DFND vs. CGMU

Last updated Aug 6, 2026

DFND (Siren DIVCON Dividend Defender ETF) and CGMU (Capital Group Municipal Income ETF) are both exchange-traded funds - DFND is a Large Cap Blend Equities fund tracking the Siren DIVCON Dividend Defender Index, while CGMU is a Municipal Bonds fund actively managed by Capital Group. DFND is passively managed, while CGMU is actively managed. Their 0.04 correlation means their historical movements had little consistent relationship. DFND charges 1.50%/yr vs 0.27%/yr for CGMU.

Performance

DFND vs. CGMU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Siren DIVCON Dividend Defender ETF (DFND) and Capital Group Municipal Income ETF (CGMU). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

DFND

• 1D: —
• 1M: —
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

CGMU

• 1D: 0.15%
• 1M: -1.10%
• 6M: -0.19%
• YTD: 0.96%
• 1Y: 4.72%
• 3Y*: 4.33%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 5.37%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
CGMU Capital Group Municipal Income ETF	$36.26M	$30.69M	$30.87M

DFND vs. CGMU - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
DFND Siren DIVCON Dividend Defender ETF	0.00%	10.37%	8.48%	12.13%	0.82%
CGMU Capital Group Municipal Income ETF	0.96%	5.19%	2.64%	6.76%	4.65%

Correlation

The correlation between DFND and CGMU is -0.12, 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.	-0.12
Correlation (3Y) Balances recent behavior with more history.	0.03
Correlation (All Time) Calculated using the full available price history since Oct 27, 2022	0.04

The correlation between DFND and CGMU shifts across timeframes, from -0.12 (1 year) to 0.04 (all time), reflecting how their relationship changes across market environments.

Return for Risk

DFND vs. CGMU — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

DFND

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

CGMU

CGMU Risk / Return Rank: 65
CGMU Sharpe Ratio Rank: 78
CGMU Sortino Ratio Rank: 75
CGMU Omega Ratio Rank: 85
CGMU Calmar Ratio Rank: 46
CGMU Martin Ratio Rank: 43

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

DFND vs. CGMU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Siren DIVCON Dividend Defender ETF (DFND) and Capital Group Municipal Income ETF (CGMU). 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.

	DFND	CGMU	Difference
Sharpe ratio: Return per unit of total volatility	—	2.00	—
Sortino ratio: Return per unit of downside risk	—	2.74	—
Omega ratio: Gain probability vs. loss probability	—	1.40	—
Calmar ratio: Return relative to maximum drawdown	—	1.86	—
Martin ratio: Return relative to average drawdown	—	5.38	—

Drawdowns

Drawdown Indicators

	DFND	CGMU	Difference
Max Drawdown Largest peak-to-trough decline	—	-4.11%	—
Max Drawdown (1Y) Largest decline over 1 year	—	-2.55%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-3.61%	—
Current Drawdown Current decline from peak	—	-1.31%	—
Average Drawdown Average peak-to-trough decline	—	-0.84%	—
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.88%	—

Volatility

Volatility by Period

	DFND	CGMU	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	0.79%	—
Volatility (6M) Calculated over the trailing 6-month period	—	1.88%	—
Volatility (1Y) Calculated over the trailing 1-year period	—	2.37%	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	—	3.43%	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	—	3.43%	—

DFND vs. CGMU - Expense Ratio Comparison

DFND has a 1.50% expense ratio, which is higher than CGMU's 0.27% expense ratio.

Dividends

DFND vs. CGMU - Dividend Comparison

DFND has not paid dividends to shareholders, while CGMU's dividend yield for the trailing twelve months is around 3.38%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
CGMU Capital Group Municipal Income ETF	3.38%	3.32%	3.21%	3.08%	0.49%	0.00%	0.00%	0.00%	0.00%	0.00%
DFND Siren DIVCON Dividend Defender ETF	0.29%	1.10%	1.64%	1.84%	0.29%	0.00%	0.00%	0.77%	0.53%	0.02%

Frequently Asked Questions

Can I hold both DFND and CGMU in my portfolio?

DFND and CGMU have a correlation of -0.12, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, DFND or CGMU?

On fees, CGMU is cheaper at 0.27% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, DFND or CGMU?

CGMU is cheaper with a 0.27% expense ratio, compared with 1.50% for DFND.

Which ETF pays a higher dividend yield, DFND or CGMU?

CGMU has the higher dividend yield at 3.38%, compared with 0.29% for DFND.

What is the main difference between DFND and CGMU?

DFND is categorized as Large Cap Blend Equities, while CGMU is Municipal Bonds. They also come from different issuers: SRN Advisors and Capital Group. Their fees differ too: 1.50% for DFND and 0.27% for CGMU.