TILL vs. CGMU

Last updated Jul 14, 2026

TILL (Teucrium Agricultural Strategy No K-1 ETF) and CGMU (Capital Group Municipal Income ETF) are both exchange-traded funds - TILL is a Commodities fund actively managed by Teucrium, while CGMU is a Municipal Bonds fund actively managed by Capital Group. Both are actively managed. Over the past 3 years, TILL returned -6.03%/yr vs 4.46%/yr for CGMU. At a correlation of -0.03, they often move in opposite directions. TILL charges 0.89%/yr vs 0.27%/yr for CGMU.

Performance

TILL vs. CGMU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Teucrium Agricultural Strategy No K-1 ETF (TILL) 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, TILL achieves a 8.34% return, which is significantly higher than CGMU's 1.64% return.

TILL

• 1D: -0.09%
• 1M: 5.00%
• 6M: 8.63%
• YTD: 8.34%
• 1Y: 3.98%
• 3Y*: -6.03%
• 5Y*: —
• 10Y*: —

CGMU

• 1D: -0.07%
• 1M: 0.25%
• 6M: 1.01%
• YTD: 1.64%
• 1Y: 5.97%
• 3Y*: 4.46%
• 5Y*: —
• 10Y*: —

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

TILL vs. CGMU - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
TILL Teucrium Agricultural Strategy No K-1 ETF	8.34%	-5.97%	-13.98%	-5.00%	1.28%
CGMU Capital Group Municipal Income ETF	1.64%	5.19%	2.64%	6.76%	4.65%

Correlation

The correlation between TILL and CGMU is -0.23, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.23
Correlation (3Y) Calculated over the trailing 3-year period	-0.06
Correlation (All Time) Calculated using the full available price history since Oct 27, 2022	-0.03

The correlation between TILL and CGMU shifts across timeframes, from -0.23 (1 year) to -0.03 (all time), reflecting how their relationship changes across market environments.

Return for Risk

TILL vs. CGMU — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

TILL

TILL Risk / Return Rank: 14
TILL Sharpe Ratio Rank: 15
TILL Sortino Ratio Rank: 14
TILL Omega Ratio Rank: 13
TILL Calmar Ratio Rank: 15
TILL Martin Ratio Rank: 14

CGMU

CGMU Risk / Return Rank: 79
CGMU Sharpe Ratio Rank: 93
CGMU Sortino Ratio Rank: 93
CGMU Omega Ratio Rank: 94
CGMU Calmar Ratio Rank: 59
CGMU Martin Ratio Rank: 55

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

TILL vs. CGMU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Teucrium Agricultural Strategy No K-1 ETF (TILL) 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.

	TILL	CGMU	Difference
Sharpe ratio: Return per unit of total volatility	0.32	2.62	-2.30
Sortino ratio: Return per unit of downside risk	0.56	3.71	-3.14
Omega ratio: Gain probability vs. loss probability	1.06	1.55	-0.49
Calmar ratio: Return relative to maximum drawdown	0.41	2.35	-1.95
Martin ratio: Return relative to average drawdown	0.89	7.45	-6.56

TILL vs. CGMU - Sharpe Ratio Comparison

The current TILL Sharpe Ratio is 0.32, which is lower than the CGMU Sharpe Ratio of 2.62. The chart below compares the historical Sharpe Ratios of TILL 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

TILL vs. CGMU - Drawdown Comparison

The maximum TILL drawdown since its inception was -33.76%, which is greater than CGMU's maximum drawdown of -4.11%. Use the drawdown chart below to compare losses from any high point for TILL and CGMU.

Drawdown Indicators

	TILL	CGMU	Difference
Max Drawdown Largest peak-to-trough decline	-33.76%	-4.11%	-29.65%
Max Drawdown (1Y) Largest decline over 1 year	-9.87%	-2.55%	-7.32%
Max Drawdown (3Y) Largest decline over 3 years	-29.46%	-3.89%	-25.57%
Current Drawdown Current decline from peak	-27.29%	-0.65%	-26.64%
Average Drawdown Average peak-to-trough decline	-21.58%	-0.83%	-20.75%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.48%	0.80%	+3.68%

Volatility

TILL vs. CGMU - Volatility Comparison

Teucrium Agricultural Strategy No K-1 ETF (TILL) has a higher volatility of 4.19% compared to Capital Group Municipal Income ETF (CGMU) at 0.54%. This indicates that TILL'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

	TILL	CGMU	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.19%	0.54%	+3.65%
Volatility (6M) Calculated over the trailing 6-month period	10.74%	1.76%	+8.98%
Volatility (1Y) Calculated over the trailing 1-year period	12.58%	2.29%	+10.29%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.72%	3.44%	+11.28%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.72%	3.44%	+11.28%

TILL vs. CGMU - Expense Ratio Comparison

TILL has a 0.89% expense ratio, which is higher than CGMU's 0.27% expense ratio.

Dividends

TILL vs. CGMU - Dividend Comparison

TILL's dividend yield for the trailing twelve months is around 4.58%, more than CGMU's 3.34% yield.

Position	TTM	2025	2024	2023	2022
CGMU Capital Group Municipal Income ETF	3.34%	3.32%	3.21%	3.08%	0.49%
TILL Teucrium Agricultural Strategy No K-1 ETF	4.58%	4.97%	2.55%	51.24%	0.73%

Frequently Asked Questions

Can I hold both TILL and CGMU in my portfolio?

TILL and CGMU have a correlation of -0.23, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TILL or CGMU?

TILL has higher volatility (4.19%) compared to CGMU (0.54%). In terms of maximum drawdown, TILL dropped -33.76% vs CGMU's -4.11%.

Which ETF is better, TILL or CGMU?

On 3-year performance, CGMU leads with 4.46% vs -6.03% for TILL. On fees, CGMU is cheaper at 0.27% per year. On volatility, CGMU has been the lower-risk option at 0.54%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TILL or CGMU?

Over the 3-year period, CGMU has performed better with a 4.46% return vs -6.03%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TILL or CGMU?

CGMU is cheaper with a 0.27% expense ratio, compared with 0.89% for TILL.

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

TILL has the higher dividend yield at 4.58%, compared with 3.34% for CGMU.

What is the main difference between TILL and CGMU?

TILL is categorized as Commodities, while CGMU is Municipal Bonds. They also come from different issuers: Teucrium and Capital Group. Their fees differ too: 0.89% for TILL and 0.27% for CGMU.

Which has better risk-adjusted returns?

CGMU currently has the higher Sharpe Ratio (2.62 vs 0.32), 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.