GSY vs. CGSD
GSY (Invesco Ultra Short Duration ETF) and CGSD (Capital Group Short Duration Income ETF) are both exchange-traded funds - GSY is a Ultrashort Bond fund actively managed by Invesco, while CGSD is a Short-Term Bond fund actively managed by Capital Group. Both are actively managed. Over the past 3 years, GSY returned 5.45%/yr vs 5.25%/yr for CGSD. A 0.60 correlation means they provide meaningful diversification when combined. GSY charges 0.22%/yr vs 0.25%/yr for CGSD.
Performance
GSY vs. CGSD - Performance Comparison
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Returns By Period
In the year-to-date period, GSY achieves a 1.63% return, which is significantly higher than CGSD's 0.80% return.
GSY
- 1D
- 0.04%
- 1M
- 0.42%
- YTD
- 1.63%
- 6M
- 2.00%
- 1Y
- 4.54%
- 3Y*
- 5.45%
- 5Y*
- 3.66%
- 10Y*
- 2.87%
CGSD
- 1D
- 0.10%
- 1M
- 0.20%
- YTD
- 0.80%
- 6M
- 1.27%
- 1Y
- 4.20%
- 3Y*
- 5.25%
- 5Y*
- —
- 10Y*
- —
GSY vs. CGSD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
GSY Invesco Ultra Short Duration ETF | 1.63% | 4.96% | 5.95% | 5.99% | 1.04% |
CGSD Capital Group Short Duration Income ETF | 0.80% | 6.11% | 5.46% | 5.03% | 1.32% |
Correlation
The correlation between GSY and CGSD is 0.51, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.51 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.59 |
Correlation (All Time) Calculated using the full available price history since Oct 28, 2022 | 0.60 |
The correlation between GSY and CGSD has been stable across timeframes, ranging from 0.51 to 0.60 - a consistent structural relationship.
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Return for Risk
GSY vs. CGSD — Risk / Return Rank
GSY
CGSD
GSY vs. CGSD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco Ultra Short Duration ETF (GSY) and Capital Group Short Duration Income ETF (CGSD). 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.
| GSY | CGSD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +8.63 | ||
| Sortino ratioReturn per unit of downside risk | +25.01 | ||
| Omega ratioGain probability vs. loss probability | 7.01 | 1.59 | +5.42 |
| Calmar ratioReturn relative to maximum drawdown | 76.07 | 3.79 | +72.28 |
| Martin ratioReturn relative to average drawdown | 397.69 | 18.03 | +379.66 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| GSY | CGSD | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 11.52 | 2.89 | +8.63 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 6.30 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 2.35 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.46 | 2.42 | -1.96 |
Drawdowns
GSY vs. CGSD - Drawdown Comparison
The maximum GSY drawdown since its inception was -12.14%, which is greater than CGSD's maximum drawdown of -1.75%. Use the drawdown chart below to compare losses from any high point for GSY and CGSD.
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Drawdown Indicators
| GSY | CGSD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -12.14% | -1.75% | -10.39% |
Max Drawdown (1Y)Largest decline over 1 year | -0.06% | -1.11% | +1.05% |
Max Drawdown (3Y)Largest decline over 3 years | -0.18% | -1.11% | +0.93% |
Max Drawdown (5Y)Largest decline over 5 years | -1.48% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -5.25% | — | — |
Current DrawdownCurrent decline from peak | 0.00% | -0.04% | +0.04% |
Average DrawdownAverage peak-to-trough decline | -2.39% | -0.28% | -2.11% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.01% | 0.23% | -0.22% |
Volatility
GSY vs. CGSD - Volatility Comparison
The current volatility for Invesco Ultra Short Duration ETF (GSY) is 0.14%, while Capital Group Short Duration Income ETF (CGSD) has a volatility of 0.40%. This indicates that GSY experiences smaller price fluctuations and is considered to be less risky than CGSD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| GSY | CGSD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.14% | 0.40% | -0.26% |
Volatility (6M)Calculated over the trailing 6-month period | 0.29% | 1.00% | -0.71% |
Volatility (1Y)Calculated over the trailing 1-year period | 0.40% | 1.47% | -1.07% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 0.58% | 2.16% | -1.58% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 1.22% | 2.16% | -0.94% |
GSY vs. CGSD - Expense Ratio Comparison
GSY has a 0.22% expense ratio, which is lower than CGSD's 0.25% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
GSY vs. CGSD - Dividend Comparison
GSY's dividend yield for the trailing twelve months is around 4.34%, less than CGSD's 4.46% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CGSD Capital Group Short Duration Income ETF | 4.46% | 4.48% | 4.57% | 4.43% | 0.64% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
GSY Invesco Ultra Short Duration ETF | 4.34% | 4.56% | 5.31% | 4.95% | 1.70% | 0.58% | 1.45% | 2.71% | 2.30% | 1.80% | 1.21% | 1.17% |
Frequently Asked Questions
GSY and CGSD have a correlation of 0.51, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
CGSD has higher volatility (0.40%) compared to GSY (0.14%). In terms of maximum drawdown, GSY dropped -12.14% vs CGSD's -1.75%.
On 3-year performance, GSY leads with 5.45% vs 5.25% for CGSD. On fees, GSY is cheaper at 0.22% per year. On volatility, GSY has been the lower-risk option at 0.14%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, GSY has performed better with a 5.45% return vs 5.25%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
GSY is cheaper with a 0.22% expense ratio, compared with 0.25% for CGSD.
CGSD has the higher dividend yield at 4.46%, compared with 4.34% for GSY.
GSY is categorized as Ultrashort Bond, while CGSD is Short-Term Bond. They also come from different issuers: Invesco and Capital Group. Their fees differ too: 0.22% for GSY and 0.25% for CGSD.
GSY currently has the higher Sharpe Ratio (11.52 vs 2.89), 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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