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TRAIX vs. CGMU
Performance
Return for Risk
Drawdowns
Volatility
Dividends

TRAIX vs. CGMU

Last updated Jun 13, 2026

TRAIX (T. Rowe Price Capital Appreciation Fund - I Class) and CGMU (Capital Group Municipal Income ETF) are both funds - TRAIX is a Diversified Portfolio 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, TRAIX returned 12.69%/yr vs 4.63%/yr for CGMU. At a 0.23 correlation, their price movements are largely independent. TRAIX charges 0.59%/yr vs 0.27%/yr for CGMU.

Performance

TRAIX vs. CGMU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in T. Rowe Price Capital Appreciation Fund - I Class (TRAIX) and Capital Group Municipal Income ETF (CGMU). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, TRAIX achieves a 3.78% return, which is significantly higher than CGMU's 1.39% return.

TRAIX

1D
0.60%
1M
-1.15%
YTD
3.78%
6M
4.18%
1Y
11.26%
3Y*
12.69%
5Y*
8.41%
10Y*
11.25%

CGMU

1D
-0.07%
1M
0.56%
YTD
1.39%
6M
1.82%
1Y
6.32%
3Y*
4.63%
5Y*
—
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

TRAIX vs. CGMU - Yearly Performance Comparison

2026 (YTD)2025202420232022
TRAIX
T. Rowe Price Capital Appreciation Fund - I Class		3.78%12.57%12.64%19.01%1.98%
CGMU
Capital Group Municipal Income ETF		1.39%5.19%2.64%6.76%4.65%

Correlation

The correlation between TRAIX and CGMU is 0.22, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.22

Correlation (3Y)
Calculated over the trailing 3-year period

0.26

Correlation (All Time)
Calculated using the full available price history since Oct 27, 2022

0.23

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T. Rowe Price Capital Appreciation Fund - I Class

Capital Group Municipal Income ETF

Often compared with TRAIX:
TRAIX vs. TCAFTRAIX vs. VOOTRAIX vs. FPKFXTRAIX vs. VWENXTRAIX vs. VBIAXTRAIX vs. DODBXTRAIX vs. PRDGX
Often compared with CGMU:
CGMU vs. MUBCGMU vs. FLMICGMU vs. BNDCGMU vs. AUNYXCGMU vs. VYMCGMU vs. VCRBCGMU vs. JMST

Return for Risk

TRAIX vs. CGMU — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
TRAIX
TRAIX Risk / Return Rank: 4242
Overall Rank
TRAIX Sharpe Ratio Rank: 4343
Sharpe Ratio Rank
TRAIX Sortino Ratio Rank: 4242
Sortino Ratio Rank
TRAIX Omega Ratio Rank: 4444
Omega Ratio Rank
TRAIX Calmar Ratio Rank: 3636
Calmar Ratio Rank
TRAIX Martin Ratio Rank: 4545
Martin Ratio Rank
CGMU
CGMU Risk / Return Rank: 7777
Overall Rank
CGMU Sharpe Ratio Rank: 9191
Sharpe Ratio Rank
CGMU Sortino Ratio Rank: 9292
Sortino Ratio Rank
CGMU Omega Ratio Rank: 9494
Omega Ratio Rank
CGMU Calmar Ratio Rank: 5656
Calmar Ratio Rank
CGMU Martin Ratio Rank: 5353
Martin Ratio Rank
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.

TRAIX vs. CGMU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price Capital Appreciation Fund - I Class (TRAIX) 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.

TRAIXCGMUDifference
Sharpe ratioReturn per unit of total volatility
1.51
2.78

-1.26

Sortino ratioReturn per unit of downside risk
2.14
3.96

-1.81

Omega ratioGain probability vs. loss probability

1.28

1.59

-0.31

Calmar ratioReturn relative to maximum drawdown

1.84

2.49

-0.64

Martin ratioReturn relative to average drawdown

7.83

7.97

-0.14

TRAIX vs. CGMU - Sharpe Ratio Comparison

The current TRAIX Sharpe Ratio is 1.51, which is lower than the CGMU Sharpe Ratio of 2.78. The chart below compares the historical Sharpe Ratios of TRAIX 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.

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Drawdowns

TRAIX vs. CGMU - Drawdown Comparison

The maximum TRAIX drawdown since its inception was -26.84%, which is greater than CGMU's maximum drawdown of -4.11%. Use the drawdown chart below to compare losses from any high point for TRAIX and CGMU.

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Drawdown Indicators

TRAIXCGMUDifference

Max Drawdown

Largest peak-to-trough decline

-26.84%

-4.11%

-22.73%

Max Drawdown (1Y)

Largest decline over 1 year

-6.30%

-2.55%

-3.75%

Max Drawdown (3Y)

Largest decline over 3 years

-16.02%

-3.89%

-12.13%

Max Drawdown (5Y)

Largest decline over 5 years

-17.00%

—

—

Max Drawdown (10Y)

Largest decline over 10 years

-26.84%

—

—

Current Drawdown

Current decline from peak

-2.37%

-0.89%

-1.48%

Average Drawdown

Average peak-to-trough decline

-2.82%

-0.84%

-1.98%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.48%

0.79%

+0.69%

Volatility

TRAIX vs. CGMU - Volatility Comparison

T. Rowe Price Capital Appreciation Fund - I Class (TRAIX) has a higher volatility of 2.68% compared to Capital Group Municipal Income ETF (CGMU) at 0.81%. This indicates that TRAIX'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

TRAIXCGMUDifference

Volatility (1M)

Calculated over the trailing 1-month period

2.68%

0.81%

+1.87%

Volatility (6M)

Calculated over the trailing 6-month period

6.15%

1.73%

+4.42%

Volatility (1Y)

Calculated over the trailing 1-year period

7.67%

2.28%

+5.39%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

12.79%

3.47%

+9.32%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

12.76%

3.47%

+9.29%

TRAIX vs. CGMU - Expense Ratio Comparison

TRAIX has a 0.59% expense ratio, which is higher than CGMU's 0.27% expense ratio.

Dividends

TRAIX vs. CGMU - Dividend Comparison

TRAIX's dividend yield for the trailing twelve months is around 8.63%, more than CGMU's 3.33% yield.

PositionTTM2025202420232022202120202019201820172016
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%
TRAIX
T. Rowe Price Capital Appreciation Fund - I Class		8.63%8.96%10.52%4.28%9.70%9.35%8.08%5.92%7.57%6.96%3.59%

Frequently Asked Questions

TRAIX and CGMU have a correlation of 0.22, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

TRAIX has higher volatility (2.68%) compared to CGMU (0.81%). In terms of maximum drawdown, TRAIX dropped -26.84% vs CGMU's -4.11%.

CGMU currently has the higher Sharpe Ratio (2.78 vs 1.51), 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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