CGMU vs. SPMB
CGMU (Capital Group Municipal Income ETF) and SPMB (SPDR Portfolio Mortgage Backed Bond ETF) are both exchange-traded funds - CGMU is a Municipal Bonds fund actively managed by Capital Group, while SPMB is a Mortgage Backed Securities fund tracking the Bloomberg US Aggregate Securitized - MBS. CGMU is actively managed, while SPMB is passively managed. Over the past 3 years, CGMU returned 4.70%/yr vs 4.32%/yr for SPMB. A 0.71 correlation means they provide meaningful diversification when combined. CGMU charges 0.27%/yr vs 0.04%/yr for SPMB.
Performance
CGMU vs. SPMB - 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 SPMB's 0.51% return.
CGMU
- 1D
- -0.11%
- 1M
- 0.45%
- YTD
- 1.39%
- 6M
- 1.79%
- 1Y
- 6.72%
- 3Y*
- 4.70%
- 5Y*
- —
- 10Y*
- —
SPMB
- 1D
- -0.22%
- 1M
- 0.27%
- YTD
- 0.51%
- 6M
- 0.64%
- 1Y
- 6.74%
- 3Y*
- 4.32%
- 5Y*
- 0.29%
- 10Y*
- 1.21%
CGMU vs. SPMB - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
CGMU Capital Group Municipal Income ETF | 1.39% | 5.19% | 2.64% | 6.76% | 4.53% |
SPMB SPDR Portfolio Mortgage Backed Bond ETF | 0.51% | 8.29% | 1.35% | 5.09% | 2.75% |
Correlation
The correlation between CGMU and SPMB is 0.51, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.51 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.71 |
Correlation (All Time) Calculated using the full available price history since Oct 28, 2022 | 0.71 |
The correlation between CGMU and SPMB shifts across timeframes, from 0.51 (1 year) to 0.71 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
CGMU vs. SPMB — Risk / Return Rank
CGMU
SPMB
CGMU vs. SPMB - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Capital Group Municipal Income ETF (CGMU) and SPDR Portfolio Mortgage Backed Bond ETF (SPMB). 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 | SPMB | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.36 | ||
| Sortino ratioReturn per unit of downside risk | +1.81 | ||
| Omega ratioGain probability vs. loss probability | 1.64 | 1.29 | +0.35 |
| Calmar ratioReturn relative to maximum drawdown | 2.65 | 2.34 | +0.31 |
| Martin ratioReturn relative to average drawdown | 8.61 | 7.70 | +0.91 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| CGMU | SPMB | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.94 | 1.58 | +1.36 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.04 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.16 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.66 | 0.34 | +1.32 |
Drawdowns
CGMU vs. SPMB - Drawdown Comparison
The maximum CGMU drawdown since its inception was -4.11%, smaller than the maximum SPMB drawdown of -18.03%. Use the drawdown chart below to compare losses from any high point for CGMU and SPMB.
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Drawdown Indicators
| CGMU | SPMB | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -4.11% | -18.03% | +13.92% |
Max Drawdown (1Y)Largest decline over 1 year | -2.55% | -2.89% | +0.34% |
Max Drawdown (3Y)Largest decline over 3 years | -3.89% | -7.66% | +3.77% |
Max Drawdown (5Y)Largest decline over 5 years | — | -17.49% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -18.03% | — |
Current DrawdownCurrent decline from peak | -0.89% | -1.58% | +0.69% |
Average DrawdownAverage peak-to-trough decline | -0.84% | -2.85% | +2.01% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.78% | 0.88% | -0.10% |
Volatility
CGMU vs. SPMB - Volatility Comparison
The current volatility for Capital Group Municipal Income ETF (CGMU) is 0.79%, while SPDR Portfolio Mortgage Backed Bond ETF (SPMB) has a volatility of 1.58%. This indicates that CGMU experiences smaller price fluctuations and is considered to be less risky than SPMB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CGMU | SPMB | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.79% | 1.58% | -0.79% |
Volatility (6M)Calculated over the trailing 6-month period | 1.72% | 3.08% | -1.36% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.29% | 4.28% | -1.99% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.48% | 6.77% | -3.29% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.48% | 7.61% | -4.13% |
CGMU vs. SPMB - Expense Ratio Comparison
CGMU has a 0.27% expense ratio, which is higher than SPMB's 0.04% 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. SPMB - Dividend Comparison
CGMU's dividend yield for the trailing twelve months is around 3.33%, less than SPMB's 4.09% 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% |
SPMB SPDR Portfolio Mortgage Backed Bond ETF | 4.09% | 3.98% | 3.76% | 3.21% | 2.98% | 2.59% | 2.95% | 3.24% | 3.36% | 3.13% | 2.99% | 3.05% |
Frequently Asked Questions
CGMU and SPMB have a correlation of 0.51, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SPMB has higher volatility (1.58%) compared to CGMU (0.79%). In terms of maximum drawdown, CGMU dropped -4.11% vs SPMB's -18.03%.
On 3-year performance, CGMU leads with 4.70% vs 4.32% for SPMB. On fees, SPMB is cheaper at 0.04% per year. On volatility, CGMU has been the lower-risk option at 0.79%. 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 4.70% return vs 4.32%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPMB is cheaper with a 0.04% expense ratio, compared with 0.27% for CGMU.
SPMB has the higher dividend yield at 4.09%, compared with 3.33% for CGMU.
CGMU is categorized as Municipal Bonds, while SPMB is Mortgage Backed Securities. They also come from different issuers: Capital Group and State Street. Their fees differ too: 0.27% for CGMU and 0.04% for SPMB.
CGMU currently has the higher Sharpe Ratio (2.94 vs 1.58), 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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