Which returned more over the last year, CGMU or DFNM?

In the year to Oct 28, 2026, with distributions reinvested, CGMU returned +0.5% and DFNM +0.6%.

Which is cheaper, CGMU or DFNM?

DFNM is cheaper, by 0.10 percentage points a year. That is about $10 on $10,000 held for a year. Fees come from each fund's prospectus.

Data as of Oct 28, 2026.

Across categories

CGMU vs DFNM: Differences, Returns & Fees

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CGMU's duration was 4.9 years on Jun 30, 2026 and DFNM's 5.0 on Jul 31, 2026; DFNM charges 0.17% to CGMU's 0.27%.

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Net assets: $7.4bn on Oct 27, 2026 for Capital Group Municipal Income ETF, and $2.2bn on Jul 31, 2026 for Dimensional National Municipal Bond ETF.

CGMU on its own →DFNM on its own →

At a glance

+0.5%

CGMU total return, 1 year

+0.6%

DFNM total return, 1 year

0.27%

CGMU expense ratio

0.17%

DFNM expense ratio

Pair scorecard

DFNM costs 0.10 points a year less; their one-year returns differ by 0.1 points.

CGMU vs DFNM: Differences, Returns & Fees
Measure	CGMU	DFNM
Return
Measure	CGMU	DFNM
Total return, 1 year	+0.5%	+0.6%
Benchmark
Measure	CGMU	DFNM
What it tracks	No index, actively managed	No index, actively managed
Cost and size
Measure	CGMU	DFNM
Expense ratio	0.27%	0.17%
Net assets, CGMU as of Oct 27, 2026 and DFNM as of Jul 31, 2026	$7.4bn	$2.2bn
Holdings
Measure	CGMU	DFNM
Holdings in common	1%

Holdings in common uses holdings dated Jun 30, 2026 and Jul 31, 2026. Method

Risk and return

Nov 4, 2022 to Oct 23, 2026 · 207 weekly returns

CGMU DFNM

Return

Total return edge CGMU +19.8% +12.3%

Annualized edge CGMU +4.7% +3.0%

Price return edge CGMU +5.5% +0.8%

Risk

Volatility edge DFNM 4.1% 3.0%

Max drawdown edge DFNM −4.9% −4.0%

Risk-adjusted

Sharpe edge CGMU 0.01 −0.54

Sortino edge CGMU 0.01 −0.68

Calmar edge CGMU 0.95 0.74

Reading

CGMU returned more: +19.8% to +12.3%. DFNM swung less: 3.0% to 4.1%. DFNM fell less at its worst: −4.0% to −4.9%.

Full scorecard

9 measures, with how each is measured Open ↓

Risk and return: CGMU vs DFNM: Differences, Returns & Fees
Measure	CGMU	DFNM	Edge	How it is measured
Return
Total return	+19.8%	+12.3%	CGMU	Price change plus distributions, reinvested.
Annualized	+4.7%	+3.0%	CGMU	Total return as a yearly rate.
Price return	+5.5%	+0.8%	CGMU	Price change alone, distributions left out.
Risk
Volatility	4.1%	3.0%	DFNM	Spread of weekly returns, annualized. Lower is steadier.
Downside deviation	3.0%	2.4%	DFNM	Like volatility, counting only weeks below the Treasury bill rate.
Max drawdown	−4.9%	−4.0%	DFNM	Deepest fall from a high to the low after it.
Risk-adjusted
Sharpe	0.01	−0.54	CGMU	Return above Treasury bills per unit of volatility.
Sortino	0.01	−0.68	CGMU	Return above Treasury bills per unit of downside deviation.
Calmar	0.95	0.74	CGMU	Annualized return divided by the max drawdown.

Computed by ETFIQ from Tiingo daily prices and ETFIQ's distribution records, 207 weekly returns. Cash rate: the 13-week Treasury bill.

What they share

By the books each fund has filed, CGMU and DFNM hold 1% of their money in the same securities at the same weight. Holdings dated Jun 30, 2026 and Jul 31, 2026.

