CGMU vs. TAXS
CGMU (Capital Group Municipal Income ETF) and TAXS (Northern Trust Short-Term Tax-Exempt Bond ETF) are both Municipal Bonds funds. CGMU is actively managed, while TAXS is passively managed. A 0.58 correlation means they provide meaningful diversification when combined. CGMU charges 0.27%/yr vs 0.05%/yr for TAXS.
Performance
CGMU vs. TAXS - Performance Comparison
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Returns By Period
In the year-to-date period, CGMU achieves a 1.58% return, which is significantly higher than TAXS's 0.99% return.
CGMU
- 1D
- 0.18%
- 1M
- 0.63%
- YTD
- 1.58%
- 6M
- 1.97%
- 1Y
- 6.75%
- 3Y*
- 4.67%
- 5Y*
- —
- 10Y*
- —
TAXS
- 1D
- 0.06%
- 1M
- 0.59%
- YTD
- 0.99%
- 6M
- 1.39%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
CGMU vs. TAXS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
CGMU Capital Group Municipal Income ETF | 1.58% | 3.64% |
TAXS Northern Trust Short-Term Tax-Exempt Bond ETF | 0.99% | 1.22% |
Correlation
The correlation between CGMU and TAXS is 0.58, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (All Time) Calculated using the full available price history since Aug 20, 2025 | 0.58 |
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Return for Risk
CGMU vs. TAXS — Risk / Return Rank
CGMU
TAXS
CGMU vs. TAXS - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Capital Group Municipal Income ETF (CGMU) and Northern Trust Short-Term Tax-Exempt Bond ETF (TAXS). 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 | TAXS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | 1.64 | — | — |
| Calmar ratioReturn relative to maximum drawdown | 2.66 | — | — |
| Martin ratioReturn relative to average drawdown | 8.64 | — | — |
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 | TAXS | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.95 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.67 | 2.85 | -1.17 |
Drawdowns
CGMU vs. TAXS - Drawdown Comparison
The maximum CGMU drawdown since its inception was -4.11%, which is greater than TAXS's maximum drawdown of -0.84%. Use the drawdown chart below to compare losses from any high point for CGMU and TAXS.
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Drawdown Indicators
| CGMU | TAXS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -4.11% | -0.84% | -3.27% |
Max Drawdown (1Y)Largest decline over 1 year | -2.55% | — | — |
Max Drawdown (3Y)Largest decline over 3 years | -3.89% | — | — |
Current DrawdownCurrent decline from peak | -0.71% | -0.03% | -0.68% |
Average DrawdownAverage peak-to-trough decline | -0.84% | -0.24% | -0.60% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.78% | — | — |
Volatility
CGMU vs. TAXS - Volatility Comparison
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Volatility by Period
| CGMU | TAXS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.80% | — | — |
Volatility (6M)Calculated over the trailing 6-month period | 1.73% | — | — |
Volatility (1Y)Calculated over the trailing 1-year period | 2.30% | 1.00% | +1.30% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.48% | 1.00% | +2.48% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.48% | 1.00% | +2.48% |
CGMU vs. TAXS - Expense Ratio Comparison
CGMU has a 0.27% expense ratio, which is higher than TAXS's 0.05% 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. TAXS - Dividend Comparison
CGMU's dividend yield for the trailing twelve months is around 3.33%, more than TAXS's 1.82% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
CGMU Capital Group Municipal Income ETF | 3.33% | 3.32% | 3.21% | 3.08% | 0.49% |
TAXS Northern Trust Short-Term Tax-Exempt Bond ETF | 1.82% | 0.74% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
CGMU and TAXS have a correlation of 0.58, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, TAXS is cheaper at 0.05% per year. The better choice depends on whether you care most about return, fees, risk, or income.
TAXS is cheaper with a 0.05% expense ratio, compared with 0.27% for CGMU.
CGMU has the higher dividend yield at 3.33%, compared with 1.82% for TAXS.
They also come from different issuers: Capital Group and Northern Trust. Their fees differ too: 0.27% for CGMU and 0.05% for TAXS.
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