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PNAIX vs. CGMU
Performance
Return for Risk
Drawdowns
Volatility
Dividends

PNAIX vs. CGMU

Last updated Jun 13, 2026

PNAIX (T. Rowe Price All-Cap Opportunities Fund I Class) and CGMU (Capital Group Municipal Income ETF) are both funds - PNAIX is a Large Cap Growth Equities fund tracking the Russell 3000 Index, while CGMU is a Municipal Bonds fund actively managed by Capital Group. PNAIX is passively managed, while CGMU is actively managed. Over the past 3 years, PNAIX returned 17.41%/yr vs 4.63%/yr for CGMU. At a 0.13 correlation, their price movements are largely independent. PNAIX charges 0.66%/yr vs 0.27%/yr for CGMU.

Performance

PNAIX vs. CGMU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in T. Rowe Price All-Cap Opportunities Fund I Class (PNAIX) and Capital Group Municipal Income ETF (CGMU). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, PNAIX achieves a -1.66% return, which is significantly lower than CGMU's 1.39% return.

PNAIX

1D
2.25%
1M
-1.01%
YTD
-1.66%
6M
-1.61%
1Y
10.14%
3Y*
17.41%
5Y*
9.52%
10Y*
15.46%

CGMU

1D
-0.07%
1M
0.56%
YTD
1.39%
6M
1.82%
1Y
6.32%
3Y*
4.63%
5Y*
—
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

PNAIX vs. CGMU - Yearly Performance Comparison

2026 (YTD)2025202420232022
PNAIX
T. Rowe Price All-Cap Opportunities Fund I Class		-1.66%16.53%25.43%29.18%0.60%
CGMU
Capital Group Municipal Income ETF		1.39%5.19%2.64%6.76%4.65%

Correlation

The correlation between PNAIX and CGMU is 0.18, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.18

Correlation (3Y)
Calculated over the trailing 3-year period

0.16

Correlation (All Time)
Calculated using the full available price history since Oct 27, 2022

0.13

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

T. Rowe Price All-Cap Opportunities Fund I Class

Capital Group Municipal Income ETF

Often compared with PNAIX:
PNAIX vs. FXAIXPNAIX vs. VOOPNAIX vs. PRWAXPNAIX vs. JDMNXPNAIX vs. GREKPNAIX vs. POMIXPNAIX vs. POGRX
Often compared with CGMU:
CGMU vs. MUBCGMU vs. FLMICGMU vs. BNDCGMU vs. AUNYXCGMU vs. VYMCGMU vs. VCRBCGMU vs. JMST

Return for Risk

PNAIX vs. CGMU — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
PNAIX
PNAIX Risk / Return Rank: 1313
Overall Rank
PNAIX Sharpe Ratio Rank: 1313
Sharpe Ratio Rank
PNAIX Sortino Ratio Rank: 1313
Sortino Ratio Rank
PNAIX Omega Ratio Rank: 1313
Omega Ratio Rank
PNAIX Calmar Ratio Rank: 1111
Calmar Ratio Rank
PNAIX Martin Ratio Rank: 1313
Martin Ratio Rank
CGMU
CGMU Risk / Return Rank: 7777
Overall Rank
CGMU Sharpe Ratio Rank: 9191
Sharpe Ratio Rank
CGMU Sortino Ratio Rank: 9292
Sortino Ratio Rank
CGMU Omega Ratio Rank: 9494
Omega Ratio Rank
CGMU Calmar Ratio Rank: 5656
Calmar Ratio Rank
CGMU Martin Ratio Rank: 5353
Martin Ratio Rank
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.

PNAIX vs. CGMU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price All-Cap Opportunities Fund I Class (PNAIX) 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.

PNAIXCGMUDifference
Sharpe ratioReturn per unit of total volatility
0.75
2.78

-2.02

Sortino ratioReturn per unit of downside risk
1.12
3.96

-2.83

Omega ratioGain probability vs. loss probability

1.14

1.59

-0.45

Calmar ratioReturn relative to maximum drawdown

0.75

2.49

-1.74

Martin ratioReturn relative to average drawdown

2.60

7.97

-5.37

PNAIX vs. CGMU - Sharpe Ratio Comparison

The current PNAIX Sharpe Ratio is 0.75, which is lower than the CGMU Sharpe Ratio of 2.78. The chart below compares the historical Sharpe Ratios of PNAIX 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.

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Drawdowns

PNAIX vs. CGMU - Drawdown Comparison

The maximum PNAIX drawdown since its inception was -30.49%, which is greater than CGMU's maximum drawdown of -4.11%. Use the drawdown chart below to compare losses from any high point for PNAIX and CGMU.

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Drawdown Indicators

PNAIXCGMUDifference

Max Drawdown

Largest peak-to-trough decline

-30.49%

-4.11%

-26.38%

Max Drawdown (1Y)

Largest decline over 1 year

-14.02%

-2.55%

-11.47%

Max Drawdown (3Y)

Largest decline over 3 years

-19.05%

-3.89%

-15.16%

Max Drawdown (5Y)

Largest decline over 5 years

-29.29%

—

—

Max Drawdown (10Y)

Largest decline over 10 years

-30.49%

—

—

Current Drawdown

Current decline from peak

-3.56%

-0.89%

-2.67%

Average Drawdown

Average peak-to-trough decline

-5.52%

-0.84%

-4.68%

Ulcer Index

Depth and duration of drawdowns from previous peaks

4.01%

0.79%

+3.22%

Volatility

PNAIX vs. CGMU - Volatility Comparison

T. Rowe Price All-Cap Opportunities Fund I Class (PNAIX) has a higher volatility of 5.17% compared to Capital Group Municipal Income ETF (CGMU) at 0.81%. This indicates that PNAIX'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.

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Volatility by Period

PNAIXCGMUDifference

Volatility (1M)

Calculated over the trailing 1-month period

5.17%

0.81%

+4.36%

Volatility (6M)

Calculated over the trailing 6-month period

11.38%

1.73%

+9.65%

Volatility (1Y)

Calculated over the trailing 1-year period

13.90%

2.28%

+11.62%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

17.69%

3.47%

+14.22%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

19.20%

3.47%

+15.73%

PNAIX vs. CGMU - Expense Ratio Comparison

PNAIX has a 0.66% expense ratio, which is higher than CGMU's 0.27% expense ratio.

Dividends

PNAIX vs. CGMU - Dividend Comparison

PNAIX's dividend yield for the trailing twelve months is around 8.68%, more than CGMU's 3.33% yield.

PositionTTM202520242023202220212020201920182017
CGMU
Capital Group Municipal Income ETF		3.33%3.32%3.21%3.08%0.49%0.00%0.00%0.00%0.00%0.00%
PNAIX
T. Rowe Price All-Cap Opportunities Fund I Class		8.68%8.53%9.37%5.23%3.31%20.62%15.56%7.43%12.75%0.29%

Frequently Asked Questions

PNAIX and CGMU have a correlation of 0.18, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

PNAIX has higher volatility (5.17%) compared to CGMU (0.81%). In terms of maximum drawdown, PNAIX dropped -30.49% vs CGMU's -4.11%.

CGMU currently has the higher Sharpe Ratio (2.78 vs 0.75), 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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