HIMFX vs. CGHM

Last updated Jun 24, 2026

HIMFX (American High-Income Municipal Bond Fund Class F-3) and CGHM (Capital Group Municipal High-Income ETF) are both High Yield Muni funds from Capital Group. Both are actively managed. Over the past year, HIMFX returned 8.18% vs 8.87% for CGHM. A 0.75 correlation means they provide meaningful diversification when combined. HIMFX charges 0.31%/yr vs 0.34%/yr for CGHM.

Performance

HIMFX vs. CGHM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in American High-Income Municipal Bond Fund Class F-3 (HIMFX) and Capital Group Municipal High-Income ETF (CGHM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HIMFX achieves a 2.51% return, which is significantly lower than CGHM's 3.08% return.

HIMFX

• 1D: -0.06%
• 1M: 1.80%
• YTD: 2.51%
• 6M: 3.09%
• 1Y: 8.18%
• 3Y*: 5.82%
• 5Y*: 1.74%
• 10Y*: —

CGHM

• 1D: 0.00%
• 1M: 1.86%
• YTD: 3.08%
• 6M: 3.34%
• 1Y: 8.87%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

HIMFX vs. CGHM - Yearly Performance Comparison

	2026 (YTD)	2025	2024
HIMFX American High-Income Municipal Bond Fund Class F-3	2.51%	4.69%	2.81%
CGHM Capital Group Municipal High-Income ETF	3.08%	4.56%	2.75%

Correlation

The correlation between HIMFX and CGHM is 0.72, 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	0.72
Correlation (All Time) Calculated using the full available price history since Jun 27, 2024	0.75

The correlation between HIMFX and CGHM has been stable across timeframes, ranging from 0.72 to 0.75 - a consistent structural relationship.

Return for Risk

HIMFX vs. CGHM — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

HIMFX

HIMFX Risk / Return Rank: 80
HIMFX Sharpe Ratio Rank: 90
HIMFX Sortino Ratio Rank: 94
HIMFX Omega Ratio Rank: 93
HIMFX Calmar Ratio Rank: 68
HIMFX Martin Ratio Rank: 58

CGHM

CGHM Risk / Return Rank: 86
CGHM Sharpe Ratio Rank: 91
CGHM Sortino Ratio Rank: 93
CGHM Omega Ratio Rank: 94
CGHM Calmar Ratio Rank: 74
CGHM Martin Ratio Rank: 77

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.

HIMFX vs. CGHM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for American High-Income Municipal Bond Fund Class F-3 (HIMFX) and Capital Group Municipal High-Income ETF (CGHM). 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.

	HIMFX	CGHM	Difference
Sharpe ratio: Return per unit of total volatility	2.74	2.87	-0.13
Sortino ratio: Return per unit of downside risk	4.50	4.22	+0.28
Omega ratio: Gain probability vs. loss probability	1.67	1.65	+0.02
Calmar ratio: Return relative to maximum drawdown	3.03	3.50	-0.47
Martin ratio: Return relative to average drawdown	10.88	13.55	-2.67

HIMFX vs. CGHM - Sharpe Ratio Comparison

The current HIMFX Sharpe Ratio is 2.74, which is comparable to the CGHM Sharpe Ratio of 2.87. The chart below compares the historical Sharpe Ratios of HIMFX and CGHM, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

HIMFX vs. CGHM - Drawdown Comparison

The maximum HIMFX drawdown since its inception was -17.57%, which is greater than CGHM's maximum drawdown of -5.90%. Use the drawdown chart below to compare losses from any high point for HIMFX and CGHM.

Drawdown Indicators

	HIMFX	CGHM	Difference
Max Drawdown Largest peak-to-trough decline	-17.57%	-5.90%	-11.67%
Max Drawdown (1Y) Largest decline over 1 year	-2.76%	-2.55%	-0.21%
Max Drawdown (3Y) Largest decline over 3 years	-6.17%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-17.57%	—	—
Current Drawdown Current decline from peak	-0.06%	-0.04%	-0.02%
Average Drawdown Average peak-to-trough decline	-3.15%	-1.21%	-1.94%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.77%	0.66%	+0.11%

Volatility

HIMFX vs. CGHM - Volatility Comparison

American High-Income Municipal Bond Fund Class F-3 (HIMFX) has a higher volatility of 0.78% compared to Capital Group Municipal High-Income ETF (CGHM) at 0.74%. This indicates that HIMFX's price experiences larger fluctuations and is considered to be riskier than CGHM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HIMFX	CGHM	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.78%	0.74%	+0.04%
Volatility (6M) Calculated over the trailing 6-month period	2.22%	2.23%	-0.01%
Volatility (1Y) Calculated over the trailing 1-year period	3.05%	3.11%	-0.06%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.82%	4.47%	+0.35%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.59%	4.47%	+0.12%

HIMFX vs. CGHM - Expense Ratio Comparison

HIMFX has a 0.31% expense ratio, which is lower than CGHM's 0.34% expense ratio.

Dividends

HIMFX vs. CGHM - Dividend Comparison

HIMFX's dividend yield for the trailing twelve months is around 4.22%, more than CGHM's 3.79% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
CGHM Capital Group Municipal High-Income ETF	3.79%	3.61%	1.78%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
HIMFX American High-Income Municipal Bond Fund Class F-3	4.22%	4.32%	3.83%	3.71%	2.80%	3.54%	3.73%	3.49%	3.99%	3.61%

Frequently Asked Questions

Can I hold both HIMFX and CGHM in my portfolio?

HIMFX and CGHM have a correlation of 0.72, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, HIMFX or CGHM?

HIMFX has higher volatility (0.78%) compared to CGHM (0.74%). In terms of maximum drawdown, HIMFX dropped -17.57% vs CGHM's -5.90%.

Which has better risk-adjusted returns?

CGHM currently has the higher Sharpe Ratio (2.87 vs 2.74), 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.