CGSM vs. IBIT

Last updated Apr 1, 2026

Compare and contrast key facts about Capital Group Short Duration Municipal Income ETF (CGSM) and iShares Bitcoin Trust ETF (IBIT).

CGSM and IBIT are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. CGSM is an actively managed fund by Capital Group. It was launched on Sep 26, 2023. IBIT is a passively managed fund by iShares that tracks the performance of the CME CF Bitcoin Reference Rate - New York Variant. It was launched on Jan 5, 2024.

Performance

CGSM vs. IBIT - Performance Comparison

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

CGSM vs. IBIT - Yearly Performance Comparison

	2026 (YTD)	2025	2024
CGSM Capital Group Short Duration Municipal Income ETF	0.49%	4.58%	3.87%
IBIT iShares Bitcoin Trust ETF	-22.62%	-6.41%	99.21%

Returns By Period

In the year-to-date period, CGSM achieves a 0.49% return, which is significantly higher than IBIT's -22.62% return.

CGSM

• 1D: 0.04%
• 1M: -0.95%
• YTD: 0.49%
• 6M: 1.22%
• 1Y: 4.18%
• 3Y*: —
• 5Y*: —
• 10Y*: —

IBIT

• 1D: 1.96%
• 1M: 3.31%
• YTD: -22.62%
• 6M: -40.89%
• 1Y: -17.92%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

CGSM vs. IBIT - Expense Ratio Comparison

Both CGSM and IBIT have an expense ratio of 0.25%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.

CGSM

Capital Group Short Duration Municipal Income ETF

IBIT

iShares Bitcoin Trust ETF

Return for Risk

CGSM vs. IBIT — Risk / Return Rank

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

CGSM

CGSM Risk / Return Rank: 94
CGSM Sharpe Ratio Rank: 96
CGSM Sortino Ratio Rank: 97
CGSM Omega Ratio Rank: 97
CGSM Calmar Ratio Rank: 90
CGSM Martin Ratio Rank: 89

IBIT

IBIT Risk / Return Rank: 6
IBIT Sharpe Ratio Rank: 5
IBIT Sortino Ratio Rank: 6
IBIT Omega Ratio Rank: 7
IBIT Calmar Ratio Rank: 6
IBIT Martin Ratio Rank: 6

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. IBIT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Capital Group Short Duration Municipal Income ETF (CGSM) and iShares Bitcoin Trust ETF (IBIT). 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	IBIT	Difference
Sharpe ratio Return per unit of total volatility	2.59	-0.40	+2.98
Sortino ratio Return per unit of downside risk	3.51	-0.29	+3.79
Omega ratio Gain probability vs. loss probability	1.59	0.97	+0.62
Calmar ratio Return relative to maximum drawdown	3.09	-0.39	+3.48
Martin ratio Return relative to average drawdown	11.27	-0.83	+12.10
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. IBIT - Sharpe Ratio Comparison

The current CGSM Sharpe Ratio is 2.59, which is higher than the IBIT Sharpe Ratio of -0.40. The chart below compares the historical Sharpe Ratios of CGSM and IBIT, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	CGSM	IBIT	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.59	-0.40	+2.98
Sharpe Ratio (All Time) Calculated using the full available price history	2.86	0.35	+2.50

Correlation

The correlation between CGSM and IBIT is -0.02. This indicates that the assets' prices tend to move in opposite directions. Negative correlation can be particularly beneficial for diversification and risk management, as one asset may offset the losses of the other during market fluctuations.

Dividends

CGSM vs. IBIT - Dividend Comparison

CGSM's dividend yield for the trailing twelve months is around 3.06%, while IBIT has not paid dividends to shareholders.

	TTM	2025	2024	2023
CGSM Capital Group Short Duration Municipal Income ETF	3.06%	3.05%	3.11%	0.84%
IBIT iShares Bitcoin Trust ETF	0.00%	0.00%	0.00%	0.00%

Drawdowns

CGSM vs. IBIT - Drawdown Comparison

The maximum CGSM drawdown since its inception was -1.42%, smaller than the maximum IBIT drawdown of -49.36%. Use the drawdown chart below to compare losses from any high point for CGSM and IBIT.

Drawdown Indicators

	CGSM	IBIT	Difference
Max Drawdown Largest peak-to-trough decline	-1.42%	-49.36%	+47.94%
Max Drawdown (1Y) Largest decline over 1 year	-1.38%	-49.36%	+47.98%
Current Drawdown Current decline from peak	-1.00%	-46.11%	+45.11%
Average Drawdown Average peak-to-trough decline	-0.22%	-14.13%	+13.91%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.38%	23.09%	-22.71%

Volatility

CGSM vs. IBIT - Volatility Comparison

The current volatility for Capital Group Short Duration Municipal Income ETF (CGSM) is 0.59%, while iShares Bitcoin Trust ETF (IBIT) has a volatility of 12.99%. This indicates that CGSM experiences smaller price fluctuations and is considered to be less risky than IBIT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CGSM	IBIT	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.59%	12.99%	-12.40%
Volatility (6M) Calculated over the trailing 6-month period	0.86%	36.75%	-35.89%
Volatility (1Y) Calculated over the trailing 1-year period	1.63%	45.42%	-43.79%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.82%	51.26%	-49.44%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.82%	51.26%	-49.44%