Volatility (6M)Calculated over the trailing 6-month period | 1.73% | 1.13% | +0.60% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.28% | 1.49% | +0.79% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.47% | 2.44% | +1.03% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.47% | 3.14% | +0.33% |
CGMU vs. SLQD - Expense Ratio Comparison
CGMU has a 0.27% expense ratio, which is higher than SLQD's 0.06% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
CGMU vs. SLQD - Dividend Comparison
CGMU's dividend yield for the trailing twelve months is around 3.33%, less than SLQD's 4.31% 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% |
SLQD iShares 0-5 Year Investment Grade Corporate Bond ETF | 4.31% | 4.15% | 3.71% | 2.99% | 2.00% | 1.67% | 2.34% | 2.89% | 2.55% | 1.98% | 1.81% | 1.43% |
Frequently Asked Questions
CGMU and SLQD have a correlation of 0.45, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
CGMU has higher volatility (0.81%) compared to SLQD (0.53%). In terms of maximum drawdown, CGMU dropped -4.11% vs SLQD's -12.69%.
On 3-year performance, SLQD leads with 5.51% vs 4.63% for CGMU. On fees, SLQD is cheaper at 0.06% per year. On volatility, SLQD has been the lower-risk option at 0.53%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, SLQD has performed better with a 5.51% return vs 4.63%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SLQD is cheaper with a 0.06% expense ratio, compared with 0.27% for CGMU.
SLQD has the higher dividend yield at 4.31%, compared with 3.33% for CGMU.
CGMU is categorized as Municipal Bonds, while SLQD is Corporate Bonds. They also come from different issuers: Capital Group and iShares. Their fees differ too: 0.27% for CGMU and 0.06% for SLQD.
SLQD currently has the higher Sharpe Ratio (2.96 vs 2.78), 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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