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FAGIX vs. CGMU
Performance
Return for Risk
Drawdowns
Volatility
Dividends

FAGIX vs. CGMU

Last updated Jun 13, 2026

FAGIX (Fidelity Capital & Income Fund) and CGMU (Capital Group Municipal Income ETF) are both funds - FAGIX is a High Yield Bonds fund actively managed by Fidelity, while CGMU is a Municipal Bonds fund actively managed by Capital Group. Both are actively managed. Over the past 3 years, FAGIX returned 12.87%/yr vs 4.63%/yr for CGMU. At a 0.26 correlation, their price movements are largely independent. FAGIX charges 0.67%/yr vs 0.27%/yr for CGMU.

Performance

FAGIX vs. CGMU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Capital & Income Fund (FAGIX) and Capital Group Municipal Income ETF (CGMU). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, FAGIX achieves a 7.40% return, which is significantly higher than CGMU's 1.39% return.

FAGIX

1D
1.15%
1M
0.25%
YTD
7.40%
6M
7.95%
1Y
16.73%
3Y*
12.87%
5Y*
6.75%
10Y*
8.03%

CGMU

1D
-0.07%
1M
0.56%
YTD
1.39%
6M
1.82%
1Y
6.32%
3Y*
4.63%
5Y*
—
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

FAGIX vs. CGMU - Yearly Performance Comparison

2026 (YTD)2025202420232022
FAGIX
Fidelity Capital & Income Fund		7.40%12.38%10.69%13.02%2.20%
CGMU
Capital Group Municipal Income ETF		1.39%5.19%2.64%6.76%4.65%

Correlation

The correlation between FAGIX and CGMU is 0.23, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.23

Correlation (3Y)
Calculated over the trailing 3-year period

0.27

Correlation (All Time)
Calculated using the full available price history since Oct 27, 2022

0.26

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Fidelity Capital & Income Fund

Capital Group Municipal Income ETF

Often compared with FAGIX:
FAGIX vs. FBALXFAGIX vs. FFRHXFAGIX vs. SPHIXFAGIX vs. VYMFAGIX vs. HYGHFAGIX vs. BNDFAGIX vs. SCHD
Often compared with CGMU:
CGMU vs. MUBCGMU vs. FLMICGMU vs. BNDCGMU vs. AUNYXCGMU vs. VYMCGMU vs. VCRBCGMU vs. JMST

Return for Risk

FAGIX vs. CGMU — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
FAGIX
FAGIX Risk / Return Rank: 9191
Overall Rank
FAGIX Sharpe Ratio Rank: 9191
Sharpe Ratio Rank
FAGIX Sortino Ratio Rank: 8888
Sortino Ratio Rank
FAGIX Omega Ratio Rank: 8787
Omega Ratio Rank
FAGIX Calmar Ratio Rank: 9595
Calmar Ratio Rank
FAGIX Martin Ratio Rank: 9696
Martin Ratio Rank
CGMU
CGMU Risk / Return Rank: 7777
Overall Rank
CGMU Sharpe Ratio Rank: 9191
Sharpe Ratio Rank
CGMU Sortino Ratio Rank: 9292
Sortino Ratio Rank
CGMU Omega Ratio Rank: 9494
Omega Ratio Rank
CGMU Calmar Ratio Rank: 5656
Calmar Ratio Rank
CGMU Martin Ratio Rank: 5353
Martin Ratio Rank
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.

FAGIX vs. CGMU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Capital & Income Fund (FAGIX) 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.

FAGIXCGMUDifference
Sharpe ratioReturn per unit of total volatility
2.63
2.78

-0.15

Sortino ratioReturn per unit of downside risk
3.75
3.96

-0.20

Omega ratioGain probability vs. loss probability

1.52

1.59

-0.08

Calmar ratioReturn relative to maximum drawdown

4.85

2.49

+2.36

Martin ratioReturn relative to average drawdown

19.86

7.97

+11.89

FAGIX vs. CGMU - Sharpe Ratio Comparison

The current FAGIX Sharpe Ratio is 2.63, which is comparable to the CGMU Sharpe Ratio of 2.78. The chart below compares the historical Sharpe Ratios of FAGIX and CGMU, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

FAGIX vs. CGMU - Drawdown Comparison

The maximum FAGIX drawdown since its inception was -37.97%, which is greater than CGMU's maximum drawdown of -4.11%. Use the drawdown chart below to compare losses from any high point for FAGIX and CGMU.

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Drawdown Indicators

FAGIXCGMUDifference

Max Drawdown

Largest peak-to-trough decline

-37.97%

-4.11%

-33.86%

Max Drawdown (1Y)

Largest decline over 1 year

-3.49%

-2.55%

-0.94%

Max Drawdown (3Y)

Largest decline over 3 years

-7.26%

-3.89%

-3.37%

Max Drawdown (5Y)

Largest decline over 5 years

-15.42%

—

—

Max Drawdown (10Y)

Largest decline over 10 years

-28.45%

—

—

Current Drawdown

Current decline from peak

-1.04%

-0.89%

-0.15%

Average Drawdown

Average peak-to-trough decline

-6.98%

-0.84%

-6.14%

Ulcer Index

Depth and duration of drawdowns from previous peaks

0.85%

0.79%

+0.06%

Volatility

FAGIX vs. CGMU - Volatility Comparison

Fidelity Capital & Income Fund (FAGIX) has a higher volatility of 2.71% compared to Capital Group Municipal Income ETF (CGMU) at 0.81%. This indicates that FAGIX's price experiences larger fluctuations and is considered to be riskier than CGMU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

FAGIXCGMUDifference

Volatility (1M)

Calculated over the trailing 1-month period

2.71%

0.81%

+1.90%

Volatility (6M)

Calculated over the trailing 6-month period

5.30%

1.73%

+3.57%

Volatility (1Y)

Calculated over the trailing 1-year period

6.42%

2.28%

+4.14%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

6.66%

3.47%

+3.19%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

7.84%

3.47%

+4.37%

FAGIX vs. CGMU - Expense Ratio Comparison

FAGIX has a 0.67% expense ratio, which is higher than CGMU's 0.27% expense ratio.

Dividends

FAGIX vs. CGMU - Dividend Comparison

FAGIX's dividend yield for the trailing twelve months is around 4.47%, more than CGMU's 3.33% yield.

PositionTTM20252024202320222021202020192018201720162015
CGMU
Capital Group Municipal Income ETF		3.33%3.32%3.21%3.08%0.49%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
FAGIX
Fidelity Capital & Income Fund		4.47%4.74%5.02%5.28%10.25%6.08%4.59%5.00%5.67%5.05%4.57%4.51%

Frequently Asked Questions

FAGIX and CGMU have a correlation of 0.23, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

FAGIX has higher volatility (2.71%) compared to CGMU (0.81%). In terms of maximum drawdown, FAGIX dropped -37.97% vs CGMU's -4.11%.

CGMU currently has the higher Sharpe Ratio (2.78 vs 2.63), 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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