QDSNX vs. CGMU

Last updated Jun 13, 2026

QDSNX (AQR Diversifying Strategies Fund Class N) and CGMU (Capital Group Municipal Income ETF) are both funds - QDSNX is a Tactical Allocation fund actively managed by AQR Funds, while CGMU is a Municipal Bonds fund actively managed by Capital Group. Both are actively managed. Over the past 3 years, QDSNX returned 12.84%/yr vs 4.63%/yr for CGMU. At a correlation of -0.02, they often move in opposite directions. QDSNX charges 3.30%/yr vs 0.27%/yr for CGMU.

Performance

QDSNX vs. CGMU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in AQR Diversifying Strategies Fund Class N (QDSNX) 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, QDSNX achieves a 4.87% return, which is significantly higher than CGMU's 1.39% return.

QDSNX

• 1D: 0.34%
• 1M: -0.41%
• YTD: 4.87%
• 6M: 6.21%
• 1Y: 13.30%
• 3Y*: 12.84%
• 5Y*: 10.72%
• 10Y*: —

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)

QDSNX vs. CGMU - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
QDSNX AQR Diversifying Strategies Fund Class N	4.87%	16.14%	9.56%	8.62%	0.68%
CGMU Capital Group Municipal Income ETF	1.39%	5.19%	2.64%	6.76%	4.65%

Correlation

The correlation between QDSNX and CGMU 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 (3Y) Calculated over the trailing 3-year period	0.05
Correlation (All Time) Calculated using the full available price history since Oct 27, 2022	-0.02

Return for Risk

QDSNX vs. CGMU — Risk / Return Rank

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

QDSNX

QDSNX Risk / Return Rank: 92
QDSNX Sharpe Ratio Rank: 92
QDSNX Sortino Ratio Rank: 90
QDSNX Omega Ratio Rank: 86
QDSNX Calmar Ratio Rank: 98
QDSNX Martin Ratio Rank: 96

CGMU

CGMU Risk / Return Rank: 77
CGMU Sharpe Ratio Rank: 91
CGMU Sortino Ratio Rank: 92
CGMU Omega Ratio Rank: 94
CGMU Calmar Ratio Rank: 56
CGMU Martin Ratio Rank: 53

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.

QDSNX vs. CGMU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for AQR Diversifying Strategies Fund Class N (QDSNX) 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.

	QDSNX	CGMU	Difference
Sharpe ratio: Return per unit of total volatility	2.71	2.78	-0.07
Sortino ratio: Return per unit of downside risk	4.02	3.96	+0.07
Omega ratio: Gain probability vs. loss probability	1.52	1.59	-0.08
Calmar ratio: Return relative to maximum drawdown	6.97	2.49	+4.48
Martin ratio: Return relative to average drawdown	19.53	7.97	+11.56

QDSNX vs. CGMU - Sharpe Ratio Comparison

The current QDSNX Sharpe Ratio is 2.71, which is comparable to the CGMU Sharpe Ratio of 2.78. The chart below compares the historical Sharpe Ratios of QDSNX 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.

Drawdowns

QDSNX vs. CGMU - Drawdown Comparison

The maximum QDSNX drawdown since its inception was -7.15%, which is greater than CGMU's maximum drawdown of -4.11%. Use the drawdown chart below to compare losses from any high point for QDSNX and CGMU.

Drawdown Indicators

	QDSNX	CGMU	Difference
Max Drawdown Largest peak-to-trough decline	-7.15%	-4.11%	-3.04%
Max Drawdown (1Y) Largest decline over 1 year	-1.97%	-2.55%	+0.58%
Max Drawdown (3Y) Largest decline over 3 years	-6.93%	-3.89%	-3.04%
Max Drawdown (5Y) Largest decline over 5 years	-7.15%	—	—
Current Drawdown Current decline from peak	-1.41%	-0.89%	-0.52%
Average Drawdown Average peak-to-trough decline	-1.45%	-0.84%	-0.61%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.70%	0.79%	-0.09%

Volatility

QDSNX vs. CGMU - Volatility Comparison

AQR Diversifying Strategies Fund Class N (QDSNX) has a higher volatility of 1.72% compared to Capital Group Municipal Income ETF (CGMU) at 0.81%. This indicates that QDSNX'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

	QDSNX	CGMU	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.72%	0.81%	+0.91%
Volatility (6M) Calculated over the trailing 6-month period	3.68%	1.73%	+1.95%
Volatility (1Y) Calculated over the trailing 1-year period	5.06%	2.28%	+2.78%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.64%	3.47%	+4.17%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.30%	3.47%	+3.83%

QDSNX vs. CGMU - Expense Ratio Comparison

QDSNX has a 3.30% expense ratio, which is higher than CGMU's 0.27% expense ratio.

Dividends

QDSNX vs. CGMU - Dividend Comparison

QDSNX's dividend yield for the trailing twelve months is around 1.90%, less than CGMU's 3.33% yield.

Position	TTM	2025	2024	2023	2022	2021	2020
CGMU Capital Group Municipal Income ETF	3.33%	3.32%	3.21%	3.08%	0.49%	0.00%	0.00%
QDSNX AQR Diversifying Strategies Fund Class N	1.90%	1.99%	0.00%	11.18%	8.01%	5.99%	1.83%

Frequently Asked Questions

Can I hold both QDSNX and CGMU in my portfolio?

QDSNX and CGMU 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, QDSNX or CGMU?

QDSNX has higher volatility (1.72%) compared to CGMU (0.81%). In terms of maximum drawdown, QDSNX dropped -7.15% vs CGMU's -4.11%.

Which has better risk-adjusted returns?

CGMU currently has the higher Sharpe Ratio (2.78 vs 2.71), 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.