CGMU vs DFNM
Capital Group Municipal Income ETF against Dimensional National Municipal Bond ETF: cost, size, returns, what they hold and how much of it is the same.
Overlap by weight
1%
18 shared positions
Fee gap
10 bp
DFNM is cheaper
1-year return gap
0.3 pts
DFNM is ahead
Larger fund
CGMU
$7.2B
Side by side
| CGMU | DFNM | |
|---|---|---|
| Fund | Capital Group Municipal Income ETF | Dimensional National Municipal Bond ETF |
| Issuer | Capital Group | Dimensional |
| Category | National Muni | National Muni |
| Expense ratio | 0.27% | 0.17% |
| Assets | $7.2B | $2.2B |
| Average daily dollar volume | $97M | $33M |
| Listed | Oct 25, 2022 | Nov 15, 2021 |
| FrenzyCap score | 82 | 86 |
| 1-month return | −0.2% | +0.2% |
| 3-month return | −2.4% | −1.9% |
| Year to date | −3.6% | −3.1% |
| 1-year return | −3.8% | −3.4% |
| 30-day volatility | 5.7% | 4.5% |
| Worst drawdown, 1 year | −7.7% | −6.3% |
| Trailing 12-month yield | 3.50% | 3.06% |
| Holdings | 2,637 | 1,173 |
| Top 10 weight | 5.7% | 6.3% |
| Look-through P/E | — | — |
| Holdings vs fair value | — | — |
| Holdings above 200-day average | — | — |
| Net flow, latest 3 reported months | +$690M thru Jun 2026 | +$164M thru Jul 2026 |
| 30-day implied volatility | — | — |
| Holdings as of | as of Oct 20, 2026issuer data | as of Oct 20, 2026issuer data |
Returns are price returns and exclude distributions. Flows are each fund's own latest reported months and may not cover the same period.
Largest shared holdings
1% of CGMU · 3% of DFNM| Holding | CGMU | DFNM |
|---|---|---|
| HARRIS CNTY TX CULTURAL EDU FA HAREDU 12/29 FIXED 5, due Dec 15, 2029 | 0.20% | 0.30% |
| HOUSTON TX HOU 06/27 FIXED 5, due Jun 15, 2027 | 0.15% | 0.46% |
| WASHINGTON ST WAS 08/37 FIXED 5, due Aug 15, 2037 | 0.12% | 0.18% |
| MIAMI DADE CNTY FL SCH DIST MIASCD 01/27 FIXED 4, due Jan 15, 2027 | 0.08% | 0.39% |
| NEW YORK ST DORM AUTH REVENUES NYSHGR 11/36 FIXED 5, due Nov 15, 2036 | 0.07% | 0.12% |
| LEHIGH CNTY PA GEN PURPOSE HOS LEHMED 08/36 FIXED 5, due Aug 15, 2036 | 0.06% | 0.07% |
| UNIV OF TEXAS TX UNIV REVENUES UNIHGR 08/40 FIXED 5, due Aug 15, 2040 | 0.06% | 0.12% |
| COLORADO ST HLTH FACS AUTH REV COSMED 09/32 FIXED 5, due Sep 15, 2032 | 0.06% | 0.19% |
| OHIO ST HOSP REVENUE OHSMED 01/32 FIXED 5, due Jan 15, 2032 | 0.05% | 0.08% |
| DIST OF COLUMBIA INCOME TAX SE DISGEN 06/41 FIXED 5, due Jun 15, 2041 | 0.06% | 0.04% |
| COLORADO ST EDUC LOAN PROGRAM COSEDU 06/27 FIXED 5, due Jun 15, 2027 | 0.03% | 0.23% |
| UNIV OF TEXAS TX UNIV REVENUES UNIHGR 08/28 FIXED 5, due Aug 15, 2028 | 0.03% | 0.30% |
| TRIBOROUGH NY BRIDGE TUNNEL TRBTRN 11/36 FIXED 5, due Nov 15, 2036 | 0.02% | 0.04% |
| WASHINGTON ST WAS 08/39 FIXED 5, due Aug 15, 2039 | 0.02% | 0.20% |
| NEW YORK NY NYC 08/28 FIXED 5, due Aug 15, 2028 | 0.02% | 0.11% |
| NEW YORK ST DORM AUTH SALES TA NYSHGR 03/39 FIXED 5, due Mar 15, 2039 | 0.01% | 0.09% |
| NEW JERSEY ST TRANSPRTN TRUST NJSTRN 06/35 FIXED 5, due Jun 15, 2035 | 0.01% | 0.02% |
| LOWER COLORADO RIVER TX AUTH R LWCGEN 05/38 FIXED 5, due May 15, 2038 | 0.01% | 0.02% |
Sector mix of the stock holdings
No sector breakdown: these funds hold few classified stocks.
More: full overlap table · CGMU holdings · DFNM holdings
Fund data comes from each fund's SEC filings and issuer disclosures and is shown with the date it is as of. SEC portfolio and flow filings become public about 60 days after the period they cover. Nothing here is investment advice; see Terms.