SPMB vs. CGMU
SPMB (SPDR Portfolio Mortgage Backed Bond ETF) and CGMU (Capital Group Municipal Income ETF) are both exchange-traded funds - SPMB is a Mortgage Backed Securities fund tracking the Bloomberg US Aggregate Securitized - MBS, while CGMU is a Municipal Bonds fund actively managed by Capital Group. SPMB is passively managed, while CGMU is actively managed. Over the past 3 years, SPMB returned 4.42%/yr vs 4.67%/yr for CGMU. A 0.71 correlation means they provide meaningful diversification when combined. SPMB charges 0.04%/yr vs 0.27%/yr for CGMU.
Performance
SPMB vs. CGMU - Performance Comparison
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Returns By Period
In the year-to-date period, SPMB achieves a 0.65% return, which is significantly lower than CGMU's 1.58% return.
SPMB
- 1D
- 0.14%
- 1M
- 0.22%
- YTD
- 0.65%
- 6M
- 0.95%
- 1Y
- 6.29%
- 3Y*
- 4.42%
- 5Y*
- 0.31%
- 10Y*
- 1.26%
CGMU
- 1D
- 0.18%
- 1M
- 0.63%
- YTD
- 1.58%
- 6M
- 1.97%
- 1Y
- 6.75%
- 3Y*
- 4.67%
- 5Y*
- —
- 10Y*
- —
SPMB vs. CGMU - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
SPMB SPDR Portfolio Mortgage Backed Bond ETF | 0.65% | 8.29% | 1.35% | 5.09% | 2.75% |
CGMU Capital Group Municipal Income ETF | 1.58% | 5.19% | 2.64% | 6.76% | 4.53% |
Correlation
The correlation between SPMB and CGMU is 0.51, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.51 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.71 |
Correlation (All Time) Calculated using the full available price history since Oct 28, 2022 | 0.71 |
The correlation between SPMB and CGMU shifts across timeframes, from 0.51 (1 year) to 0.71 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
SPMB vs. CGMU — Risk / Return Rank
SPMB
CGMU
SPMB vs. CGMU - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR Portfolio Mortgage Backed Bond ETF (SPMB) 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.
| SPMB | CGMU | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.47 | ||
| Sortino ratioReturn per unit of downside risk | -1.98 | ||
| Omega ratioGain probability vs. loss probability | 1.27 | 1.64 | -0.37 |
| Calmar ratioReturn relative to maximum drawdown | 2.19 | 2.66 | -0.47 |
| Martin ratioReturn relative to average drawdown | 7.16 | 8.64 | -1.48 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| SPMB | CGMU | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.49 | 2.95 | -1.47 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.05 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.17 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.34 | 1.67 | -1.33 |
Drawdowns
SPMB vs. CGMU - Drawdown Comparison
The maximum SPMB drawdown since its inception was -18.03%, which is greater than CGMU's maximum drawdown of -4.11%. Use the drawdown chart below to compare losses from any high point for SPMB and CGMU.
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Drawdown Indicators
| SPMB | CGMU | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -18.03% | -4.11% | -13.92% |
Max Drawdown (1Y)Largest decline over 1 year | -2.89% | -2.55% | -0.34% |
Max Drawdown (3Y)Largest decline over 3 years | -7.66% | -3.89% | -3.77% |
Max Drawdown (5Y)Largest decline over 5 years | -17.49% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -18.03% | — | — |
Current DrawdownCurrent decline from peak | -1.45% | -0.71% | -0.74% |
Average DrawdownAverage peak-to-trough decline | -2.85% | -0.84% | -2.01% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.88% | 0.78% | +0.10% |
Volatility
SPMB vs. CGMU - Volatility Comparison
SPDR Portfolio Mortgage Backed Bond ETF (SPMB) has a higher volatility of 1.58% compared to Capital Group Municipal Income ETF (CGMU) at 0.80%. This indicates that SPMB'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
| SPMB | CGMU | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.58% | 0.80% | +0.78% |
Volatility (6M)Calculated over the trailing 6-month period | 3.08% | 1.73% | +1.35% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.28% | 2.30% | +1.98% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.77% | 3.48% | +3.29% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.61% | 3.48% | +4.13% |
SPMB vs. CGMU - Expense Ratio Comparison
SPMB has a 0.04% expense ratio, which is lower than CGMU's 0.27% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
SPMB vs. CGMU - Dividend Comparison
SPMB's dividend yield for the trailing twelve months is around 4.08%, 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% |
SPMB SPDR Portfolio Mortgage Backed Bond ETF | 4.08% | 3.98% | 3.76% | 3.21% | 2.98% | 2.59% | 2.95% | 3.24% | 3.36% | 3.13% | 2.99% | 3.05% |
Frequently Asked Questions
SPMB and CGMU have a correlation of 0.51, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SPMB has higher volatility (1.58%) compared to CGMU (0.80%). In terms of maximum drawdown, SPMB dropped -18.03% vs CGMU's -4.11%.
On 3-year performance, CGMU leads with 4.67% vs 4.42% for SPMB. On fees, SPMB is cheaper at 0.04% per year. On volatility, CGMU has been the lower-risk option at 0.80%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, CGMU has performed better with a 4.67% return vs 4.42%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPMB is cheaper with a 0.04% expense ratio, compared with 0.27% for CGMU.
SPMB has the higher dividend yield at 4.08%, compared with 3.33% for CGMU.
SPMB is categorized as Mortgage Backed Securities, while CGMU is Municipal Bonds. They also come from different issuers: State Street and Capital Group. Their fees differ too: 0.04% for SPMB and 0.27% for CGMU.
CGMU currently has the higher Sharpe Ratio (2.95 vs 1.49), 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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