ITM vs. CGSM
ITM (VanEck Intermediate Muni ETF) and CGSM (Capital Group Short Duration Municipal Income ETF) are both Municipal Bonds funds. ITM is passively managed, while CGSM is actively managed. Over the past year, ITM returned 7.29% vs 4.63% for CGSM. A 0.64 correlation means they provide meaningful diversification when combined. ITM charges 0.24%/yr vs 0.25%/yr for CGSM.
Performance
ITM vs. CGSM - Performance Comparison
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Returns By Period
In the year-to-date period, ITM achieves a 0.61% return, which is significantly lower than CGSM's 1.29% return.
ITM
- 1D
- -0.09%
- 1M
- 0.79%
- YTD
- 0.61%
- 6M
- 1.22%
- 1Y
- 7.29%
- 3Y*
- 3.70%
- 5Y*
- 0.44%
- 10Y*
- 1.95%
CGSM
- 1D
- 0.08%
- 1M
- 0.38%
- YTD
- 1.29%
- 6M
- 1.54%
- 1Y
- 4.63%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
ITM vs. CGSM - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
ITM VanEck Intermediate Muni ETF | 0.61% | 5.34% | 0.73% | 7.51% |
CGSM Capital Group Short Duration Municipal Income ETF | 1.29% | 4.58% | 3.71% | 4.04% |
Correlation
The correlation between ITM and CGSM is 0.47, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.47 |
Correlation (All Time) Calculated using the full available price history since Sep 29, 2023 | 0.64 |
The correlation between ITM and CGSM shifts across timeframes, from 0.47 (1 year) to 0.64 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
ITM vs. CGSM — Risk / Return Rank
ITM
CGSM
ITM vs. CGSM - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for VanEck Intermediate Muni ETF (ITM) and Capital Group Short Duration Municipal Income ETF (CGSM). 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.
| ITM | CGSM | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.91 | ||
| Sortino ratioReturn per unit of downside risk | -1.66 | ||
| Omega ratioGain probability vs. loss probability | 1.55 | 1.81 | -0.26 |
| Calmar ratioReturn relative to maximum drawdown | 2.13 | 3.95 | -1.82 |
| Martin ratioReturn relative to average drawdown | 6.84 | 12.91 | -6.07 |
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
| ITM | CGSM | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.58 | 3.49 | -0.91 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.10 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.28 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.44 | 2.87 | -2.44 |
Drawdowns
ITM vs. CGSM - Drawdown Comparison
The maximum ITM drawdown since its inception was -24.75%, which is greater than CGSM's maximum drawdown of -1.42%. Use the drawdown chart below to compare losses from any high point for ITM and CGSM.
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Drawdown Indicators
| ITM | CGSM | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -24.75% | -1.42% | -23.33% |
Max Drawdown (1Y)Largest decline over 1 year | -3.43% | -1.18% | -2.25% |
Max Drawdown (3Y)Largest decline over 3 years | -5.68% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -15.11% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -24.75% | — | — |
Current DrawdownCurrent decline from peak | -1.33% | -0.22% | -1.11% |
Average DrawdownAverage peak-to-trough decline | -2.98% | -0.24% | -2.74% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.07% | 0.36% | +0.71% |
Volatility
ITM vs. CGSM - Volatility Comparison
VanEck Intermediate Muni ETF (ITM) has a higher volatility of 1.01% compared to Capital Group Short Duration Municipal Income ETF (CGSM) at 0.42%. This indicates that ITM's price experiences larger fluctuations and is considered to be riskier than CGSM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ITM | CGSM | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.01% | 0.42% | +0.59% |
Volatility (6M)Calculated over the trailing 6-month period | 2.18% | 0.98% | +1.20% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.84% | 1.33% | +1.51% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.31% | 1.79% | +2.52% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.10% | 1.79% | +5.31% |
ITM vs. CGSM - Expense Ratio Comparison
ITM has a 0.24% expense ratio, which is lower than CGSM'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
ITM vs. CGSM - Dividend Comparison
ITM's dividend yield for the trailing twelve months is around 2.93%, less than CGSM's 3.00% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CGSM Capital Group Short Duration Municipal Income ETF | 3.00% | 3.05% | 3.11% | 0.84% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
ITM VanEck Intermediate Muni ETF | 2.93% | 2.86% | 2.73% | 2.40% | 1.92% | 1.70% | 2.13% | 2.44% | 2.33% | 2.21% | 2.29% | 2.28% |
Frequently Asked Questions
ITM and CGSM have a correlation of 0.47, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
ITM has higher volatility (1.01%) compared to CGSM (0.42%). In terms of maximum drawdown, ITM dropped -24.75% vs CGSM's -1.42%.
On 1-year performance, ITM leads with 7.29% vs 4.63% for CGSM. On fees, ITM is cheaper at 0.24% per year. On volatility, CGSM has been the lower-risk option at 0.42%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, ITM has performed better with a 7.29% return vs 4.63%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
ITM is cheaper with a 0.24% expense ratio, compared with 0.25% for CGSM.
CGSM has the higher dividend yield at 3.00%, compared with 2.93% for ITM.
They also come from different issuers: VanEck and Capital Group. Their fees differ too: 0.24% for ITM and 0.25% for CGSM.
CGSM currently has the higher Sharpe Ratio (3.49 vs 2.58), 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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