SHYM vs. CGHM
SHYM (iShares Short Duration High Yield Muni Active ETF) and CGHM (Capital Group Municipal High-Income ETF) are both High Yield Muni funds. Both are actively managed. Over the past year, SHYM returned 4.26% vs 7.43% for CGHM. Their 0.63 correlation means they have sometimes moved together and sometimes differently. SHYM charges 0.35%/yr vs 0.34%/yr for CGHM.
Performance
SHYM vs. CGHM - Performance Comparison
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Returns By Period
The year-to-date returns for both investments are quite close, with SHYM having a 1.67% return and CGHM slightly higher at 1.75%.
SHYM
- 1D
- -0.05%
- 1M
- -1.14%
- 6M
- 0.76%
- YTD
- 1.67%
- 1Y
- 4.26%
- 3Y*
- 5.36%
- 5Y*
- 0.39%
- 10Y*
- —
- ALL TIME*
- 1.75%
CGHM
- 1D
- -0.10%
- 1M
- -1.68%
- 6M
- 1.34%
- YTD
- 1.75%
- 1Y
- 7.43%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 4.35%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $11.31M | $10.88M | $11.27M | |
| $4.04M | $4.20M | $7.86M |
SHYM vs. CGHM - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
SHYM iShares Short Duration High Yield Muni Active ETF | 1.67% | 2.58% | 2.42% |
CGHM Capital Group Municipal High-Income ETF | 1.75% | 4.56% | 2.75% |
Correlation
The correlation between SHYM and CGHM is 0.55, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.55 |
Correlation (All Time) Calculated using the full available price history since Jun 27, 2024 | 0.63 |
The correlation between SHYM and CGHM has been stable across timeframes, ranging from 0.55 to 0.63 - a consistent structural relationship.
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Return for Risk
SHYM vs. CGHM — Risk / Return Rank
SHYM
CGHM
SHYM vs. CGHM - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Short Duration High Yield Muni Active ETF (SHYM) and Capital Group Municipal High-Income ETF (CGHM). 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.
| SHYM | CGHM | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.02 | ||
| Sortino ratioReturn per unit of downside risk | -1.52 | ||
| Omega ratioGain probability vs. loss probability | 1.33 | 1.57 | -0.25 |
| Calmar ratioReturn relative to maximum drawdown | 1.99 | 3.22 | -1.23 |
| Martin ratioReturn relative to average drawdown | 7.49 | 11.90 | -4.42 |
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Drawdowns
SHYM vs. CGHM - Drawdown Comparison
The maximum SHYM drawdown since its inception was -22.55%, which is greater than CGHM's maximum drawdown of -5.90%. Use the drawdown chart below to compare losses from any high point for SHYM and CGHM.
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Drawdown Indicators
| SHYM | CGHM | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -22.55% | -5.90% | -16.65% |
Max Drawdown (1Y)Largest decline over 1 year | -2.23% | -2.55% | +0.32% |
Max Drawdown (3Y)Largest decline over 3 years | -8.06% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -22.30% | — | — |
Current DrawdownCurrent decline from peak | -1.23% | -1.71% | +0.48% |
Average DrawdownAverage peak-to-trough decline | -6.57% | -1.19% | -5.38% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.59% | 0.69% | -0.10% |
Volatility
SHYM vs. CGHM - Volatility Comparison
iShares Short Duration High Yield Muni Active ETF (SHYM) and Capital Group Municipal High-Income ETF (CGHM) have volatilities of 0.89% and 0.91%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SHYM | CGHM | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.89% | 0.91% | -0.02% |
Volatility (6M)Calculated over the trailing 6-month period | 1.96% | 2.41% | -0.45% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.80% | 3.13% | -0.33% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.06% | 4.42% | +2.64% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.85% | 4.42% | +2.43% |
SHYM vs. CGHM - Expense Ratio Comparison
SHYM has a 0.35% expense ratio, which is higher than CGHM's 0.34% expense ratio.
Dividends
SHYM vs. CGHM - Dividend Comparison
SHYM's dividend yield for the trailing twelve months is around 4.32%, more than CGHM's 3.70% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
CGHM Capital Group Municipal High-Income ETF | 3.70% | 3.61% | 1.78% | 0.00% | 0.00% | 0.00% |
SHYM iShares Short Duration High Yield Muni Active ETF | 3.99% | 4.55% | 4.35% | 4.35% | 4.01% | 2.97% |
Frequently Asked Questions
SHYM and CGHM have a correlation of 0.55, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
CGHM has higher volatility (0.91%) compared to SHYM (0.89%). In terms of maximum drawdown, SHYM dropped -22.55% vs CGHM's -5.90%.
On 1-year performance, CGHM leads with 7.43% vs 4.26% for SHYM. On fees, CGHM is cheaper at 0.34% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, CGHM has performed better with a 7.43% return vs 4.26%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
CGHM is cheaper with a 0.34% expense ratio, compared with 0.35% for SHYM.
SHYM has the higher dividend yield at 3.99%, compared with 3.70% for CGHM.
They also come from different issuers: iShares and Capital Group. Their fees differ too: 0.35% for SHYM and 0.34% for CGHM.
CGHM currently has the higher Sharpe Ratio (2.62 vs 1.61), 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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