CGHM vs HYD: Grades, Fees and Holdings Compared

Capital Group Municipal High-Income ETF

CGHMANYSE Arca

VanEck High Yield Muni ETF

HYDACboe

Overlap

0.0%by weight

Expense ratio

HYD −0.02pt a year

CGHM0.34%HYD0.32%

Avg volume · 30D

HYD 1.7×the volume

CGHM865KHYD1.51M

CGHM vs HYD Performance

Oct 31, 2025 – Oct 30, 2026

+1.3%CGHM+1.4%HYD

Expense ratio: CGHM 0.34%; HYD 0.32%, better
Fund size: CGHM $3.73B; HYD $4.6B
1Y total return: CGHM +1.3%; HYD +1.4%, better
Yield (12M): CGHM 4.73%, better; HYD 4.47%
Holdings: CGHM 3766; HYD 2159
Avg volume (30D): CGHM 865K sh; HYD 1.51M sh, better
NAV per share: CGHM $24.72; HYD $49.24
52W range

ETF.net Grade

Pillar letters and Scores for CGHM, HYD, with each pillar’s weight
Pillar	CGHM	HYD
Cost30% weight	A78	A89Higher
Mission25% weight	A100Higher	A93
Risk15% weight	B61Higher	B58
Tradability15% weight	B69Higher	B57
Holdings10% weight	A94Higher	A84
Durability5% weight	B67	A81Higher

Rank among High-Yield Municipal Bonds funds

How we build Categories ›

Same Category. CGHM and HYD are both graded against the same 18 High-Yield Municipal Bonds funds, so their Grades compare head to head.

High-Yield Municipal Bonds⁠

Category · 18 funds

See all 18 ›

CGHM ranks 1st and HYD 2nd of 18 funds in the High-Yield Municipal Bonds Category.

Rank 1ACGHMCapital Group Municipal High-Income ETFScore 80
Rank 2AHYDVanEck High Yield Muni ETFScore 79
Rank 3AFMUBFidelity Municipal Bond Opportunities ETFScore 72

Our read on each fund

ETF.net Research

CGHMACapital Group Municipal High-Income ETF

HYDAVanEck High Yield Muni ETF

In short

CGHM Index high-yield muni funds stop where the ratings stop. CGHM is Capital Group's active version: built to lean into lower-rated and unrated tax-exempt bonds, with the income paid out monthly.

HYD Junk munis with a seatbelt: HYD's index mixes lower-rated and unrated bonds with a slice of investment-grade credit, spread across roughly 1,900 tax-exempt issues. Trading since 2009, priced under the category median.

Stated mandate

CGHM The fund seeks a high level of current income that is exempt from regular federal income tax.

HYD The fund seeks to track the performance of a broad index of U.S. dollar-denominated, high-yield, long-term tax-exempt municipal bonds.

Why people hold it

CGHM The mandate is the whole point: at least 60% in bonds rated BBB+/Baa1 or below, or unrated, the corner of the muni market index funds cap or skip.yahoo.com capitalgroup.com
Income lands monthly and is exempt from regular federal income tax, spread across roughly 600 bond positions rather than a few big credits.
A young fund that is already a multi-billion-dollar one, and what it holds lines up closely with the mandate it advertises.
Sits in the upper half of the muni ETF field we grade, a solid showing for an active fund fishing in the market's messier waters.

HYD The "crossover" build is the whole idea: lower-rated and unrated munis blended with an investment-grade allocation meant to firm up credit quality and tradability.vaneck.com vaneck.com 2
Costs 0.32% a year, below the high-yield muni median of 0.40% and under index rival HYMB at 0.35%.
Roughly 1,900 bonds, paid out monthly, so no single troubled issuer drives the whole distribution.
Open since 2009 and one of the stronger index implementations in the high-yield muni group.vaneck.com

Worth knowing

CGHM At 0.34% it runs above the 0.30% muni cohort median, and well above plain index core muni funds like VTEB (0.03%) and MUB (0.05%).
Lower-rated and unrated munis carry more credit and liquidity risk than investment-grade muni funds, so swings can be sharper when credit gets stressed.yahoo.com
Launched in 2024, so the history here is short and has not yet run through a full credit cycle.

