HMOP vs. CGMU

Last updated Jun 24, 2026

HMOP (Hartford Municipal Opportunities ETF) and CGMU (Capital Group Municipal Income ETF) are both Municipal Bonds funds. Both are actively managed. Over the past 3 years, HMOP returned 4.21%/yr vs 4.47%/yr for CGMU. A 0.66 correlation means they provide meaningful diversification when combined. HMOP charges 0.29%/yr vs 0.27%/yr for CGMU.

Performance

HMOP vs. CGMU - Performance Comparison

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

Returns By Period

In the year-to-date period, HMOP achieves a 1.37% return, which is significantly lower than CGMU's 1.65% return.

HMOP

• 1D: -0.31%
• 1M: 0.84%
• YTD: 1.37%
• 6M: 1.52%
• 1Y: 5.59%
• 3Y*: 4.21%
• 5Y*: 1.32%
• 10Y*: —

CGMU

• 1D: -0.07%
• 1M: 1.15%
• YTD: 1.65%
• 6M: 1.75%
• 1Y: 6.27%
• 3Y*: 4.47%
• 5Y*: —
• 10Y*: —

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

HMOP vs. CGMU - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
HMOP Hartford Municipal Opportunities ETF	1.37%	4.70%	2.52%	6.83%	4.92%
CGMU Capital Group Municipal Income ETF	1.65%	5.19%	2.64%	6.76%	4.65%

Correlation

The correlation between HMOP and CGMU is 0.49, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.49
Correlation (3Y) Calculated over the trailing 3-year period	0.64
Correlation (All Time) Calculated using the full available price history since Oct 27, 2022	0.66

The correlation between HMOP and CGMU shifts across timeframes, from 0.49 (1 year) to 0.66 (all time), reflecting how their relationship changes across market environments.

Return for Risk

HMOP vs. CGMU — Risk / Return Rank

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

HMOP

HMOP Risk / Return Rank: 63
HMOP Sharpe Ratio Rank: 72
HMOP Sortino Ratio Rank: 75
HMOP Omega Ratio Rank: 79
HMOP Calmar Ratio Rank: 45
HMOP Martin Ratio Rank: 43

CGMU

CGMU Risk / Return Rank: 75
CGMU Sharpe Ratio Rank: 89
CGMU Sortino Ratio Rank: 90
CGMU Omega Ratio Rank: 93
CGMU Calmar Ratio Rank: 53
CGMU Martin Ratio Rank: 49

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.

HMOP vs. CGMU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Hartford Municipal Opportunities ETF (HMOP) 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.

	HMOP	CGMU	Difference
Sharpe ratio: Return per unit of total volatility	2.13	2.76	-0.63
Sortino ratio: Return per unit of downside risk	3.11	3.93	-0.81
Omega ratio: Gain probability vs. loss probability	1.43	1.59	-0.15
Calmar ratio: Return relative to maximum drawdown	2.08	2.47	-0.39
Martin ratio: Return relative to average drawdown	6.58	7.84	-1.26

HMOP vs. CGMU - Sharpe Ratio Comparison

The current HMOP Sharpe Ratio is 2.13, which is comparable to the CGMU Sharpe Ratio of 2.76. The chart below compares the historical Sharpe Ratios of HMOP 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.

Drawdowns

HMOP vs. CGMU - Drawdown Comparison

The maximum HMOP drawdown since its inception was -13.12%, which is greater than CGMU's maximum drawdown of -4.11%. Use the drawdown chart below to compare losses from any high point for HMOP and CGMU.

Drawdown Indicators

	HMOP	CGMU	Difference
Max Drawdown Largest peak-to-trough decline	-13.12%	-4.11%	-9.01%
Max Drawdown (1Y) Largest decline over 1 year	-2.70%	-2.55%	-0.15%
Max Drawdown (3Y) Largest decline over 3 years	-4.81%	-3.89%	-0.92%
Max Drawdown (5Y) Largest decline over 5 years	-13.12%	—	—
Current Drawdown Current decline from peak	-0.94%	-0.64%	-0.30%
Average Drawdown Average peak-to-trough decline	-2.46%	-0.84%	-1.62%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.85%	0.80%	+0.05%

Volatility

HMOP vs. CGMU - Volatility Comparison

Hartford Municipal Opportunities ETF (HMOP) has a higher volatility of 0.81% compared to Capital Group Municipal Income ETF (CGMU) at 0.62%. This indicates that HMOP'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.

Volatility by Period

	HMOP	CGMU	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.81%	0.62%	+0.19%
Volatility (6M) Calculated over the trailing 6-month period	1.86%	1.73%	+0.13%
Volatility (1Y) Calculated over the trailing 1-year period	2.65%	2.28%	+0.37%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.87%	3.46%	+0.41%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.25%	3.46%	+0.79%

HMOP vs. CGMU - Expense Ratio Comparison

HMOP has a 0.29% expense ratio, which is higher than CGMU's 0.27% expense ratio.

Dividends

HMOP vs. CGMU - Dividend Comparison

HMOP's dividend yield for the trailing twelve months is around 3.46%, more than CGMU's 3.32% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
CGMU Capital Group Municipal Income ETF	3.32%	3.32%	3.21%	3.08%	0.49%	0.00%	0.00%	0.00%	0.00%
HMOP Hartford Municipal Opportunities ETF	3.46%	3.40%	3.22%	2.92%	2.12%	1.67%	5.26%	2.87%	2.27%

Frequently Asked Questions

Can I hold both HMOP and CGMU in my portfolio?

HMOP and CGMU have a correlation of 0.49, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, HMOP or CGMU?

HMOP has higher volatility (0.81%) compared to CGMU (0.62%). In terms of maximum drawdown, HMOP dropped -13.12% vs CGMU's -4.11%.

Which ETF is better, HMOP or CGMU?

On 3-year performance, CGMU leads with 4.47% vs 4.21% for HMOP. On fees, CGMU is cheaper at 0.27% per year. On volatility, CGMU has been the lower-risk option at 0.62%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, HMOP or CGMU?

Over the 3-year period, CGMU has performed better with a 4.47% return vs 4.21%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, HMOP or CGMU?

CGMU is cheaper with a 0.27% expense ratio, compared with 0.29% for HMOP.

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

HMOP has the higher dividend yield at 3.46%, compared with 3.32% for CGMU.

What is the main difference between HMOP and CGMU?

They also come from different issuers: Hartford and Capital Group. Their fees differ too: 0.29% for HMOP and 0.27% for CGMU.

Which has better risk-adjusted returns?

CGMU currently has the higher Sharpe Ratio (2.76 vs 2.13), 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.