CGSM vs. UGA
CGSM (Capital Group Short Duration Municipal Income ETF) and UGA (United States Gasoline Fund, LP) are both exchange-traded funds - CGSM is a Municipal Bonds fund actively managed by Capital Group, while UGA is a Oil & Gas fund tracking the Near-Month NYMEX RBOB Gasoline Futures Contract. CGSM is actively managed, while UGA is passively managed. Over the past year, CGSM returned 3.07% vs 88.12% for UGA. Their -0.19 correlation means they have often moved in opposite directions in the past. CGSM charges 0.25%/yr vs 1.02%/yr for UGA.
Performance
CGSM vs. UGA - Performance Comparison
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Returns By Period
In the year-to-date period, CGSM achieves a 1.11% return, which is significantly lower than UGA's 91.06% return.
CGSM
- 1D
- -0.05%
- 1M
- -0.42%
- 6M
- 0.28%
- YTD
- 1.11%
- 1Y
- 3.07%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 4.76%
UGA
- 1D
- -0.01%
- 1M
- 14.56%
- 6M
- 70.02%
- YTD
- 91.06%
- 1Y
- 88.12%
- 3Y*
- 17.55%
- 5Y*
- 25.78%
- 10Y*
- 18.03%
- ALL TIME*
- 4.82%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $7.33M | $6.97M | $11.44M | |
| $6.47M | $5.01M | $4.85M |
CGSM vs. UGA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
CGSM Capital Group Short Duration Municipal Income ETF | 1.11% | 4.58% | 3.71% | 4.06% |
UGA United States Gasoline Fund, LP | 91.06% | -2.00% | 3.77% | -15.29% |
Correlation
The correlation between CGSM and UGA is -0.29, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.29 |
Correlation (All Time) Calculated using the full available price history since Sep 28, 2023 | -0.19 |
The correlation between CGSM and UGA shifts across timeframes, from -0.29 (1 year) to -0.19 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
CGSM vs. UGA — Risk / Return Rank
CGSM
UGA
CGSM vs. UGA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Capital Group Short Duration Municipal Income ETF (CGSM) and United States Gasoline Fund, LP (UGA). 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.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| CGSM | UGA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.06 | ||
| Sortino ratioReturn per unit of downside risk | +0.70 | ||
| Omega ratioGain probability vs. loss probability | 1.51 | 1.37 | +0.14 |
| Calmar ratioReturn relative to maximum drawdown | 2.79 | 4.12 | -1.33 |
| Martin ratioReturn relative to average drawdown | 8.73 | 11.57 | -2.84 |
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Drawdowns
CGSM vs. UGA - Drawdown Comparison
The maximum CGSM drawdown since its inception was -1.42%, smaller than the maximum UGA drawdown of -86.59%. Use the drawdown chart below to compare losses from any high point for CGSM and UGA.
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Drawdown Indicators
| CGSM | UGA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -1.42% | -86.59% | +85.17% |
Max Drawdown (1Y)Largest decline over 1 year | -1.18% | -20.32% | +19.14% |
Max Drawdown (3Y)Largest decline over 3 years | — | -26.68% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -38.11% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -75.89% | — |
Current DrawdownCurrent decline from peak | -0.50% | -5.63% | +5.13% |
Average DrawdownAverage peak-to-trough decline | -0.24% | -36.53% | +36.29% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.38% | 7.26% | -6.88% |
Volatility
CGSM vs. UGA - Volatility Comparison
The current volatility for Capital Group Short Duration Municipal Income ETF (CGSM) is 0.49%, while United States Gasoline Fund, LP (UGA) has a volatility of 11.28%. This indicates that CGSM experiences smaller price fluctuations and is considered to be less risky than UGA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CGSM | UGA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.49% | 11.28% | -10.79% |
Volatility (6M)Calculated over the trailing 6-month period | 1.07% | 31.98% | -30.91% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.38% | 36.11% | -34.73% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 1.77% | 34.60% | -32.83% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 1.77% | 37.26% | -35.49% |
CGSM vs. UGA - Expense Ratio Comparison
CGSM has a 0.25% expense ratio, which is lower than UGA's 1.02% expense ratio.
Dividends
CGSM vs. UGA - Dividend Comparison
CGSM's dividend yield for the trailing twelve months is around 2.93%, while UGA has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 |
|---|---|---|---|---|
CGSM Capital Group Short Duration Municipal Income ETF | 2.93% | 3.05% | 3.11% | 0.84% |
UGA United States Gasoline Fund, LP | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
CGSM and UGA have a correlation of -0.29, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UGA has higher volatility (11.28%) compared to CGSM (0.49%). In terms of maximum drawdown, CGSM dropped -1.42% vs UGA's -86.59%.
On 1-year performance, UGA leads with 88.12% vs 3.07% for CGSM. On fees, CGSM is cheaper at 0.25% per year. On volatility, CGSM has been the lower-risk option at 0.49%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, UGA has performed better with a 88.12% return vs 3.07%. 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 1.02% for UGA.
CGSM has the higher dividend yield at 2.93%, compared with 0.00% for UGA.
CGSM is categorized as Municipal Bonds, while UGA is Oil & Gas. They also come from different issuers: Capital Group and USCF. Their fees differ too: 0.25% for CGSM and 1.02% for UGA.
CGSM currently has the higher Sharpe Ratio (2.38 vs 2.32), 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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