HYD High yield means what it says: lower-rated and unrated municipal credit, where defaults and price swings bite harder than in investment-grade munis.vaneck.com
A long-term muni portfolio, so interest-rate moves move the price. The tax-exempt income counts for most in a taxable account.vaneck.com
Munis trade over the counter, not on an exchange, so spreads on the fund can widen when the bond market gets jumpy.vaneck.com

Full CGHM profile⁠

Full HYD profile⁠

CGHM vs HYD Holdings

How CGHM and HYD differ

Overlap by weight

0.0%

Shared holdings make up 0.0% of CGHM and 0.0% of HYD.

Level by level

Holdings0 in both0.0%
Countryby domicile99.7%

Sector

No Sector split for CGHM and HYD.

Country, concentration and asset class

Country by domicile

Country weights in CGHM and HYD, widest gap first
Country	More in CGHMMore in HYD	CGHM	HYD
United States	CGHM +0.2 points	92.9%	92.7%
Puerto Rico	CGHM +0.1 points	7.1%	7.0%
Philippines	HYD +0.3 points	0.0%	0.3%
Canada	Same weight	0.0%	0.0%

Concentration

Weight in the 10 largest Holdings

CGHM6.3%
HYD10.0%

Securities held

CGHM3,559
HYD588

Asset class

CGHM: Fixed Income
HYD: Multi-Asset

Holdings

Only in CGHM3,559
In both0
Only in HYD588

Only in CGHM

3,559 securities, 99.1% of CGHM by weight

Puerto Rico Cmwlth Prc 11/43 Adjustable Var1.28%
Puerto Rico Cmwlth Prc 11/51 Adjustable Var0.93%
Puerto Rico Sales Tax Fing Cor Prcgen 07/40 Fixed 4.3290.73%
Puerto Rico Sales Tax Fing Cor Prcgen 07/46 Zerocpnoid 00.72%
Arkansas Dev Fin Auth Environm Arsdev 09/46 Adjustable Var0.53%
Black Belt Energy Gas Dist Al Bbeutl 04/36 Fixed 5.50.48%
New York City Ny Transitional Nycgen 08/42 Adjustable Var0.45%
Lucas Cnty Oh Hosp Revenue Lucmed 11/48 Fixed 5.250.44%
Iowa St Fin Auth Revenue Iasgen 02/41 Adjustable Var0.43%
Puerto Rico Cmwlth Aqueduct Prcutl 07/47 Fixed 50.41%
Houston Tx Arpt Sys Revenue Houapt 07/41 Fixed 40.39%
Chicago Il Brd of Edu Chiedu 12/42 Fixed 50.37%
Gulf Coast Tx Indl Dev Auth Guldev 11/41 Adjustable Var0.35%
Tulsa Ok Muni Arpt Trust Trust Tulapt 12/40 Fixed 6.250.34%
New York St Transprtn Dev Corp Nyttrn 10/40 Fixed 50.34%
Illinois St Fin Auth Revenue Ilsgen 08/44 Adjustable Var0.32%
Puerto Rico Cmwlth Prc 07/41 Fixed 40.32%
Cumberland Cnty Nc Indl Facs Cumpol 12/27 Adjustable Var0.32%
New York Ny Nyc 04/42 Adjustable Var0.31%
Houston Tx Arpt Sys Revenue Houapt 07/35 Fixed 5.50.31%
New York City Ny Transitional Nycgen 02/45 Adjustable Var0.30%
Houston Tx Arpt Sys Revenue Houapt 07/36 Fixed 5.50.30%
Tulsa Ok Muni Arpt Trust Trust Tulapt 12/35 Fixed 6.250.30%
California St Infrastructure Ca Infrastructure C0.29%
South Carolina St Jobs Econ De Scsmed 05/48 Adjustable Var0.29%
Black Belt Energy Gas Dist Al Bbeutl 06/36 Fixed 50.29%
Orange Cnty Fl Hlth Facs Auth Oramed 10/56 Fixed 5.250.28%
Capital Trust Agy Fl Revenue Cptgen 07/56 Fixed 50.28%
Mission Tx Econ Dev Corp Reven Misdev 08/46 Adjustable Var0.28%
California St Public Wks Brd L Casfac 04/49 Fixed 50.27%
San Francisco City Cnty Ca P Sfoutl 10/49 Fixed 50.27%
New York Ny Nyc 08/55 Fixed Oid 5.250.27%
Texas St Priv Activity Bond Su Txstrn 12/58 Fixed 5.50.27%
Hm Met Dist 2 Co Hmmfac 12/51 Int Aproid Var0.26%
California Stwd Cmntys Dev Aut Casgen 12/56 Fixed 5.250.26%
Mission Tx Econ Dev Corp Sol W Mispol 12/64 Adjustable Var0.26%
National Fin Auth Nh Muni Ctfs Nfadev 07/41 Fixed 4.250.26%
New York St Transprtn Dev Corp Nyttrn 10/45 Fixed Oid 4.3750.25%
Black Belt Energy Gas Dist Al Bbeutl 10/35 Fixed 50.25%
Arizona St Indl Dev Auth Reven Azsdev 05/33 Fixed 3.6250.25%
Cscda Cmnty Impt Auth Ca Essen Cdahsg 07/56 Fixed 40.25%
New York St Thruway Auth Perso Nystrn 03/55 Fixed 50.25%
Hess Ranch Met Dist 6 Co 12/56 7.8750.25%
Puerto Rico Cmwlth Prc 07/46 Fixed 40.25%
Black Belt Energy Gas Dist Al Bbeutl 06/36 Fixed 5.250.23%
California Hsg Fin Agy Muni Ct Cashsg 11/35 Fixed 3.50.23%
National Fin Auth Nh Muni Ctfs Nfadev 10/51 Adjustable Var0.23%
Black Belt Energy Gas Dist Al Bbeutl 12/34 Fixed 50.23%
Public Fin Auth Wi Revenue Pubgen 12/41 Zerocpnoid 00.23%
Michigan St Strategic Fund Ltd Misgen 10/61 Adjustable Var0.23%

Only in HYD

588 securities, 96.3% of HYD by weight

New York Transportation Development Cor4.76%
Chicago Board Of Education4.63%
Puerto Rico Sales Tax Financing Corp Sa3.75%
Public Finance Authority3.41%
California Municipal Finance Authority2.11%
Florida Development Finance Corp1.92%
City Of Houston Tx Airport System Reven1.69%
California Statewide Communities Develo1.65%
Commonwealth Of Puerto Rico1.58%
Massachusetts Development Finance Agenc1.25%
Black Belt Energy Gas District1.25%
Colorado Health Facilities Authority1.17%
Tobacco Settlement Financing Corp1.08%
Metropolitan Pier & Exposition Authorit1.04%
California Community Choice Financing A1.01%
Pennsylvania Economic Development Finan0.98%
New Hampshire Business Finance Authorit0.97%
Arizona Industrial Development Authorit0.90%
Build Nyc Resource Corp0.88%
New York Liberty Development Corp0.86%
Cscda Community Improvement Authority0.85%
Virginia Small Business Financing Autho0.85%
Metropolitan Washington Airports Author0.84%
Washington State Housing Finance Commis0.77%
North Carolina Medical Care Commission0.77%
Arkansas Development Finance Authority0.77%
Oklahoma Development Finance Authority0.74%
New York State Dormitory Authority0.73%
Kentucky Public Energy Authority0.70%
California Health Facilities Financing0.68%
Iowa Finance Authority0.67%
New Hope Cultural Education Facilities0.65%
Illinois Finance Authority0.64%
Southeast Energy Authority A Cooperativ0.62%
Maryland Health & Higher Educational Fa0.62%
State Of Illinois0.59%
City Of Chicago Il0.59%
Chicago O'Hare International Airport0.56%
Puerto Rico Commonwealth Aqueduct & Sew0.56%
Ohio Air Quality Development Authority0.54%
Indiana Finance Authority0.53%
Texas Private Activity Bond Surface Tra0.49%
City Of Salt Lake City Ut Airport Reven0.49%
Mission Economic Development Corp0.48%
Connecticut State Health & Educational0.46%
South Carolina Jobs-Economic Developmen0.46%
Allentown Neighborhood Improvement Zone0.44%
Baldwin County Industrial Development A0.43%
California Infrastructure & Economic De0.42%
New Jersey Economic Development Authori0.42%

Weight gaps

CGHM and HYD share no securities.

All CGHM holdings⁠All 1,940 HYD holdings⁠

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

CGHM vs HYD Cost

Overpaying CGHM vs HYD

$390

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

CGHM 0.34%
$6,932
HYD 0.32%
$6,542

Amount$10,000

Years30 years

Cost over time

CGHM 0.34%
HYD 0.32%
Overpaying

Year by year

Year	CGHM	HYD	Overpaying
10	$616	$580	$36
20	$2,386	$2,250	$136
30	$6,932	$6,542	$390

Expense ratio

0.34%CGHM
0.32%HYD, cheaper

HYD0.32%CGHM0.34%

0.30%0.70%

Middle half of High-Yield Municipal Bonds funds
Median 0.39%

HYD 2nd cheapest of 18 funds

CGHM 5th cheapest of 18 funds

CGHM vs HYD Dividends

Last 12 months to Oct 30, 2026

Yield (12M): CGHM 4.73%, better; HYD 4.47%
Payout (12M): CGHM $1.17; HYD $2.22
Last payment: CGHM $0.09; HYD $0.18
Ex-dividend: CGHM Oct 30, 2026; HYD Oct 1, 2026
Paid on: CGHM Pays Nov 2, 2026; HYD Oct 6, 2026
Frequency: CGHM Monthly; HYD Monthly

Distribution history

Per share, 2023 to 2026, same scale for both

CGHMMonthly · 28 paymentsAll CGHM payments⁠

HYDMonthly · 45 paymentsAll HYD payments⁠

CGHM vs HYD Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: CGHM 5.7%since Jul 2024HYD 6.6%
Return per unit of riskSharpe ratio, 3 years: CGHM −0.12since Jul 2024HYD 0.20
Worst fallMax drawdown, 5 years: CGHM −6.8%since Jun 2024HYD −20.2%
Market sensitivityBeta, 5 years: CGHM 0.20HYD 1.02; Market = 1

CGHM and HYD in the news

All news⁠

New ETFs
MacKay's new muni ETF matches Capital Group's credit rule and waives its fee to 0.34%
Oct 5, 2026CGHMHYD
New ETFs
GMO's ETF share class costs more than the fund's $35 million Class III shares
Oct 22, 2026HYD
New ETFs
Nine new bond ETFs match the index fund beside them, or cost more
Oct 5, 2026HYD
New ETFs
Victory's two new municipal ETFs list at fees a waiver is holding down
Oct 5, 2026HYD

Popular comparisons

CGHMAvsFMUBA
Capital Group Municipal High-Income ETF · Fidelity Municipal Bond Opportunities ETF
Expense ratio
0.34% · 0.30%
Category
HYDAvsFMUBA
VanEck High Yield Muni ETF · Fidelity Municipal Bond Opportunities ETF
Expense ratio
0.32% · 0.30%
Category
CGHMAvsHYMBA
Capital Group Municipal High-Income ETF · State Street SPDR Nuveen ICE High Yield Municipal Bond ETF
Expense ratio
0.34% · 0.35%
Category
HYDAvsHYMBA
VanEck High Yield Muni ETF · State Street SPDR Nuveen ICE High Yield Municipal Bond ETF
Expense ratio
0.32% · 0.35%
Category
CGHMAvsSHYDA
Capital Group Municipal High-Income ETF · VanEck Short High Yield Muni ETF
Expense ratio
0.34% · 0.32%
Category
HYDAvsSHYDA
VanEck High Yield Muni ETF · VanEck Short High Yield Muni ETF
Expense ratio
0.32% · 0.32%
Category

CGHM vs HYD

In short

Stated mandate

Why people hold it

Worth knowing

How CGHM and HYD differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in CGHM

Only in HYD

Weight gaps

Cost over time

Year by year

Distribution history

Fall from peak · 5 years

Risk facts

MacKay's new muni ETF matches Capital Group's credit rule and waives its fee to 0.34%

GMO's ETF share class costs more than the fund's $35 million Class III shares

Nine new bond ETFs match the index fund beside them, or cost more

Victory's two new municipal ETFs list at fees a waiver is holding down

How CGHM and HYD differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in CGHM

Only in HYD

Weight gaps