PRCHX vs. CGMU

Last updated Jun 3, 2026

PRCHX (T. Rowe Price Capital Appreciation and Income Fund Class I) and CGMU (Capital Group Municipal Income ETF) are both funds - PRCHX is a Diversified Portfolio fund actively managed by T. Rowe Price, while CGMU is a Municipal Bonds fund actively managed by Capital Group. Both are actively managed. Over the past year, PRCHX returned 14.35% vs 6.84% for CGMU. At a 0.34 correlation, their price movements are largely independent. PRCHX charges 0.49%/yr vs 0.27%/yr for CGMU.

Performance

PRCHX vs. CGMU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in T. Rowe Price Capital Appreciation and Income Fund Class I (PRCHX) 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, PRCHX achieves a 3.92% return, which is significantly higher than CGMU's 1.50% return.

PRCHX

• 1D: -0.10%
• 1M: 1.75%
• YTD: 3.92%
• 6M: 4.31%
• 1Y: 14.35%
• 3Y*: —
• 5Y*: —
• 10Y*: —

CGMU

• 1D: 0.07%
• 1M: 0.52%
• YTD: 1.50%
• 6M: 2.01%
• 1Y: 6.84%
• 3Y*: 4.74%
• 5Y*: —
• 10Y*: —

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

PRCHX vs. CGMU - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
PRCHX T. Rowe Price Capital Appreciation and Income Fund Class I	3.92%	13.68%	8.92%	3.12%
CGMU Capital Group Municipal Income ETF	1.50%	5.19%	2.64%	2.40%

Correlation

The correlation between PRCHX and CGMU is 0.27, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.27
Correlation (All Time) Calculated using the full available price history since Dec 1, 2023	0.34

Return for Risk

PRCHX vs. CGMU — Risk / Return Rank

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

PRCHX

PRCHX Risk / Return Rank: 81
PRCHX Sharpe Ratio Rank: 85
PRCHX Sortino Ratio Rank: 84
PRCHX Omega Ratio Rank: 81
PRCHX Calmar Ratio Rank: 69
PRCHX Martin Ratio Rank: 85

CGMU

CGMU Risk / Return Rank: 75
CGMU Sharpe Ratio Rank: 88
CGMU Sortino Ratio Rank: 90
CGMU Omega Ratio Rank: 93
CGMU Calmar Ratio Rank: 52
CGMU Martin Ratio Rank: 50

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.

PRCHX vs. CGMU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price Capital Appreciation and Income Fund Class I (PRCHX) 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.

	PRCHX	CGMU	Difference
Sharpe ratio Return per unit of total volatility	2.75	3.00	-0.25
Sortino ratio Return per unit of downside risk	3.99	4.26	-0.27
Omega ratio Gain probability vs. loss probability	1.53	1.65	-0.12
Calmar ratio Return relative to maximum drawdown	3.20	2.64	+0.56
Martin ratio Return relative to average drawdown	16.32	8.61	+7.71
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PRCHX vs. CGMU - Sharpe Ratio Comparison

The current PRCHX Sharpe Ratio is 2.75, which is comparable to the CGMU Sharpe Ratio of 3.00. The chart below compares the historical Sharpe Ratios of PRCHX 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.

Sharpe Ratios by Period

	PRCHX	CGMU	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.75	3.00	-0.25
Sharpe Ratio (All Time) Calculated using the full available price history	1.85	1.67	+0.19

Drawdowns

PRCHX vs. CGMU - Drawdown Comparison

The maximum PRCHX drawdown since its inception was -6.10%, which is greater than CGMU's maximum drawdown of -4.11%. Use the drawdown chart below to compare losses from any high point for PRCHX and CGMU.

Drawdown Indicators

	PRCHX	CGMU	Difference
Max Drawdown Largest peak-to-trough decline	-6.10%	-4.11%	-1.99%
Max Drawdown (1Y) Largest decline over 1 year	-4.50%	-2.55%	-1.95%
Max Drawdown (3Y) Largest decline over 3 years	—	-3.89%	—
Current Drawdown Current decline from peak	-0.10%	-0.79%	+0.69%
Average Drawdown Average peak-to-trough decline	-0.64%	-0.84%	+0.20%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.88%	0.78%	+0.10%

Volatility

PRCHX vs. CGMU - Volatility Comparison

T. Rowe Price Capital Appreciation and Income Fund Class I (PRCHX) has a higher volatility of 1.66% compared to Capital Group Municipal Income ETF (CGMU) at 0.78%. This indicates that PRCHX'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

	PRCHX	CGMU	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.66%	0.78%	+0.88%
Volatility (6M) Calculated over the trailing 6-month period	4.18%	1.72%	+2.46%
Volatility (1Y) Calculated over the trailing 1-year period	5.24%	2.29%	+2.95%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.52%	3.48%	+3.04%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.52%	3.48%	+3.04%

PRCHX vs. CGMU - Expense Ratio Comparison

PRCHX has a 0.49% expense ratio, which is higher than CGMU's 0.27% expense ratio.

Dividends

PRCHX vs. CGMU - Dividend Comparison

PRCHX's dividend yield for the trailing twelve months is around 5.13%, more than CGMU's 3.33% yield.

Position	TTM	2025	2024	2023	2022
CGMU Capital Group Municipal Income ETF	3.33%	3.32%	3.21%	3.08%	0.49%
PRCHX T. Rowe Price Capital Appreciation and Income Fund Class I	5.13%	5.08%	3.22%	0.27%	0.00%

Frequently Asked Questions

Can I hold both PRCHX and CGMU in my portfolio?

PRCHX and CGMU have a correlation of 0.27, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PRCHX or CGMU?

PRCHX has higher volatility (1.66%) compared to CGMU (0.78%). In terms of maximum drawdown, PRCHX dropped -6.10% vs CGMU's -4.11%.

Which has better risk-adjusted returns?

CGMU currently has the higher Sharpe Ratio (3.00 vs 2.75), 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.