CGSM vs. FBNDX

Last updated Jun 4, 2026

CGSM (Capital Group Short Duration Municipal Income ETF) and FBNDX (Fidelity Investment Grade Bond Fund) are both funds - CGSM is a Municipal Bonds fund actively managed by Capital Group, while FBNDX is a Total Bond Market fund managed by Fidelity. Over the past year, CGSM returned 4.63% vs 5.13% for FBNDX. A 0.54 correlation means they provide meaningful diversification when combined. CGSM charges 0.25%/yr vs 0.45%/yr for FBNDX.

Performance

CGSM vs. FBNDX - Performance Comparison

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

Returns By Period

In the year-to-date period, CGSM achieves a 1.29% return, which is significantly higher than FBNDX's 0.34% return.

CGSM

• 1D: 0.08%
• 1M: 0.38%
• YTD: 1.29%
• 6M: 1.54%
• 1Y: 4.63%
• 3Y*: —
• 5Y*: —
• 10Y*: —

FBNDX

• 1D: 0.00%
• 1M: 0.47%
• YTD: 0.34%
• 6M: 0.16%
• 1Y: 5.13%
• 3Y*: 4.08%
• 5Y*: 0.20%
• 10Y*: 2.12%

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

CGSM vs. FBNDX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
CGSM Capital Group Short Duration Municipal Income ETF	1.29%	4.58%	3.71%	4.04%
FBNDX Fidelity Investment Grade Bond Fund	0.34%	7.37%	0.93%	7.24%

Correlation

The correlation between CGSM and FBNDX is 0.34, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.34
Correlation (All Time) Calculated using the full available price history since Sep 29, 2023	0.54

Over the past year, the correlation between CGSM and FBNDX has dropped to 0.34 - well below their long-term average of 0.54, suggesting their price drivers have been diverging.

Return for Risk

CGSM vs. FBNDX — Risk / Return Rank

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

CGSM

CGSM Risk / Return Rank: 86
CGSM Sharpe Ratio Rank: 93
CGSM Sortino Ratio Rank: 95
CGSM Omega Ratio Rank: 96
CGSM Calmar Ratio Rank: 78
CGSM Martin Ratio Rank: 70

FBNDX

FBNDX Risk / Return Rank: 19
FBNDX Sharpe Ratio Rank: 19
FBNDX Sortino Ratio Rank: 20
FBNDX Omega Ratio Rank: 18
FBNDX Calmar Ratio Rank: 21
FBNDX Martin Ratio Rank: 19

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. FBNDX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Capital Group Short Duration Municipal Income ETF (CGSM) and Fidelity Investment Grade Bond Fund (FBNDX). 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	FBNDX	Difference
Sharpe ratio Return per unit of total volatility	3.49	1.25	+2.24
Sortino ratio Return per unit of downside risk	5.39	1.88	+3.51
Omega ratio Gain probability vs. loss probability	1.81	1.22	+0.59
Calmar ratio Return relative to maximum drawdown	3.95	1.70	+2.25
Martin ratio Return relative to average drawdown	12.91	5.10	+7.81
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. FBNDX - Sharpe Ratio Comparison

The current CGSM Sharpe Ratio is 3.49, which is higher than the FBNDX Sharpe Ratio of 1.25. The chart below compares the historical Sharpe Ratios of CGSM and FBNDX, 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	FBNDX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.49	1.25	+2.24
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.03	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.42	—
Sharpe Ratio (All Time) Calculated using the full available price history	2.87	0.53	+2.35

Drawdowns

CGSM vs. FBNDX - Drawdown Comparison

The maximum CGSM drawdown since its inception was -1.42%, smaller than the maximum FBNDX drawdown of -42.76%. Use the drawdown chart below to compare losses from any high point for CGSM and FBNDX.

Drawdown Indicators

	CGSM	FBNDX	Difference
Max Drawdown Largest peak-to-trough decline	-1.42%	-42.76%	+41.34%
Max Drawdown (1Y) Largest decline over 1 year	-1.18%	-3.02%	+1.84%
Max Drawdown (3Y) Largest decline over 3 years	—	-6.09%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-18.74%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-18.74%	—
Current Drawdown Current decline from peak	-0.22%	-1.62%	+1.40%
Average Drawdown Average peak-to-trough decline	-0.24%	-10.34%	+10.10%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.36%	1.01%	-0.65%

Volatility

CGSM vs. FBNDX - Volatility Comparison

The current volatility for Capital Group Short Duration Municipal Income ETF (CGSM) is 0.42%, while Fidelity Investment Grade Bond Fund (FBNDX) has a volatility of 1.39%. This indicates that CGSM experiences smaller price fluctuations and is considered to be less risky than FBNDX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CGSM	FBNDX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.42%	1.39%	-0.97%
Volatility (6M) Calculated over the trailing 6-month period	0.98%	2.92%	-1.94%
Volatility (1Y) Calculated over the trailing 1-year period	1.33%	4.12%	-2.79%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.79%	6.03%	-4.24%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.79%	5.02%	-3.23%

CGSM vs. FBNDX - Expense Ratio Comparison

CGSM has a 0.25% expense ratio, which is lower than FBNDX's 0.45% expense ratio.

Dividends

CGSM vs. FBNDX - Dividend Comparison

CGSM's dividend yield for the trailing twelve months is around 3.00%, less than FBNDX's 3.91% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CGSM Capital Group Short Duration Municipal Income ETF	3.00%	3.05%	3.11%	0.84%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
FBNDX Fidelity Investment Grade Bond Fund	3.91%	3.87%	3.34%	3.56%	1.98%	1.34%	4.70%	2.75%	2.86%	2.18%	2.72%	2.66%

Frequently Asked Questions

Can I hold both CGSM and FBNDX in my portfolio?

CGSM and FBNDX have a correlation of 0.34, 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 FBNDX?

FBNDX has higher volatility (1.39%) compared to CGSM (0.42%). In terms of maximum drawdown, CGSM dropped -1.42% vs FBNDX's -42.76%.

Which has better risk-adjusted returns?

CGSM currently has the higher Sharpe Ratio (3.49 vs 1.25), 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.