CGMU vs. VPAIX
CGMU (Capital Group Municipal Income ETF) and VPAIX (Vanguard Pennsylvania Long-Term Tax-Exempt Fund Investor Shares) are both Municipal Bonds funds. Over the past 3 years, CGMU returned 4.10%/yr vs 3.95%/yr for VPAIX. Their 0.68 correlation means they have sometimes moved together and sometimes differently. CGMU charges 0.27%/yr vs 0.17%/yr for VPAIX.
Performance
CGMU vs. VPAIX - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, CGMU achieves a 0.55% return, which is significantly higher than VPAIX's 0.17% 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%
VPAIX
- 1D
- -0.19%
- 1M
- -2.20%
- 6M
- -0.31%
- YTD
- 0.17%
- 1Y
- 6.04%
- 3Y*
- 3.95%
- 5Y*
- 0.78%
- 10Y*
- 2.42%
- ALL TIME*
- 4.49%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $30.40M | $28.97M | $30.27M | |
| $0.00 | $0.00 | $0.00 |
CGMU vs. VPAIX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
CGMU Capital Group Municipal Income ETF | 0.55% | 5.19% | 2.64% | 6.76% | 4.65% |
VPAIX Vanguard Pennsylvania Long-Term Tax-Exempt Fund Investor Shares | 0.17% | 5.27% | 2.59% | 7.25% | 6.37% |
Correlation
The correlation between CGMU and VPAIX is 0.67, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.67 |
Correlation (3Y) Balances recent behavior with more history. | 0.69 |
Correlation (All Time) Calculated using the full available price history since Oct 27, 2022 | 0.68 |
The correlation between CGMU and VPAIX has been stable across timeframes, ranging from 0.67 to 0.69 - a consistent structural relationship.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
CGMU vs. VPAIX — Risk / Return Rank
CGMU
VPAIX
CGMU vs. VPAIX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Capital Group Municipal Income ETF (CGMU) and Vanguard Pennsylvania Long-Term Tax-Exempt Fund Investor Shares (VPAIX). 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 | VPAIX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.21 | ||
| Sortino ratioReturn per unit of downside risk | -0.61 | ||
| Omega ratioGain probability vs. loss probability | 1.41 | 1.56 | -0.14 |
| Calmar ratioReturn relative to maximum drawdown | 1.91 | 2.27 | -0.36 |
| Martin ratioReturn relative to average drawdown | 5.61 | 7.73 | -2.12 |
Loading charts...
Drawdowns
CGMU vs. VPAIX - Drawdown Comparison
The maximum CGMU drawdown since its inception was -4.11%, smaller than the maximum VPAIX drawdown of -19.51%. Use the drawdown chart below to compare losses from any high point for CGMU and VPAIX.
Loading charts...
Drawdown Indicators
| CGMU | VPAIX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -4.11% | -19.51% | +15.40% |
Max Drawdown (1Y)Largest decline over 1 year | -2.55% | -3.10% | +0.55% |
Max Drawdown (3Y)Largest decline over 3 years | -3.61% | -5.87% | +2.26% |
Max Drawdown (5Y)Largest decline over 5 years | — | -15.76% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -15.76% | — |
Current DrawdownCurrent decline from peak | -1.71% | -2.20% | +0.49% |
Average DrawdownAverage peak-to-trough decline | -0.84% | -2.15% | +1.31% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.86% | 0.91% | -0.05% |
Volatility
CGMU vs. VPAIX - Volatility Comparison
The current volatility for Capital Group Municipal Income ETF (CGMU) is 0.77%, while Vanguard Pennsylvania Long-Term Tax-Exempt Fund Investor Shares (VPAIX) has a volatility of 1.02%. This indicates that CGMU experiences smaller price fluctuations and is considered to be less risky than VPAIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| CGMU | VPAIX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.77% | 1.02% | -0.25% |
Volatility (6M)Calculated over the trailing 6-month period | 1.88% | 2.51% | -0.63% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.39% | 3.12% | -0.73% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.44% | 4.52% | -1.08% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.44% | 4.41% | -0.97% |
CGMU vs. VPAIX - Expense Ratio Comparison
CGMU has a 0.27% expense ratio, which is higher than VPAIX's 0.17% 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. VPAIX - Dividend Comparison
CGMU's dividend yield for the trailing twelve months is around 3.39%, less than VPAIX's 3.43% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CGMU Capital Group Municipal Income ETF | 3.39% | 3.32% | 3.21% | 3.08% | 0.49% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
VPAIX Vanguard Pennsylvania Long-Term Tax-Exempt Fund Investor Shares | 3.43% | 4.48% | 4.04% | 3.25% | 3.12% | 2.45% | 3.16% | 3.70% | 3.91% | 3.93% | 4.10% | 3.92% |
Frequently Asked Questions
CGMU and VPAIX have a correlation of 0.67, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
VPAIX has higher volatility (1.02%) compared to CGMU (0.77%). In terms of maximum drawdown, CGMU dropped -4.11% vs VPAIX's -19.51%.
VPAIX currently has the higher Sharpe Ratio (2.25 vs 2.04), 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.
Find the right allocation for CGMU and VPAIX
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer