CGSM vs. BSSX

Last updated Jun 5, 2026

CGSM (Capital Group Short Duration Municipal Income ETF) and BSSX (Invesco BulletShares 2033 Municipal Bond ETF) are both Municipal Bonds funds. CGSM is actively managed, while BSSX is passively managed. Over the past year, CGSM returned 4.67% vs 7.02% for BSSX. A 0.52 correlation means they provide meaningful diversification when combined. CGSM charges 0.25%/yr vs 0.18%/yr for BSSX.

Performance

CGSM vs. BSSX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Capital Group Short Duration Municipal Income ETF (CGSM) and Invesco BulletShares 2033 Municipal Bond ETF (BSSX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CGSM achieves a 1.37% return, which is significantly higher than BSSX's 1.06% return.

CGSM

• 1D: 0.08%
• 1M: 0.46%
• YTD: 1.37%
• 6M: 1.64%
• 1Y: 4.67%
• 3Y*: —
• 5Y*: —
• 10Y*: —

BSSX

• 1D: 0.15%
• 1M: 0.66%
• YTD: 1.06%
• 6M: 1.73%
• 1Y: 7.02%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

CGSM vs. BSSX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
CGSM Capital Group Short Duration Municipal Income ETF	1.37%	4.58%	3.71%	4.04%
BSSX Invesco BulletShares 2033 Municipal Bond ETF	1.06%	3.79%	-0.09%	10.23%

Correlation

The correlation between CGSM and BSSX is 0.33, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.33
Correlation (All Time) Calculated using the full available price history since Sep 29, 2023	0.52

The correlation between CGSM and BSSX shifts across timeframes, from 0.33 (1 year) to 0.52 (all time), reflecting how their relationship changes across market environments.

Return for Risk

CGSM vs. BSSX — Risk / Return Rank

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

CGSM

CGSM Risk / Return Rank: 87
CGSM Sharpe Ratio Rank: 94
CGSM Sortino Ratio Rank: 96
CGSM Omega Ratio Rank: 96
CGSM Calmar Ratio Rank: 79
CGSM Martin Ratio Rank: 71

BSSX

BSSX Risk / Return Rank: 59
BSSX Sharpe Ratio Rank: 64
BSSX Sortino Ratio Rank: 70
BSSX Omega Ratio Rank: 75
BSSX Calmar Ratio Rank: 44
BSSX Martin Ratio Rank: 42

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.

CGSM vs. BSSX - 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 2033 Municipal Bond ETF (BSSX). 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	BSSX	Difference
Sharpe ratio: Return per unit of total volatility	3.52	2.10	+1.42
Sortino ratio: Return per unit of downside risk	5.44	3.13	+2.30
Omega ratio: Gain probability vs. loss probability	1.82	1.44	+0.38
Calmar ratio: Return relative to maximum drawdown	3.98	2.15	+1.83
Martin ratio: Return relative to average drawdown	13.02	6.71	+6.30
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CGSM vs. BSSX - Sharpe Ratio Comparison

The current CGSM Sharpe Ratio is 3.52, which is higher than the BSSX Sharpe Ratio of 2.10. The chart below compares the historical Sharpe Ratios of CGSM and BSSX, 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

	CGSM	BSSX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.52	2.10	+1.42
Sharpe Ratio (All Time) Calculated using the full available price history	2.89	0.58	+2.31

Drawdowns

CGSM vs. BSSX - Drawdown Comparison

The maximum CGSM drawdown since its inception was -1.42%, smaller than the maximum BSSX drawdown of -8.12%. Use the drawdown chart below to compare losses from any high point for CGSM and BSSX.

Drawdown Indicators

	CGSM	BSSX	Difference
Max Drawdown Largest peak-to-trough decline	-1.42%	-8.12%	+6.70%
Max Drawdown (1Y) Largest decline over 1 year	-1.18%	-3.28%	+2.10%
Current Drawdown Current decline from peak	-0.14%	-0.97%	+0.83%
Average Drawdown Average peak-to-trough decline	-0.24%	-3.26%	+3.02%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.36%	1.05%	-0.69%

Volatility

CGSM vs. BSSX - Volatility Comparison

The current volatility for Capital Group Short Duration Municipal Income ETF (CGSM) is 0.43%, while Invesco BulletShares 2033 Municipal Bond ETF (BSSX) has a volatility of 1.17%. This indicates that CGSM experiences smaller price fluctuations and is considered to be less risky than BSSX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CGSM	BSSX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.43%	1.17%	-0.74%
Volatility (6M) Calculated over the trailing 6-month period	0.98%	2.37%	-1.39%
Volatility (1Y) Calculated over the trailing 1-year period	1.33%	3.36%	-2.03%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.79%	7.83%	-6.04%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.79%	7.83%	-6.04%

CGSM vs. BSSX - Expense Ratio Comparison

CGSM has a 0.25% expense ratio, which is higher than BSSX'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. BSSX - Dividend Comparison

CGSM's dividend yield for the trailing twelve months is around 2.99%, less than BSSX's 3.30% yield.

Position	TTM	2025	2024	2023
BSSX Invesco BulletShares 2033 Municipal Bond ETF	3.30%	3.27%	3.29%	0.95%
CGSM Capital Group Short Duration Municipal Income ETF	2.99%	3.05%	3.11%	0.84%

Frequently Asked Questions

Can I hold both CGSM and BSSX in my portfolio?

CGSM and BSSX have a correlation of 0.33, 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 BSSX?

BSSX has higher volatility (1.17%) compared to CGSM (0.43%). In terms of maximum drawdown, CGSM dropped -1.42% vs BSSX's -8.12%.

Which ETF is better, CGSM or BSSX?

On 1-year performance, BSSX leads with 7.02% vs 4.67% for CGSM. On fees, BSSX is cheaper at 0.18% per year. On volatility, CGSM has been the lower-risk option at 0.43%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CGSM or BSSX?

Over the 1-year period, BSSX has performed better with a 7.02% return vs 4.67%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CGSM or BSSX?

BSSX is cheaper with a 0.18% expense ratio, compared with 0.25% for CGSM.

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

BSSX has the higher dividend yield at 3.30%, compared with 2.99% for CGSM.

What is the main difference between CGSM and BSSX?

They also come from different issuers: Capital Group and Invesco. Their fees differ too: 0.25% for CGSM and 0.18% for BSSX.

Which has better risk-adjusted returns?

CGSM currently has the higher Sharpe Ratio (3.52 vs 2.10), 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.