OOSP vs. CGMS

Last updated Jun 4, 2026

OOSP (Obra Opportunistic Structured Products ETF) and CGMS (Capital Group U.S. Multi-Sector Income ETF) are both Multisector Bonds funds. Both are actively managed. Over the past year, OOSP returned 6.71% vs 7.10% for CGMS. At a 0.07 correlation, their price movements are largely independent. OOSP charges 0.90%/yr vs 0.39%/yr for CGMS.

Performance

OOSP vs. CGMS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Obra Opportunistic Structured Products ETF (OOSP) and Capital Group U.S. Multi-Sector Income ETF (CGMS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, OOSP achieves a 2.41% return, which is significantly higher than CGMS's 1.54% return.

OOSP

• 1D: 0.00%
• 1M: 0.91%
• YTD: 2.41%
• 6M: 2.51%
• 1Y: 6.71%
• 3Y*: —
• 5Y*: —
• 10Y*: —

CGMS

• 1D: -0.25%
• 1M: 0.56%
• YTD: 1.54%
• 6M: 1.68%
• 1Y: 7.10%
• 3Y*: 7.92%
• 5Y*: —
• 10Y*: —

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

OOSP vs. CGMS - Yearly Performance Comparison

	2026 (YTD)	2025	2024
OOSP Obra Opportunistic Structured Products ETF	2.41%	7.41%	6.43%
CGMS Capital Group U.S. Multi-Sector Income ETF	1.54%	7.52%	6.69%

Correlation

The correlation between OOSP and CGMS is 0.03, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.03
Correlation (All Time) Calculated using the full available price history since Apr 11, 2024	0.07

Return for Risk

OOSP vs. CGMS — Risk / Return Rank

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

OOSP

OOSP Risk / Return Rank: 68
OOSP Sharpe Ratio Rank: 52
OOSP Sortino Ratio Rank: 54
OOSP Omega Ratio Rank: 61
OOSP Calmar Ratio Rank: 88
OOSP Martin Ratio Rank: 87

CGMS

CGMS Risk / Return Rank: 63
CGMS Sharpe Ratio Rank: 60
CGMS Sortino Ratio Rank: 67
CGMS Omega Ratio Rank: 64
CGMS Calmar Ratio Rank: 57
CGMS Martin Ratio Rank: 69

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.

OOSP vs. CGMS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Obra Opportunistic Structured Products ETF (OOSP) and Capital Group U.S. Multi-Sector Income ETF (CGMS). 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.

	OOSP	CGMS	Difference
Sharpe ratio: Return per unit of total volatility	1.82	2.08	-0.26
Sortino ratio: Return per unit of downside risk	2.64	3.14	-0.50
Omega ratio: Gain probability vs. loss probability	1.38	1.39	-0.02
Calmar ratio: Return relative to maximum drawdown	5.13	2.88	+2.25
Martin ratio: Return relative to average drawdown	19.01	12.89	+6.12
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

OOSP vs. CGMS - Sharpe Ratio Comparison

The current OOSP Sharpe Ratio is 1.82, which is comparable to the CGMS Sharpe Ratio of 2.08. The chart below compares the historical Sharpe Ratios of OOSP and CGMS, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	OOSP	CGMS	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.82	2.08	-0.26
Sharpe Ratio (All Time) Calculated using the full available price history	2.29	1.66	+0.63

Drawdowns

OOSP vs. CGMS - Drawdown Comparison

The maximum OOSP drawdown since its inception was -1.31%, smaller than the maximum CGMS drawdown of -4.08%. Use the drawdown chart below to compare losses from any high point for OOSP and CGMS.

Drawdown Indicators

	OOSP	CGMS	Difference
Max Drawdown Largest peak-to-trough decline	-1.31%	-4.08%	+2.77%
Max Drawdown (1Y) Largest decline over 1 year	-1.31%	-2.47%	+1.16%
Max Drawdown (3Y) Largest decline over 3 years	—	-4.08%	—
Current Drawdown Current decline from peak	-0.18%	-0.25%	+0.07%
Average Drawdown Average peak-to-trough decline	-0.20%	-0.67%	+0.47%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.35%	0.55%	-0.20%

Volatility

OOSP vs. CGMS - Volatility Comparison

Obra Opportunistic Structured Products ETF (OOSP) has a higher volatility of 1.23% compared to Capital Group U.S. Multi-Sector Income ETF (CGMS) at 1.15%. This indicates that OOSP's price experiences larger fluctuations and is considered to be riskier than CGMS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	OOSP	CGMS	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.23%	1.15%	+0.08%
Volatility (6M) Calculated over the trailing 6-month period	2.23%	2.66%	-0.43%
Volatility (1Y) Calculated over the trailing 1-year period	3.71%	3.43%	+0.28%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.35%	5.13%	-1.78%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.35%	5.13%	-1.78%

OOSP vs. CGMS - Expense Ratio Comparison

OOSP has a 0.90% expense ratio, which is higher than CGMS's 0.39% expense ratio.

Dividends

OOSP vs. CGMS - Dividend Comparison

OOSP's dividend yield for the trailing twelve months is around 6.47%, more than CGMS's 6.09% yield.

Position	TTM	2025	2024	2023	2022
CGMS Capital Group U.S. Multi-Sector Income ETF	6.09%	6.00%	5.91%	5.84%	0.97%
OOSP Obra Opportunistic Structured Products ETF	6.47%	6.71%	5.42%	0.00%	0.00%

Frequently Asked Questions

Can I hold both OOSP and CGMS in my portfolio?

OOSP and CGMS have a correlation of 0.03, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, OOSP or CGMS?

OOSP has higher volatility (1.23%) compared to CGMS (1.15%). In terms of maximum drawdown, OOSP dropped -1.31% vs CGMS's -4.08%.

Which ETF is better, OOSP or CGMS?

On 1-year performance, CGMS leads with 7.10% vs 6.71% for OOSP. On fees, CGMS is cheaper at 0.39% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, OOSP or CGMS?

Over the 1-year period, CGMS has performed better with a 7.10% return vs 6.71%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, OOSP or CGMS?

CGMS is cheaper with a 0.39% expense ratio, compared with 0.90% for OOSP.

Which ETF pays a higher dividend yield, OOSP or CGMS?

OOSP has the higher dividend yield at 6.47%, compared with 6.09% for CGMS.

What is the main difference between OOSP and CGMS?

They also come from different issuers: Obra and Capital Group. Their fees differ too: 0.90% for OOSP and 0.39% for CGMS.

Which has better risk-adjusted returns?

CGMS currently has the higher Sharpe Ratio (2.08 vs 1.82), 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.