CGSM vs. SUB

Last updated Apr 1, 2026

Compare and contrast key facts about Capital Group Short Duration Municipal Income ETF (CGSM) and iShares Short-Term National Muni Bond ETF (SUB).

CGSM and SUB 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. SUB is a passively managed fund by iShares that tracks the performance of the ICE Short Maturity AMT-Free US National Municipal Index - Benchmark TR Gross. It was launched on Nov 5, 2008.

Performance

CGSM vs. SUB - 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 Short-Term National Muni Bond ETF (SUB). The values are adjusted to include any dividend payments, if applicable.

CGSM vs. SUB - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
CGSM Capital Group Short Duration Municipal Income ETF	0.49%	4.58%	3.71%	4.04%
SUB iShares Short-Term National Muni Bond ETF	0.23%	3.64%	2.17%	3.19%

Returns By Period

In the year-to-date period, CGSM achieves a 0.49% return, which is significantly higher than SUB's 0.23% return.

CGSM

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

SUB

• 1D: 0.04%
• 1M: -0.66%
• YTD: 0.23%
• 6M: 1.01%
• 1Y: 3.37%
• 3Y*: 2.75%
• 5Y*: 1.39%
• 10Y*: 1.46%

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

CGSM vs. SUB - Expense Ratio Comparison

CGSM has a 0.25% expense ratio, which is higher than SUB's 0.07% 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%.

CGSM

Capital Group Short Duration Municipal Income ETF

SUB

iShares Short-Term National Muni Bond ETF

Return for Risk

CGSM vs. SUB — 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

SUB

SUB Risk / Return Rank: 92
SUB Sharpe Ratio Rank: 94
SUB Sortino Ratio Rank: 92
SUB Omega Ratio Rank: 97
SUB Calmar Ratio Rank: 89
SUB Martin Ratio Rank: 88

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. SUB - 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 Short-Term National Muni Bond ETF (SUB). 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	SUB	Difference
Sharpe ratio Return per unit of total volatility	2.59	2.25	+0.34
Sortino ratio Return per unit of downside risk	3.51	2.71	+0.80
Omega ratio Gain probability vs. loss probability	1.59	1.61	-0.02
Calmar ratio Return relative to maximum drawdown	3.09	2.82	+0.28
Martin ratio Return relative to average drawdown	11.27	10.30	+0.97
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. SUB - Sharpe Ratio Comparison

The current CGSM Sharpe Ratio is 2.59, which is comparable to the SUB Sharpe Ratio of 2.25. The chart below compares the historical Sharpe Ratios of CGSM and SUB, 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	SUB	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.59	2.25	+0.34
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.85	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.56	—
Sharpe Ratio (All Time) Calculated using the full available price history	2.86	0.42	+2.44

Correlation

The correlation between CGSM and SUB is 0.57, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

CGSM vs. SUB - Dividend Comparison

CGSM's dividend yield for the trailing twelve months is around 3.06%, more than SUB's 2.47% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CGSM Capital Group Short Duration Municipal Income ETF	3.06%	3.05%	3.11%	0.84%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SUB iShares Short-Term National Muni Bond ETF	2.47%	2.42%	2.10%	1.73%	0.86%	0.72%	1.23%	1.58%	1.32%	0.95%	0.75%	0.77%

Drawdowns

CGSM vs. SUB - Drawdown Comparison

The maximum CGSM drawdown since its inception was -1.42%, smaller than the maximum SUB drawdown of -9.46%. Use the drawdown chart below to compare losses from any high point for CGSM and SUB.

Drawdown Indicators

	CGSM	SUB	Difference
Max Drawdown Largest peak-to-trough decline	-1.42%	-9.46%	+8.04%
Max Drawdown (1Y) Largest decline over 1 year	-1.38%	-1.23%	-0.15%
Max Drawdown (5Y) Largest decline over 5 years	—	-4.35%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-9.46%	—
Current Drawdown Current decline from peak	-1.00%	-0.66%	-0.34%
Average Drawdown Average peak-to-trough decline	-0.22%	-0.92%	+0.70%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.38%	0.34%	+0.04%

Volatility

CGSM vs. SUB - Volatility Comparison

Capital Group Short Duration Municipal Income ETF (CGSM) has a higher volatility of 0.59% compared to iShares Short-Term National Muni Bond ETF (SUB) at 0.53%. This indicates that CGSM's price experiences larger fluctuations and is considered to be riskier than SUB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CGSM	SUB	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.59%	0.53%	+0.06%
Volatility (6M) Calculated over the trailing 6-month period	0.86%	0.80%	+0.06%
Volatility (1Y) Calculated over the trailing 1-year period	1.63%	1.51%	+0.12%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.82%	1.64%	+0.18%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.82%	2.59%	-0.77%