SGOVX vs. CGMU
SGOVX (First Eagle Overseas Fund) and CGMU (Capital Group Municipal Income ETF) are both funds - SGOVX is a Foreign Large Cap Equities fund managed by First Eagle, while CGMU is a Municipal Bonds fund actively managed by Capital Group. Over the past 3 years, SGOVX returned 17.58%/yr vs 4.63%/yr for CGMU. At a 0.24 correlation, their price movements are largely independent. SGOVX charges 1.16%/yr vs 0.27%/yr for CGMU.
Performance
SGOVX vs. CGMU - Performance Comparison
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Returns By Period
In the year-to-date period, SGOVX achieves a 7.60% return, which is significantly higher than CGMU's 1.39% return.
SGOVX
- 1D
- 2.06%
- 1M
- -2.56%
- YTD
- 7.60%
- 6M
- 8.67%
- 1Y
- 23.76%
- 3Y*
- 17.58%
- 5Y*
- 9.30%
- 10Y*
- 8.24%
CGMU
- 1D
- -0.07%
- 1M
- 0.56%
- YTD
- 1.39%
- 6M
- 1.82%
- 1Y
- 6.32%
- 3Y*
- 4.63%
- 5Y*
- —
- 10Y*
- —
SGOVX vs. CGMU - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
SGOVX First Eagle Overseas Fund | 7.60% | 38.69% | 6.16% | 10.41% | 9.39% |
CGMU Capital Group Municipal Income ETF | 1.39% | 5.19% | 2.64% | 6.76% | 4.65% |
Correlation
The correlation between SGOVX and CGMU is 0.26, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.26 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.24 |
Correlation (All Time) Calculated using the full available price history since Oct 27, 2022 | 0.24 |
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Return for Risk
SGOVX vs. CGMU — Risk / Return Rank
SGOVX
CGMU
SGOVX vs. CGMU - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for First Eagle Overseas Fund (SGOVX) 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.
| SGOVX | CGMU | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.81 | ||
| Sortino ratioReturn per unit of downside risk | -1.34 | ||
| Omega ratioGain probability vs. loss probability | 1.37 | 1.59 | -0.23 |
| Calmar ratioReturn relative to maximum drawdown | 2.19 | 2.49 | -0.30 |
| Martin ratioReturn relative to average drawdown | 7.18 | 7.97 | -0.79 |
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Drawdowns
SGOVX vs. CGMU - Drawdown Comparison
The maximum SGOVX drawdown since its inception was -35.68%, which is greater than CGMU's maximum drawdown of -4.11%. Use the drawdown chart below to compare losses from any high point for SGOVX and CGMU.
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Drawdown Indicators
| SGOVX | CGMU | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -35.68% | -4.11% | -31.57% |
Max Drawdown (1Y)Largest decline over 1 year | -11.38% | -2.55% | -8.83% |
Max Drawdown (3Y)Largest decline over 3 years | -11.38% | -3.89% | -7.49% |
Max Drawdown (5Y)Largest decline over 5 years | -21.49% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -24.85% | — | — |
Current DrawdownCurrent decline from peak | -5.55% | -0.89% | -4.66% |
Average DrawdownAverage peak-to-trough decline | -4.46% | -0.84% | -3.62% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.47% | 0.79% | +2.68% |
Volatility
SGOVX vs. CGMU - Volatility Comparison
First Eagle Overseas Fund (SGOVX) has a higher volatility of 4.18% compared to Capital Group Municipal Income ETF (CGMU) at 0.81%. This indicates that SGOVX'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
| SGOVX | CGMU | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.18% | 0.81% | +3.37% |
Volatility (6M)Calculated over the trailing 6-month period | 10.81% | 1.73% | +9.08% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.66% | 2.28% | +10.38% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 11.98% | 3.47% | +8.51% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 11.46% | 3.47% | +7.99% |
SGOVX vs. CGMU - Expense Ratio Comparison
SGOVX has a 1.16% expense ratio, which is higher than CGMU's 0.27% expense ratio.
Dividends
SGOVX vs. CGMU - Dividend Comparison
SGOVX's dividend yield for the trailing twelve months is around 7.87%, more than CGMU's 3.33% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
SGOVX First Eagle Overseas Fund | 7.87% | 8.47% | 8.43% | 2.24% | 3.62% | 5.76% | 0.21% | 5.54% | 3.05% | 3.40% | 3.59% | 1.32% |
Frequently Asked Questions
SGOVX and CGMU have a correlation of 0.26, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SGOVX has higher volatility (4.18%) compared to CGMU (0.81%). In terms of maximum drawdown, SGOVX dropped -35.68% vs CGMU's -4.11%.
CGMU currently has the higher Sharpe Ratio (2.78 vs 1.97), 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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