CGSM vs. BSMQ
CGSM (Capital Group Short Duration Municipal Income ETF) and BSMQ (Invesco BulletShares 2026 Municipal Bond ETF) are both Municipal Bonds funds. CGSM is actively managed, while BSMQ is passively managed. Over the past year, CGSM returned 4.67% vs 2.98% for BSMQ. At a 0.40 correlation, their price movements are largely independent. CGSM charges 0.25%/yr vs 0.18%/yr for BSMQ.
Performance
CGSM vs. BSMQ - Performance Comparison
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Returns By Period
In the year-to-date period, CGSM achieves a 1.37% return, which is significantly higher than BSMQ's 0.81% return.
CGSM
- 1D
- 0.08%
- 1M
- 0.46%
- YTD
- 1.37%
- 6M
- 1.64%
- 1Y
- 4.67%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
BSMQ
- 1D
- 0.07%
- 1M
- 0.17%
- YTD
- 0.81%
- 6M
- 1.18%
- 1Y
- 2.98%
- 3Y*
- 2.90%
- 5Y*
- 0.31%
- 10Y*
- —
CGSM vs. BSMQ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
CGSM Capital Group Short Duration Municipal Income ETF | 1.37% | 4.58% | 3.71% | 4.04% |
BSMQ Invesco BulletShares 2026 Municipal Bond ETF | 0.81% | 3.12% | 1.99% | 4.04% |
Correlation
The correlation between CGSM and BSMQ is 0.10, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.10 |
Correlation (All Time) Calculated using the full available price history since Sep 29, 2023 | 0.40 |
Over the past year, the correlation between CGSM and BSMQ has dropped to 0.10 - well below their long-term average of 0.40, suggesting their price drivers have been diverging.
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Return for Risk
CGSM vs. BSMQ — Risk / Return Rank
CGSM
BSMQ
CGSM vs. BSMQ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Capital Group Short Duration Municipal Income ETF (CGSM) and Invesco BulletShares 2026 Municipal Bond ETF (BSMQ). 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.
| CGSM | BSMQ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.26 | ||
| Sortino ratioReturn per unit of downside risk | +1.87 | ||
| Omega ratioGain probability vs. loss probability | 1.82 | 1.47 | +0.35 |
| Calmar ratioReturn relative to maximum drawdown | 3.98 | 9.12 | -5.14 |
| Martin ratioReturn relative to average drawdown | 13.02 | 23.88 | -10.86 |
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
| CGSM | BSMQ | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 3.52 | 2.26 | +1.26 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.12 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 2.89 | 0.25 | +2.64 |
Drawdowns
CGSM vs. BSMQ - Drawdown Comparison
The maximum CGSM drawdown since its inception was -1.42%, smaller than the maximum BSMQ drawdown of -13.18%. Use the drawdown chart below to compare losses from any high point for CGSM and BSMQ.
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Drawdown Indicators
| CGSM | BSMQ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -1.42% | -13.18% | +11.76% |
Max Drawdown (1Y)Largest decline over 1 year | -1.18% | -0.33% | -0.85% |
Max Drawdown (3Y)Largest decline over 3 years | — | -2.53% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -11.50% | — |
Current DrawdownCurrent decline from peak | -0.14% | -0.05% | -0.09% |
Average DrawdownAverage peak-to-trough decline | -0.24% | -3.47% | +3.23% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.36% | 0.12% | +0.24% |
Volatility
CGSM vs. BSMQ - Volatility Comparison
Capital Group Short Duration Municipal Income ETF (CGSM) has a higher volatility of 0.43% compared to Invesco BulletShares 2026 Municipal Bond ETF (BSMQ) at 0.40%. This indicates that CGSM's price experiences larger fluctuations and is considered to be riskier than BSMQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CGSM | BSMQ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.43% | 0.40% | +0.03% |
Volatility (6M)Calculated over the trailing 6-month period | 0.98% | 0.94% | +0.04% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.33% | 1.33% | 0.00% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 1.79% | 2.68% | -0.89% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 1.79% | 4.79% | -3.00% |
CGSM vs. BSMQ - Expense Ratio Comparison
CGSM has a 0.25% expense ratio, which is higher than BSMQ's 0.18% 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
CGSM vs. BSMQ - Dividend Comparison
CGSM's dividend yield for the trailing twelve months is around 2.99%, more than BSMQ's 2.76% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
BSMQ Invesco BulletShares 2026 Municipal Bond ETF | 2.76% | 2.74% | 2.75% | 2.47% | 1.60% | 1.14% | 1.57% | 0.44% |
CGSM Capital Group Short Duration Municipal Income ETF | 2.99% | 3.05% | 3.11% | 0.84% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
CGSM and BSMQ have a correlation of 0.10, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
CGSM has higher volatility (0.43%) compared to BSMQ (0.40%). In terms of maximum drawdown, CGSM dropped -1.42% vs BSMQ's -13.18%.
On 1-year performance, CGSM leads with 4.67% vs 2.98% for BSMQ. On fees, BSMQ is cheaper at 0.18% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, CGSM has performed better with a 4.67% return vs 2.98%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BSMQ is cheaper with a 0.18% expense ratio, compared with 0.25% for CGSM.
CGSM has the higher dividend yield at 2.99%, compared with 2.76% for BSMQ.
They also come from different issuers: Capital Group and Invesco. Their fees differ too: 0.25% for CGSM and 0.18% for BSMQ.
CGSM currently has the higher Sharpe Ratio (3.52 vs 2.26), 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.
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