TAXE vs. CGMU

Last updated Aug 4, 2026

TAXE (T. Rowe Price Intermediate Municipal Income ETF) and CGMU (Capital Group Municipal Income ETF) are both Municipal Bonds funds. Both are actively managed. Over the past year, TAXE returned 4.72% vs 4.57% for CGMU. Their 0.77 correlation means they have sometimes moved together and sometimes differently. TAXE charges 0.24%/yr vs 0.27%/yr for CGMU.

Performance

TAXE vs. CGMU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in T. Rowe Price Intermediate Municipal Income ETF (TAXE) 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, TAXE achieves a 0.80% return, which is significantly higher than CGMU's 0.63% return.

TAXE

• 1D: 0.16%
• 1M: -1.52%
• 6M: -0.23%
• YTD: 0.80%
• 1Y: 4.72%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 3.93%

CGMU

• 1D: 0.07%
• 1M: -1.39%
• 6M: -0.42%
• YTD: 0.63%
• 1Y: 4.57%
• 3Y*: 4.22%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 5.28%

*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
CGMU Capital Group Municipal Income ETF	$31.39M	$29.35M	$30.52M
TAXE T. Rowe Price Intermediate Municipal Income ETF	$2.64M	$1.93M	$1.30M

TAXE vs. CGMU - Yearly Performance Comparison

	2026 (YTD)	2025	2024
TAXE T. Rowe Price Intermediate Municipal Income ETF	0.80%	5.78%	1.56%
CGMU Capital Group Municipal Income ETF	0.63%	5.19%	1.33%

Correlation

The correlation between TAXE and CGMU is 0.76, 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.	0.76
Correlation (All Time) Calculated using the full available price history since Jul 10, 2024	0.77

The correlation between TAXE and CGMU has been stable across timeframes, ranging from 0.76 to 0.77 - a consistent structural relationship.

Return for Risk

TAXE vs. CGMU — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

TAXE

TAXE Risk / Return Rank: 70
TAXE Sharpe Ratio Rank: 82
TAXE Sortino Ratio Rank: 83
TAXE Omega Ratio Rank: 90
TAXE Calmar Ratio Rank: 48
TAXE Martin Ratio Rank: 48

CGMU

CGMU Risk / Return Rank: 68
CGMU Sharpe Ratio Rank: 81
CGMU Sortino Ratio Rank: 79
CGMU Omega Ratio Rank: 86
CGMU Calmar Ratio Rank: 48
CGMU Martin Ratio Rank: 45

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

TAXE vs. CGMU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price Intermediate Municipal Income ETF (TAXE) 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.

	TAXE	CGMU	Difference
Sharpe ratio: Return per unit of total volatility	2.07	1.94	+0.12
Sortino ratio: Return per unit of downside risk	2.93	2.66	+0.27
Omega ratio: Gain probability vs. loss probability	1.44	1.39	+0.05
Calmar ratio: Return relative to maximum drawdown	1.87	1.80	+0.07
Martin ratio: Return relative to average drawdown	5.83	5.26	+0.57

TAXE vs. CGMU - Sharpe Ratio Comparison

The current TAXE Sharpe Ratio is 2.07, which is comparable to the CGMU Sharpe Ratio of 1.94. The chart below compares the historical Sharpe Ratios of TAXE 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

TAXE vs. CGMU - Drawdown Comparison

The maximum TAXE drawdown since its inception was -3.72%, smaller than the maximum CGMU drawdown of -4.11%. Use the drawdown chart below to compare losses from any high point for TAXE and CGMU.

Drawdown Indicators

	TAXE	CGMU	Difference
Max Drawdown Largest peak-to-trough decline	-3.72%	-4.11%	+0.39%
Max Drawdown (1Y) Largest decline over 1 year	-2.53%	-2.55%	+0.02%
Max Drawdown (3Y) Largest decline over 3 years	—	-3.61%	—
Current Drawdown Current decline from peak	-1.54%	-1.64%	+0.10%
Average Drawdown Average peak-to-trough decline	-0.71%	-0.84%	+0.13%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.81%	0.87%	-0.06%

Volatility

TAXE vs. CGMU - Volatility Comparison

T. Rowe Price Intermediate Municipal Income ETF (TAXE) has a higher volatility of 0.88% compared to Capital Group Municipal Income ETF (CGMU) at 0.76%. This indicates that TAXE'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

	TAXE	CGMU	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.88%	0.76%	+0.12%
Volatility (6M) Calculated over the trailing 6-month period	1.87%	1.87%	0.00%
Volatility (1Y) Calculated over the trailing 1-year period	2.29%	2.36%	-0.07%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.11%	3.44%	-0.33%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.11%	3.44%	-0.33%

TAXE vs. CGMU - Expense Ratio Comparison

TAXE has a 0.24% 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

TAXE vs. CGMU - Dividend Comparison

TAXE's dividend yield for the trailing twelve months is around 3.62%, more than CGMU's 3.39% yield.

Position	TTM	2025	2024	2023	2022
CGMU Capital Group Municipal Income ETF	3.39%	3.32%	3.21%	3.08%	0.49%
TAXE T. Rowe Price Intermediate Municipal Income ETF	3.62%	3.46%	1.74%	0.00%	0.00%

Frequently Asked Questions

Can I hold both TAXE and CGMU in my portfolio?

TAXE and CGMU have a correlation of 0.76, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TAXE or CGMU?

TAXE has higher volatility (0.88%) compared to CGMU (0.76%). In terms of maximum drawdown, TAXE dropped -3.72% vs CGMU's -4.11%.

Which ETF is better, TAXE or CGMU?

On 1-year performance, TAXE leads with 4.72% vs 4.57% for CGMU. On fees, TAXE is cheaper at 0.24% per year. On volatility, CGMU has been the lower-risk option at 0.76%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TAXE or CGMU?

Over the 1-year period, TAXE has performed better with a 4.72% return vs 4.57%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TAXE or CGMU?

TAXE is cheaper with a 0.24% expense ratio, compared with 0.27% for CGMU.

Which ETF pays a higher dividend yield, TAXE or CGMU?

TAXE has the higher dividend yield at 3.62%, compared with 3.39% for CGMU.

What is the main difference between TAXE and CGMU?

They also come from different issuers: T. Rowe Price and Capital Group. Their fees differ too: 0.24% for TAXE and 0.27% for CGMU.

Which has better risk-adjusted returns?

TAXE currently has the higher Sharpe Ratio (2.07 vs 1.94), 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.