CGSM vs. DBE
CGSM (Capital Group Short Duration Municipal Income ETF) and DBE (Invesco DB Energy Fund) are both exchange-traded funds - CGSM is a Municipal Bonds fund actively managed by Capital Group, while DBE is a Oil & Gas fund tracking the DBIQ Optimum Yield Energy Index. CGSM is actively managed, while DBE is passively managed. Over the past year, CGSM returned 4.67% vs 81.31% for DBE. At a correlation of -0.18, they often move in opposite directions. CGSM charges 0.25%/yr vs 0.78%/yr for DBE.
Performance
CGSM vs. DBE - Performance Comparison
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Returns By Period
In the year-to-date period, CGSM achieves a 1.37% return, which is significantly lower than DBE's 79.04% return.
CGSM
- 1D
- 0.08%
- 1M
- 0.46%
- YTD
- 1.37%
- 6M
- 1.64%
- 1Y
- 4.67%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
DBE
- 1D
- -2.52%
- 1M
- -6.01%
- YTD
- 79.04%
- 6M
- 69.31%
- 1Y
- 81.31%
- 3Y*
- 22.41%
- 5Y*
- 19.05%
- 10Y*
- 11.58%
CGSM vs. DBE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
CGSM Capital Group Short Duration Municipal Income ETF | 1.37% | 4.58% | 3.71% | 4.04% |
DBE Invesco DB Energy Fund | 79.04% | -2.17% | 2.96% | -16.03% |
Correlation
The correlation between CGSM and DBE is -0.21, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.21 |
Correlation (All Time) Calculated using the full available price history since Sep 29, 2023 | -0.18 |
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Return for Risk
CGSM vs. DBE — Risk / Return Rank
CGSM
DBE
CGSM vs. DBE - 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 DB Energy Fund (DBE). 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 | DBE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.19 | ||
| Sortino ratioReturn per unit of downside risk | +2.57 | ||
| Omega ratioGain probability vs. loss probability | 1.82 | 1.39 | +0.43 |
| Calmar ratioReturn relative to maximum drawdown | 3.98 | 5.67 | -1.69 |
| Martin ratioReturn relative to average drawdown | 13.02 | 11.08 | +1.94 |
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 | DBE | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 3.52 | 2.33 | +1.19 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.65 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.41 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 2.89 | 0.09 | +2.80 |
Drawdowns
CGSM vs. DBE - Drawdown Comparison
The maximum CGSM drawdown since its inception was -1.42%, smaller than the maximum DBE drawdown of -86.69%. Use the drawdown chart below to compare losses from any high point for CGSM and DBE.
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Drawdown Indicators
| CGSM | DBE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -1.42% | -86.69% | +85.27% |
Max Drawdown (1Y)Largest decline over 1 year | -1.18% | -14.41% | +13.23% |
Max Drawdown (3Y)Largest decline over 3 years | — | -23.89% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -38.74% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -60.84% | — |
Current DrawdownCurrent decline from peak | -0.14% | -32.03% | +31.89% |
Average DrawdownAverage peak-to-trough decline | -0.24% | -57.30% | +57.06% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.36% | 7.37% | -7.01% |
Volatility
CGSM vs. DBE - Volatility Comparison
The current volatility for Capital Group Short Duration Municipal Income ETF (CGSM) is 0.43%, while Invesco DB Energy Fund (DBE) has a volatility of 13.05%. This indicates that CGSM experiences smaller price fluctuations and is considered to be less risky than DBE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CGSM | DBE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.43% | 13.05% | -12.62% |
Volatility (6M)Calculated over the trailing 6-month period | 0.98% | 30.97% | -29.99% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.33% | 35.07% | -33.74% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 1.79% | 29.41% | -27.62% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 1.79% | 28.34% | -26.55% |
CGSM vs. DBE - Expense Ratio Comparison
CGSM has a 0.25% expense ratio, which is lower than DBE's 0.78% expense ratio.
Dividends
CGSM vs. DBE - Dividend Comparison
CGSM's dividend yield for the trailing twelve months is around 2.99%, more than DBE's 2.16% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
CGSM Capital Group Short Duration Municipal Income ETF | 2.99% | 3.05% | 3.11% | 0.84% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
DBE Invesco DB Energy Fund | 2.16% | 3.86% | 6.32% | 3.87% | 0.75% | 0.00% | 0.00% | 1.79% | 1.67% |
Frequently Asked Questions
CGSM and DBE have a correlation of -0.21, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DBE has higher volatility (13.05%) compared to CGSM (0.43%). In terms of maximum drawdown, CGSM dropped -1.42% vs DBE's -86.69%.
On 1-year performance, DBE leads with 81.31% vs 4.67% for CGSM. On fees, CGSM is cheaper at 0.25% 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.
Over the 1-year period, DBE has performed better with a 81.31% return vs 4.67%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
CGSM is cheaper with a 0.25% expense ratio, compared with 0.78% for DBE.
CGSM has the higher dividend yield at 2.99%, compared with 2.16% for DBE.
CGSM is categorized as Municipal Bonds, while DBE is Oil & Gas. They also come from different issuers: Capital Group and Invesco. Their fees differ too: 0.25% for CGSM and 0.78% for DBE.
CGSM currently has the higher Sharpe Ratio (3.52 vs 2.33), 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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