CGSM vs. BNO

Last updated Aug 2, 2026

CGSM (Capital Group Short Duration Municipal Income ETF) and BNO (United States Brent Oil Fund LP) are both exchange-traded funds - CGSM is a Municipal Bonds fund actively managed by Capital Group, while BNO is a Oil & Gas fund tracking the Crude Oil Brent ICE Near Term Futures. CGSM is actively managed, while BNO is passively managed. Over the past year, CGSM returned 3.07% vs 62.83% for BNO. Their -0.18 correlation means they have often moved in opposite directions in the past. CGSM charges 0.25%/yr vs 1.00%/yr for BNO.

Performance

CGSM vs. BNO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Capital Group Short Duration Municipal Income ETF (CGSM) and United States Brent Oil Fund LP (BNO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CGSM achieves a 1.11% return, which is significantly lower than BNO's 77.90% return.

CGSM

• 1D: -0.05%
• 1M: -0.42%
• 6M: 0.28%
• YTD: 1.11%
• 1Y: 3.07%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 4.76%

BNO

• 1D: 1.45%
• 1M: 27.00%
• 6M: 52.90%
• YTD: 77.90%
• 1Y: 62.83%
• 3Y*: 20.31%
• 5Y*: 20.89%
• 10Y*: 15.06%
• ALL TIME*: 4.31%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
BNO United States Brent Oil Fund LP	$107.13M	$97.34M	$147.52M
CGSM Capital Group Short Duration Municipal Income ETF	$7.33M	$6.97M	$11.44M

CGSM vs. BNO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
CGSM Capital Group Short Duration Municipal Income ETF	1.11%	4.58%	3.71%	4.06%
BNO United States Brent Oil Fund LP	77.90%	-5.44%	9.67%	-16.69%

Correlation

The correlation between CGSM and BNO is -0.26, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	-0.26
Correlation (All Time) Calculated using the full available price history since Sep 28, 2023	-0.18

Return for Risk

CGSM vs. BNO — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

CGSM

CGSM Risk / Return Rank: 86
CGSM Sharpe Ratio Rank: 92
CGSM Sortino Ratio Rank: 93
CGSM Omega Ratio Rank: 94
CGSM Calmar Ratio Rank: 78
CGSM Martin Ratio Rank: 71

BNO

BNO Risk / Return Rank: 52
BNO Sharpe Ratio Rank: 55
BNO Sortino Ratio Rank: 55
BNO Omega Ratio Rank: 55
BNO Calmar Ratio Rank: 47
BNO Martin Ratio Rank: 45

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

CGSM vs. BNO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Capital Group Short Duration Municipal Income ETF (CGSM) and United States Brent Oil Fund LP (BNO). 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.

	CGSM	BNO	Difference
Sharpe ratio: Return per unit of total volatility	2.38	1.32	+1.07
Sortino ratio: Return per unit of downside risk	3.52	1.90	+1.61
Omega ratio: Gain probability vs. loss probability	1.51	1.24	+0.27
Calmar ratio: Return relative to maximum drawdown	2.79	1.70	+1.09
Martin ratio: Return relative to average drawdown	8.73	5.15	+3.58

CGSM vs. BNO - Sharpe Ratio Comparison

The current CGSM Sharpe Ratio is 2.38, which is higher than the BNO Sharpe Ratio of 1.32. The chart below compares the historical Sharpe Ratios of CGSM and BNO, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

CGSM vs. BNO - Drawdown Comparison

The maximum CGSM drawdown since its inception was -1.42%, smaller than the maximum BNO drawdown of -87.06%. Use the drawdown chart below to compare losses from any high point for CGSM and BNO.

Drawdown Indicators

	CGSM	BNO	Difference
Max Drawdown Largest peak-to-trough decline	-1.42%	-87.06%	+85.64%
Max Drawdown (1Y) Largest decline over 1 year	-1.18%	-34.46%	+33.28%
Max Drawdown (3Y) Largest decline over 3 years	—	-34.46%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-34.46%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-75.18%	—
Current Drawdown Current decline from peak	-0.50%	-16.21%	+15.71%
Average Drawdown Average peak-to-trough decline	-0.24%	-39.99%	+39.75%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.38%	11.86%	-11.48%

Volatility

CGSM vs. BNO - Volatility Comparison

The current volatility for Capital Group Short Duration Municipal Income ETF (CGSM) is 0.49%, while United States Brent Oil Fund LP (BNO) has a volatility of 17.47%. This indicates that CGSM experiences smaller price fluctuations and is considered to be less risky than BNO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CGSM	BNO	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.49%	17.47%	-16.98%
Volatility (6M) Calculated over the trailing 6-month period	1.07%	40.96%	-39.89%
Volatility (1Y) Calculated over the trailing 1-year period	1.38%	44.54%	-43.16%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.77%	36.41%	-34.64%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.77%	36.98%	-35.21%

CGSM vs. BNO - Expense Ratio Comparison

CGSM has a 0.25% expense ratio, which is lower than BNO's 1.00% expense ratio.

Dividends

CGSM vs. BNO - Dividend Comparison

CGSM's dividend yield for the trailing twelve months is around 2.93%, while BNO has not paid dividends to shareholders.

Position	TTM	2025	2024	2023
BNO United States Brent Oil Fund LP	0.00%	0.00%	0.00%	0.00%
CGSM Capital Group Short Duration Municipal Income ETF	2.93%	3.05%	3.11%	0.84%

Frequently Asked Questions

Can I hold both CGSM and BNO in my portfolio?

CGSM and BNO have a correlation of -0.26, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CGSM or BNO?

BNO has higher volatility (17.47%) compared to CGSM (0.49%). In terms of maximum drawdown, CGSM dropped -1.42% vs BNO's -87.06%.

Which ETF is better, CGSM or BNO?

On 1-year performance, BNO leads with 62.83% vs 3.07% for CGSM. On fees, CGSM is cheaper at 0.25% per year. On volatility, CGSM has been the lower-risk option at 0.49%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CGSM or BNO?

Over the 1-year period, BNO has performed better with a 62.83% return vs 3.07%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CGSM or BNO?

CGSM is cheaper with a 0.25% expense ratio, compared with 1.00% for BNO.

Which ETF pays a higher dividend yield, CGSM or BNO?

CGSM has the higher dividend yield at 2.93%, compared with 0.00% for BNO.

What is the main difference between CGSM and BNO?

CGSM is categorized as Municipal Bonds, while BNO is Oil & Gas. They also come from different issuers: Capital Group and USCF. Their fees differ too: 0.25% for CGSM and 1.00% for BNO.

Which has better risk-adjusted returns?

CGSM currently has the higher Sharpe Ratio (2.38 vs 1.32), 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.