CGMU vs. TAXT
CGMU (Capital Group Municipal Income ETF) and TAXT (Northern Trust Tax-Exempt Bond ETF) are both Municipal Bonds funds. CGMU is actively managed, while TAXT is passively managed. Their 0.75 correlation means they have sometimes moved together and sometimes differently. CGMU charges 0.27%/yr vs 0.05%/yr for TAXT.
Performance
CGMU vs. TAXT - Performance Comparison
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Returns By Period
In the year-to-date period, CGMU achieves a 0.55% return, which is significantly higher than TAXT's 0.32% return.
CGMU
- 1D
- -0.12%
- 1M
- -1.46%
- 6M
- -0.42%
- YTD
- 0.55%
- 1Y
- 4.49%
- 3Y*
- 4.10%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 5.27%
TAXT
- 1D
- -0.08%
- 1M
- -1.57%
- 6M
- -0.46%
- YTD
- 0.32%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- —
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $30.40M | $28.97M | $30.27M | |
| $101.60K | $96.04K | $143.38K |
CGMU vs. TAXT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
CGMU Capital Group Municipal Income ETF | 0.55% | 3.76% |
TAXT Northern Trust Tax-Exempt Bond ETF | 0.32% | 3.91% |
Correlation
The correlation between CGMU and TAXT is 0.75, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (All Time) Calculated using the full available price history since Aug 19, 2025 | 0.75 |
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Return for Risk
CGMU vs. TAXT — Risk / Return Rank
CGMU
TAXT
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
CGMU vs. TAXT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Capital Group Municipal Income ETF (CGMU) and Northern Trust Tax-Exempt Bond ETF (TAXT). 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 | TAXT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | 1.41 | — | — |
| Calmar ratioReturn relative to maximum drawdown | 1.91 | — | — |
| Martin ratioReturn relative to average drawdown | 5.61 | — | — |
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Drawdowns
CGMU vs. TAXT - Drawdown Comparison
The maximum CGMU drawdown since its inception was -4.11%, which is greater than TAXT's maximum drawdown of -2.49%. Use the drawdown chart below to compare losses from any high point for CGMU and TAXT.
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Drawdown Indicators
| CGMU | TAXT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -4.11% | -2.49% | -1.62% |
Max Drawdown (1Y)Largest decline over 1 year | -2.55% | — | — |
Max Drawdown (3Y)Largest decline over 3 years | -3.61% | — | — |
Current DrawdownCurrent decline from peak | -1.71% | -1.72% | +0.01% |
Average DrawdownAverage peak-to-trough decline | -0.84% | -0.52% | -0.32% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.86% | — | — |
Volatility
CGMU vs. TAXT - Volatility Comparison
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Volatility by Period
| CGMU | TAXT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.77% | — | — |
Volatility (6M)Calculated over the trailing 6-month period | 1.88% | — | — |
Volatility (1Y)Calculated over the trailing 1-year period | 2.39% | 2.57% | -0.18% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.44% | 2.57% | +0.87% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.44% | 2.57% | +0.87% |
CGMU vs. TAXT - Expense Ratio Comparison
CGMU has a 0.27% expense ratio, which is higher than TAXT'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. TAXT - Dividend Comparison
CGMU's dividend yield for the trailing twelve months is around 3.39%, more than TAXT's 2.86% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
CGMU Capital Group Municipal Income ETF | 3.39% | 3.32% | 3.21% | 3.08% | 0.49% |
TAXT Northern Trust Tax-Exempt Bond ETF | 2.86% | 1.23% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
CGMU and TAXT have a correlation of 0.75, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, TAXT is cheaper at 0.05% per year. The better choice depends on whether you care most about return, fees, risk, or income.
TAXT is cheaper with a 0.05% expense ratio, compared with 0.27% for CGMU.
CGMU has the higher dividend yield at 3.39%, compared with 2.86% for TAXT.
They also come from different issuers: Capital Group and Northern Trust. Their fees differ too: 0.27% for CGMU and 0.05% for TAXT.
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