TBLYX vs. CGMU
TBLYX (T. Rowe Price Retirement Blend 2035 Fund) and CGMU (Capital Group Municipal Income ETF) are both funds - TBLYX is a Target Retirement Date fund actively managed by T. Rowe Price, while CGMU is a Municipal Bonds fund actively managed by Capital Group. Both are actively managed. Over the past 3 years, TBLYX returned 15.45%/yr vs 4.63%/yr for CGMU. At a 0.24 correlation, their price movements are largely independent. TBLYX charges 0.40%/yr vs 0.27%/yr for CGMU.
Performance
TBLYX vs. CGMU - Performance Comparison
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Returns By Period
In the year-to-date period, TBLYX achieves a 7.90% return, which is significantly higher than CGMU's 1.39% return.
TBLYX
- 1D
- 1.86%
- 1M
- 0.08%
- YTD
- 7.90%
- 6M
- 8.49%
- 1Y
- 19.16%
- 3Y*
- 15.45%
- 5Y*
- —
- 10Y*
- —
CGMU
- 1D
- -0.07%
- 1M
- 0.56%
- YTD
- 1.39%
- 6M
- 1.82%
- 1Y
- 6.32%
- 3Y*
- 4.63%
- 5Y*
- —
- 10Y*
- —
TBLYX vs. CGMU - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
TBLYX T. Rowe Price Retirement Blend 2035 Fund | 7.90% | 17.30% | 12.43% | 18.44% | 3.18% |
CGMU Capital Group Municipal Income ETF | 1.39% | 5.19% | 2.64% | 6.76% | 4.65% |
Correlation
The correlation between TBLYX 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 | 0.27 |
Correlation (All Time) Calculated using the full available price history since Oct 27, 2022 | 0.24 |
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Return for Risk
TBLYX vs. CGMU — Risk / Return Rank
TBLYX
CGMU
TBLYX vs. CGMU - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price Retirement Blend 2035 Fund (TBLYX) 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.
| TBLYX | CGMU | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.88 | ||
| Sortino ratioReturn per unit of downside risk | -1.29 | ||
| Omega ratioGain probability vs. loss probability | 1.36 | 1.59 | -0.24 |
| Calmar ratioReturn relative to maximum drawdown | 2.51 | 2.49 | +0.02 |
| Martin ratioReturn relative to average drawdown | 10.93 | 7.97 | +2.96 |
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Drawdowns
TBLYX vs. CGMU - Drawdown Comparison
The maximum TBLYX drawdown since its inception was -24.54%, which is greater than CGMU's maximum drawdown of -4.11%. Use the drawdown chart below to compare losses from any high point for TBLYX and CGMU.
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Drawdown Indicators
| TBLYX | CGMU | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -24.54% | -4.11% | -20.43% |
Max Drawdown (1Y)Largest decline over 1 year | -7.83% | -2.55% | -5.28% |
Max Drawdown (3Y)Largest decline over 3 years | -13.02% | -3.89% | -9.13% |
Current DrawdownCurrent decline from peak | -1.58% | -0.89% | -0.69% |
Average DrawdownAverage peak-to-trough decline | -6.07% | -0.84% | -5.23% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.80% | 0.79% | +1.01% |
Volatility
TBLYX vs. CGMU - Volatility Comparison
T. Rowe Price Retirement Blend 2035 Fund (TBLYX) has a higher volatility of 4.08% compared to Capital Group Municipal Income ETF (CGMU) at 0.81%. This indicates that TBLYX'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
| TBLYX | CGMU | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.08% | 0.81% | +3.27% |
Volatility (6M)Calculated over the trailing 6-month period | 8.52% | 1.73% | +6.79% |
Volatility (1Y)Calculated over the trailing 1-year period | 10.34% | 2.28% | +8.06% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.11% | 3.47% | +9.64% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 13.11% | 3.47% | +9.64% |
TBLYX vs. CGMU - Expense Ratio Comparison
TBLYX has a 0.40% expense ratio, which is higher than CGMU's 0.27% expense ratio.
Dividends
TBLYX vs. CGMU - Dividend Comparison
TBLYX's dividend yield for the trailing twelve months is around 2.32%, less than CGMU's 3.33% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
CGMU Capital Group Municipal Income ETF | 3.33% | 3.32% | 3.21% | 3.08% | 0.49% | 0.00% |
TBLYX T. Rowe Price Retirement Blend 2035 Fund | 2.32% | 2.50% | 2.05% | 1.94% | 2.18% | 1.40% |
Frequently Asked Questions
TBLYX 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.
TBLYX has higher volatility (4.08%) compared to CGMU (0.81%). In terms of maximum drawdown, TBLYX dropped -24.54% vs CGMU's -4.11%.
CGMU currently has the higher Sharpe Ratio (2.78 vs 1.90), 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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