CGSD vs. CGMS

Last updated Jun 4, 2026

CGSD (Capital Group Short Duration Income ETF) and CGMS (Capital Group U.S. Multi-Sector Income ETF) are both exchange-traded funds - CGSD is a Short-Term Bond fund actively managed by Capital Group, while CGMS is a Multisector Bonds fund actively managed by Capital Group. Both are actively managed. Over the past 3 years, CGSD returned 5.21%/yr vs 7.92%/yr for CGMS. A 0.57 correlation means they provide meaningful diversification when combined. CGSD charges 0.25%/yr vs 0.39%/yr for CGMS.

Performance

CGSD vs. CGMS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Capital Group Short Duration Income ETF (CGSD) and Capital Group U.S. Multi-Sector Income ETF (CGMS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CGSD achieves a 0.70% return, which is significantly lower than CGMS's 1.54% return.

CGSD

• 1D: -0.10%
• 1M: 0.14%
• YTD: 0.70%
• 6M: 1.09%
• 1Y: 4.30%
• 3Y*: 5.21%
• 5Y*: —
• 10Y*: —

CGMS

• 1D: -0.25%
• 1M: 0.56%
• YTD: 1.54%
• 6M: 1.68%
• 1Y: 7.10%
• 3Y*: 7.92%
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

CGSD vs. CGMS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
CGSD Capital Group Short Duration Income ETF	0.70%	6.11%	5.46%	5.03%	1.32%
CGMS Capital Group U.S. Multi-Sector Income ETF	1.54%	7.52%	7.24%	11.51%	2.61%

Correlation

The correlation between CGSD and CGMS is 0.72, 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	0.72
Correlation (3Y) Calculated over the trailing 3-year period	0.61
Correlation (All Time) Calculated using the full available price history since Oct 28, 2022	0.57

The correlation between CGSD and CGMS shifts across timeframes, from 0.57 (all time) to 0.72 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

CGSD vs. CGMS — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

CGSD

CGSD Risk / Return Rank: 87
CGSD Sharpe Ratio Rank: 87
CGSD Sortino Ratio Rank: 93
CGSD Omega Ratio Rank: 91
CGSD Calmar Ratio Rank: 77
CGSD Martin Ratio Rank: 86

CGMS

CGMS Risk / Return Rank: 63
CGMS Sharpe Ratio Rank: 60
CGMS Sortino Ratio Rank: 67
CGMS Omega Ratio Rank: 64
CGMS Calmar Ratio Rank: 57
CGMS Martin Ratio Rank: 69

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

CGSD vs. CGMS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Capital Group Short Duration Income ETF (CGSD) and Capital Group U.S. Multi-Sector Income ETF (CGMS). 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.

	CGSD	CGMS	Difference
Sharpe ratio: Return per unit of total volatility	2.94	2.08	+0.86
Sortino ratio: Return per unit of downside risk	4.65	3.14	+1.52
Omega ratio: Gain probability vs. loss probability	1.61	1.39	+0.21
Calmar ratio: Return relative to maximum drawdown	3.88	2.88	+1.00
Martin ratio: Return relative to average drawdown	18.36	12.89	+5.47
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CGSD vs. CGMS - Sharpe Ratio Comparison

The current CGSD Sharpe Ratio is 2.94, which is higher than the CGMS Sharpe Ratio of 2.08. The chart below compares the historical Sharpe Ratios of CGSD and CGMS, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	CGSD	CGMS	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.94	2.08	+0.86
Sharpe Ratio (All Time) Calculated using the full available price history	2.41	1.66	+0.75

Drawdowns

CGSD vs. CGMS - Drawdown Comparison

The maximum CGSD drawdown since its inception was -1.75%, smaller than the maximum CGMS drawdown of -4.08%. Use the drawdown chart below to compare losses from any high point for CGSD and CGMS.

Drawdown Indicators

	CGSD	CGMS	Difference
Max Drawdown Largest peak-to-trough decline	-1.75%	-4.08%	+2.33%
Max Drawdown (1Y) Largest decline over 1 year	-1.11%	-2.47%	+1.36%
Max Drawdown (3Y) Largest decline over 3 years	-1.11%	-4.08%	+2.97%
Current Drawdown Current decline from peak	-0.14%	-0.25%	+0.11%
Average Drawdown Average peak-to-trough decline	-0.28%	-0.67%	+0.39%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.23%	0.55%	-0.32%

Volatility

CGSD vs. CGMS - Volatility Comparison

The current volatility for Capital Group Short Duration Income ETF (CGSD) is 0.39%, while Capital Group U.S. Multi-Sector Income ETF (CGMS) has a volatility of 1.15%. This indicates that CGSD experiences smaller price fluctuations and is considered to be less risky than CGMS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CGSD	CGMS	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.39%	1.15%	-0.76%
Volatility (6M) Calculated over the trailing 6-month period	1.01%	2.66%	-1.65%
Volatility (1Y) Calculated over the trailing 1-year period	1.47%	3.43%	-1.96%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.16%	5.13%	-2.97%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.16%	5.13%	-2.97%

CGSD vs. CGMS - Expense Ratio Comparison

CGSD has a 0.25% expense ratio, which is lower than CGMS's 0.39% expense ratio.

Dividends

CGSD vs. CGMS - Dividend Comparison

CGSD's dividend yield for the trailing twelve months is around 4.46%, less than CGMS's 6.09% yield.

Position	TTM	2025	2024	2023	2022
CGMS Capital Group U.S. Multi-Sector Income ETF	6.09%	6.00%	5.91%	5.84%	0.97%
CGSD Capital Group Short Duration Income ETF	4.46%	4.48%	4.57%	4.43%	0.64%

Frequently Asked Questions

Can I hold both CGSD and CGMS in my portfolio?

CGSD and CGMS have a correlation of 0.72, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CGSD or CGMS?

CGMS has higher volatility (1.15%) compared to CGSD (0.39%). In terms of maximum drawdown, CGSD dropped -1.75% vs CGMS's -4.08%.

Which ETF is better, CGSD or CGMS?

On 3-year performance, CGMS leads with 7.92% vs 5.21% for CGSD. On fees, CGSD is cheaper at 0.25% per year. On volatility, CGSD has been the lower-risk option at 0.39%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CGSD or CGMS?

Over the 3-year period, CGMS has performed better with a 7.92% return vs 5.21%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CGSD or CGMS?

CGSD is cheaper with a 0.25% expense ratio, compared with 0.39% for CGMS.

Which ETF pays a higher dividend yield, CGSD or CGMS?

CGMS has the higher dividend yield at 6.09%, compared with 4.46% for CGSD.

What is the main difference between CGSD and CGMS?

CGSD is categorized as Short-Term Bond, while CGMS is Multisector Bonds. Their fees differ too: 0.25% for CGSD and 0.39% for CGMS.

Which has better risk-adjusted returns?

CGSD currently has the higher Sharpe Ratio (2.94 vs 2.08), 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.