50%

0 half 100%

half

1% in common

Positions both hold · largest shared weight first CGMU DFNM

WASHINGTON ST, due Aug 1, 2037 0.14% 0.18%

HARRIS CNTY TX CULTURAL EDU FACS FIN CORP REVENUE, due Dec 1, 2029 0.32% 0.10%

MIAMI-DADE CNTY FL SCH DIST, due Jan 7, 2027 0.10% 0.38%

LEHIGH CNTY PA GEN PURPOSE HOSP REVENUE, due Aug 15, 2036 0.08% 0.07%

COLORADO ST HLTH FACS AUTH REVENUE, due Sep 1, 2032 0.07% 0.19%

DIST OF COLUMBIA INCOME TAX SECURED REVENUE, due Jun 1, 2041 0.07% 0.04%

NEW JERSEY ST, due Jun 1, 2029 0.04% 0.04%

TRIBOROUGH NY BRIDGE & TUNNEL AUTH REVENUES, due Nov 15, 2036 0.03% 0.04%

WASHINGTON ST, due Aug 1, 2039 0.02% 0.20%

NEW YORK NY, due Aug 1, 2028 0.02% 0.11%

NEW YORK ST DORM AUTH SALES TAX REVENUE, due Mar 15, 2039 0.01% 0.09%

NEW JERSEY ST TRANSPRTN TRUST FUND AUTH, due Jun 15, 2035 0.01% 0.02%

Only in one fund ↓

Only in CGMU

PUERTO RICO CMWLTH, due Nov 1, 2043 0.82%

PUERTO RICO SALES TAX FING CORP SALES TAX REVENUE, due Jul 1, 2040 0.69%

BLACK BELT ENERGY GAS DIST AL GAS PROJECT REVENUE, due Jun 1, 2036 0.53%

NEW YORK NY, due Mar 1, 2042 0.51%

NEW YORK CITY NY MUNI WTR FIN AUTH WTR & SWR SYS REVENUE, due Jun 15, 2050 0.47%

CALIFORNIA CMNTY CHOICE FING AUTH CLEAN ENERGY PROJ REVENUE, due Jun 1, 2036 0.45%

MONTGOMERY CNTY MD, due Nov 1, 2037 0.44%

NEW YORK CITY NY MUNI WTR FIN AUTH WTR & SWR SYS REVENUE, due Jun 15, 2053 0.44%

Only in DFNM

COUNTY OF HUDSON NJ, due Feb 24, 2027 0.81%

CITY OF REVERE MA, due Jul 29, 2027 0.73%

CITY OF SOMERVILLE MA, due May 28, 2027 0.68%

CITY OF HOBOKEN NJ, due Mar 8, 2027 0.68%

CITY OF MANCHESTER NH, due Nov 12, 2026 0.60%

MICHIGAN STATE UNIVERSITY, due Aug 15, 2042 0.59%

STATE OF MARYLAND, due Jun 1, 2037 0.50%

NEW YORK STATE THRUWAY AUTHORITY, due Sep 15, 2037 0.50%

Check overlap with more funds →

Side by side

CGMU Capital Group Municipal Income ETF DFNM Dimensional National Municipal Bond ETF

Where it sits Bond ETF Bond ETF

Issuer Capital Group Dimensional

What it is Actively managed Actively managed

Total return, 1 year +0.5% +0.6%

Its benchmark over the same days not measured 0.0% (VTEI)

Gap to its benchmark not measured +0.6 pts vs VTEI

Expense ratio 0.27% 0.17%

Holdings 2337 1198

Net assets, CGMU as of Oct 27, 2026 and DFNM as of Jul 31, 2026 $7.4bn $2.2bn

CGMU and DFNM on the fields both publish, as of Oct 28, 2026. Source: ETFIQ.

Client brief · page 1 of 2 Report BR-DF457B638B

CGMU and DFNM are built for the same job. How do they differ in cost, holdings and results?

Holdings in common. 1% of the weight is in the same securities (holdings dated Jun 30, 2026 and Jul 31, 2026).
Cost. CGMU charges 0.27% of assets a year and DFNM 0.17%, a gap of 0.10 points.
What each follows (similar). Both follow No index, actively managed.

Data as of Oct 28, 2026.

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About each fund

CGMU

CGMU is actively managed and tracks no index. Over the year to Oct 28, 2026 it returned +0.5% with distributions reinvested. The prospectus expense ratio is 0.27% a year.

DFNM

DFNM is actively managed and tracks no index. Over the year to Oct 28, 2026 it returned +0.6% with distributions reinvested, against 0.0% for its benchmark, the S&P Intermediate Term National AMT-Free Municipal Bond Index. The prospectus expense ratio is 0.17% a year.

Questions people ask

Which returned more over the last year, CGMU or DFNM?: In the year to Oct 28, 2026, with distributions reinvested, CGMU returned +0.5% and DFNM +0.6%.
Which is cheaper, CGMU or DFNM?: DFNM is cheaper, by 0.10 percentage points a year. That is about $10 on $10,000 held for a year. Fees come from each fund's prospectus.

Other comparisons

CGMU vs ITM CGMU vs VTEI CGMU vs MUNI CGMU vs MMIT DFNM vs MUNI DFNM vs ITM DFNM vs VTEI DFNM vs MMIT

Where to next

CGMU on its own →DFNM on its own →Hold both: look the portfolio through →Rankings →CGMU dividend history →CGMU holdings →DFNM dividend history →DFNM holdings →Standards and sources →

Sources and dates

CGMU filings on SEC EDGAR ↗

CGMU prospectus with the expense ratio (SEC) ↗

Capital Group page for CGMU ↗

DFNM filings on SEC EDGAR ↗

DFNM prospectus with the expense ratio (SEC) ↗

Dimensional website ↗

Links are sources, not endorsements. A comparison is not a recommendation.

How this is computed

Overlap adds up the smaller of the two weights for each security both funds hold.

Cite this pageCitation, APA and Markdown

ETFIQ, CGMU against DFNM, data as of Oct 28, 2026. https://etfiq.com/compare/any/cgmu-vs-dfnm

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Free to use with attribution for data ETFIQ computes; issuer data stays under its owner's terms.