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PRCPX vs. CGMU
Performance
Return for Risk
Drawdowns
Volatility
Dividends

PRCPX vs. CGMU

Last updated Jun 13, 2026

PRCPX (T. Rowe Price Credit Opportunities Fund) and CGMU (Capital Group Municipal Income ETF) are both funds - PRCPX is a High Yield Bonds fund tracking the Bloomberg US High-Yield 2% Issuer Capped Bond Index, while CGMU is a Municipal Bonds fund actively managed by Capital Group. PRCPX is passively managed, while CGMU is actively managed. Over the past 3 years, PRCPX returned 10.51%/yr vs 4.63%/yr for CGMU. At a 0.34 correlation, their price movements are largely independent. PRCPX charges 0.81%/yr vs 0.27%/yr for CGMU.

Performance

PRCPX vs. CGMU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in T. Rowe Price Credit Opportunities Fund (PRCPX) 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, PRCPX achieves a 1.54% return, which is significantly higher than CGMU's 1.39% return.

PRCPX

1D
0.25%
1M
0.33%
YTD
1.54%
6M
3.01%
1Y
9.12%
3Y*
10.51%
5Y*
5.53%
10Y*
6.50%

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)

PRCPX vs. CGMU - Yearly Performance Comparison

2026 (YTD)2025202420232022
PRCPX
T. Rowe Price Credit Opportunities Fund		1.54%11.51%9.36%14.90%3.08%
CGMU
Capital Group Municipal Income ETF		1.39%5.19%2.64%6.76%4.65%

Correlation

The correlation between PRCPX and CGMU is 0.29, which is low. Their price movements are largely independent, making them effective diversification partners.

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

0.29

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

0.38

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

0.34

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T. Rowe Price Credit Opportunities Fund

Capital Group Municipal Income ETF

Often compared with PRCPX:
PRCPX vs. TUHIXPRCPX vs. PRTIXPRCPX vs. PRHYXPRCPX vs. SICNXPRCPX vs. BGBPRCPX vs. RPIDXPRCPX vs. PRFRX
Often compared with CGMU:
CGMU vs. MUBCGMU vs. FLMICGMU vs. BNDCGMU vs. AUNYXCGMU vs. VYMCGMU vs. VCRBCGMU vs. JMST

Return for Risk

PRCPX vs. CGMU — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
PRCPX
PRCPX Risk / Return Rank: 9595
Overall Rank
PRCPX Sharpe Ratio Rank: 9494
Sharpe Ratio Rank
PRCPX Sortino Ratio Rank: 9797
Sortino Ratio Rank
PRCPX Omega Ratio Rank: 9494
Omega Ratio Rank
PRCPX Calmar Ratio Rank: 9494
Calmar Ratio Rank
PRCPX Martin Ratio Rank: 9797
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.

PRCPX vs. CGMU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price Credit Opportunities Fund (PRCPX) 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.

PRCPXCGMUDifference
Sharpe ratioReturn per unit of total volatility
2.81
2.78

+0.03

Sortino ratioReturn per unit of downside risk
5.27
3.96

+1.32

Omega ratioGain probability vs. loss probability

1.70

1.59

+0.10

Calmar ratioReturn relative to maximum drawdown

4.68

2.49

+2.19

Martin ratioReturn relative to average drawdown

22.07

7.97

+14.10

PRCPX vs. CGMU - Sharpe Ratio Comparison

The current PRCPX Sharpe Ratio is 2.81, which is comparable to the CGMU Sharpe Ratio of 2.78. The chart below compares the historical Sharpe Ratios of PRCPX 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

PRCPX vs. CGMU - Drawdown Comparison

The maximum PRCPX drawdown since its inception was -23.07%, which is greater than CGMU's maximum drawdown of -4.11%. Use the drawdown chart below to compare losses from any high point for PRCPX and CGMU.

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Drawdown Indicators

PRCPXCGMUDifference

Max Drawdown

Largest peak-to-trough decline

-23.07%

-4.11%

-18.96%

Max Drawdown (1Y)

Largest decline over 1 year

-1.99%

-2.55%

+0.56%

Max Drawdown (3Y)

Largest decline over 3 years

-3.83%

-3.89%

+0.06%

Max Drawdown (5Y)

Largest decline over 5 years

-14.34%

—

—

Max Drawdown (10Y)

Largest decline over 10 years

-23.07%

—

—

Current Drawdown

Current decline from peak

-0.37%

-0.89%

+0.52%

Average Drawdown

Average peak-to-trough decline

-3.11%

-0.84%

-2.27%

Ulcer Index

Depth and duration of drawdowns from previous peaks

0.42%

0.79%

-0.37%

Volatility

PRCPX vs. CGMU - Volatility Comparison

T. Rowe Price Credit Opportunities Fund (PRCPX) has a higher volatility of 0.94% compared to Capital Group Municipal Income ETF (CGMU) at 0.81%. This indicates that PRCPX'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

PRCPXCGMUDifference

Volatility (1M)

Calculated over the trailing 1-month period

0.94%

0.81%

+0.13%

Volatility (6M)

Calculated over the trailing 6-month period

2.41%

1.73%

+0.68%

Volatility (1Y)

Calculated over the trailing 1-year period

3.31%

2.28%

+1.03%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

4.81%

3.47%

+1.34%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

5.45%

3.47%

+1.98%

PRCPX vs. CGMU - Expense Ratio Comparison

PRCPX has a 0.81% expense ratio, which is higher than CGMU's 0.27% expense ratio.

Dividends

PRCPX vs. CGMU - Dividend Comparison

PRCPX's dividend yield for the trailing twelve months is around 9.30%, more than CGMU's 3.33% yield.

PositionTTM20252024202320222021202020192018201720162015
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%0.00%0.00%
PRCPX
T. Rowe Price Credit Opportunities Fund		9.30%9.32%8.77%7.88%4.89%5.11%5.36%5.18%5.72%4.95%5.88%7.58%

Frequently Asked Questions

PRCPX and CGMU have a correlation of 0.29, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

PRCPX has higher volatility (0.94%) compared to CGMU (0.81%). In terms of maximum drawdown, PRCPX dropped -23.07% vs CGMU's -4.11%.

PRCPX currently has the higher Sharpe Ratio (2.81 vs 2.78), 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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