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PRFRX vs. CGMU
Performance
Return for Risk
Drawdowns
Volatility
Dividends

PRFRX vs. CGMU

Last updated Jun 13, 2026

PRFRX (T. Rowe Price Floating Rate Fund) and CGMU (Capital Group Municipal Income ETF) are both funds - PRFRX is a High Yield Bonds fund managed by T. Rowe Price, while CGMU is a Municipal Bonds fund actively managed by Capital Group. Over the past 3 years, PRFRX returned 9.76%/yr vs 4.63%/yr for CGMU. At a 0.16 correlation, their price movements are largely independent. PRFRX charges 0.75%/yr vs 0.27%/yr for CGMU.

Performance

PRFRX vs. CGMU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in T. Rowe Price Floating Rate Fund (PRFRX) 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, PRFRX achieves a 0.83% return, which is significantly lower than CGMU's 1.39% return.

PRFRX

1D
-0.11%
1M
-0.21%
YTD
0.83%
6M
2.01%
1Y
7.68%
3Y*
9.76%
5Y*
6.95%
10Y*
5.46%

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)

PRFRX vs. CGMU - Yearly Performance Comparison

2026 (YTD)2025202420232022
PRFRX
T. Rowe Price Floating Rate Fund		0.83%9.82%11.04%13.78%2.49%
CGMU
Capital Group Municipal Income ETF		1.39%5.19%2.64%6.76%4.65%

Correlation

The correlation between PRFRX and CGMU is 0.15, which is low. Their price movements are largely independent, making them effective diversification partners.

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

0.15

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

0.12

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

0.16

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T. Rowe Price Floating Rate Fund

Capital Group Municipal Income ETF

Often compared with PRFRX:
PRFRX vs. FFRHXPRFRX vs. FLRNPRFRX vs. PRWAXPRFRX vs. SPYPRFRX vs. FFRAXPRFRX vs. ICVTPRFRX vs. MFHVX
Often compared with CGMU:
CGMU vs. MUBCGMU vs. FLMICGMU vs. BNDCGMU vs. AUNYXCGMU vs. VYMCGMU vs. VCRBCGMU vs. JMST

Return for Risk

PRFRX vs. CGMU — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
PRFRX
PRFRX Risk / Return Rank: 9696
Overall Rank
PRFRX Sharpe Ratio Rank: 9595
Sharpe Ratio Rank
PRFRX Sortino Ratio Rank: 9999
Sortino Ratio Rank
PRFRX Omega Ratio Rank: 9898
Omega Ratio Rank
PRFRX Calmar Ratio Rank: 9696
Calmar Ratio Rank
PRFRX Martin Ratio Rank: 9696
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.

PRFRX vs. CGMU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price Floating Rate Fund (PRFRX) 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.

PRFRXCGMUDifference
Sharpe ratioReturn per unit of total volatility
2.91
2.78

+0.13

Sortino ratioReturn per unit of downside risk
7.36
3.96

+3.40

Omega ratioGain probability vs. loss probability

2.14

1.59

+0.54

Calmar ratioReturn relative to maximum drawdown

5.15

2.49

+2.66

Martin ratioReturn relative to average drawdown

19.34

7.97

+11.37

PRFRX vs. CGMU - Sharpe Ratio Comparison

The current PRFRX Sharpe Ratio is 2.91, which is comparable to the CGMU Sharpe Ratio of 2.78. The chart below compares the historical Sharpe Ratios of PRFRX 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

PRFRX vs. CGMU - Drawdown Comparison

The maximum PRFRX drawdown since its inception was -20.05%, which is greater than CGMU's maximum drawdown of -4.11%. Use the drawdown chart below to compare losses from any high point for PRFRX and CGMU.

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Drawdown Indicators

PRFRXCGMUDifference

Max Drawdown

Largest peak-to-trough decline

-20.05%

-4.11%

-15.94%

Max Drawdown (1Y)

Largest decline over 1 year

-1.50%

-2.55%

+1.05%

Max Drawdown (3Y)

Largest decline over 3 years

-2.35%

-3.89%

+1.54%

Max Drawdown (5Y)

Largest decline over 5 years

-5.94%

—

—

Max Drawdown (10Y)

Largest decline over 10 years

-20.05%

—

—

Current Drawdown

Current decline from peak

-0.55%

-0.89%

+0.34%

Average Drawdown

Average peak-to-trough decline

-0.69%

-0.84%

+0.15%

Ulcer Index

Depth and duration of drawdowns from previous peaks

0.40%

0.79%

-0.39%

Volatility

PRFRX vs. CGMU - Volatility Comparison

The current volatility for T. Rowe Price Floating Rate Fund (PRFRX) is 0.64%, while Capital Group Municipal Income ETF (CGMU) has a volatility of 0.81%. This indicates that PRFRX experiences smaller price fluctuations and is considered to be less risky 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

PRFRXCGMUDifference

Volatility (1M)

Calculated over the trailing 1-month period

0.64%

0.81%

-0.17%

Volatility (6M)

Calculated over the trailing 6-month period

1.86%

1.73%

+0.13%

Volatility (1Y)

Calculated over the trailing 1-year period

2.65%

2.28%

+0.37%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

2.91%

3.47%

-0.56%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

3.92%

3.47%

+0.45%

PRFRX vs. CGMU - Expense Ratio Comparison

PRFRX has a 0.75% expense ratio, which is higher than CGMU's 0.27% expense ratio.

Dividends

PRFRX vs. CGMU - Dividend Comparison

PRFRX's dividend yield for the trailing twelve months is around 9.26%, 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%
PRFRX
T. Rowe Price Floating Rate Fund		9.26%9.99%10.20%9.57%4.03%3.86%4.00%4.84%4.87%4.04%4.07%4.07%

Frequently Asked Questions

PRFRX and CGMU have a correlation of 0.15, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

CGMU has higher volatility (0.81%) compared to PRFRX (0.64%). In terms of maximum drawdown, PRFRX dropped -20.05% vs CGMU's -4.11%.

PRFRX currently has the higher Sharpe Ratio (2.91 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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